Thursday, May 19, 2022

How to create an NFT? Everything you need to know

Escaping the NFT craze is impossible right now: everything in this world is either to create an NFT or buy one. OR. People are even going so far as creating their own. As a result, you might be curious about how to get in one of the actions. This article will show you how to make your own NFT.

How to create an NFT? Everything you need to know
How to create an NFT? Everything you need to know

This is a short guide on how to make an NFT in a few steps. However, to keep it brief we will be assuming you already know some basics, for example, what NFTs are, how they are related to cryptocurrency.

We will also be assuming that you’re aware of criticisms as well as problems with NFTs. For example, they’re incredibly volatile, when being considered as a potential investment. Few people are making millions with crypto, however, there are plenty of others who have seen their portfolios plummet in value. 

Step 1: You have to create a Piece of Art or use the one you already have

The first step is to either have or create something that can be turned into a non-fungible token. You have a lot of options here, from video game items to memes, however, in this guide, we’ll assume you’re working with digital art.

In this case, let’s create one. It doesn’t matter what you wish to turn into an asset, as long as it can fit into some kind of digital format. PNG looks as if it is the most popular for visual art. 

Step 2: You have to get a Crypto Wallet, then Add Some Crypto

You need to have a crypto wallet, then fill it with the currency your platform’s blockchain uses. The only way you can play in the world of crypto is when you have a wallet along with a few bucks in it. So, this step can’t be avoided.

The reason you have to have a wallet is to be able to receive funds. You will also need to buy some crypto of your own so you can pay any fees associated when putting an NFT for sale.

Note – You can’t just use any wallet, as not all wallets play nice with all platforms.

Step 3: You have to choose a Platform to Sell On

You have to pick where you want to sell your NFT. This can be a tricky choice, as different platforms charge different fees, letting you set different terms. They may even specialize in different types of NFTs. The most important thing is that they can offer different blockchains to place your NFT on. This can affect security as well as usability for different people.

We will tell you about the two biggest platforms, OpenSea as well as Rarible. Both of them are popular options. If you don’t like them, there are plenty more you can choose from.

Few platforms will present you with a contract where you gain the copyright along with the NFT. With others, it will stay with the original maker. Another issue is which blockchain you want your NFT on.

Step 3A: You have to choose a Blockchain

Besides their size, the other reason for suggesting these two platforms is that they support more than one type of blockchain. Practically all marketplaces will offer Ethereum first and foremost. Don’t confuse Ethereum in the blockchain with its associated cryptocurrency Ether, which is also called Ethereum by the few.

However, for numerous reasons, you may want to choose another blockchain, in which case OpenSea and Rarible may provide good options. OpenSea lets you use Ethereum, Polygon as well as Klaytn, while Rarible features Ethereum along with Flow.

With Ethereum, you need to buy something called “gas” in every transaction. It’s best to think of it as a transaction fee, though, is much more complicated. 

Step 4: After you create an NFT, You have to Mint Your NFT

It’s time to upload your NFT to your wallet, then get it ready for sale, again. The wallet you are using may change depending on the platform you choose.

When you upload an NFT to the blockchain, the process is known as “minting”. Rarible and OpenSea both have nearly the same process. Follow the instructions on your NFT marketplace’s website. You will upload your NFT into your wallet, add details like the description and several others, then that’s it.

You can add levels or leave parts of it locked until it’s been purchased. It is an interesting way to reel curious buyers.

Step 5: Finally, you can sell your NFT

It’s time to put your NFT out there and hope you make some money. On most platforms, doing so is as simple as hitting a button that says “sell” on any NFT in your wallet.

There are a few options on how you can sell your NFT. Usually, this falls into one of three categories. The fixed price timed auction, or unlimited auction. Which Rarible calls “open for bids.”

Fixed price: you put your NFT up at a certain price, then you wait for someone to pay that amount. OpenSea allows you to put a time limit on this price if you want, however, other than that it’s the same.

Timed auction – It is also a relatively common type: in a certain period, which you set, potential buyers will be bidding on your NFT. When the time limit eventually expires, the highest bidder will receive the NFT. 

An unlimited auction is an auction that does not have a time limit, the seller can simply decide when they have received what they think is the best offer, then he can end the auction.

From here the process is pretty much automatic. The buyer will pay what they’re supposed to for your NFT along with some fees. Then, the creator will get their money minus some fees, then the NFT will change hands. The buyer receives a cool little collectible, and in this scenario you, the seller, will be getting the start of a crypto fortune, or we hope you do.

If you liked this article (or if it helped at all), leave a comment below or share it with friends, so they can also know How can you create an NFT?

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