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NFT Confusions cleared ! ZERO FEES ? Royalties ? LEGAL ISSUES ? etc - YouTube
Channel: Sarcastic Sindhi
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Hello Friends, How are you all?
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So I was not feeling well for 2-3days
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So I wasn’t able to upload videos.
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Well, last week I have uploaded a video regarding NFTs,
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And I’ll recommend watching that video first, If you haven’t;
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Because this video is a kind of continuation of that video,
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All the questions, queries, that were posted in the comment by many people, like –
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This is wrong,
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We still have to spend money, even I told the free method in that video,
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Can we list multiple copies of our NFT,
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What if someone copies our NFT;
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These all things are discussed in this video,
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So I’ll suggest you watching that video first, Then you should continue here.
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So the 1 thing is that,
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Many people were facing the problem that
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Even after they are selecting Polygon, The Gas Fees is being shown to them,
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And they are not able to find any free listing option;
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Let me tell you that
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What is the problem coming here?
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So, If we go here to create,
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And suppose I’ll upload this photo,
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And I put the name ‘NFT Video’,
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And I am not typing any description here
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So that the work could be done fast,
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So here you have to select Polygon in the 1st attempt only,
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If you’ll select Ethereum,
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Let me show you What is the actual problem?
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So If you have done Ethereum,
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Then it will be created and the Gas Fee will be shown,
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Like if you click on sell
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And enter the amount,
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And then Complete Listing, then it is showing the Gas Fee is $146,
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But definitely, we have to avoid Gas Fees.
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So we’ll close that one,
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And create one more, because we won’t be able to edit the previous one,
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And upload it again,
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And instead of Ethereum select Polygon here,
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Now it’s created,
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Click on Sell,
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And after entering the price, We’ll click on Sign,
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And here it is showing Gas Fee,
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( Video is fake, You are a liar, )
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Bro just have patience!
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So the system here is like that
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The notifications of MetaMask are one behind the other, Instead of overlapping.
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It means that this notification is the previous one,
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The one of Ethereum, If you’ll reject this one,
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Then the current/new notification will be shown here, The one of Polygon.
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As we’ll sign in this one,
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Then the message will appear ‘You have listed this item Successfully’,
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And here for 4 ETH that is $10,000 I have listed the video’s thumbnail.
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I hope your query would have been solved,
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It was just a small notification issue,
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And if you were the victim of this problem
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Then leave a comment
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So that everyone could know that This is a Working Method.
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Problem Number 2,
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Many people are saying that
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Even if it got sold,
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And even we received the Ethereum,
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Then how can we withdraw this In our bank?
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It’s very simple,
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As you’ll receive the ETH, So it will come in MetaMask wallet;
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If you have an account in Indian Exchange, then it’s good,
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If you don’t, Then I’ll provide a link in the description
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Like WazirX;
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So here is my WazirX account opened,
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So here you simply have to go to Funds,
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And you have to search Ethereum,
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Either you have sold in Matic form (Polygon), Or Ethereum,
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You can type in the way that you have sold;
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So if you go to Ethereum,
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You have to click on Deposit,
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And after that, it will give you one address,
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That you can deposit on this address.
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Now we have come on OpenSea,
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If our item is sold,
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Then as you’ll open MetaMask account then it will show the sold price,
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You have to click on Send,
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And you have to paste the address that you received before,
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And then Next and transfer,
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You will receive the Ethereum in WazirX wallet,
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And you can withdraw that in your bank simply by ETH to INR,
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Around ₹200-400 will be deducted as commission,
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Because first, you are depositing ETH in WazirX, Then ETH to INR,
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And then withdrawing INR in your bank,
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So here it’s a chain of 3 transactions,
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So ₹200-400 around some value would be deducted from your original value.
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So like this, The things are working here,
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So I hope you must have understood this.
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The next thing that was asked,
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‘Can we list our NFTs on Multiple Marketplaces?’,
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Like we sell shoes on Amazon, Flipkart, Myntra, on all these simultaneously;
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So can we do the same thing in the case of NFTs, So it can get more reach?
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So this question does make sense!
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But here NFTs are all about Uniqueness and Rare Items,
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It means the more Uniqueness your item would have,
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It would also have more chances to get sold.
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So here you should know one thing that
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If we are listing them on Marketplaces like OpenSea,
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So there is one Condition to which you have to agree,
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That your NFT is One in the World,
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It’s not copied, It is original and that you are not going to list it anywhere else;
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So this thing makes your NFT unique
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Due to this, buyer gets confidence that purchasing the NFT is worth it.
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If you’ll list a single NFT on multiple websites,
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Then your buyer will lose confidence because
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He might think that it is available everywhere,
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Why would I buy from here?
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Indirectly you decrease your reputation by listing it on multiple websites;
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So technically, you can list on multiple websites
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But it will decrease your reputation,
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And you can get problems in long run, So I won’t suggest you, doing this.
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The next thing is Royalties,
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Many people were confused that
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We are not able to see Royalties options, Where can we set it?
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Where can we set the percentage of Royalty that we’ll receive as the NFT will be sold in the future?
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So for that, We’ll first go to profile,
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And then select My Collections,
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And here you will see the multiple already upload files,
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Or the one that you have set for listing,
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So on the top side, you can see the Edit option (Pencil),
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You can go to edit and update your things like –
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The logo of collection image, Featured Image,
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So here on the bottom side,
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You’ll find Royalties option,
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You can enter Percentage fees, like whether 2.5% or 5%,
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So the money of Royalty is credited in your account 2-3 weeks after the product is sold,
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(COUGH)
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And here option is also given that provide Payout Wallet Address,
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You can enter the Wallet Address of Ethereum,
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So Ethereum will be transferred in your account that you can Cash Out later.
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If there are multiple items,
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Like for certain ones you want less commission,
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Or more commission for certain,
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So in that case, You can create different collections,
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And define the Royalty specifically in each collection.
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The next question was ‘Can other people copy our NFTs?’,
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Or can we copy it from others and upload?
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Is it possible?
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So Technically, Yes.
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You can also copy NFTs of other people,
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No one is stopping you for now,
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But in past many cases have happened that
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When the Copied Content was caught by the Original Creator
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Then the one who copied the content has to give a lot of money as Charge;
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So I’ll suggest you not doing this,
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Because we don’t want to be short-term runners,
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Instead, we have to become long-term runners.
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Create something digitally
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That is Rare, Unique,
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And at the same time also adds some value to someone;
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You can create some players that might come into use in Metaverse, in future,
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Many more things,
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It totally depends on your creative mind,
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So BEST OF LUCK!
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If someone is selling a Monkey,
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Then it’s not necessary that you also have to create a monkey,
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You can create something else also;
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Recently a selfie was sold as NFT,
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A boy uploaded his selfie and it was sold for a lot;
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I’ll say that you can copy others, And others can also copy you,
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But you should not think on this,
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Instead, you should think of creating a rare thing,
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So that you can have more profit.
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And one more thing I want to add here is that if Multiple Copies/Fakes are being created of anything,
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So the value of the original is increased,
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Like in the case of iPhones,
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Nike’s Jordan original Shoes are worth ₹20,000,
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But fakes are being sold for ₹500-1000,
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But as Buyer-Perspective people always want the ₹20,000 one,
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Because the buyer understood " How much dedication and hard work must be required for that! "
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So the price is increased.
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Then many people asked ‘Why Tokenisation?’,
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What’s the need for Tokenisation?
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Why can’t we sell by normal listing?
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So Tokenisation is basically a necessity to maintain Authentication,
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And it is basically for the people, those who want to earn by selling their Genuine Digital Art 1-on-1;
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Because there is no place for people those who only copy-paste,
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They might earn by getting some deals in starting,
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But in long term, they have nothing because
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The buyers are not foolish, that they’ll purchase anything from anyone only for cheaper rates;
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Because they might get problems in future!
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So I’ll suggest that If you want to make profit only by copying,
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So don’t do that, Because it is not suitable for long run.
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And all the other creators should continue creating,
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Definitely, something positive will happen.
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And after that, Many people asked ‘What does the Buyer do with our NFT?’,
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If we are creating,
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Then why will someone purchase it from us?
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If we created this,
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Someone gave us money and purchased this,
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He got the NFT on his name, What after that?
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So the answer for this is that in the current stage of NFT,
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The profit is only generated by reselling,
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You must have heard that recently ₹1 note, 50P coin, 5P coin, 10P coin,
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Those were being used some decades before,
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They are being sold for around ₹1.5 Lakh.
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So exactly the same scene is here,
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People are just collecting collectables,
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That may be rare, unique, or cool designs; People are collecting such things,
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And then reselling them for a higher price.
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For now, this is it;
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Buy cheaper – Sell Expensive,
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And catch such items that might add some value in future.
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One side of the audience is thinking that all these items would be helpful in Metaverse,
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But the people who are collecting this,
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Are just watching it as a reselling business.
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After that, one clarity was on Gas Fees,
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And like I told in the last video, Gas Fees you can say is a kind of Banking Fees,
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And the Gas Fees could vary,
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Like If I want to mint an NFT right now,
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Let’s suppose it’s showing $100 Gas Fees;
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But it is not necessary that even after I wish to mint this item after some time,
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It could show $200-$300;
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And this could also happen that after some time it could also return to $100 or $50.
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It basically depends that
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How many miners are there on the Ethereum network in real-time,
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Or the traffic on the blockchain to process the transaction,
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Accordingly, the gas fees is charged.
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So here the topic comes of Polygon.
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If you take a look,
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Then this Polygon is also based on Ethereum except for Gas Fees,
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So there is no sense of going more deeper,
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But for now, you can now just understand like
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If you choose Ethereum then you’ll have to give money for minting,
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But you can do the same with Polygon for free, and sell your NFT.
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So If you want that more NFT related content, updates or more things;
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How can we move one step forward?
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Like: Best Marketplaces, Cons of Certain Marketplaces,
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Or How can you increase the possibility of your NFT being sold?
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So if you want more videos about NFT revolving content,
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So at least do 2-3K likes,
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And also SUBSCRIBE the channel.
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So I’ll get a hint that you guys are serious about this thing,
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And one more thing that all those people who are commenting that
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This is a scam, No Profit can be gained by this.
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In 2010, all the people were saying the same for Bitcoin
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At that time it was approximately $1,
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But now 1 Bitcoin is worth ₹30,00,000 and many indicators are for ₹70,00,000
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And definitely if not now, Then by the end of this year it could get till there.
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So the Early Bidders, those who think that a certain thing has a scope in future,
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They can definitely be in touch with NFTs’ Eco-system;
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And those who don’t find it an opportunity,
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There is no point of talking to them.
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So I am positive about this thing, You tell me What do you think?
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And I see you in the next video,
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Till Then
Stay Safe, Stay Sarcastic
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Bye Bye
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