Nonfungible tokens, or NFTs, are exploding in popularity these days. People are paying big money for these unique collectible cryptocurrency assets. Minting NFT nowadays is an FOMO activity that people are chasing. Digital artist finally found a medium to make their art safe and have fixed ownership.
Scams and theft are also in the NFT world right now, and this is the new challange faced by the users.
The potential for big money is leading more people to create NFTs in the hope of cashing in on the current craze. Here`s a step by step guide on how to make (i.e., mint) and sell an NFT.
- Pick your item
Let`s start with the basics. If you haven't already done so, you'll need to determine what unique digital asset you want to turn into an NFT. It can be a custom painting, picture, music, video game collectible, meme, GIF, or even a tweet. An NFT is a unique digital item with a sole owner. This rarity gives the NFT value.
: Make sure you have intellectual property rights to what you want to convert to NFT. Creating NFTs for digital assets you don't own can lead to legal problems.
- Choose your Blockchain
Once you have chosen the blockchain and your unique digital asset, it is time to start the process of creating it in the NFT. It starts with identifying the blockchain technology to use for the NFT. The most popular among NFT artists and creators is Ethereum (CRYPTO:ETH). Other popular options include Solana. Tezos, Polkadot, Cosmos, and Binance Smart Chain.
- Set up a digital wallet
If you don't have a digital wallet yet, you can set it up to create an NFT because you need cryptocurrency to fund your initial investment. You can access your digital assets through your wallet. The best NFT wallets include Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet.
: Once you have set up your digital wallet, you will want to buy cryptocurrency. Most NFT platforms accept Ethereum, the cryptocurrency of the Ethereum blockchain platform. If you already own some cryptocurrency elsewhere, you will want to link it to your digital wallet and use it to create and sell NFTs.
- Choose the NFT
Marketplace Once you have a digital wallet and some cryptocurrency, it's time to start building (and hopefully selling) your NFT. For this, you need to choose an NFT trading platform. Key NFT markets include OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop.
: You need to research each NFT market to find the right platform for your NFT. For example, Axie Marketplace is the online store for the best NFT game Axie Infinity. On the other hand, NBA Top Shot is a basketball-oriented market. It is also important to note that some markets require their own cryptocurrency. For example, Rarible requires Rarible(CRYPTO:RARI).
OpenSea is generally a good place to start. You can create your own NFT and it is the number one selling NFT. In August 2021 alone, the NFT market sold $3.4 billion worth of NFTs.
: After selecting an NFT trading platform, you need to connect it to your digital wallet. This allows NFTs to pay the required issuance fees and maintain sales revenue.
Download file
Now you are finally ready to create the NFT. The NFT marketplace you choose should have a step-by-step guide for uploading digital files to the platform. Through this process, digital (PNG, GIF, MP3 or other file formats) NFT on the market.Sales Process Setup The final step in the
NFT creation process is to decide how to monetize the NFT. Depending on your platform, you can:
Sell at a fixed price: If you set a fixed price, the first person to agree to this price will be able to purchase NFTs.
: Timed Auction Setup: A timed auction gives people interested in NFTs time to submit final bids.
: Unlimited Auction Started: Unlimited Auction does not set a time limit. Instead, you may end the auction at any time.
: You must define a minimum price (if you organize an auction), set a fee to keep the NFTs monetized if they are resold on the secondary market, and specify how long (if calculated) to hold the auction. If you set the price too low, you can sell your NFTs and lose money, so keep that in mind when setting the lowest price. Building
NFT can be a lucrative investment.
The NFT selling price rises as it gains popularity. So NFT creators can make a lot of money. However, not all NFTs even sell, given all the fees associated with creating and selling NFTs. Because of the cost, you should be prepared for the possibility of losing money when creating NFTs. The best way to avoid losses is to sell NFTs that others may find valuable and set a price floor that goes beyond offsetting the associated fees.