– I tried selling NFTs. I tried selling my first NFTson Opensea this past week. Here’s how that went.( upbeat music) In case you are new now or time missed some of my past videos. My first suffer with theworld of NFTs was creating the music and sound designfor this 3D animation by Jonathan Nash.( upbeat music) That was a lot of fun to work on, and Jonathan is an amazing 3D craftsman. So it wasn’t a bigsurprise when he sold it for $8,800.( cash register ringing) Then it sold on thesecondary market 40 days ago for 15 Ethereum or about $51,500. We used to work two moretogether and those did well, but up until this detail, I haven’t tried to sell any of my own.Then a month or so ago, Ibought my first few NFTs and terminated up spending about $ 10,000 on a pretty nice collection. But I was wondering if I could create and sell some of my own.( amiable music) My wife and I selectedseven of our favorite photos that “were having” shot and askedour friend Will Carmack to animate them for us. He intention up organizing absolutely stunning, looping photo animations. We too wanted to have aphysical component to these NFTs, so each looping animation also comes with an 11 by 14 signed publish IRL.The idea behind the physical is even if you don’t reallylike or understand NFTs, you’ll at least get a print you can hang on your wall or whatever. So if you like our photography, it would encourage you to place a order. – Maybe I should get one. – And are talking about attempts, we decided to keep each NFT a one-of-one. – Good luck, one of a kind.- So at max, there’d bea total of seven proprietors. One-of-ones are just morevaluable from a give and requirement attitude, and a lot of collectors time aren’t interested when there’s multiple copies available.( gentle music) So we launched our sevenauctions on Opensea on Monday morning at 7:00 AM with them set to end the following Sunday at 7:00 PM. The auctioneer start coincidedwith a video we put out on our Mango Street channel, announcing the NFTs. The season has come, we are releasing our very first photographic prints, but we’re doing it alittle bit differently.And Will made a super cooltutorial explaining his process to enliven the photos. Now, when choosing whichplatform to launch our NFTs on, there is indeed various circumstances. Each pulpit kinda hastheir niche or specialty and tend to attract a certaintype of artist and collector. Opensea’s the largest, it hasa little bit of everything from in-game components to artwork, GIFs, generative assignments, and so on. It’s also pretty easy tomiss something on Opensea and to reach offers and buy things on Opensea’s also fairly simple.Rarible is another popularplatform home to all sorts of different NFT sections. I haven’t depleted a lot of time on there and honestly don’t know much about it. Super Rare is a bit higher-end. You have to be invitedto join as an craftsman. MakersPlace is another one, I haven’t expended much day on there since the$ 1 beeple raffles. There’s a handful ofothers, like Nifty Gateway, KnownOrigin, Solanart and Foundation. Foundation is one I picture a photo project like this would do well on, but you need to be invited to sell NFTs on thereand we didn’t really want to delay the launch. So what’s nice about Openseais it somewhat newbie-friendly. – Newbie, what’s up? – Everything, everything’s up. – They let you buy itemswith more traditional payment techniques likedebit and credit cards. And the interface ispretty clean-living and simple. Now the downside is there’s no curation. Any and everyone can listtheir NFTs on this stage, so there will be a bunch of junk desegregated in with higher character projects.In addition to the YouTube video, we did a trifecta of berths about it across our three Instagramaccounts and some tweets for good measure. And exactly a note about thephysicals in case you want to do something similaror were just curious about how we did it. Basically, Opensea allowsyou to add unlockable content to your lean. So simply the owner of its consideration of this agenda item can disclose whatever text you supplement in. So we included a tie-in andpasswords for each NFT. I performed pages for each NFT on our websites and when the champion of the auction wants to redeem the physical, they just click the button to redeem, kind in the password, then fill in their info so we can ship them to print. After the physical is redeemed, we are to be able merely updatethe sheet on the website to reflect that.( soothing music) If there’s any one thing NFT artists and collectors talk about the most it’s how good their morning is. But the second thing wouldbe the community aspect that comes along with NFTs. This parish thrivesmost notably on Twitter and in Discord serversfor different projects.If you’re not already anestablished NFT artist and wanna sell NFTS, well, you really have to construct yourself a valuablemember of the community. And this is where it can feela little bit peculiar to me. Now, I’m still relativelynew to the space, but I think ideally you’dbecome an active representative on Twitter and Discord supportingprojects you believe in, participating in communityart races, et cetera. Sometimes however, it feelslike a lot of brown nosing and pandering. That’s textbook pandering To gain favor amongmore influential people, just so that they willhopefully support your projection when you propel. Again, just like anyother type of community, I think you should be sincere and want to see the part NFTspace abound and flourish for the better , not just so youcan sell out on your launch.And while obviously thereare plenty of exceptions, if making money is your sole motivator, I think it will be harderfor you to make money and your time in NFTs willprobably be short-lived. All that to say we haven’treally interacted much with the NFT community. As you received in my last video, I did start collecting and had a lot of fun doing so. I’ve been chatting with a fewfriends on a regular basis who are also into NFTs, andthis has been a good way to keep an eye on whateach other is doing, and also what otherprojects are in the space that seem exciting.The interesting thing is, I’mnot sure if we’re truly a hundred percent sold onNFTs in their current state. I find the technology super interesting and there is a lot ofinnovation happening, but as NFTs are in their Wild West stage, we’ll have to see how things develop over the next several years. Right now Etheruemdominates the NFT space, but all the rewards can make itcost prohibitive for some, and certainly cut into theprofits of smaller jobs. The inordinate rewards andenvironmental impact of proof of work that Ethereum isbuilt on is problematic, and until they switch toa proof of stake protocol, Ethereum NFTs will comeat a cost for everyone. Solanart and Tezos aregood alternatives for NFTs and are gaining vogue, but “youve been” need the whale collectors and supported artists seeing the move to these alternatives, tosee them genuinely take off and flourish. You can see how the collectors wanna be where the artists are.Artists wanna be where the collectors are.( soothing music) All right, so let’sget back to our auction of seven NFTs. We take a few opening offers the first day, but then not a whole lot of war. A few more trickled in over the week, but we were hoping thatthose who collect NFTs from photographers would seethe accumulation and want to bid. And that’s part of thedownside of not having inroads in the NMT community, not having relationships with the collectors andreleasing on Opensea, where it is kind of difficult to find new high quality projects that don’t undoubtedly havea lot of buzz around them.So on Sunday, the last day of the auction, we decided to lower thestarting tolls on the few that didn’t have bids. The rate of Ethereum hadgone up a bit over the week and while we already orderedthe reproduces and we’d passion for every NFT to sell so wecan give those publishes out. Oh, and real quick, justhit the thumbs up button on this video, there’s no gas fee and it actually cures my channel out. Offers did start flowing in asthe time started ticking down. Likewise the practice Opensea workswith occasioned auctioneers is you don’t offer a gas feewhen you register your item.If it sells for over one Ethereum, Opensea will automaticallycomplete the transaction to the highest bidder and Opensea will too handle the gas fee. But if the toll doesn’tgo over one Ethereum, the dealer can decide whetheror not to accept any order, but the vendor has to pay the gas fee to complete the event. In our bag, this was hefty, sometimes more than halfof our sales extent. I didn’t even haveenough funds in my pouch to cover the gas cost, so I had to buy some and then transfer it over. The other thing I wasn’t sureabout was how much age I had from when an auction endsto accept any bids you have on that auction. So I concluded this part alittle bit confusing. So at first I acquired afew and kinda made a hit with a child fee, but onthe remain, I tried to wait until the cost went downbefore completing the sale. Now, we did have a littlebit of a dictate campaign on two of our NFTs, whichwas really fun to watch. Any dictations represented in the last 10 hours of an auction will diversify eachauction by 10 more minutes.So these two ran about an hour past the scheduled auction end.( upbeat music) This astronaut sold for 0.2205 and this underwater one sell off 0.2894. Now absolutely, this collectiondid 0.96 ETH in auctions, which with today’s expenditure of Ethereum, that sums of only over $4,000. But with the buttload of feesand the cost of the reproduces, what is our actual profit? Well, exploiting $4,195 asthe price of Ethereum, we had $ 674 and 68 pennies in costs, $227 and 62 pennies in printcosts for a total of $902 and 30 cents in initial expenses.Then we have the cost tooffset emissions from mining on the Ethereum network. For my part billfold, it’s around $77. So for this collection in general, it’s probably a little bit closer to $ 20. We sold $4,027 and 20 pennies in NFTs, which delivers the net profitto $ 3,104 and 90 pennies. But we still have to payto ship the photographs out as the owner start redeeming them. And of course we had to share that profit with our traitor Will Carmack. So “theyre not” a home run by any means, however frankly didn’tknow what to expect.We weren’t sure how many peoplein our audience would want to collect NFTs, how manyhad the money to collect NFTs and how many would be interested in this particular collection. We too didn’t know ifpeople outside our gathering would learn our collectionand wanna region dictations. So in general, I would say, while this projectwasn’t a runaway success, truly one of the best waysto learn about something is to experience it for yourself. So I still think it wasa worthwhile venture. That’s all for this one, make sure you’re subscribed, if you wanna be bop that thumbs up button on this video, it’ll reallyhelp this direct out and leave me a comment below.And let me know what youwanna learn me do next. See you in the next one.( upbeat music ).
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