How To Create Your Own NFT?
NFTs, also known as Non-Fungible Tokens, are a trendy investment venue these days. You might be interested in them too. Whether you want to start an art collection or someone told you could sell a particular picture as an NFT, there are many reasons you might want to know how to create your own NFT. And that is precisely what this guide is for.
This guide is here to walk you through all the different steps of creating an NFT. It can feel a bit challenging just getting into it. This is all very new technology, after all. But you have no reason to fear. We are here to give you the pointers you need. Let's get right into it.
Steps To Create Your Own NFT
Step 1: Select A Blockchain
Before selling something as an NFT, it is good to know and decide how. To an extent, the blockchain tech you would be using is determined by the marketplace you want to use. Blockchain here is the network of cryptocurrencies you would be using.
The most popular blockchain in the NFT sphere is Ethereum. Other blockchains are also popular, such as Solana, Flow, Polygon, etc. But what you would want to do is select the one most convenient for you. Converting currencies between two blockchains is not a straightforward process. So it's good to make the right decision beforehand.
Look into the benefits and use cases of the blockchains available to you. Make sure you check with the marketplaces, too, and then decide.
Step 2: Be Aware Of The Costs
Minting and selling NFTs will cost you a certain amount of money. Some go to the marketplace as fees; others go to the cryptocurrency processing fee, called "gas." It would be best to look into the processing fees before deciding on a marketplace.
Gas is a processing fee you pay to the blockchain. This does not go to the marketplaces but rather to cryptocurrency miners. You will need to pay for gas on every transaction you make. However, some marketplaces allow you to avoid spending on an NFT before someone buys it.
Often called "Lazy Minting," there is a process where you mint an NFT without paying for gas. And when a buyer later buys your NFT, the gas prices are deducted from the payment they send you. But most marketplaces will still require you to pay an initial fixed fee to get your account started.
Step 3: Select A Marketplace For Your NFT
Now, let's move on to where you want to sell your NFT. Unless you are doing something very niche or are looking for a specific subculture of people relating to the kind of art you create, it is good to go with one of the more popular ones.
OpenSea and Rarible are the most popular ones these days. There are other niche markets out there too. And, in theory, you can even try to start your marketplace!
Make sure the kind of art you are selling is allowed in the marketplace you choose. You need to also look into the benefits and perks each marketplace provides. After you are done considering everything, make a decision. Sometimes it costs more to get your NFT removed from a marketplace to be aware of that.
Step 4: Make A Cryptocurrency Wallet
You have decided on a marketplace, you have agreed on what cryptocurrency to use, but now you need to make sure you have a way to trade in that currency. That is where crypto wallets come in.
Crypto wallets are accounts that let you store and trade in cryptocurrency. You can use a hardware-based thumb drive-style crypto wallet, but you should instead use an online software-based one. These offer apps and extensions that make it much easier to trade in crypto.
Coinbase and Exodus are two of the most popular ones out there. There are a bunch of others too. Grab a well-reputed wallet that supports your preferred crypto you should be good to go. Ensure that you have both the software and browser extensions installed too.
Step 5: Mint Your NFT
After you open an account on a marketplace, you need to connect your wallet. You should quickly find the connect option on the website or app, leading you to a prompt from your wallet extension or a prompt to open the app. Follow the instructions on the screen, and you are done.
Next, you need to go to the create NFT option and upload the media file you want to make an NFT out of. It could be anything from an image to video to audio. Just be sure that you own that file's copyright and distribution rights. It is strictly prohibited to make NFTs of art you do not own.
After you upload the file and have paid the initiation fee, you are ready to sell your NFT now.
Step 6: Put It Up For Sale
There are three ways you can sell your NFT. You can set a fixed price, allowing anyone who buys it first to own it. You can select a timed auction; the highest bidder at the end gets it. Or the third option is making an unlimited auction; this will allow you to end the auction any time you want.
After you decide that, next, you need to determine if you want to sell it as a part of a collection or as a single item. Then you can proceed with all the instructions on the screen and your first NFT is now out there in the marketplace.
It Is A Great Investment
NFTs are a great way to earn from your digital art. It is also a great way to invest in digital properties that gain more value over time. However, the entire process can be a bit daunting.
Even though we have tried to make this guide as easy to understand, you might still have some questions. For all your answers and necessary pointers to gain success in the NFT world, consider visiting our Cryptocurrency Seminar.
Thank you for reading till the end. Hopefully, this guide on how to create your NFT was helpful to you. Wishing you all the best, and until next time, farewell.