How to make NFTs: Non Fungible Tokens (NFTs) are a rage right now. You might have heard about NFTs more or less, and the concept is rocking all over the world.
Everyone from a common man to a well know celebrity wants to have NFTs in their asset collection.
To help you recall few instances of how NFTs are getting popular with every passing day, let me cite some examples.
Amitabh Bachan recently launched Madhushala, his father’s renowned poetry recitation, as part of his NFT collection, which includes autographed Sholay posters and other memorabilia connected to the film.
The recent collaboration between Snoop Dogg and Eminem was also a part of a famous NFT collection.
Now a question might pop up in your mind that If NFTs are getting so popular, can I make my own NFTs.
The answer is a big yes.
Lets give you a sneak peek of how to make NFTs and later sell them. But before we proceed, let me give you a little idea about the concepts like NFT minting, block chain, crypto wallets, gas fees, and NFT market places.
NFT minting refers to the process of creating an NFT. It is a process of storing a unique digital asset on a block chain, so that it can be traded, and its authenticity can be verified.
You will get a detailed guide on how to mint NFTs below.
Block chain is a digital shared ledger, that helps in recording transactions and tracking assets in a business network. It is immutable.
All the data about NFT minting is recorded on a block chain, and it helps in verifying the authenticity and originality of a token.
Some of the commonly used block chains are Ethereum, Polygon or the Binance Smart Chain (BSC).
A crypto wallet is a physical device or a program or an online service, that allows you to store your private keys and grants you access to your cryptocurrencies.
It does what your physical wallet it to your physical money.
Crypto wallets keep your cryptos safe and allow you to send, receive and spend them.
This is a fee that you have to pay for using a block chain.
It is a transaction fee that you need to pay to carry out transactions on a block chain.
Since maintaining a block chain is very resource intensive, hence gas fee is charged to meet out those expenses.
It also acts as a way of keeping non-serious persons away from NFT minting.
Gas fee has nothing to do with the value of an NFT you are going to create. So you should always keep it in mind while calculating the value of your token.
Gas Fee depends upon the block chain you use. It also varies with other factors like the amount of data used, the speed of the transaction and the time of day.
You have to pay your gas fee with your crypto wallet.
NFT Market Place
It is a block chain based platform that allows people to store, sell and buy NFTs.
It is like an Amazon of NFTs. NFT market places are driven by smart contracts to assure security to the asset holders.
There are many NFT market places like Rarible and Opensea, and many of them have a special focus or niche. Some of them even allow users to mint their own NFTs.
To carry out your transactions on NFT market place, you need to have a crypto wallet.
So if you have understood the above terms, lets now understand how to make NFTs and then sell them.
HOW ARE NFTS CREATED? STEP-BY-STEP GUIDE TO MINTING YOUR OWN NFT
NFTs are not something that directly come from the sky. They are created by humans for various purposes like enriching their collections or for trading.
If others can create NFTs, so can you. Given below is a detailed guide on how to make NFTs. The steps are;
1. Decide on the Concept
This is the first step towards NFT creation. Since, NFTs can be anything – like a painting, a music piece or a video clip, therefore you need to figure out what you are going to create with an ultimate goal of selling it at a good price.
You should turn only such things into NFTs which only and only belong to you, to avoid any legal hardships.
Being clear on the concept on which token will be made is very essential for your success in this field.
2. Select a Block chain
Block chain is where you store your NFTs. The block chain will store the data of your NFT for life time, and hence you should choose your block chain wisely. Some of the famous block chains are listed below:
- Ethereum Block Chain: This is perhaps the most famous block chain and hosts thousand of NFT collections. It works on the proof of stake concept thus making it eco-friendly in nature. Ethereum block chain supports NFTs, decentralized finance, decentralized social networks and crypto staking. Most of the NFT market places support the NFTs stored on Ethereum block chain. The only demerit of this block chain is that it involves very high gas fees.
- Solana Block Chain: This is a cheaper, yet faster rival of Ethereum block chain. While Solana offers the ability to create “scalable, user-friendly apps”, but at the same time it offers transaction fees of less than $0.01.
- Flow Block Chain: This also works on the basis of proof of stake consensus mechanism. It is ideal for NFTs and decentralised gaming. It boasts of having very low carbon footprint, so low that minting an NFT on Flow costs less carbon than a post on social networking sites. It is the host of many sports epic moment NFTs including the popular NBA Top Shot NFT collection.
3. Set Up Your NFT Wallet
An NFT wallet or a crypto wallet is a place where you can place your cryptos safely. It should support the blockchain protocol on which NFTs are built.
If you have used Ethereum Block chain, then you will require such NFT wallet that supports the Ethereum block chain protocol.
To set up your NFT wallet, you will require to go through the following steps:
- Download any wallet app.
- Create you account.
- Note down your private key. A private key is a random 12 word phrase, that is required to access the cryptos.
- Transfer your cryptos into your NFT wallet to carry out the future transactions.
Some of the popular NFT wallets are Metamask, Coinbase Wallet and Ledger Nano X.
4. Choose an NFT Marketplace
Market place hosts your NFTs, and allows you to list them for sale also. There are many market places, but the most famous ones are listed below:
- OpenSea: Opensea is one of the most famous platforms for Ethereum base NFTs and it boosts of being the largest NFT market place. It supports Ethereum, Polygon, Klatyn, Solana base NFTs. It accepts payment through Ethereum (ETH), WETH (WETH), Solana (SOL), USD Coin (USDC), Dai (DAI).
- Rarible: It is also an Ethereum based market place. Its aims like Opensea is to connect creators with the buyers. It supports Ethereum, Flow, TezEthereum, Flow, Tezos, Polygonos, Polygon based NFTs. It accepts payment through Ethereum as well as credit card.
If you choose Opensea, the you will require an Etherium based wallet like Metamask and some Etherium cryptos in your wallet.
5. Create Your Own art
This is the main step. If you already decided the concept on which you are going to create your NFT, then your work is half done. You can create your art by following the steps given below:
- Decide whether you are going to create your NFT from a painting, music piece or a video.
- Make use of tools and materials that you have, to give shape to your concept.
- Choose the format of the file. OpenSea market place accepts your art in JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF formats.
- Decide on the size of the file, that you are going to turn into an NFT.
Also Read; What is point E, a 3D model Generator
6. Upload Your Art
Now you are ready to mint your NFT. Upload your art file on your market place, and you are good to go.
After uploading your file, follow the steps given below:
- Give name to your NFT and fill in the description.
- Choose accessibility. Select whether it will be accessible to the specially abled people or not.
- Select your block chain. Once minted, the block chain can not be changed.
- Now, after you have filled in all the details,click on the create button.
After clicking on the create button, you NFT will be created. Now is the turn for listing it on sale.
7. List your NFT for Sale
After the creation of the NFT, it gets added to your wallet.
To list your NFT for sale on the market place, you will require to connect your wallet to the market place. To do so, you will require a one time transaction fee.
The transaction fee varies from one block chain to another. If you have chosen Solana block chain above, then the transaction cost will typically be less than $0.01. However, if you have opted for Ethereum block chain, then it will be costlier to you.
Once you add your wallet to your market place, you can list your NFT for sale. You can also list your NFT for sale at a fixed price and you can put it on auction too.
In auction, the NFT will get delivered to whoever is the highest bidder.
While listing your NFTs for sale, you should keep the following things in the mind;
- If you are putting your NFT on auction, don’t forget to keep the minimum price.
- While setting the minimum price, keep all the expenditures in mind.
- Always set your royalty to keep earning from the future reselling of your NFTs.
So this was all about how to make NFTs and sell them. We are sure that you would have loved reading this article. If you did, share this article with your friends.
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Anybody can make an NFT and the cost to make an NFT varies with which resources and technology you are going to use. While minting your own NFT, you have to pay various charges which include gas fee, transaction fee and other commissions. A standard NFT making can cost you anywhere in between $10 to $200, depending upon which blockchain and which platform you are using. However, there are some ways like lazy minting, with which you can cut the generation cost to an appreciable extent.
An NFT market place is a platform where you store, sell and buy NFTs. It is like an Amazon of NFTs. There are many NFT marketplaces like Opensea and Rarible. NFT market places employ block chain technology and are hence keep an immutable record of all the NFTs coming to and going from them.
Gas fee is a transaction fee that you pay to carry out transactions on block chain. Since storing data and validating transaction on a block chain consumes a lot of computational and energy resources, so gas fee acts as a compensation for that expenditure. Gas fee is paid usually in Gwei, which is equal to one billionth of an Ether.
Gwei is a denomination of gas fee. Gas fee is usually paid in terms of Gwei, which is a billionth part of an Ether. That is one nano Ether is equal to one Gwei.
Gas price is not fixed. It varies depending upon how complex a transaction is and how much is the traffic on the network. It is more or less like the truck fare. The more is the load put on a truck, more will be the truck fare and the more congested is the highway, more will be the truck fare.