Over the past few years, non-fungible tokens (NFTs) have gained immense popularity within the cryptocurrency realm.
These unique digital assets have seen billions of dollars in trading volume and have garnered significant attention from celebrities, thereby thrusting digital artwork into the limelight of mainstream media outlets.
Creating NFTs involves utilizing specialized platforms that enable users to generate and upload their artwork onto a blockchain. In this guide, we will provide you with a step-by-step process to create your first non-fungible token. We will cover crucial aspects such as uploading your artwork, selecting the appropriate blockchain, and determining where to list it for potential sale.
1.Create an Image with AI
Now we need to create a picture for our NFT. You can create it yourself or use the AI. To create a picture you can use:Midjourney, Gencraft, AIGreeam or other. Creating a picture on all sites is very similar. You need to give a description of the picture you want to get and choose a style (Cartoon, Anime, Cyberpunk).
We used Midjourney and this description to create our picture:”The villain is a hamster in a costume against the backdrop of the city. In a dark atmosphere”
Wallets serve as the applications that allow you to securely store your cryptocurrencies, as well as any non-fungible tokens (NFTs) you acquire through minting or purchasing.
MetaMask is a widely supported wallet among Ethereum-based applications such as OpenSea, Foundation, and others. It can be accessed either as a Chrome/Firefox extension or as an iOS/Android app. Additionally, Coinbase offers its own wallet, which is compatible with various platforms and can be used as an extension or an app. Coinbase’s wallet is particularly suitable if you intend to delve into the broader cryptocurrency space, as it supports blockchains beyond Ethereum, including Bitcoin.
To establish a wallet, you’ll need to follow a few steps. First, download the cryptocurrency wallet app of your choice. Next, create a username and password to secure your wallet. It’s crucial to ensure that your private keys and recovery phrase are stored offline to maintain their safety and enable backup functionality.
3.Choose a platform to sell your NFT on
Given the multitude of platforms available for selling non-fungible tokens across various blockchains, it becomes challenging for a single guide to encompass them all, let alone determine the most suitable platform for your specific project. The vast array of options makes it necessary for individuals to explore and assess different platforms to identify the one that aligns best with their unique requirements.
OpenSea has emerged as the leading and most popular NFT platform to date. Since its establishment in 2017, it has facilitated over $20 billion in trading volume and showcases more than 2 million NFT collections. OpenSea primarily focuses on Ethereum-based non-fungible tokens.
In July 2022, OpenSea expanded its support to include Solana non-fungible tokens, broadening its offerings to cater to the Solana blockchain ecosystem.
Solanart is a prominent non-fungible token platform specifically designed for Solana-based NFTs. It hosts a variety of highly regarded Solana NFT collections and boasts a user-friendly interface, making the minting process straightforward and accessible.
Additionally, several cryptocurrency exchanges, including Binance Exchange, provide support for NFT creation. These exchanges enable users to directly create their non-fungible tokens on the platform, select their preferred blockchain, and mint or generate the NFT seamlessly within the exchange environment.
In this case we will use Rarible. It is an Ethereum-based platform.
5.Create the NFT
1.Connect your wallet
After you’ve got your wallet set up, you’ll want to connect it with the NFT marketplace you plan on using. OpenSea and Rarible make this easy — clicking the Create button in the top left prompts you to connect your wallet. You’ll then be presented with a list of compatible wallets, and choosing yours will prompt you to go through the connection process.
2.Choose a Blockchain
Various blockchains have the capability to store your non-fungible tokens securely. It is vital to select the most suitable blockchain that meets your specific needs as it will maintain a permanent record of your NFT.
- Solana has emerged as a prominent blockchain for NFTs and has positioned itself as a strong contender alongside Ethereum and Cardano. It has witnessed a notable surge in popularity among NFT creators who are now flocking to this blockchain for minting their NFTs. Despite being a relatively recent addition to the non-fungible token landscape, Solana has successfully acquired renowned NFT projects such as Degenerate Ape Academy, Solana Monkey, SolPunks, Frakt, Bold Badgers, and Sollamas. This demonstrates the growing acceptance and success of Solana as a preferred choice for NFT enthusiasts.
- Ethereum holds a significant advantage in the non-fungible tokens market due to being the first blockchain to support non-fungible tokens. It has established itself as the leading blockchain for NFT initiatives and remains at the forefront of blockchain technology. Ethereum utilizes two popular native tokens, namely ERC-721 and ERC-1155, to create non-fungible tokens (NFTs) and semi-fungible tokens, respectively. This innovative approach has contributed to Ethereum’s widespread adoption and prominence within the NFT ecosystem.
- Tezos, a decentralized and open-source blockchain, offers a seamless environment for peer-to-peer transactions. It has become a solid foundation for aspiring NFT artists seeking to mint non-fungible tokens, primarily due to its cost-effective transaction fees. Additionally, the Tezos blockchain has established specific rules and standards for non-fungible tokens in response to the surging popularity of this trend. While Tezos has three token standards, it’s worth noting that only the FA2 standard is designed explicitly for minting non-fungible tokens on the platform.
3.Listing an NFT
When you begin the NFT minting process on Rarible, the first query you will encounter is regarding the choice of blockchain for minting your NFT. Rarible presents you with several options, including Ethereum, Flow, Tezos, and Polygon. It’s important to note that unlike OpenSea, Rarible does not cover the fees associated with using the Polygon blockchain. Therefore, if you opt for Polygon, you will be responsible for paying the necessary fees for minting or selling your non-fungible token. For the purpose of this example, we will proceed with Ethereum as the selected blockchain on Rarible.
After choosing single on Rarible, you’ll end up on the NFT creation screen. The first thing to do is upload the digital file you’re hoping to sell as an NFT, using the Choose File button. In this scenario, let’s assume that we will list our NFT on Rarible for a fixed price.
We can enter the desired price into the corresponding field. Additionally, we have the option to select the currency in which we would like to receive payment, although potential buyers can still make offers using different currencies. It’s important to keep in mind that when setting the price, Rarible will charge a 2.5 percent fee in the event that our NFT sells.
The next two options let you use choose your collection (we’ll go with Rarible Singles for our example), and the Free Minting option, which lets you choose whether you want to use Rarible’s lazy minting system.
You then give your NFT a name — or title — and a description if you want. Finally, you can choose the royalty percentage. This will change how much of each subsequent sale goes back to you in the future. For example, if someone purchases your non-fungible token for 0.2 ETH and then sells it for 1 ETH in the future, you’ll get a percentage of that sale as well — by default, it’s 10 percent (so 0.1 ETH in our example).
Before finalizing the process, it is crucial to carefully review and ensure that all the details are exactly as desired. Modifying certain aspects later on may either incur substantial expenses or prove to be impossible. Therefore, it is important to exercise caution and thoroughness. Once you are confident that your non-fungible token is ready to be published, you can proceed by clicking the “Create Item” button to complete the process.
Upon granting the necessary wallet requests and experiencing a brief waiting period, you will receive a notification stating that your NFT has been successfully created. You can click the “View NFT” button to access and inspect your newly created NFT. To view your collection, you can navigate to your profile picture located in the top right corner and click on “My Profile.” This will allow you to explore and manage your collection of non-fungible tokens.