Non-fungible tokens (NFTs) have become one of the most popular commodities in cryptocurrency over the past few years, with billions in trading volume and multiple celebrities bringing digital artwork to the forefront of the mainstream media. NFT tokens can be created directly on NFT platforms, allowing one to mine (the process of creating or producing something) and upload one’s artwork to the blockchain. This guide will answer the question, “how to create NFT” and go through all steps, including uploading your artwork, choosing the right blockchain, and where to put it up for sale.
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What is NFT – Non-fungible token?
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from one another.
NFTs are usually represented by digital works of art such as photographs, animated videos, or music. They can be bought and sold in NFT marketplaces and usually require cryptocurrency for payment.
Unlike cryptocurrencies, NFTs cannot be exchanged because each NFT is unique. On the other hand, cryptocurrency is fungible and can be exchanged for an equivalent. This means that the value of each Bitcoin is the same, so they can be exchanged for each other.
How to create NFT? Our easy step by step guide
To make NFT, you can either generate it on an NFT market or a cryptocurrency exchange that allows NFT mining. To create an NFT from scratch, you just need to follow these 6 easiest steps
Step 1: Figure out what you want to create
NFTs are typically associated with the digital art. It can be an image, audio recording (such as a song), or even a short video clip (such as an animated GIF). The goal is to create a unique piece of digital art that can be sold, much like painting in an art gallery.
NFTs are valuable to creators because they are unique, that is, they cannot be owned by others. It is especially important to ensure that you own the rights to the digital media used, as creating NFTs from media that you do not own may have legal consequences.
Step 2: Select the blockchain in which you want to create NFT
There are several blockchains in which your NFTs can be stored. This blockchain will store a permanent record of your NFT, so it is important to choose one that meets your requirements.
The most popular NFT blockchain is the Ethereum, which stores thousands of NFT collections. This blockchain operates using a consensus proof-of-stake (PoS) mechanism, making it much more environmentally friendly than before. Most NFT trading venues support the creation of the Ethereum NFT, although the translation of the NFT on the Ethereum blockchain may result in a high gas fee. Ethereum NFTs are created using the ERC-721 standard, which stores NFT metadata in the Ethereum blockchain. This standard was developed by the same teams as the ERC-20 smart contract, and defines the minimum interface-ownership details, security details, and metadata needed to exchange and distribute game tokens.
Solana is the closest competitor to the Ethereum Blockchain. Designed as a faster and cheaper alternative to Ethereum, Solana offers transaction fees of less than $0.01 and a growing list of supported NFT applications. In addition, Solana uses proof-of-history (PoH) and PoS consensus mechanisms and boasts much faster transaction speeds than Ethereum.
Flow is another PoS blockchain for NFTs and decentralized gaming applications on which the popular NBA top-shot collection of NFTs has been created. Many other sports franchises have created trading floors on the flow blockchain, making it a popular place to create sports-oriented NFTs.
Several other blockchains support NFTs, each with its own community and decentralized applications (dApps) for NFT creators and owners.
Step 3: Set Up an NFT Wallet
Once you select a blockchain, you will need a digital wallet that supports the blockchain to store NFTs. To create a wallet, you must download the cryptocurrency wallet app, specify a username and password, and store private keys and a recovery phrase offline for backup.
There are several popular wallet apps that support multiple blockchains wallets:
- MetaMask: MetaMask is a popular cryptocurrency wallet that supports a wide range of cryptocurrencies as well as Ethereum and Solana blockchain. It can be used as a mobile app or added as a browser extension. It is very ease to create nft on Metamask.
- Coinbase Wallet: Coinbase offers a digital wallet that supports ERC-721 NFT tokens, as well as Solana NFT collections. It can be downloaded as a mobile application or added as a browser extension.
- Ledger Nano X: In case you intend to securely store NFTs in a hardware wallet, the Ledger Nano X is capable of supporting Ethereum and Solana NFTs.
Step 4: Choose an NFT Platform
An ever-growing list of NFT platforms allows you to create NFT, but the best ones offer a full range of NFT hosting and selling services. Here are a few of the most popular NFT platforms:
- OpenSea: Currently, the most popular platform for NFT is OpenSea. With a trading volume of more than $ 20 billion since its launch in 2017 and more than 2 million NFT collections, OpenSea is the leading Ethereum-based NFT platform. OpenSea launched support for the Solana NFT in July 2022.
- Solanart: As a Solana-based NFT platform, Solanart hosts some of Solana NFT’s most popular collections, with a user-friendly interface and a simple mining application process.
- Crypto exchanges: Various cryptocurrency exchanges, including the Binance Exchange, facilitate NFT generation. You can create NFT directly on the platform, select the desired blockchain, and either mine or produce an NFT instantly.
Step 5: Make NFT. Example: How to create NFT on OpenSea
Once a platform is chosen, creating an NFT becomes straightforward. Here is an example of how to create NFT on OpenSea:
- Connect your wallet: In the OpenSea menu, select the wallet icon and choose which digital wallet you would like to connect to. This will require you to sign a verification of your wallet application.
- Select the “Create” option: This provides a menu for the NFT creation process, including an upload section, NFT features, properties, and blockchain.
- Upload your media file: A media file is a picture or other media that can be sold. You can directly upload or link to an externally hosted media file.
- Fill in the details: You will need to name your NFT and fill in your description. You can optionally add unique properties and additional perks, such as unlockable content, such as an invite to a private Discord channel or discount codes to merchandise. You can also limit how many can be minted (typically just one, unless you are making a full collection).
- Select your blockchain: This will be the blockchain on which your NFT resides, which cannot be changed once minted.
- Create the NFT: Once you have filled in the details of your NFT, simply select “Create.”
Once you click on “Create,” your file will be uploaded to the platform, and it will create NFT. However, at this point, the NFT will not be available for sale, and its metadata can still be modified until the item for sale is listed.
Step 6: List the NFT for Sale
Putting your NFT up for sale is easy, and most NFT platforms allow you to do so for free. Once you create NFT and put it to your wallet, you can simply click “sell” button on your the platform, determine the price at which you wish to sell it and specify the duration of the sale.
After fulfilling the sales requirements, you can create a listing by signing a few transactions in your digital wallet, which might involve paying transaction fees on your preferred blockchain. The cost of listing an NFT on the Ethereum blockchain can vary significantly based on network fees during the listing period, whereas Solana transactions are generally small, usually costing less than $0.01.
Frequently asked questions about NFTs
Can I Make NFTs for free?
Yes. Most platforms that issue non-fungible tokens (NFTs) allow the create NFT and place it for sale for free of charge. However, selling NFTs usually comes with a transaction fee. In addition, some NFT blockchains charge a fee for mining NFTs on their blockchain, charging users a network fee. Ethereum charges a gas fee, which is a base fee per unit of work plus a tip, with the fee varying depending on blockchain and network activity. However, the Polygon blockchain does not charge for single mining, but does charge a nominal fee for batch mining.
Are NFTs protected by copyright?
Yes, as long as they are not subject to fair use laws. Copyright is granted as soon as an image, sound byte, video, document, or other original work is created. The creator is the owner of the copyright. Buying NFT does not transfer ownership of the copyright; that still remains with the creator. However, as of July 2022, there is an ongoing debate in Congress about how copyright protection and the NFT should be interpreted.
How much does it cost to sell NFTs?
Once you list your NFT for sale, it will have its own unique link that you can share with others. When someone purchases your NFT, you will be charged a small fee by the platform you used to list it. For example, Binance takes a 1% fee plus other charges, while OpenSea takes a flat 2.5% fee on the sale price.
However, when you create NFT, you can add a royalty fee that pays you a percentage of the transaction when your NFT is later sold. Creators can earn up to 10% from each transaction.