What is NFT? And How to Get Money From NFT
In this article I will talk about what is NFT? As well as examples of transactions that can be done with NFT and how to sell artwork on NFT. You can see more in the article below.
What is NFT that has gone viral on social media and some even say it can be used to buy art? NFT stands for non-fungible token which is often used or functions as a tool for art transactions. NFT is becoming a trend and conversation in the United States (US).
Artwork Sales with NFT Make Millions of Dollars
One of the things that made NFT suddenly go viral was the work entitled 'Everydays-The First 5000 Days' which sold up to US$ 69,346,250 or around Rp. 990 billion through Christie's auction house. The work was created by US artist Mike Winkelmann otherwise known as Beeple. The work is a photo collage of 5,000 individual images made one by one every day for 13 years.
Reporting from various sources NFT is actually a digital token linked to a large blockchain system. Its function is not much different from crypto currency assets. However, NFT cannot be exchanged, it can only be traded. In short, NFT is also known as certification of ownership of an item such as a work of art on a digital forum.
Therefore, NFT is used to buy and sell artwork. In digital transactions related to this artwork, the attraction is the NF, as a sign of ownership of the artwork.
Example of sales with NFT
In addition to the artwork in the form of a photo collage above, another example of work that can be sold with NFT is the teet of a twitter founder, Jack Dorsey. He was able to sell his first tweet using NFT. Even billionaire Mark Cuban is also trying out NFT to sell his motivational quotes on the internet.
Objects or objects that can be sold with NFT can vary. The shape varies according to what object will be sold with NFT embedded by the owner. Therefore, these NFT-enabled objects may be collections of artwork or physical objects. For example, an artist embeds an NFT on his painting, then he can set a price for each NFT that is traded.
Then, can the sales proceeds be withdrawn? Of course, I can. The method is as follows:
- Go to the OpenSea site
- Have an Ethereum Wallet first so you can create an account on OpenSea. You can use MetaMask or CoinBaseWallet.
- Log in to the OpenSea status, click the profile section located at the top right of the OpenSea page
- Select the NFT you want to sell from the wallet you have
- If you have selected, click sell in the top right corner to take you to the listing page.
- On the listing page, you can set the price and type of sale you want. In addition to the price, you can also set how many days the item will be listed, for example three days to one week.
- If you want to sell an object at a fixed price, select Fixed Price.
- You can also sell goods by auction, by selecting Timed Auction.
- If you have finished creating the NFT listing, a confirmation message will appear.
- If it has been sold, you can make a withdrawal.
So, how do you make a withdrawal? Check out the following steps.
Step 1: Visit the Binance NFT website, go to the User Center and click [Withdraw]. Next, click the WonderBox you want to drag and click the [+] sign for input then click [Confirm] to continue
Step 2: Click [Confirm] again as shown in the screenshot below.
Step 3: Click [Add Wallet]. Select [BSC Binance Smart Chain] and click [Confirm].
Step 4: Connect to your Metamask wallet. Click [Sign] to connect the wallet.
Step 5: On the landing page [Confirm withdrawal], click [Confirm] to proceed with NFT withdrawal
Step 6: After the withdrawal is submitted, you can go to [User Center]-[History]-[Deposits &Withdrawals]-[Withdrawal] to check the status of your NFT withdrawal.
So that's the understanding of NFT and how to sell art on NFT and withdraw money from the sales of NFT. Hopefully this article can help you understand NFT and add insight. You can discuss in the comments column if there is something you want to talk about, that's all from me, thank you.