How to Create an NFT
If you have read our previous articles, you are probably familiar with the term NFT by now. But if you haven’t, a quick summary is that NFTs or Non-fungible tokens are digital assets anyone can create, buy, and sell. They are not cryptocurrencies but are bought using cryptos, like Etherium and Bitcoin.
You can tokenize anything, from music to art, sports cards and highlights, graphics, in-game items, and several other items that exist in the real world. Since the past year, NFTs have grown exponentially, recording millions of sales across the marketplaces. And since NFTs are open to everyone, there is no reason you shouldn’t get in on the action.
That is why we created this article – to help you learn how to create an NFT and make some big bucks (maybe like Beeple; fingers crossed). There are other ways to own an NFT, but we’ll focus on the creative aspect here.
If you are already neck-deep into the NFT market, you might want to see our in-depth post on making money with NFTs. If you’re a beginner, continue reading as we explore how to create an NFT.
How to Create an NFT
1. Choose the Item You Want to Make an NFT
First, you need to decide what artwork or item you want to make into an NFT. This could be anything, including memes, digital painting, recipes, and more. Several types of NFTs exist on the market, and you’d be surprised at how diverse many tokens are.
Although you can select just about anything to make into an NFT, you shouldn’t’ pick anything. NFTs may be profitable, as we have seen in recent months for several creators, but tons of other creators have made any money for their work. You can’t sell what nobody wants to buy.
So, as much as possible, ensure you’re putting out the best piece of content you possibly can. One that people would value and see fit to buy. Spend some time on this creative process and put your best foot forward.
2. Open a Crypto Wallet and Buy Some Etherium
Now it’s time to take practical steps to create your NFT. Before you create an NFT, you need to ensure that you have some Etherium in your wallet.
NFTs can be created on various blockchains, but for the sake of simplicity, we’ll assume you’ll use Ethereum. That’s the most popular, and the most well-known NFT marketplaces support it.
Minting an NFT comes at a price. As a result, you’ll need an Ethereum wallet with some Ether (the Ethereum-based cryptocurrency) in it. MetaMask” is one of the easiest to use. It’s a free app that you may get on your iPhone or Android phone.
The price required to create an NFT is not fixed. Have at least $100 in Ether, but keep in mind that the minting process could cost you much more depending on the daily operational price.
The MetaMask wallet allows you to buy cryptocurrency directly from your wallet. Other wallets, such as Coinbase Wallet, require you to buy crypto on a different exchange and then move it to your wallet.
3. Choose an NFT Marketplace
Now that you have an Ethereum wallet and some Ether, it’s time to determine which NFT marketplace you’ll be using.
Some of the most popular marketplaces where you can create and sell NFTs include NBA Top Shots, Rarible, OpenSea, and Mintable.
Since they all have their unique advantages and disadvantages, you must understand your options before making a decision. You can read more about the top NFT marketplaces here.
For this guide, we’ll go with OpenSea because it’s free to join, and there’s no content moderation. That implies you don’t need to be a verified artist to sell on the marketplace. However, this also means that the marketplace is brimming with digital items that no one will ever buy.
Click the user icon on OpenSea, then “My Profile.” On this page, you can decide how to proceed with connecting your ETH wallet. If you’re using MetaMask, tap “Use a different Wallet” and click on WalletConnect to connect it to the platform.
The process is relatively easy to follow. Then confirm the Wallet Connect activity in your MetaMask app.
4. Create the NFT – Make a Digital Art File for Your NFT
You can now create your first NFT after connecting your ETH wallet to OpenSea.
There are quite a few ways to create the artwork you’ll use to represent your NFT. You can use Photoshop, Adobe Illustrator, or even use a free online program like Pixlr to do the job.
There is no one-size-fits-all method for making an artwork that can be served as an NFT. However, you should ensure that the file you make is supported by the marketplace where you’re listing the content.
Make sure that you use a high-resolution template. Most NFT marketplaces don’t accept bits of images, and they want to ensure that the artwork is clear and of good quality.
With the template ready, you can now decide on a name for your NFT. Of course, this is one of the most important decisions you’ll make about your NFT, so be sure to think about the name carefully. You can’t use numbers or special characters in the name, so the possibilities are somewhat limited.
Be sure to consult with your NFT marketplace of choice about their specific naming rules before making a final decision.
The creation process – Create a collection by selecting Create from the top menu. Fill in all of the required information, then save. You’re now ready to begin the actual minting of a new NFT. Select New Item, upload your artwork and include as many details as you wish. Click create when you’re satisfied with everything.
You’ve successfully created a token; kudos!
Now it’s time to list your NFT on the exchange. Open the newly-minted item in your collection and click the sell option to sell it on OpenSea. You’ll be able to select the Ethereum tokens you’ll accept as payment, whether you want to sell for a fixed price or at an auction, and the royalties you’d like to receive from the first and future sales.
5. What Next? – Promote Your NFT Listing
Waiting for someone to notice your valuable token isn’t a wise move. You’ll have to promote the item yourself, perhaps to a pre-existing group of people who are interested in your work. That’s the most challenging part, and it has nothing to do with the creative process.
Don’t rely on the exposure of the marketplace you choose, as these vary widely from platform to platform. And it’s a tall order considering your NFT is not the only one up for sale.
The best thing you can do to give your NFT a selling chance is to get the word out. Also, make sure that you include all of the necessary information about your NFT on the listing page.
Include a description of the item, a link to its smart contract, and a visual representation of it down to each pixel if possible. Include all other relevant information you can think of, even including links to related social media accounts or websites if need be. You never know what might increase the popularity of your NFT.
Remember to include all of this information before you start promoting your item. Your best bet is to promote on social media and share the link to your marketplace listing. You can also try Reddit, Facebook groups, or other online communities related to digital art in your area.
You can also make it easier for everyone by including an embed code for the listing page in HTML format. You can find the embed code by right-clicking your marketplace link and selecting Inspect Element from the dropdown menu.
Alternatively, if you can’t effectively do the promotions yourself, there’s no harm in hiring an advertising specialist. The ideal candidate should have a commendable track record and experience helping creators promote and sell their work.
How Much Does it Cost to Make NFTs?
Creating a non-fungible token isn’t free of cost on most NFT marketplaces. It’s a relatively costly process. It can cost anywhere from $5 to $50 (or more).
One exception we are sure about is OpenSea, which allows you to create your NFTs entirely for free without paying any gas fee. They also maintain that you won’t have to pay any gas fee when it’s time to sell.
The majority of NFT marketplaces charge gas fees in the form of ETH when you create your token, when you list it for sale, and when you eventually sell it.
Can I Make any Content an NFT?
Absolutely! Non-fungible tokens are open to the public, which means you can make anything an NFT. However, keep these caveats in mind:
– Can the creation, sale, and distribution of this token be taxed? If so, it will not be allowed.
– Does the creation of this token require a license? If so, it will not be allowed.
– Is there any possibility that anyone can use this token for illegal purposes? If so, it will not be allowed.
– Is this token an asset issued by a company or government? If so, it will not be allowed.
How to Buy an NFT
Perchance you decide you want to buy an NFT instead of creating one, here’s a step-by-step guide to doing this.
Choose Your Marketplace
You can buy NFTs on almost any cryptocurrency exchange, including the most popular ones like EtherDelta or Kyber Network.
However, not all exchanges support the same NFTs. That means you’ll have to search through your options before buying an NFT.
You need to buy Etherium (ETH) before buying any NFT, most especially if you are buying it on an exchange. So, to start, you’ll need to create an Etherium wallet and buy ETH in advance.
Find the NFT You Want to Buy
There are all kinds of NFTs on the market, like CryptoKitties with their iconic cats or Decentraland’s land in the metaverse.
If you know what type of token you’re looking for, start with that. Otherwise, use the search bar to find an NFT that strikes your fancy.
Purchase Your Token
All right, now that you’ve found a token you want to buy, it’s time for the final step: purchasing it!
Make sure to enter all the details of your transaction correctly before clicking buy.
Once you do that, all you have to do is wait a few seconds for your transaction to go through. But if it’s an auction, you’d probably have to wait longer to find whether or not your bid won the auction.
Frequently Asked Questions About NFT Creation
Q: Why would I create an NFT?
A: It’s an innovative way to tokenize your assets, making them easier to trade and giving you a new way to express your creativity.
Q: Where do I start?
A: First, you’ll need to choose a marketplace and buy ETH. Next, connect your ETH wallet to the marketplace. Then, create your NFT. Of course, you should already have the item you want to tokenize handy.
Q: How much does it cost to create an NFT?
A: Creating an NFT will cost you about $5 to $50 (or more), depending on the marketplace you choose. You might want to compare their fees before making a decision on which exchange to use.
Q: How long does it take to create an NFT?
A: Creating an NFT takes just a few minutes to complete.
Q: Which NFTs are supported?
A: Nearly all of the cryptocurrency exchanges that allow you to buy NFTs have the standard ERC-721. However, there are a few exchanges that support NFTs with the ERC-20 standard.
Q: Can I trade NFTs on different exchanges?
A: Yes, you can trade your NFTs on a few different exchanges as long as they support your NFT.