As a cryptocurrency enthusiast, you must be familiar with the hype surrounding Non-Fungible Tokens (NFT). The hottest crypto right now, Bored Ape and Axie Infinity have truly revolutionized the digital collectibles market.
Non-fungible tokens, or NFTs for short, are digital files that are equivalent to individual pieces of property. They can be bought and sold just like physical objects, but they’re not quite the same as the latter; the difference lies in their uniqueness. For example, diamonds and gold are fungible tokens: they’re all identical and therefore interchangeable with one another.
On the other hand, rare collectibles like artwork, baseball cards, and vintage toys are non-fungible: no matter how many duplicates there may be of these items, they’ll always be unique in one way or another.
NFT is now one of the means used to sell digital assets, and it is mostly accepted by individuals in many parts of the world, including Nigeria. Some Nigerian artists and creators are willing to benefit from this great opportunity, but they don’t know how to get started. Because of this, I provide the necessary information you need to know.
NFTs rose to fame as people started paying ridiculous amounts of money for them online and on social media platforms like Twitter, Instagram, and Facebook.
Though the majority of people in the Crypto community will agree that blockchain technology is still in its early stage, this has not stopped most investors from becoming interested in Blockchain-based assets.
A lot of people like to make money while others are just curious and curious minds who want to know how they can invest in cryptocurrencies and make some good money out of them.
Entering the foray of selling non-fungible tokens might seem rather daunting. But it isn’t as difficult if you take your time and do some research before you begin. In this article, I have highlighted some tips that will give you a better insight into this space and how you can start on the right foot.
NFTs are rapidly increasing on a global scale. This is also the case in Nigeria where NFTs are gaining popularity and token holders are financially benefiting. While it is important to understand the global trend, it is also important to know how to profitably buy and sell NFTs in Nigeria.
Many Nigerians have already made use of this technology to sell their digital files such as artworks, texts, mp3, mp4, and GIFs among other things, and making good money from it.
This is a complete guide to buying and selling NFT in Nigeria. Before we get on our horses and ride on, let’s talk about what NFTs are.
What Are NFTs?
NFT is the acronym of Non-Fungible Token, and it is an asset that is stored on the blockchain with a unique identification code. Collections like art, music, in-game items, and videos are an example of what makes an NFT. Its transactions are done by using cryptocurrency, and it is safe and fast.
In the past few days, digital art featuring some of the world’s most popular celebrities has made its way to the blockchain.
NFTs, or non-fungible tokens, are digital assets used to prove ownership of collectibles. Unlike fungible assets like dollars or bitcoin (BTC), which are all identical, non-fungible assets have a unique identity that makes them distinct from one another.
NFTs can be used to create digital art and collectibles that users can purchase and trade on the blockchain. Because these NFTs are publicly visible on the blockchain, anyone can see who owns each NFT and what price it was bought for at any time.
The current crop of NFT art has been created by artists including Beeple, Justin Sun, and Twitter CEO Jack Dorsey as well as NBA Top Shot (which is backed by the National Basketball Association) and other companies.
Unlike cryptocurrencies like Bitcoin, which are all similar, NFTs are all unique. This is because they represent unique pieces of art and other collectibles that can be found online.
The most popular use case for NFTs is selling art or other types of creative works online. In many cases, artists will sell these pieces as “one-of-a-kind” items and then use the proceeds from the sale to purchase another piece of art or other types of assets.
In some cases, artists will sell their work as an NFT, which means that they would be selling the right to use their image or name on any artwork they create in the future, even if they don’t own it anymore.
What Can You Sell As NFT?
NFTs aren’t just for selling digital art. They can cover a lot of creative work, from Visual arts like paintings and photographs to Digital artworks, like GIFs and 3D models, Videos, like exclusive interviews and tutorials, Audio files [songs and sound effects], collectibles, trading cards, In-game items or in-game currency, domain names, and website pages.
In this part of our guide, I listed and explained what you could sell as NFT. NFTs are digital assets that use blockchain technology to confirm ownership. NFTs can be used for a variety of purposes, including selling art and collectibles, owning digital real estate, or getting in-game rewards.
Digital products surround the concept of NFT because they cannot be touched by hand; you can only see and listen to them. For instance, a house or car cannot be classified as NFT because it can be touched.
1. Your Artwork
Images and other artworks are digital tokens that you can sell as an NFT. They are easy to mint in the marketplace, and their demand is high.
If you have ever dabbled in creating digital art, then you should consider selling it as an NFT. Digital artists are creating all kinds of art ranging from paintings to jewelry design to sculpture, and they are selling it at a high value on auction sites like OpenSea. Just make sure that your artwork is unique and not something easily duplicated.
2. Your Music
If you are an artist, you can list your music or album on the NFT marketplace like OpenSea and Rarible and generate more income when people buy it.
You can also sell your music as an NFT. You may be asking yourself, what good is that for me? In the world of NFTs, you get paid every time someone listens to your music or watches a video using it. The song or video with your music will be linked back to you, so people know where to find more of your creations and give you credit for your work.
3. Your Games
Games are a perfect example of how NFTs can help with interoperability between different platforms, allowing players to retain ownership of their assets regardless of the platform they choose to play on and still make money playing games online.
Blockchain games are a process whereby you play games on cryptography-based technology and sell or buy in-game items like weapons, video game skins, and characters. You can also earn by playing blockchain games.
Crypto games like Gods Unchained, Decentraland, and Axie Infinity allow players to own in-game assets (such as characters or game items) and use them across the game while retaining their ownership.
4. Your Videos
Videos can be a very attractive form of NFTs. Many artists and musicians, for example, may wish to convert their videos into an NFT. Videos can come in the form of music videos, short films, documentaries, or even live-action films.
Videos can also be turned into NFTs on various sales platforms like Rarible and Async Art, where they are sold as tokens that prove the authenticity and ownership of the video files.
Video is another thing you can convert to NFT. If you have a presentable video about an event or your field, you can mint it on platforms and sell it.
Digital collectibles, often in the form of trading cards or virtual pets, are another common NFT category. These can be purely digital creations or linked to physical items.
6. Virtual Real Estate
In virtual worlds like Decentraland or The Sandbox, virtual land parcels and properties can be bought and sold as NFTs.
7. Virtual Fashion
Digital clothing and accessories for avatars in virtual worlds can be tokenized and sold as NFTs.
8. Tickets and Event Access
Tickets for concerts, sports events, or access to exclusive online events can be issued as NFTs.
9. Virtual Pets and Creatures
Virtual pets or creatures that exist in blockchain-based games or worlds can be bought and sold as NFTs.
10. Artifacts and Historical Items
Historical artifacts, documents, or relics can be digitized and tokenized as NFTs, allowing collectors to own a piece of history.
11. Fashion and Apparel
Limited-edition digital fashion items and wearables that can be used in virtual environments or as digital accessories.
12. Domain Names
Blockchain-based domain names can be bought and sold as NFTs.
13. Digital Landmarks
Iconic digital landmarks or spaces in virtual worlds can be tokenized and sold.
14. Software Licenses
Developers can sell NFTs representing software licenses or access to premium features.
15. Membership Token
NFTs can be used to grant access to exclusive online communities or membership-based platforms.
16. Content and Writing
Writers and content creators can tokenize their articles, stories, or blog posts as NFTs, allowing collectors to own unique digital content.
Steps By Step Guide On How To Buy & Sell NFT In Nigeria
According to the answer provided above, NFT users need to identify a marketplace to list their non-fungible tokens so that people can see them and buy them if they are interested. In this part of the post, I will explain the step-by-step guide to buying and selling NFTs in Nigeria and ways to profit.
Identify A Digital Market Place To Mint
The first step required when considering selling NFT (artwork, photos, audio, etc.) is to identify a platform that allows you to list digital products or assets for people interested in buying.
Platforms like Opensea, SuperRare, and Rarible are examples of platforms that allow you to list your digital assets for the people interested in buying. Note: some marketplace does charge for gas fee if you want to mint your collections, while some are free.
Connect Your Wallet To The Market Place
After identifying a good marketplace to list your NFT, you must register and submit your ETH wallet address for buyers to use for payment. If you don’t have an ETH wallet yet, you can get it by signing up with a digital cryptocurrency platform like Coinbase or Metamask to own a wallet address. After opening a crypto wallet, you can now copy your wallet address and integrate it into the NFT marketplace.
List/Purchase An NFT
After identifying a marketplace and signing up and connecting your ETH address, the next thing is to upload your non-fungible token to the marketplace, list it for sales and fill in the necessary information for your NFT to be visible on the marketplace. Finally, you can start receiving money from NFTs bought from your listing.
However, if you plan on buying an NFT, just browse through the site until you see a good collection of artwork that you’d like to acquire. Once you make payment for it, funds will be removed from your wallet and the NFT will be added to your portfolio.
Best Places To Buy & Sell NFTs in Nigeria
There are several platforms that allow you to list and sell NFTs online. Some are used based on their popularity, and some are used based on the indefinite opportunity on it. In this section, I will explain the features and benefits of some platforms that make you make sales.
OpenSea is the largest marketplace for trading NFTs (non-fungible tokens). This marketplace was founded in February 2018. It supports a wide range of blockchain platforms and provides great opportunities for both sellers and buyers.
OpenSea is the most popular NFT marketplace that allows users to list (mint) and sell their NFTs. The platform supports 150 different payment tokens, and it is easy to use. The registration process on Opensea is free, and the sign-up process is easy.
All transactions are secured with blockchain technology, and OpenSea offers one of the best user interfaces for the NFT market. We can consider it as eBay for NFTs.
After Opensea, Rarible is the next marketplace for minting all sorts of NFTs, including art, video, audio, books, and collectibles. Tokens listed on Rarible are easy to sell, and their technology is built on the Ethereum blockchain.
Rarible was launched in April 2020 by Alex Salnikov and Alexander Kartunov. After becoming familiar with the concept, they realized that the NFT space was largely unregulated and limited in choices, so they decided to build an open-source platform that’s free from control or restrictions.
Rarible lets creators retain full ownership of their creations, including who can view or buy them. Creators can dictate how much to charge for access to their content or choose not to charge at all.
3. Myth Market
Mythmarket is another large and trusted NFT marketplace that supports various brands from Topps to Blockchain. It allows you to mint your digital tokens: music, art, video, and images, and sell them to the public.
Myth Market is a global marketplace for non-fungible tokens (NFTs). It is an emerging platform that has been designed with the ongoing challenges faced in the blockchain ecosystem in mind.
Myth Market does not charge any fees for buying NFTs either. Buyers only pay a gas fee when they make a purchase.
SuperRare is an NFT marketplace that only accepts non-fungible tokens from specified artists. It is hard to sign up on this platform if you are not a popular artist with a great reputation.
It supports collections, including art, videos, and 3D images. It accepts payment using Ethereum as a medium of payment from collectors. SuperRare is one of the most popular NFT marketplaces with a large community and a broad selection of artworks.
The platform is designed for artists, so if you are looking to buy or sell some artwork, SuperRare could be the right choice for you.
5. Nifty NFT Marketplace
Nifty Gateway is an NFT marketplace owned by Gemini. It is one of the most popular and most recognized NFT marketplaces in the world. Nigerians looking to buy or sell NFT can get a good piece here.
Nifty Gateway allows artists to mint and sells their artwork in the form of NFTs. As an artist, you can claim your work by submitting your work for verification and approval on Nifty Gateway.
Nifty Gateway is also a store where you can buy or sell NFTs. It has a wide range of users from all over the world and it has sold many NFTs for thousands of dollars.
6. Atomic Hub
Atomic Hub is a marketplace for NFTs on the EOS.IO blockchain. It is a popular choice for Nigerian users due to its low fees and fast transaction times. Atomic Hub supports a wide range of NFT types, including digital art, collectibles, and gaming items.
Bitski is a marketplace for NFTs on the Ethereum and Flow blockchains. It is known for its user-friendly interface and its support for multiple payment methods, including credit cards and PayPal. Bitski is a good choice for Nigerian users who are new to NFTs or who prefer to use familiar payment methods.
Foundation is a curated marketplace for NFTs created by artists and collectors. It is known for its high-quality NFTs and its focus on supporting emerging artists. Foundation is a good choice for Nigerian users who are looking for unique and high-quality NFTs.
KnownOrigin is another curated marketplace for NFTs created by digital artists. It is known for its supportive community and its focus on promoting digital art. KnownOrigin is a good choice for Nigerian artists who are looking to sell their NFTs to a global audience.
MakersPlace is a curated marketplace for NFTs created by top artists and brands. It is known for its exclusive collaborations and its high-quality NFTs. MakersPlace is a good choice for Nigerian users who are looking for rare and exclusive NFTs.
Mintable is a platform where users can easily create, buy, and sell NFTs. It is known for its low fees and its wide range of features. Mintable is a good choice for Nigerian users who are looking for a platform with a lot of flexibility.
Luckily, there are several ways to buy and sell NFTs in Nigeria. However, be sure to take note of the risks that come with acquiring these assets, as that is a major hurdle when dealing in this much-touted industry.
Selling NFT is easy in Nigeria if you have a collectible token you want to mint, and if you sign up with the best marketplace, you will make a lot of sales and enjoy the benefit offered by them. Using the above tips, you will be able to find the best places to buy and sell NFTs in Nigeria.
By now, you must have full knowledge about NFT, and if likely you have a question, kindly use the comment box below, and we will answer you as soon as possible.