How To Make NFTs? NFTs or Non-Fungible Tokens are gaining popularity these days like never before. Many individuals are shelling out a lot of money for these particular exceptional cryptocurrency assets. Imagine one NFT owned by a well-known digital artist called Beeple sold for a whopping $69 million during early 2021, while several others have accrued millions of monies from the sale of this asset.
The possibility for a colossal amount of money is luring many people to develop NFTs with the hope of fetching the large profit being enjoyed by those who have already proven the technique. Here is a procedural step that will guide you on making NFTs and selling them as well.
How To Make NFTs. Step-By-Step.
#1. Choose your item
Let’s begin with the basics. If you’re new to NFT or haven’t accomplished this step, it is vital to find out the special digital asset you wish to convert to an NFT. These can include; tweets, GIFs, memes, video game collectibles, pictures, music, or even a custom painting.
Note that an NFT is a distinctive digital item having a single owner. And that sole proprietary title makes an NTF a valuable asset. In that regard, it is vital to get intellectual property rights for the item you wish to convert to an NFT. It is important because having an NFT from a digital asset that you don’t have the intellectual rights to can get you into legal issues.
#2. Pick your blockchain
After you’ve chosen your distinctive digital asset, it is now the right time to begin minting it to an NFT. And to start it well, you’ll need to choose the blockchain technology you wish to use for the NFT you have converted. The most reputable and liked among all the NFT artists and developers is Ethereum – CRYPTO: ETH. Other options you may wish to consider include; Binance Smart Chain, Cosmos, Polkadot, and Tezos.
#3. Create your digital wallet
Suppose you don’t have a digital wallet yet; you’ll need to create one for your NFT because you must have some cryptocurrency to pay for your first investment. The wallet, in other words, will allow you to access digital assets. Some leading NFT wallets include Coinbase wallet, Trust wallet, Alpha Wallet, Math wallet, and Metamask.
After creating your digital wallet, you’ll need to acquire some cryptocurrency. Many NFT platforms work with Ether, a cryptocurrency of the blockchain of the Ethereum platform. Also, if you have some cryptocurrency in a different wallet, you’ll need to connect it to your wallet to create and sell the NFTs.
#4. Choose your NFT marketplace
Now, you have some cryptocurrency in your digital wallet; it is now the right time to create – and maybe aimed at selling your NFT. In that regard, you’ll be required to select the NFT marketplace. Some of the leading NFT marketplaces can include; ThetaDrop, Mintable, Nifty Gateway, Foundation, SuperRare, Raible, NBA Top Shot Marketplace, Larva Labs/CryptoPunks, OpenSea, and Axie Marketplace.
You’ll be required to undertake good research on each NFT marketplace to ascertain the arena that is the best suiting for your NFT. For instance, Axie Marketplace is a digital shop for the leading NFT game, Axie Infinity. At the same time, NBA Top Shot is an NFT marketplace that is basketball-focused. Also, it is worth noting that other marketplaces need their cryptocurrency. For instance, Rarible needs Rarible – CRYPTO: RARI.
OpenSea is always the best place to start from. It enables you to mint your NFT, and it is the leading NFT when it comes to sales. In August of 2021 alone, the NFT marketplace managed to sell about $3.4 billion worth of NFTs. After choosing your NFT marketplace, you’ll need to pair it with your wallet. This will allow you to remit the needed charges to mint your NFT and withhold any soles gained out of it.
#5. Upload your file
Now, you’re more than ready to mint your NFT. The NFT marketplace you’ve selected should offer you a procedural guide for uploading your file to their platform. The process will allow you to turn your file, be it MP3, GIF, PNG, or other file types, into a marketable NFT.
#6. Set up the sale process
The last stage in the NFT mining process is to decide how you need to track your NFT. With regards to the platform, you can:
-Sell it using a fixed price: By giving a fixed price, you’ll be allowing the first individual willing to pay for the price to acquire your NFT.
-Set time for auctioning: Setting a timed auction will offer those interested in buying your NFT a timeframe to make their final bid.
-Begin an unlimited auction: Of course, an unlimited auction does not set a time limit. Rather, you’ve controlled to complete the auction anytime you want.
You’ll be required to find out the min price – in case you create an auction, put up your royalties to keep on earning on your NFT in case it resells on the tertiary market, and the time that the auction will be sold if it is timed. When setting this price, keep the charges in mind because you may end up losing money on your NFT sale in case you set a very low price.
Unluckily, the fees for selling and minting NFT can be very costly and confusing. Based on the pricing and platform, you may be required to pay a transaction fee, a commission on the sale, an NFT minting fee, a listing fee to be able to send money from the wallet of the buyer to yours. Charges may also change due to the volatility that exists in cryptocurrency pricing. Due to that, it is vital to look at the charges you’ll need to pay to sell and mint your NFT to ensure that they’re worthwhile.
Making NTFs can be a very profitable investment
The prices of NTFs are rising steadily. In consequence, NFT creators may end up making a huge amount of money. Yet, not all the NFTs can sell, leave alone their creator any money, with the huge fees involved in both selling and minting NFTs. The best method to prevent a loss is to ensure you sell this asset -NFT, which others will get valuable and place a minimum price that will remove any associated fee.