Last Updated on 17 mins by cryptoevent

The number of digital tokens has increased significantly in recent years. Those who play the games online have also increased.

Gaming industry revenue was $180.3 billion in 2021, up from $159.3 billion in 2020. This represents a huge amount of money moving online. Because of this, more and more companies have started selling digital assets, especially with regard to online gaming tokens.

The digital gambling industry supports the concept of being able to buy and sell in-game items on a regular basis, which means there are prospects for anyone who wants to get rich through digital work alone.

Blockchain has changed the way we represent and perceive value. Simply put, a token is a digital representation of any value that can be traded on the blockchain.

There are two types of tokens: utility and security.

Utility tokens are often easier to generate because they are not subject to federal securities regulations. They can be implemented faster and do not require legal compliance to provide value to consumers.

Security tokens represent ownership rights to an asset on the blockchain. A security token is characterized by tokenization, whereby certain investment criteria are selected.

NFTs

NFTs are non-fungible tokens. On the Ethereum network, the tokens are also known as ERC-721 tokens These NFTs are unique and users can buy and trade them on the Ethereum blockchain using their MetaMask wallet or an NFT marketplace like OpenSea. A blockchain platform can also be used to exchange assets.

Non-fungible assets are those that are comparable but not indistinguishable. They have different properties, similar to game objects.

NFTs are the upcoming iteration of crypto assets. They can symbolize anything from products to physical goods to currency.

 

 

The process by which the creator of an asset makes units of the asset and sells them to the public is called minting. Minting is done on a blockchain platform like OpenSea or MetaMask or with a private key generator.

Connect your wallet

First, open a bitcoin wallet and link it to the NFT marketplace. In the upper right corner of OpenSea, click on the wallet icon or on the “Create” button. (Other marketplaces use similar cues to connect your wallet and create a profile.)

Depending on the wallet you use, e.g. B. MetaMask or Coinbase Wallet, and the device you are working from (desktop or mobile), you will be prompted to either link your wallet to a QR code scanner on your mobile phone or install your wallet on your computer. When done, your crypto wallet will be connected and your marketplace profile will be created. Fill out your profile completely. You can tell the NFT community a little bit about yourself and add connections to your website or social media pages and a list of the cryptos you accept as payment when someone buys your NFTs.

Create your first NFT

From the main marketplace page, click the Create button in the top right corner. You will then be asked to submit a digital file and name your NFT. Optional fields include a description of your work, an external link to more information (e.g. your website), and the blockchain on which the NFT is built (e.g. Ethereum or, if you are on OpenSea, the Ethereum -based protocol). Polygon ($MATIC).

You can also specify the royalties you will receive if your NFT is resold in the future. A typical royalty is between 5% and 10% of the secondary sales price. When you click Done, your first NFT will be created! Check the contents of your wallet.

Selling an NFT (publishing a transaction between two parties on a blockchain) requires some network computing. A fee known as a “gas fee” is charged for this transaction.

To make your first transaction, make sure you have loaded enough Ethereum (or your chosen cryptocurrency) into your wallet using a cryptocurrency trading app. Depending on the marketplace, you can then transfer the bitcoin from your wallet to your NFT marketplace account. Some services, like OpenSea, allow you to buy cryptocurrencies directly from your bank account.

Sell ​​your NFTs

After minting your NFT, you can now sell it on the open market. Click the Sell button in the top right corner of your NFT’s description page.

Now it’s time to go through the intricacies of your transaction. Choose a fixed price or a timed auction. Remember that in step two you arrange the royalty distributions for the ongoing passive monetization of your work over time on OpenSea, although other marketplaces may allow you to do so at this level. The marketplace also displays all sale prices. For OpenSea, the surcharge (the cost of maintaining the listing) is 2.5% of the NFT sales price.

Then select “Complete list”. Gas costs are calculated by the marketplace depending on the traffic levels of the Bitcoin network at the time of submission and demand, and a payment request is sent to your cryptocurrency wallet. Prices would fluctuate by the minute. Once gas fees have been paid and final terms accepted, your NFT will appear on the marketplace as available for purchase.

The NFT Guide: How to Mint and Sell Digital Assets post first appeared on Coin Insider.