This article doesn’t encourage or push you to create and sell NFTs. It’s the artist’s own choice if they want to sell their artwork. This is not financial advice.
I hope you already know the basics about NFTs (Non-fungible tokens)? If not, let me paint you a picture before we get to how you can create and sell NFT on WazirX.
NFTs had been around for a while but in March 2021, they grew in popularity after an artist named Beeple sold one for a whopping $69 million.
The world was suddenly ablaze with the possibilities of selling, buying, and investing in NFTs online. Platforms started sprouting on every fertile land to incorporate the sudden increase in the number of artists wanting to create their own NFTs.
One of the things that make NFTs so popular is because they can be ANYTHING.
It can be a video you shot, a picture you took, graphic art, a GIF, or even a meme!
If you’re someone who has been thinking about selling NFTs online to make a few extra bucks, you have come to the right place.
Binance-owned crypto exchange WazirX launched South Asia’s first NFT marketplace. It started off with 15 creators on board, from different industries such as street artists, digital artists, photographers, and more.
But now, it is open to accepting applications for being a creator on the WazirX NFT Platform.
There is a charge gas fee of around $1 for minting NFTs and won’t have any listing price.
Let’s start with the steps and learn how you can sell NFT on WazirX.
Table Of Contents
Sign up on WazirX NFT Platform as a Creator
You need to fill up this form → https://forms.gle/xD8haLTqPoRufn6u6.
Creators are handpicked so make sure to fill the form to your best abilities. It has some basic things like your name, what kind of an artist you are, why do you want to join the platform, links to your social media profiles for verification, a small introductory video of yourself, etc.
Most of the major NFT platforms have a strict application process and don’t allow everyone who applies. Global platforms like Rarible and Foundation have a stronger model in place, which is understandable as it has more serious collectors on its marketplace.
Finish filling the form and wait to hear back. If your creator application is approved, you will receive the good news through email.
You can either wait or set things in order for when your creator profile goes live.
You need a wallet (Metmask and Binance) that has to be linked with your WazirX account in order to mint NFTs, buy and receive the payment when you sell them.
You can’t link new wallets with your account currently. Wallet address that is provided when setting up the user profile is unique and only the user has access to it, thereby maintaining proper verification.
Also Read: How to become a Product Photographer
How to create your first NFT
Any kind of digital art can be an NFT: photo, video, GIF, or audio. The file can be up to a size of 100 MB.
Video files as mp4 or WebM, image files as jpeg, png, gif are accepted.
Listing your NFT is free, minting it requires a gas fee before you can put it up for sale or an auction.
To make your first listing, you’ll have to first mint the NFT. Set the price of the artwork in WRX, set the royalty, and mint the NFT. The only fees to be paid here is the gas fees.
Go to the ‘Create NFT‘ page. Upload your artwork in the specified formats. Enter the details like title, description, royalty, and the price of the NFT. Then click “Save“.
You can change the price of your listed NFT later on too. The requests need to be signed via your crypto wallet.
You can see all your creations under “Creations” in the “Profile” section.
Video to understand the process better.
Understanding how royalties and copyrights work NFTs
When you set a price for your NFT, you also set a royalty in form of a percentage value. You, the creator, will receive the royalty amount when the buyer of your NFT sells it at a higher price than you sold it for. The creator can set their royalty percentage while creating an NFT. The minimum royalty is 1% and the maximum is 15% (on the price of the NFT).
Every time an NFT is resold, the original creator is paid the royalty amount.
Owning an NFT doesn’t mean that one holds the copyrights to the collectible.
Oscar Gonzalez, a CNET reporter, explains this, “What the owner of the token has is a record and a hash code showing ownership of the unique token associated with the particular digital asset.”
In short, anyone on the Internet can download it but only the owner of the NFT holds the copyright and the legal ability to sell it.
The animated GIF of Nyan Cat was sold for &5,90,000. The buyer has the ownership rights, not the copyright. The original creator of the Nyan Cat GIF still holds creative rights.
Each creator (person who mints the NFT) can set his own rules and strings attached with the NFT they’re selling.
An NFT, being written over a blockchain, has complete records of its reselling history.
Also Read: Tips on how to create Instagram Reels
Mint the NFT before you sell NFT on WazirX NFT Marketplace
Minting is the term the is used for the process of issuing a token that authenticates an NFT on the blockchain. This token stores the digital record of the collectible/artwork.
The gas fee needed to mint the NFT depends on the blockchain you’re minting it on. Most of the platforms work with an Etherum network in which the gas fees vary according to the network demand and the energy required for each transition.
Since we’re on the topic of energy, let me clear this out-
If you want to remove your NFT, here’s how you burn it
- Click onto the NFTs page you want to burn.
- Click “Manage“
- Choose “Burn“
- Click “Confirm” to delist the NFT.
- Proceed by clicking “Confirm” again and Burn the NFT.
- After clicking “Burn“, your connected wallet will prompt you to confirm the transaction by paying the gas fee required to complete the process.
Video for better reference.
Note – Burning the NFT is an irreversible process. Re-uploading the same NFT will require the same steps as the original upload.
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