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So you’ve heard how people all over the world are making a killing by creating weird-looking pixelated images or photos with too many markings and selling them on the internet.
If you’re an artist, digital creator, or have an online following, you can probably make your own killing through NFTs if only you know how to create them. Luckily for you, you’ve come to the right source. We already covered what an NFT is here.
Before we dive in, it’s important to know that creators dabble into NFTs for various reasons other than just money. Yes, for most people, it’s the thrill of putting out a Web3 gaming or art project and steering the business side of things. Some others are more interested in driving adoption of the craft, while quite a number tie their NFTs around real-life problems.
Whatever your motive, here is a step-by-step on how to go about creating an NFTs.
Before anything else, you must determine what unique digital asset you want to turn into an NFT. This can be a sketch, custom painting, picture, video, music, book, game collectible, GIF, or even a meme.
It’s important you own the intellectual property right behind the item you mint into an NFT. You could get into legal troubles if you create an NFT out of a digital asset you don’t own.
NFTs are created on blockchain networks. Blockchain is the technology that ensures the rarity and security of each NFT. There are several blockchains supporting NFT creation, the most popular among them being Ethereum. Other notable options include Binance Smart Chain, Skale Network, Polygon, Polkadot, and Tezos.
So once you've decided on your unique digital asset, you choose a blockchain to start the process of minting the asset into an NFT.
You need a cryptocurrency wallet with a browser extension to create or trade NFTs according to blockchain principles. If you don’t already have one, you can set up one and fund it with some cryptocurrency to mint your NFTs. Even though some marketplaces allow you to mint NFTs for free initially, you still need a wallet to collect payments, to buy other NFTs or stake tokens.
A cryptocurrency wallet will provide you with access to your digital assets. The top NFT wallets include Trust Wallet, Coinbase Wallet, Metamask, Math Wallet, and AlphaWallet. The security setup of each wallet differs as some offer increased security beyond a simple email address and password with a twelve-word access seed phrase. Before setting up a wallet, ensure that it matches the cryptocurrency used on the NFT marketplace platform you intend to use.
Most NFT platforms accept Ether (ETH) for gas. A gas fee is a payment made by an NFT platform user to compensate for the computing energy required to process and validate transactions on the blockchain. If you already own some Ether or cryptos accepted by your chosen platform elsewhere, connect them to your digital wallet so you can use them to create NFTs.
Once you have a funded digital wallet, you proceed to create your NFT. You'll need to choose an NFT marketplace to do that. Some good options are NftyTribe, OpenSea, Rarible, and more.
You'll need to research each NFT marketplace to find a platform that's a good fit for your NFT. NftyTribe, for example, allows you to mint your NFT for free now and pay gas only when a collector buys it, allowing you to launch your NFT project cheaper. NftyTribe also lets you attach a physical item to an NFT and sell it on the platform. You can equally mint your NFT on NftyTribe and sell on Opensea, for example.
These marketplaces do have native cryptocurrency tokens for trading NFTs alongside notable cryptos like Ether. After selecting your NFT marketplace, simply connect your digital wallet to it to allow you to mint your NFT, and buy or hold proceeds from sales proceeds.
Once your wallet is connected to a chosen marketplace, simply follow the marketplace’s prompts to create your NFT.
Usually, every NFT marketplace has a step-by-step guide for uploading your digital file and minting it into an NFT. For example, here’s a detailed guide on how to mint your NFT on NftyTribe. Accepted file formats are usually PNGs, MP3, JPEG, GIFs, and more.
So you’ve minted your NFT and can’t believe it’s live. The next and final step is to decide how you want to monetize your NFT. To start with, you will need to determine the minimum price you can path with your NFT. This is called a ‘floor price’ and is especially important when selling at auctions.
There are 3 ways to sell NFTs depending on the sales process of your chosen platform:
Sell NFT at a fixed price: You can set up a fixed price to be met by a buyer.
Sell at a timed auction: You can auction your NFT for a limited period. Usually, they sell at the final bid submitted when the time elapses or they don’t sell and you reauction. However, you cannot end the auction while it’s still ongoing.
Sell at an unlimited auction: Here, you control when or not to end a timed auction whenever you want.
You would want to set up royalties on your NFT sales so as to continue cashing in on the NFT if it resells on the secondary market. Keep gas fees in mind when setting the floor price as you could lose money on your NFT sale if it’s priced too low to turn a profit after minting.
Fees to mint and sell an NFT can be costly and confusing. Some platforms charge a number of fees including a listing fee, a minting fee, a commission on the sale, and a transaction fee to transfer money from the buyer's wallet to yours. That’s why it’s important to stick to low-fees platforms with high transaction transparency like NftyTribe, especially if you’re a new NFT creator or looking for an alternative marketplace to move your NFT collections.
In our next article, we would dive into NFT fees and how they work. So stay tuned here. Not a wink!
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