The NFT Equation: How To Navigate & Profit in The NFT Space as A Beginner, Investor, Or Artist by Ross Jared T

Author:Ross, Jared T.
Language: eng
Format: epub
Published: 2022-03-04T16:00:00+00:00

Next, you'll be asked to choose a "type" between Single and Multiple. Choose "Single" for one of a kind or "Multiple" if you want to sell one collectible multiple times. Totally up to you, but in this case, just follow along and select "multiple." This means I'll be turning one visual asset into multiple NFTs. This might work if I wanted to create some type of membership card NFT where I wanted 100 copies of the membership card to exist.

Step 2 - Fill In The Blanks

Time for the heavy lifting, if you could call it that. On this page, you'll essentially be filling in the blanks to give Rarible all the info it needs to handle the behind-the-scenes elements of minting an NFT. I'll list out all of the different options you need to address on this page with explanations of each.

Upload file

First up, you need to select a digital file to upload that will become the NFT. As of now, Rarible lists PNG, GIF, WEBP, MP4, or MP3 as file options with a max file size of 100MB. So choose one of those file types from your computer and watch as it pops up onto the page.

Put on marketplace & Price

Having this feature turned on will mean that you want to list it for sale. If you turn it off, the NFT will be created and just sit inside your wallet. If you turn it on, then you'll have pricing options below, like opening it forbids or setting a fixed price. In this guide, let's just set a fixed price of 0.05 ETH.

You'll notice that you can choose some other currencies to accept as payment, but keep it simple and stick with ETH for now.

Unlock once purchased

The unlock once purchased, also called the unlockable content, is a feature that, when enabled, will give you a textbox to input additional material for NFT owners only. This text box can only be accessed by those who actively have the NFT inside their wallet. Some artists will use this feature to add a link to a google drive file where they uploaded behind the scenes video of them creating the art piece or an exclusive artist interview.

It's totally up to the creator and totally optional, but it's often a great way to integrate products or services into an NFT. For instance, I used the unlockable content feature when I turned an ebook into an NFT. The actual NFT was just a 3D model of the book, but in order to get the PDF file to read, they had to open the unlockable content for the google drive link.

Choose collection

Choosing a collection is selecting a folder to put related NFTs inside of. If you plan to create several related NFTs down the line, it will make sense to choose to create your own, which will cost an additional gas fee. If you're just creating a single NFT (even if it has multiple copies like in our case), it will be more cost-effective to leave it in the broader ecosystem of the Rarible collection.

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