The creative world has been making a swift transition from the conventional way of selling art and ay the payment for this art is done on digital platforms. The fast popularity of NFT’s in the western world has been like a fast spreading fever which will not even spare creatives in Africa.
Non-fungible tokens, or NFTs, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same value, much like a dollar bill.
There are lots of online platforms you can use to make and sell an NFT. Some of the most popular NFT auction platforms include OpenSea, Rarible, SuperRare, Nifty Gateway, Foundation, VIV3, BakerySwap, Axie Marketplace and NFT ShowRoom. The cost to create an NFT ranges from $0.05 to over $150. The Ethereum blockchain is the most expensive blockchain with an average cost of $70, and Solana is the cheapest costing only $0.01 on average to create an NFT. That does not include marketplace fees which range from 2.5% to 5%.
NFTs can be sold and bought on NFT marketplaces, such as OpenSea, Rarible, and Foundation. Some of these are open to everyone while others can only be used by invitation. Some are just for art and there are some for video games. Like pieces of art, an NFT can be sold for money or cryptocurrency. However, the token's asset transfer is recorded in the blockchain just like cryptocurrency. This establishes who currently owns it. Each NFT is tied to a digital (or in some cases, physical) asset of the original owner.
How to sell an NFT you bought. You can resell NFTs on the secondary market, just like anything else you would own. To do so, make sure the NFT in question is in the crypto wallet paired with your marketplace of choice, and put it up for sale. NFTs are making some collectors and artists rich, but success in this high-risk marketplace is more art than science.
It is imperative that creatives undertake research to have better knowledge and understanding of the NFT’s space and what risks and gains lie on this path that leads to the dawn we cannot turn around or walk back from as the global community of creatives anywhere in the world.
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