How do you set up an nft

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how do you set up an nft

I frequently use my MetaMask wallet to buy and sell NFTs on OpenSea or during a project mint. Hot wallets are faster for confirming transactions and specifying transaction fees. This extra speed is critical when trying to buy/mint a popular project. I use my cold wallet to store large amounts of crypto and my most valuable NFTs because of the extra security they provide.

Securing your wallet

There are a few very important details for you to be aware of to keep your wallet and its contents secure. First, when buying a cold wallet:

  1. Be sure that you only purchase your wallet directly from the manufacturer and not a third party like Amazon.
  2. Once you receive your wallet, check that the package has not been opened or tampered with before using the wallet.

The above steps are very important to your wallet security.

How do you set up an nft

Opensea supports some of the most popular blockchains in the NFT space – Ethereum and Polygon.

While Ethereum is ideal, this blockchain has high gas fees, which is essentially a transactional fee you must pay every time you want to do something on the Ethereum blockchain.

This leads us to one of the cons of using Opensea – Opensea usually has high gas fees for listing and buying NFTs.

If you’re looking for an NFT marketplace where you don’t need to pay gas fees, you can look into Mintable.

Otherwise, the Polygon network on Opensea is also said to be ‘gas-free.’

While Polygon and Ethereum are great blockchains to use for selling NFTs, you can even try Solana – an up and coming blockchain that already has many NFT collections and artwork being sold through it.

Solsea is the primary marketplace for Solana-based NFTs.

How to set up an nft

How To Make And Sell Your First NFT In 10 Minutes

The NFT industry is booming right now, with tons of opportunity for creators to earn some extra money.

Even children under the age of 16 years are making a forutne in the NFT space, leaving many people wondering just how serious this NFT space is.

While I mentioned ‘creators’, there are almost no barriers to entry in the NFT space, meaning anyone can grab a piece of the pie.

However, many people are still in the dark about NFTs – they don’t know how NFTs work, what they are, and how to get started.

Even though the concept of an NFT might sound overwhelming at first, it’s very simple to understand.

In fact, getting started with buying and selling NFTs is as simple as using a platform like eBay…

How to set up an nft account

NFT collection’s Discord server here. Many giveaways coming)

Benefits of selling NFTs

Before we dive into creating and selling our first NFT, I wanted to iron out why you might choose to sell NFTs.

There are a ton of other things you can be doing with your time to earn some money on the side, so why NFTs?

Firstly, NFTs allow creators to earn an income by monetizing their passion.

If you’re an artist, photographer, traveller, or almost anything in between, you’re able to make money by doing the things you love to do.

Not only that, you’re able to create a passive source of income from it – while you earn 100% of the first sale you make, you earn royalties on every sale thereafter.

This can range from 1% to 15%, depending on what you choose to set.

Finally, it’s important to note that we’re still very early in NFTs.

How to set up an nft discord

This mirrors the regulatory concept of know your customer (KYC) that exists for financial institutions and the physical art world.

When setting purchase limits, PoP and KYC allow businesses to authenticate each customer, so savvy users can’t exploit the sale using shopping bots, VPNs, or multiple devices.

KYC is a requirement for almost all financial institutions, from banks to stock brokerages to cryptocurrency exchanges. It’s used to prevent illegal activity like money laundering, funding of terrorism, and tax evasion.

NFTs aren’t currently regulated by KYC, but with the market growing fast, and concerns about scams and money laundering, many suspect they soon will be.

Having worked with banks, tax agencies, and crypto exchanges, Queue-it is highly familiar with KYC and can help support fairness and regulatory compliance.

How to set up an nft discord server

Second, when setting up either a hot or cold wallet for the first time you will be given a passphrase of either 12 or 24 words. This phrase is the ONLY way to recover your wallet if you lose/damage your physical cold wallet or somehow can no longer access your hot wallet (e.g., forgotten password).

Because the passphrase is critically important, I recommend doing the following:

  1. Physically write down at least two copies of the passphrase and carefully verify you have written it correctly.
  2. Do not store your passphrase on a digital device like a cell phone, computer, or thumb drive.
  3. Keep your passphrase copies in separate secure, but accessible locations like a home safe and a bank safety deposit box.

I know these steps are a bit annoying, but in the land of Web3 it is entirely up to you to secure your wallet.

How do i set up an nft

  • Private Keys (Alphanumeric password for your NFT wallet).
  • Seed phrase (12-24 words set that generate the private key).
  • Remember!NFTs or any other cryptocurrencies do not have any law bodies to back them. So, you are the one to keep your assets secure from any theft, there is no means to recover or complain about lost assets!

    How to Create an NFT Wallet?

    Follow the steps below to create your first NFT wallet with OpenSea:

    • Go to your OpenSea website homepage and click on the profile option.
    • Select the get MetaMask option.
    • Install MetaMask (Chrome extension, Android or iOS version)
    • In the get started menu, select “create wallet”.
    • Create a unique private key.
    • Choose your seed phrase and remember that.

    How to set up an nft marketplace

    NFTs – especially if you’re on the Ethereum network as you’ll have to sign off some transactions to do with gas fees.

    I cannot comment on any other platform, as I have not personally used them before.

    When you’re on Opensea, click ‘create’ – the Metamask wallet will pop up, sign off the transaction – you will not be charged here.

    Now, you’ll be taken to a screen where you can set up your NFT to go up for sale.

    Opensea makes it extremely easy to create and sell NFTs, here’s the process:

    Upload your asset – whether it’s a video, image, GIF, or music, you can upload it into the first box at the top of your page.

    Name your NFT – this should be a name that resembles what it is you’re selling.

    External links – if you have any links you want to lead people to, put them here.

    How to set up an nft wallet

    You will need a crypto wallet to purchase and hold most NFTs. Wait…a what? You can sort of think of a crypto wallet as being a computer file that specifies the amount of cryptocurrency and/or NFTs contained in the wallet.

    A crypto wallet holds your cryptocurrency as well as your NFTs. Whenever you transfer crypto or NFTs, it is from one wallet to another — very similar to a checking account, but wallets have “addresses” instead of account numbers.

    Setting up a wallet is one of the first steps for you to get started in crypto and NFTs.

    Wallet Types

    There are two primary wallet types: hot and cold. I describe them both below and provide a tutorial video for setting up a MetaMask wallet.

    Hot Wallets

    Hot wallets are accessible through the internet.

    How to set up an nft art

    Now the NFT marketplaces are coming forward with diverse digital product ranges for instance; video games, animations, etc.

    In order to buy and sell thousands of NFT projects on diverse NFT marketplaces, you must have an NFT wallet or cryptocurrency wallet.

    Get your NFT wallet set up, but before that go through some important information regarding NFT wallets.

    What are NFT wallets?

    NFT wallet is a digital tool or a type of digital wallet that you require to purchase Items on blockchain platforms.

    A Digital wallet or An NFT wallet is similar to your regular currency wallet. That keeps the record of your sales and purchases; every time you make a transaction.

    As long as you are keeping a wallet in your pocket, it might be full of little gadgets including your cards and keys.

    How to set up an nft project

    Ethereum.

    The people working on Ethereum are working on a new and improved ‘Ethereum 2.0’ which will be removing the gas fee problem.

    While many cryptocurrencies are trying to beat them to it, Ethereum 2.0 will be a massive game-changer for the entire blockchain space.

    If you’re still wondering about NFT marketplaces, here are some more I suggest you look into:

    • Rarible
    • Zora.co
    • Nifty Gateway
    • Makersplace

    Looksrare is also a new marketplace that yields $LOOKS when you use it to buy and sell your NFTs.

    Create your listing

    Once you’ve picked the platform of your choice, you’re almost done.’

    For this step, I’m going to assume you’ve selected Opensea as your platform of choice – if not, don’t worry, almost all platforms will follow the exact same process.

    Typically a hot wallet is part of a web or mobile application that you log in to and verify your transfers and purchases directly in the app. While hot wallets are probably the most convenient to use, they are the most susceptible to attack and theft and you must exercise caution.

    MetaMask is a widely used hot wallet.

    Cold Wallets

    A cold wallet is a physical device, usually taking the form of a USB drive. Cold wallets are considered offline wallets since they are not always connected.

    When authorizing an NFT purchase or transferring funds in a cold wallet, the wallet must be physically connected to the computer and you usually have to click a physical button on the device. Cold wallets are currently the most secure type of wallet.

    Two of the most popular options are Trezor and Ledger.

    So which one should you use?

    The short answer is both.

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