How To Create an NFT: Step-by-step Guide
Everyone is talking about NFTs these days. Let alone talking, some are even releasing their own. As a result, you might be wondering how you can start your own NFT journey as a digital nomad. In this beginner-friendly guide, we will explain to you how to create an NFT of your own and how to sell it.
Before delving into details of how to make an NFT, let’s begin with some basics for newbies.
Definition of NFT
Non-fungible tokens, or NFTs, are digital tokens that you keep on the blockchain. Unlike cryptocurrencies, where each coin is identical each NFT is one-of-a-kind and can be sold to show ownership of a digital file.
Things To Note Before Creating NFTs
If you want to learn how to make an NFT because it seems like everyone else is doing it, there are a few things to consider. The cost is a major concern, for example. While most platforms allow you to make NFTs for free, selling them may be a different story.
Ethereum blockchain is the place where the majority of NFTs are sold. For each transaction on the Ethereum blockchain, there are fees that are paid to the miners. These costs are referred to as "gas," and the amount of gas required for a transaction can vary greatly. From minting an NFT to transferring it to someone else to bidding on one, almost everything you do on the blockchain requires gas.
How To Create NFT
1. Choose Your Item
Before creating your first NFT, you’ll need to figure out what unique digital asset you want to make into an NFT. A painting, photograph, a GIF, or maybe even a tweet can be an NFT.
Before you start, you need to make sure that you own the intellectual property rights to the thing you want to turn into an NFT. If you work with digital assets you don’t own, you risk getting into legal trouble.
2. Decide on a Blockchain
After you’ve chosen what is going to be your asset, you can start the process of minting it into an NFT. First, choose which blockchain technology you want to use. Most NFT artists and creators prefer to use Ethereum. Other popular alternatives include Tezos, Polkadot, and Cosmos.
3. Create Your Digital Wallet
Having a digital wallet is a fundamental step in creating NFTs. A digital wallet will store your cryptocurrencies as well as the NFTs that you purchase or mint yourself. Most NFT sites accept Ether, the Ethereum coin. If you already have cryptocurrency, you can link it to your digital wallet so that you may create and trade NFTs with it.
Popular NFT wallets include
- Math Wallet
- Coinbase Wallet
Wallets help to store your cryptocurrencies, as well as any NFTs you create or purchase. How wallets function and the alternatives might vary, but if you're just getting started, the most important thing to consider is whether or not the wallet you're using is compatible with the blockchain you're using.
4. Decide on an NFT market
If you’ve completed the above steps, you can start and hopefully sell your first NFT. You’re going to need an NFT marketplace for this. Popular NFT markets include OpeSea, Larva Labs/CryptoPunks, Rarible, SuperRare, and Mintable.
Note that not all marketplaces are created equal. Although the NFT marketplaces serve similar purposes, they are not the same. For example, they utilize different tokens. Depending on your NFT application, each token offers advantages and disadvantages. Starting with OpenSea is usually a smart idea. It’s a market leader in NFT sales and lets you mint your own.
After you’ve decided on a digital wallet, you’ll need to link your NFT marketplace to it. This will help you to cover the costs of minting your NFT while also keeping any sales proceeds.
Both OpenSea and Rarible allow you to create NFTs on Ethereum without paying anything, thanks to the “lazy minting” mechanism. Lazy minting allows users to make NFT and sell it without having to write it to the blockchain. When someone buys your NFT, the fees for putting it to the blockchain will be combined with the fees for transferring it to the buyer. This way, you don’t spend money on an NFT that no one wants.
How To Create NFT Without a Marketplace
Technically, you don’t need a marketplace to sell your NFTs. You may create your own smart contract, submit it to the blockchain of your choice, and then use it to mint your own tokens. However, unless you have enough knowledge, you probably won't want to go down that path.
5. Upload Your File
Now that you know how to create NFT, you’re ready to mint your first NFT. The platform you’ve chosen should provide you with steps to follow to complete the upload. Through their guideline, you can convert your file into an NFT.
For illustrative purposes, here’s a screenshot of creating NFT on OpenSea. Once you put all the details, you’re ready to create your first NFT.
6. Create a Sales Process
Deciding how to monetize your NFT is the final step in the NFT minting process. You can follow different sales processes, depending on the platform:
Fixed price: Selling your NFT at a fixed price is an option. If someone wants to buy your NFT, you can sell it.
Timed auction: You can choose to sell your assets at a timed auction which will allow NFT enthusiasts to submit their final bid within a certain amount of time.
Unlimited auction: Selling through an unlimited auction is a method too. With this route, you can end the auction when you want.
Minting and selling an NFT can be costly. You may have to pay a listing charge, an NFT minting cost, and a commission on the sale depending on the platform and price. Costs may also change due to the volatility of cryptocurrencies. This is why you should carefully consider the costs of minting and selling your NFTs.
How to create NFT art and sell it is a trending topic and doesn’t seem to lose its popularity anytime soon. As we’ve tried to explain in our how to make NFT art guide, it’s easy but you need to consider all aspects before you start your own journey. You can even consider speaking to a professional who can explain how to make NFT art so you’re going to make an informed decision.
Frequently Asked Questions on How To Make NFT
How to make a NFT for free?
Some platforms allow you to make NFTs for free through lazy minting. This is one of the popular ways how to make a NFT for free.
Where can I sell NFTs?
NFTs can be sold on various marketplaces, such as OpenSea, Rarible, SuperRate, etc.