How To Get Started Buying and Selling NFTs – NFT Fast Track

Buying And Selling Nfts

Descript Transcription

Welcome to this training on “how to get started very quickly buying and selling NFTs. What we’re going to do is give you a very brief, short, sweet overview on one of the top NFT marketplaces out there today. We’re going to be looking at buying and selling NFTs that are minable, and I’ll explain why in a moment minable is so perfect for beginners and why a lot of begin.

Both on the creating and selling side and on the buying or investing side are going to minable instead of, to one of the other platforms after we discuss minable, we’re going to be talking about buying the whole concept of buying, how to browse for art, the logic behind buying, why people do it. We’re not going to go into the wheats.

Buying And Selling NFTs

We’re not going to talk about investment advice or strategies or any type of advice on what you should buy or anything like that. This is not a video where we’re giving investment advice, but we’re going to talk about how technically to. on a marketplace. Okay. Uh, we’re going to talk about how to browse and filter a little bit.

We’re going to talk about how to look at a listing [00:01:00] and learn some information about an NFT before you purchase it. We’re also going to be looking at purchasing options and the difference between buying now versus how the auctions work. Then we’re going to talk about creating and. We’re going to talk about how to create your first NFT, which really means minting, something that has already been created, right?

Buying And Selling NFTs

We’re not going to go into how to actually create art, but if you have something that you would like to be an NFT, we’re going to talk about how to mint it via the minable platform, as well as how to sell it. And some of the different, you know, settings that you can work with and certain, uh, networks or different ways that you can sell.

So, we’ll talk about all that in brief. But keep in mind. The purpose of this is not to be a super in depth in the weeds training course on NFTs. It’s designed to take a person who knows very little about NFTs and show you the basic steps about how you can sort of get in there right now. Get your feet wet, right?

How To Get Started Buying and Selling NFTs - NFT Fast Track

Dip your toes in the water a little bit and familiarize yourself with the basics of buying and selling. Okay. That’s all. This is for. One of the things, frankly, that’s missing out, there is a quick brief overview of how to get started. And so that’s what we’re going to do here. So first off, why minable one of the big problems with the NFT space until not too long ago, was that it seemed off limits and out of most people’s grasp number one, you needed cryptocurrency to purchase NFT.

You needed cryptocurrency, you had to have, usually it was the most popular one. For those of you who don’t know, E is a, a cryptocurrency that is built on the Ethereum blockchain. And you had to have that in order to purchase NFTs. That kept a lot of people who weren’t very interested in, you know, owning a lot of crypto away from NFTs.

A lot of people were just scared of the whole idea of having any crypto. A lot of people didn’t even have wallets. Now you do still need a wallet in order to use minable and buy NFTs. But the good news is it can be an empty wallet. Okay. An empty crypto wallet. I mean, because minable was one of the first major platforms to feature the ability to purchase NFTs with a credit card with Fiat currency, with your us dollar.

For example, now that was very cool at the time. It was very unique. It also, however, now that’s from the buyer’s perspective, but from the seller’s perspective, a lot of people didn’t want to get into minting their artwork as NFTs and selling it because it was expensive to get started. You had to pay substantial fees on other platforms to get your stuff minted, and you had to pay gas fees.

Minable has kind of led the way on making all of that free. So, if you’re a creator and you want to turn some of your art into NFTs, you [00:04:00] can go on min. You can create it min it and list it for free without having to pay those fees. So that’s why we decided that minable was the perfect place to start for a fast-track lesson like this, because the barriers to entry and the things that would cause people to not get started, or maybe shy away are kind of not necessarily removed, but significantly reduced.

So, let’s head over to the minable homepage. That’s where we are right now. And we’re going to talk about buying first. We’re going to come up here. We’re going to click browse and it’s going to come to the collections page. So, we’re browsing collections here. Now I want to reiterate, this is not investment advice. Okay.

We are not giving you any advice on how to buy, sell, trade, invest, what you should buy, what you shouldn’t buy. All right. Be advised. NFT investing can be very volatile and very risky. Just like anything else. Okay. Well, arguably much more because NFTs and things in the crypto space tend to be very volatile, so never buy or invest any amount of money that you’re not willing to, to lose.

And also. If you’re actually getting into this for the purpose of investing, make sure you’re actually speaking to a financial advisor or some kind of licensed person who’s actually qualified to give you “no kidding” real advice on investing as well as buying and selling nfts. All right, but we’re not doing that here. We’re not even going to touch on strategies.

But one thing to mention though, is that for the folks who are interested in an investing, a lot of them will spend some time here on the collections page, the browse collections page, they’ll be looking at recent trends and data. For example, you can look at the recent volume in sales or activity for these NFTs or the collections of NFTs, and you can get a feel for it.

How To Get Started Buying and Selling NFTs - NFT Fast Track

Where’s the market going. However, if you’re buying for the sake of the actual pieces of art, right, you actually want to pick out something that looks nice to you or looks unique, and you want to actually enjoy the piece of art. And you’re not just looking at collections because you want to invest in something and sell it later.

Well, then you’re going to want to browse by the actual artwork. So, we’re going to come up here. We’re going to click browse again, but this time from the dropdown, we’re going to choose art. There’s a whole bunch of different categories, just for the sake of this example. We’re going with art now. There are literally thousands upon thousands.

Buying And Selling Nfts

If not hundreds of thousands of NFT art pieces in this marketplace. And. You could really, really get lost in here. There’s a whole bunch of different options for filtering and sorting. Um, but we’re just going to click on one here and have a look at what it looks like to look to, to scope out an NFT and decide whether or not to buy it and how to buy it.

Okay. So, we’re going to click on this one and that brings you to a standard, you know, eCommerce listening kind of page. You can see a lot of information on here. You can see the seller here. If you wanted to, you could check the reputation of the seller or of the creator. You’ll see the price down here. In E and then next to it in us dollars in parentheses, there, obviously that’s going to fluctuate based on the value of the cryptocurrency.

NFT Anthony @ Cryptocurrency Traders

Right? So, keep in mind, volatile is the key word here. So, proceed with caution. Let’s talk about your buying options. So, you can click buy now and that’ll set your buying method to cryptocurrency, right? So that’s the default you’re going to be using Ethereum out of you. In this case to purchase this product.

And so you, your wallet does need to be attached or, or connected to your minable account. Even if you’re not going to use your cryptocurrency to purchase something, you still need the wallet connected in order to use minable because your NFTs need to be sent somewhere basically. Right. But if you’re going to be purchasing.

Crypto, you have to have obviously crypto inside of your wallet. And that’s how you do that here. Or you could choose the credit card option. Now do be advised depending on the product that you’re buying and the blockchain or the network that it was created on. You could end up paying gas fees here and they can be pretty expensive.

In fact, most of the NFTs out there are built on Ethereum and most of the Ethereum stuff you have to pay gas. There are some new variants on the Ethereum side of things where gas fees are not supposed to be as bad. It’s a problem that they’re working on right now, but just be advised when you’re purchasing NFTs, depending on which ones you’re purchasing and what they were built on, or excuse me, what they were minted on.

Be prepared. You might be paying some hefty gas fees. Gas fees are very unpredictable and volatile. They go up and down. Sometimes they can be pretty expensive. So just be mentally prepared. but still very cool that you can use a credit card here and purchase, even if you don’t have any crypto at all, to purchase this NFT with now scrolling down here, you’re going to see some additional information.

how to get started buying and selling nfts

You’ll see a description and you’ll see the NFTs metadata. That’s another big one. That’ll include things like the addresses that are associated with this as well as some history. So make sure you give all this information a good look over before you make your Purchas. Now, this is a buy now listing, but I want to talk really quickly about auctions.

It’s actually really simple here. For example, is an auction listing. This is currently open for auction. And the main difference that you’re going to see is instead of a buy now price. Well, you’re going to see an auction price. You’re going to see a starting price or a starting bid. Okay. If there were bids here, you’d see what the highest bid was as well.

And of course, a bid button instead of a buy button now be advised. You know, proceed with caution. You really wanna make sure you’re committed to making a certain bid and being willing to pay that amount if you’re going to make that bid. So just be careful about [00:10:00] that. You don’t in a situation where you type, you know, the number two into a field here, thinking that I meant $2 or forgetting that, you know, each Ethereum is now worth, you know, a couple thousand dollars and suddenly you’re committed to buy that and, and, and you have to buy.

And now you owe like $4,000 when the auction ends. Right? So just obviously that’s kind of a, a goofy, extreme scenario, but you get the idea, just proceed with caution here. Uh, don’t bid any money that you’re not willing to actually pay. Now let’s move on to creating and selling this. Part’s actually really short and sweet.

If you have an item that you want to turn into an NFT and sell, you need to mint it. And as we said earlier, minable is a great place to do that. Cuz you can do so for. So, what we’re going to do is we’re going to click on profile. Then we’re going to come down here on the left-hand side, we’re going to click on create.

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Now there’s a bunch of different options to choose from depending on which ones you choose, you may or may not have to pay gas fees. And [00:11:00] some of these options require you to have your own store versus just listing yours without a store on the minable store. Keep in mind minable is a platform, but it also has sub stores so to speak.

And there’s one main one. The minable store that you can sell your NFTs on without having to pay any fees. So just for grains, we’re going to choose the new immutable X, the IMX option here. Cause that seems to be the way that things are going these days. And as you can see, its gas list, meaning there’s no gas fees, which is very cool, big deal, very beneficial.

Remember, that’s one of the things that made minable so popular. Was that you could do this sort of stuff without the gas fees. So, the process is pretty simple. There’s an advanced version, which you want to look into that make sure you read the material, make sure you read the documentation and watch tutorial videos about, you know, the specifics of all the different options inside of the advanced version of the listing process.

Remember, this is just a quick overview to get your feet wet, get you familiar with the concept so you can jump right in. So, we’re going to leave it at the basic option here. And the first thing you’ll notice is an upload button. This is where you are actually. Your digital art or your digital thing that you want to turn into an NFT.

How to convert your digital art into NFTs and sell it

So you upload it here. You’ve got some other options here that, that there is the option to either have a downloadable file that people get when they buy the NFT or to not have that. You’ve got a description here and title and subtitle. So that’s all pretty. Self-explanatory choose your category as best as you can.

If it’s meant to be art well, then choose art and you can either list it at a fixed price, or you can go to. Here, you’re going to choose your price. Keep in mind that it’s a cryptocurrency. So, make sure you’re aware of what the cryptocurrency is worth before you type that in here. And then two important items at the bottom here, depending on the type of listing you create, minable allows you to set royalties.

It’s part of their blockchain contract. It’s really cool. It’s one of the things that makes NFTs so exciting to creators the royalties. The percentage of future sales that you will get paid when the person who first buys your product, sells it to someone else. And when that person sells it to someone else after that, and when that person sells it to someone else after that, one of the biggest sources of revenue for these companies that launch big NFT collections that you’ve been hearing about in the news, right?

Like the bored ape folks, one of the biggest chunks of revenue that they. Is there little five or 10% royalty or whatever theirs is in their case from all of the resales that happen. It’s just like in the fine art world, someone will buy a painting and then 10 years later they’ll sell it to someone else except in the fine art world.

The original artist doesn’t get a royalty. And even if he wanted one, there’d be no way to enforce it. Whereas here it’s all on the blockchain, it’s all part of a smart contract. It will happen. You will always, you don’t even have to check in and make sure it’s happening. It will always automatically by its nature, pay you the royalty that you set here when someone sells or resells or sells for the third or fourth time, your NFT at any point in the future.

Now you’ll know this minable actually has a pretty, you know, sizeable scale here for royalties. So theoretically you could set it all the way to the right here and demand some pretty big royalties. Um, the conventional wisdom would. That something like five or 10% is the smart option, because you want to incentivize people to purchase your art.

Now there, there’s going to be people out there maybe who want to purchase art purely for the art’s sake. And they have not thought of reselling it in the future. But the fact is many, if not most people who are buying NFTs are doing it for at least partially for financial. Right. They’re thinking that, hey, I want to buy one of these because they’re getting really valuable, and I can resell it in the future.

And you’re going to discourage a lot of those people. If you have a royalty fee that is too high, right? So, you don’t want to discourage them. And the conventional wisdom would be, again, this is not investment advice. This is not any type of advice in any formal sense. This is just, if you go out there and you ask a bunch of people on, you know, blogs and, and NFT experts and people who have sold a whole bunch.

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Generally speaking, most of them are going to agree that if you want to use your, if you want to enjoy royalties’ number one, but number two, also incentivize people who are likely to resell in the future who are buying it as an investment. You want to keep it in the five to 10% kind of range. Certainly not all the way to the right at the 90% range.

And then the final thing here is going to be copyright transfer. Do you want to transfer the copy? Of the image or of the piece of art that you’re selling the copyright to the person in question big, big deal. Let’s say you’re NFT is a poem. Now you can have that poem. Let’s say maybe it’s a cool Jif. Let’s what the text is in the front.

And then there’s some cool background stuff going on. It’s a cool piece of art slash a poem. Right? And that’s your NFT. If you. Select transfer copyright. Well, the, the person who buys the NFT from you also is the copyright owner of the content of that poem. That means they can now take that and go, you know, put it into a book of poems or they can make posters out of it and sell it, or they can do whatever they want with it, because they are, are the copyright owner.

And in fact, if you’re still using it and you transferred copyright to them, but you’re still continuing to use it else. Well, you, again, I don’t want to give any advice. This is not legal advice, but there’s always the possibility that there could be legal trouble there. So, consult with an attorney obviously is the key thing.

If you’re concerned about any of these types of things, but just be advised that there is this option here for transferring copyright. It could be something that some buyers are looking for. It might be an incentive. In some cases, it’s also possible that a lot of buyers could care less about it. It’s something that maybe they don’t think about at.

And so maybe it’s harmless to not select that, but just be advised that this is an important decision to make with potentially significant implications for you in the future. And so do a little bit of research, do your due diligence and decide if you want to transfer copyright or not. And with that, that brings us to the end of this fast track, brief overview of the minable NFT market, and buying and selling nfts.

Keep in mind doing anything with crypto or NFTs does carry high risk. There are high levels of volatility in many cases. So before you get super-duper invested and go all in on anything like this, make sure you do more thorough research. Make sure you actually make it a point to educate yourself in a very substantial way.

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But hopefully if you were on the fence about being involved in any of this stuff, [00:18:00] if it all seemed really foreign to. Or if you were looking to just sort of, get your feet wet and try it out and see what it’s like, so that you have at least a little bit of context. Hopefully if that’s you, this video was useful to you.

You’ll make good use of the information that you learned here, and you’ll be able to accomplish whatever it is that you want to accomplish in the NFT world. And with that, we want to wish you good luck on your NFT journey.

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