Want to get into the blockchain economy? Discover how to create your own NFTs and sell them on a marketplace like OpenSea to make money!
NFTs or Non-Fungible Tokens are under the spotlight. The market took off in 2021reaching a value of $22 billion against $100 million in 2020.
The 100 most expensive NFTs reached a cumulative value of $16.7 billion. Some artists have been able to earn tens of millions of dollars by selling a single token.
Faced with these astronomical sums, you may wonder how to create your own NFT. Find out everything you need to know in this comprehensive guide!
Table of Contents
What is an NFT?
An NFT is a digital asset with a unique identity stored on the Blockchain. Each token is non-fungible, which means that it cannot be exchanged simply with another asset of equivalent value. That’s the difference with cryptocurrencies like Bitcoin, where each token is identical to the others.
An NFT can be a computer file of any type. It can be an image, a video, a music or even a GIF. These are just a few examples.
The value of NFTs lies in their uniqueness. Each NFT can have only one ownerand no one can alter the ownership or mount the same NFT on the blockchain. The owner of a token can therefore define its value.
How do NFTs work?
NFTs require the creation of digital tokensby means of a technique called cryptography. This process is called ” minting “. a term used to refer to the minting of traditional physical money.
To mint an NFT, it is necessary to pay with cryptocurrency to create a “Smart Contract ” . This is a computer code that allows information to be stored on the Blockchain in a secure and transparent way. It is this code that determines the ownership of an NFT.
Who can create an NFT?
Anyone can strike an NFT, in exchange for a small fee. The dedicated platforms offer tools to create all kinds of NFTs easily, and to attach content to files.
A an artist, a musician, a collectoran entrepreneur or a company can create its own NFT using very simple minting tools available on marketplaces.
Some examples of popular NFTs
Before creating your own NFT, here are a few examples that you could use as inspiration. These tokens have been very successful and have allowed their creators to make massive amounts of money.
Everydrays : The First 5000 Days
This NFT is a digital collage of 5000 images created by the digital artist Mike Winkelmann alias Beeple. From May 1, 2007 to January 7, 2021, Beeple created one futuristic image per day. This collage was minted into a JPG file and sold for $69.3 million at auction in 2021.
GIF Nyan Cat
With NFTs, anyone can turn their creation into a digital asset. Thus, for the 10th anniversary of the famous GIF Nyan Catits creator decided to turn it into an NFT and to sell it at auction. The lucky buyer paid 300 Ethereum, the equivalent of nearly one million dollars at the current price of ETH.
Bored Ape Yacht Club
The Bored Ape Yacht Club is a collection of 10 000 NFT images of nonchalant monkeysequipped with all kinds of randomly assigned accessories. Created by a group of four friends, this collection was a phenomenal success.
In a few months, many celebrities have spent hundreds of thousands of dollars to acquire a BAYC NFT and join the club. Recently, Eminem spent $462,000 on a Bored Ape.
Collectors are willing to pay huge sums for cult toys or rare merchandise. In the same way, the NFT Doge demonstrates how numerical rarity can give value to the most emblematic creations.
In June 2021, the famous meme of the Shiba Inu dog named Kabosu sold for $4 million. The investment group that bought this NFT is now selling its property in a fractional form, and anyone can own a part of it from 1 dollar investment.
How to create and hit an NFT?
There are different ways and different tools to create NFTs. The first step is to choose the type of NFT you want to create. It can be a piece of art, a ticket to an event, a meme, music, games, virtual objects and much more. It’s even possible to create an NFT for a real-world object, such as a collectible figurine or a photo signed by a celebrity. NFTs often take the form of an image, audio or video file in JPG, PNG, MP4, MOV or other multimedia format.
To create a relatively simple NFT, it is only not necessary to be a developer. On the other hand, for a more complicated NFT like a game, or with a complicated Smart Contract, the help of a developer may be necessary.
When creating your first NFT, ask yourself how you can provide value to your audience. If you are already running a business, you can try to create a loyalty card or an exclusive promo code. It is possible to use an artist to create a personalized illustration.
Choose an NFT marketplace
There are many marketplaces allowing to hit an NFT. Each has its own advantages and disadvantages, so it’s important to do thorough research before choosing. The three most popular platforms are OpenSea, Rarible and SolSea.
These platforms simplify the task for new creators wishing to dive into the world of NFTs. Some require authenticating or writing the NFT on the Blockchain, while others like OpenSea and Rarible offer shortcuts. In addition to saving time, this avoids the cost of selling an NFT without writing it on the Blockchain and leaving this cost to the buyer.
The fgrapes are one of the most important elements to consider for beginners. Each marketplace has its own fees, depending on how you want to hit and sell your NFTs. For example, OpenSea requires an initial cost to open an account that can be as high as $100 in some cases.
Setting up a crypto wallet
The next step is thehe creation of a digital portfolio On which to store cryptocurrencies and NFTs. When choosing, make sure that this wallet is compatible with the Blockchain and the marketplace you plan to use to mint your NFTs.
Most NFT creators use MetaMask portfolioproposed as a browser extension. This wallet is easy to configure, and connects to most blockchains used for NFT creation and trading. This includes Ethereum and Binance Smart Chain. Other popular wallets include Enjin, AlphaWallet and Trust Wallet.
Note that most NFT wallets are browser-based. Their security level is therefore dependent on that of the underlying browser application. For maximum security, it is recommended to invest in a hardware wallet like Ledger Nano X. Hardware wallets store the private keys to manage assets on offline blockchains.
Buy crypto on an exchange
After creating a wallet, you need to buy cryptocurrencies to be able to pay the NFT minting fees. The best way is to create an account on a reputable exchange like Binance, Kraken or CoinBase. The process is relatively simple, and can be done from your smartphone.
Then log in to your account and purchase the cryptocurrency. For NFT minting, you’ll need to buy Ethereum or Solana depending on which Blockchain you want to mint on. Then transfer the crypto to your wallet.
Connect your wallet to the NFT platform and hit
Then connect to the NFT platform of your choice to create your digital asset. If you have chosen Rarible, click on the button to connect a wallet and choose your wallet from the drop-down list. Accept the conditions, and connect your wallet to Rarible.
Go back to the Rarible homepage, and click on the create button in the upper right corner. Choose whether you want to create a single copy of your NFT or multiple copies. Then upload the digital file that you want to strike in NFT.
Then choose how you want to sell the NFT file. You can sell a high definition version directly, or add content to be unlocked via a secret download link or a web page. Add a title and description, and specify the percentage of royalties you want to receive on secondary sales. Then click the create button.
Approve the transaction in your crypto wallet to pay the minting fee. Also confirm the contract integration, and sign the sell order.
That’s it! Your NFT is hit. You can find it in your profile on Rarible or any other platform used.