Part 3: How to Sell NFTs
Tom Morkes: What do I need to be able to sell NFTs besides like having a basic comprehension of this stuff. What do I need to actually sell it?
Jesse Krieger: Great question. And it’s a good time to point out, even though we’re having a complex discussion in some ways, it’s fairly simple to get started with this stuff.
If you get a Coinbase wallet, or a MetaMask wallet, these are all crypto wallets that support ERC 20 or Ethereum-based tokens, and anything that’s built on Ethereum, including PFAN [tokens]. And so you could download that and set up an account in less than 3 minutes. You would need that wallet. You need your own cryptographic wallet, which again is free and easy to set up.
But then to actually mint an NFT while on the PowerFan platform, you can set everything up without [having to spend anything] to mint the digital asset. We call it “mint when sold”. So you’re basically creating an offer. You’re staging this NFT. But if I were doing it, if Tom purchased my NFT, that’s when it would be registered as a transaction on the blockchain, which transfers currency from his wallet to mine and custody of that NFT asset to his wallet instantly, simultaneously and securely.
Tom Morkes: Very cool. You mentioned Coinbase [wallet] and a couple others, Can you actually have NFTs on a hard wallet or does it have to be on one of these platforms like Coinbase?
Jesse Krieger: I would distinguish that coinbase.com is an exchange.
That’s an exchange with a separate app by the same company as Coinbase wallet. [Here’s the distinction:] You need your own wallet, and then you put a little Ethereum in it and you can get started minting and selling NFTs. But that’s an important distinction because when you have your own wallet, instead of an exchange, that’s when you have full custody of your assets.
And that’s one of the beautiful features with crypto is like when [it’s] done, you’re always in custody of your own assets and currency. And when you engage in a transaction, it’s executed verifiably over the block.
Tom Morkes: Awesome. Okay. That makes a lot of sense. And then as far as you might’ve already answered this, what do I need to buy it an NFT?
Jesse Krieger: At present, the NFTs that we mint on PowerFan are currently denominated in Ethereum. In the very near future, they will be denominated in PFAN [tokens], which is our own token and then in the not too distant future, you could buy them with a credit card, just like any other purchase online.