How to Create an NFT: Everything You Need to Know to Start
Non-fungible tokens, also known as NFTs, are the hottest thing in the crypto world nowadays. Their fans are enthusiastically devoted to these weird assets and are ready to pay enormous money for them.
But this demand is only one side of the coin. Supply is another side of it and it is very important to provide this supply. This trend looks promising and challenging so it is quite possible to gain success in this sphere. Would you like to effectively ride the wave and try your hand in the implementation of new opportunities?
Would you like to know how to create an NFT and become an expert in this field?
Some Basics on NFT
Those users who are interested in this topic often have a lot of questions from how much does it cost to create an NFT up to how to make an NFT art and sell it. Before diving deeper into the methods of NFT making it would be helpful to take a step back to understand what NFTs are, how they function, and why you should look closer at this crypto phenomenon.
What is NFT?
It may sound strange but many cryptocurrency devotees don’t understand the very idea of NFT. Yes, this is a definitely new step and quite an innovative form of crypto. Mind that this is NOT a cryptocurrency as crypto forms are not yet limited to it. Cryptocurrencies can be easily compared to offline fiats as they perform the same functions:
- Means of payment
- Store of value
NFT (Non-fungible token) has absolutely different functions. Inexperienced investors often confuse tokens and coins equating them to each other. This is a fundamental mistake: not any coin is a token and a token is not certainly a coin. A token is a representation of something else, such as another object (either physical or virtual), or an abstract concept. And today, any object can be tokenized.
If looking for an analog from the offline financial world, NFT is a crypto asset rather than money. And in fact, this is not an asset itself but the confirmation that someone owns this asset. This is a kind of digital certificate that contains information on its creator, price, and current owner.
What Can be Tokenized as an NFT?
In fact, any piece can become an object of tokenization. NFT may cover not only digital items but real-world objects as well. For example, you may use tokens to sell your stamp collection, painting, or any other offline piece of art. This practice is not so common yet but things will obviously change in the nearest future, all the more so because a beginning has been made. Not so long ago, a piece of art was sold at Christie’s for more than $130,000.
Currently, NFTs are especially demanded in the sphere of digital art and gaming though they are potentially applicable to licenses and certification, collectibles, sports, fashion, etc. Why do we believe in their great potential and what makes NFT valuable? They can help to solve the problems with counterfeit, authenticity, and verification of the ownership. These problems make the life of creative specialists more complicated but NFT seems to become an effective solution to overcome these disadvantages.
Choose a Digital Wallet
Beginners often ask if they need their own digital wallet for an NFT launch. Yes, you cannot do anything without it as s digital wallet is an essential component of any blockchain system. You’ll need a certain amount of crypto to make your first investment. It will provide you with access to various platforms, make the transactions possible.
Which wallet is better? Since NFTs are mainly based on the Ethereum blockchain, most Ethereum wallets will work. You may choose any from the list, but pay closer attention to those that have already gained a good reputation in the crypto markets like Metamask, Math Wallet, or AlphaWallet. Use them or another wallet you like but make sure it is secure and safe enough. If you decided on another blockchain you need to look for a wallet compatible with this very system.
What Blockchain Is Better?
As we have already mentioned, Ethereum is the most popular blockchain for operations with NFT. Actually, not long ago it was the only blockchain that supported it but now other blockchains including Tron, Tezos, Binance Smart Chain, and Polkadot are also open to those seeking to create, buy, or sell NFTs.
What blockchain should you choose? It depends on your own preferences. Selecting a blockchain, such factors as fees, transaction processing speed, and popularity should be taken into consideration.
Let’s Choose a Platform
The choice of the platform depends on the blockchain you have decided on. If you are going to use Binance Smart Chain (BSC), your token will be created in the BEP-721 standard. ERC-721 is a standard that can be found on the Ethereum blockchain.
If you want to work with BSC, investigate BakerySwap, Juggerworld, and Treasureland. We recommend OpenSea and Rarible to those who prefer Ethereum. You’d better select a beginner-friendly platform like OpenSea. Why OpenSea? This platform is quite popular among first-time creators, and it is possible to mint NFTs without paying anything. You’ll pay a fee only when your token is bought and it helps to look into opportunities for your creativity in this market and avoid paying without gaining profit.
How to Start Making NFTs
Now that you know enough about the core principles of these interesting phenomena of the crypto world, let’s try to see in detail how to generate NFTs on a definite platform.
How to start NFT crypto? The first step is to choose the format and pick your content. What can you offer to the prospective buyers? Photos, texts, audios, paintings, or other multimedia files that can be interesting and valuable for others? Let your imagination run wild. It seems that any digital piece could be an NFT today.
The formats may differ depending on the type of your content. PNG and GIF are common image file types while PDF is used for texts, MP3 is typical for music, and videos are stored as MP4.
Then you are ready to move on to making NFT directly. Be attentive to learn the rules of a selected platform before you start. For example, OpenSea requires the initialization of your account, when you mint your first NFT, and actually, this transaction is not so cheap. To make this payment, you need to connect your wallet to your account. It will be a one-time payment, then you’ll enjoy minting for free. Mind that each platform has its own rules and you may have other obligatory payments. Specifically, on Rarible you’ll pay for the removal of your NFT from the sale.
The next step is uploading the files that you want to tokenize. Provide their names and descriptions, they are required nearly on any platform. Mind that your file shouldn’t exceed the maximum size allowed there (40 MB on OpenSea). Select a blockchain.
Set pricing by choosing the preferable price. On OpenSea you can sell your token at a fixed or declining price and include the ending price, sсhedule for a future, or make your listing private.
You see, the process is not so difficult and even an unsophisticated user can handle it. And this is a good way of making money. Experiment with prices and collections to find your own niche in this market.
Is It Possible to Do without a Marketplace Site?
Yes. It may be possible but if you are not a blockchain expert, give up this idea. You need to be a too tech-savvy and sophisticated crypto enthusiast to create your own smart contract, deploy it to the blockchain you have decided on, and mint your tokens. Most users will fail, and actually, this is not the best way to start. Special platforms are the right place for beginners.
Once your NFTs are ready and you are waiting for a flow of satisfied customers who will buy your creations inspiring your creativity. But don’t be overly self-confident as your piece of art can easily get lost among the other digital masterpieces. To prevent such a failure, take care to find your way to your prospective customers.
Try to rally the digital community to your collections. Don’t neglect social media such as Facebook or Telegram where strong crypto communities have been already built. You can attract their attention to your works as you can find many NFT enthusiasts who would join the group of your followers. The quality of your art will provide the investors’ loyalty.
The Bottom Line
Blockchain is a great technology with the potential to revolutionize many areas of our lives. New blockchain phenomena and concepts appear regularly and we can accept new forms we never imagined before and embody ideas that were impossible just yesterday.
NFT is such a technology that can change our blockchain experience and if you want to keep up to date, you need to learn how to create an NFT using accessible tools. It looks like NFT will eventually become our everyday reality and those who have already mastered the skills of making it will have a great advantage over its competitors.
If you want to invest in NFT without your own creation, then pay attention to ECOS NFT Index.