How to create and sell NFTs and pay lower fees | Starter Guide

I assume that you have a ready work/item that you can tokenize, wallet, and crypto in it.  If you are a starter, check out how to create a wallet and deposit crypto in it.

Note: I describe the process of minting and selling NFTs on OpenSea, but the procedures may vary on other platforms. Besides, you can find promotion channels at the bottom of the article. We will talk about each channel in detail in other posts.

Where to trade

 Criteria to help you choose the best marketplace for selling

• Does the platform support lazy minting? Lazy minting is when the buyer, not the artist, covers gas fees.
• What are supported NFT types? If you plan to sell NFT art, select the market that trades crypto art.
• What are supported file formats? Let's imagine that you plan to make video NFTs. Before registering on the chosen marketplace, check if you can upload your video formats. 
• What is the max upload size? The maximum upload size on OpenSea is 100 MB, and Rarible (30 MB). It varies from platform to platform.
• Which Blockchains are supported on the platform? To decide, ask yourself a question about where your target audience is. Do you have Solana-specific non-fungible tokens? Have you earned NFTs by playing Axie Infinity? In both cases, you should use the corresponding blockchain technology ( Solana and Ethereum, respectively)
• Does the market have a specific niche/audience? Having gaming NFTs means you should choose platforms that are best known for trading these tokens. Do you have NFTs that you have earned by playing the Sandbox game? In this case, head on to the Sandbox Marketplace. Being at the right place and offering the right thing means a lot in sales.
• Is it an open or closed market? If you want to start selling right away, opt for open marketplaces. Some examples are OpenSea, Rarible, and Mintable. Alternatively, try the invitation-only platforms (Knoworigin IO, MakersPlace, and Foundation APP). Remember that the harder to get there, the better your chances of selling works. The reason for it is that open markets are oversaturated.
• How much % are Royalties? Most marketplaces let you set them up to 10%.  
• Fees. There are two payment types you should consider, namely: blockchain and marketplace fees. I will tell you more about them below.

Marketplace and blockchain fees during and after sales 

Every marketplace has commissions deducted from sellers and buyers after a successful sale. These fees are transparent in most markets and range from 2% to 15%. Look at the image below to understand the fee structure in 9 popular markets.

The blockchain fees are called gas fees, and they have no relation to the sale platforms.

What are gas fees? 

To put NFT on blockchain and interact with it, you should pay gas fees that vary wildly. This interaction includes but is not limited to deleting NFT, renaming, changing the description, transferring to another blockchain, or buying it. The best way to understand gas fees is to use a gas tracker. Also, remember that every blockchain has different gas fees.

Bear in mind that when your NFT is on-chain, every interaction with it will cost you money. Gas fees vary wildly, and you can do the best thing by finding periods with lower fees. 

The average gas fees on Ethereum range from $ 40 to $ 300.

How to create (mint) NFTs on OpenSea

Having chosen where to sell your non-fungible token and registered there, it is time to create (mint) the first NFT.

Note: Before you can create and sell on OpenSea without paying gas fees, you must initialize your account. The initialization fee is a gas fee paid after registering an account on OpenSea. It ranges from $ 40 to $ 300 and depends on the currency price and blockchain load.

1. Create and style your first collection. First, give it a name and a description (140-170 words is the max). Secondly, upload an illustrative image and specify creator earnings (royalties) for the whole collection.
2. Now you can create an individual asset and fill in its metadata. Choose the collection where you want the asset to appear. Repeat the styling process described above. Some differences are that the asset description can be very long because I have added a 2200-word article and that worked out fine. Secondly, you can specify the number of copies of NFTs by adding "enable_supply=true" to the current URL. If you want your non-fungible tokens to stand out, use properties, levels, and stats.
3. Include the unlockable content. Unlockable content is information that opens only when somebody buys the asset. This is how people prove the originality of NFTs. The content can be links, original images, or other relevant data.
4. Include links to your socials and official website.
5. Choose the selling strategy. Some of the options are making items in your collection with a fixed price. This variant works best for collectibles or when you have a concrete price. If not, auctions are here to help. In auctions, you can specify the minimum price of an item and trading duration.
6. Check everything before you create the asset.
7. Freeze metadata. If you want you can freeze the metadata, but remember that you cannot change the information after freezing it.

TIP: Use markdown syntax if you are familiar with it to include lists, tables, and images inside the asset or collection description. Several major NFT marketplaces support the markdown mode.

 There are two types of auctions on OpenSea:

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1) Sell to the highest bidder: where the highest bid wins at the end.

2) Sell with a declining price: where the price falls until someone purchases

Promote your NFTs

Putting your NFTs on the marketplace is not enough for selling them. 

What can help to sell your NFTs?

• NFT calendars. Announce your coming drops here. The drop is when an artist or company announces the collection for the first time. We specify the date, marketplace, or gallery and describe assets in their drop. 
• Build a community around your social profiles (Discord, Twitter, Reddit). Do not forget to give a link to socials on marketplaces, NFT calendars, and everywhere possible.
• Social media advertising.
• SEO. Write about NFT-related events or topics to get traffic from search engines. Think about hiring a specialist.
• Try Google PPC or display ads. Perform keyword research and identify keywords that can bring conversions.
• Collectors. Find collectors and pitch to them.

The article was first published on our Subreddit:

https://www.reddit.com/r/buy_sell_invest_nfts/comments/unzf0g/how_to_create_and_sell_nfts_and_pay_lower_fees/

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