NFTs have been around since 2014 but became mainstream since their breakthrough in 2021. It keeps getting bigger as the digital ecosystem evolves with blockchain technology, cryptocurrency, and Web 3.0. Artists are moving their works to the digital realm to accommodate online buyers, traders, and investors. Minting of NFTs is one such way to accommodate all these entities.
A Beginners Guide to Creating An NFT
As a beginner, creating an NFT is possible if you follow the right steps. To begin with, you need to pick an NFT platform where you can make and sell NFTs. Having a crypto wallet is next. You will need this wallet to pay fees and also get cryptocurrency for the NFT you sell.
There are top NFT online platforms where you can make and sell your NFTs. OpenSea is currently the world’s largest NFT marketplace. Below is a step-by-step guide to creating your NFT.
1. Figure out a unique asset
You need to decide on the asset you want to tokenize before you learn how to make NFT. You can make different assets from it, including a painting, GIF, or meme.
Each NFT is unique and can only be owned by a single individual at a given time. Ensure that what you decide on is unique and rare to make it more valuable.
2. Choose a marketplace
There are different NFT marketplaces; you need to research them for your NFT to work well. Each has a unique collection of features and different charges.
Once you choose your digital artwork, find a blockchain site where you can sell your NFT. OpenSea, Mintable, and Rarible are popular NFT marketplaces.
3. Set up your NFT wallet
It costs money to mint an NFT. This is mostly because of the gas costs required to power the blockchain. You must have cryptocurrency available before you can mint an NFT.
Usually, the cryptocurrency you have should be in a wallet. Your wallet can be linked to the NFT market you choose. OpenSea is a popular choice for many people.
4. Prepare mint NFTs
Through NFT minting, a digital file is transformed into a digital asset on a blockchain. Your digital asset cannot be deleted or edited once it has been registered on the blockchain.
The NFT marketplace should have a provision for step-by-step instructions for uploading your digital file. You can create your first NFT after you connect your Ethereum wallet with a platform like OpenSea.
5. Get ETH to list NFTs
To list your NFT on a marketplace, you need to make an upfront deposit. As an NFT artist, ensure that you research because the fees may vary per platform.
To sell NFTs and list the digital asset, however, you will ultimately be required to pay a fee in bitcoin. The bulk of NFT marketplaces, including OpenSea, levies fees in Ether (ETH).
Read: How to Protect your NFTs
6. Set up the sale process
By now you should know how to create an NFT. What you should do next is establish the sale process. Depending on the platform you use, you can select the following options:
· Unlimited Auction: The auction has no time restriction. Instead, you have the option to suspend the auction whenever you like.
· Timed auction: The item will be up for bids for a set amount of time.
You should take into account the cost of minting and selling your NFT to make sure you can sell it for a price that pays for all expenses. Your NFT will be listed once you've finished this process, at which point other collectors could start making offers on your assets.
7. Wait for bids
After you list your artwork for sale, anyone can look it up and place a bid. Most platforms require creators to check back for bids but do not notify them when one gets in.
An NFT is now simpler to create than it has ever been.
You'll probably need to advertise your listing because the likelihood of it
being found varies greatly between the big marketplaces.
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