How to make, buy and sell NFTs

A detail shot from a collage “EVERYDAYS: THE FIRST 5000 DAYS”, by a digital artist BEEPLE, that is on auction at Christie’s, unknown location, in this undated handout obtained by Reuters.

Beeple | Christie’s Images Ltd. | via Reuters

You’ve probably heard a lot about nonfungible tokens (NFTs) recently.

Mike Winkelmann, the artist who goes by Beeple, made headlines earlier this month when he sold an NFT for $69 million. But people are spending millions of dollars on all sorts of collector’s items, from sports trading cards and highlight reels to digital houses, augmented reality sneakers and music.

I’m going to show you how to buy and sell them.

An NFT is a new type of digital asset. Ownership is recorded on a blockchain — a digital ledger similar to the networks that underpin bitcoin and other cryptocurrencies. Each NFT is unique and can’t be duplicated. So, you can think of them as unique digital items nobody else owns. Sure, people might have an image of a piece of art you purchased as an NFT, for example, but they don’t own the original. That’s what makes them enticing. And there’s the prospect that because they can be rare, you might be able to sell one later for more money. Just like you would with fine art.

You can use various currencies to buy NFTs. NBA Top Shot, for example, lets you buy them with a credit card. But other platforms require you to buy using some form of cryptocurrency.

I’ll show you how to get in on the NFT craze using the popular platform OpenSea now. And I’ll also show you how to turn digital assets into NFTs and sell them, in case you’re an artist who wants to sell something.

Where to buy NFTs

OK, you’ve heard about all these artists and people selling NFTs. You want to start your own collection. Where do you begin?

You can shop for them online through various marketplaces. OpenSea is a big one, and you think of it as an online gallery where you can browse digital art, trading cards and other collectibles.

It works like an auction house, where you offer bids on items and hope you’re the winner, but some listings like you ‘Buy now” for a set price. I’m going to show you how to buy NFTs on OpenSea in this guide, but there are some things we need to do first.

How to create a digital wallet to buy NFTs

How to buy ether

How to buy NFTs

How to create and sell NFTs

You have some cool digital art, or maybe a Zuzu Meowfluff you’re ready to sell. Let’s make that an NFT and list it for sale now. I used Rarible, since it was just a little cheaper and easier to set up, and it links into OpenSea if someone happens to search it.

That’s it! Now it’s listed. In this case, I can find it on Rarible or on OpenSea by searching “Porto, Portugal.” Offers will appear on the sale page. If it ever sells, the funds will transfer to my digital wallet. Then I can use them to buy other NFTs or cash out using an app like Coinbase.

CNBC’s Ryan Browne contributed to this report.

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