Do you want to Make Your Own NFT? NFTs, or non-fungible tokens, are becoming increasingly popular. Many people are paying high prices for these collectible cryptocurrencies. In early 2021, the digital artist Beeple sold a large NFT for a jaw-dropping $69 million, while similar works have achieved multi-million dollar sales.
More and more people are creating NFTs in an attempt to cash in on the current craze due to the potential for big money. The following is a step-by-step guide on how to make (e.g., mint) and selling it.
1. Select the item you want
Let’s start at the beginning. It is important to identify what unique digital asset can be turned into an NFT if you haven’t already done so. Custom paintings, pictures, music, video game collectibles, memes, GIFs, or even tweets are all possible. Each NFTs belongs to one owner. Rarity gives NFTs their value.
If you want to turn an item into an NFT, ensure that you own the intellectual property rights to it. You could get into legal trouble if you make NFTs for a digital asset you don’t own.
2. Select your blockchain
The next step is to mint your unique digital asset into an NFT. You need to determine which blockchain technology you intend to use for your NFT. Ethereum (CRYPTO:ETH) is the most popular cryptocurrency among NFT artists and creators. Tezos, Polkadot, Cosmos, and Binance Smart Chain are other popular options.
3. Create a digital wallet
Set up a digital wallet if you don’t already have one before you start your NFT, since you’ll need some cryptocurrency to fund your initial investment. Your digital wallet will keep track of your digital assets. Among the best NFT wallets are Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet.
You will want to buy some cryptocurrency once you have created your digital wallet. The Ethereum blockchain platform accepts Ether, which is the cryptocurrency of NFT platforms. To create and sell NFTs, you’ll need to connect cryptocurrency that you already own to your digital wallet.
4. Choose a NFT marketplace
As soon as you have a digital wallet and some cryptocurrency, you can start creating (and hopefully selling) your NFT. Selecting an NFT marketplace is the first step. These are some of the top NFT marketplaces, including OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop.
To find a platform that’s right for your NFT, you’ll need to research each NFT marketplace. Axie Marketplace, for instance, is the online shop for the top NFT game Axie Infinity. Basketball-focused marketplace NBA Top Shot also exists. There are also some marketplaces that require their own cryptocurrency. Rarible, for instance, requires Rarible (CRYPTO:RARI).
It is usually a good idea to start with OpenSea. It allows you to mint your own NFTs, and it sells NFTs at a great price. NFTs sold in August 2021 alone amounted to $3.4 billion.
You will need to connect your digital wallet to your NFT marketplace after selecting it. You can then pay the necessary fees to mint your NFTs and hold the proceeds.
5. Attach your file
Your NFT is now ready to be minted. You can upload your digital file to the marketplace by following a step-by-step guide. Your digital file (a PNG, GIF, MP3, or other file type) will become a marketable through this process.
6. Establish the sales process
You must decide how you will monetize your NFT at the end of the minting process. There are several options, depending on the platform:
- Sell it for a fixed price: By setting a fixed price, the first person who meets it will be able to buy your NFT.
- Organize a timed auction: A timed auction will give those interested in your NFT a deadline to submit their final bids.
- Start an unlimited auction: An unlimited auction has no time limit. It can be ended at any time.
To continue earning royalties on your NFT if it resells on the secondary market, you’ll need to determine your minimum price (if you plan to hold an auction), as well as how long to hold the auction (if you do). You can lose money on your NFT sale if you set the price too low, so keep fees in mind when setting the minimum price.
The fees for minting and selling can be costly and confusing. You may be required to pay a listing fee, an NFT minting fee, a commission on the sale, and a transaction fee to transfer the money from the buyer’s wallet to yours, depending on the platform. Due to the volatility of cryptocurrency prices, fees can also fluctuate. Because of that, it’s important to carefully examine the costs you’ll incur to mint and sell your NFTs to ensure they’re worthwhile.
You can make NFTs for a profit by making them
NFTs are becoming more popular and their sale prices are rising. As a result, creators can make a lot of money. Given all the fees associated with minting and selling NFTs, a lot of NFTs won’t even sell, let alone make their creator any money. It is possible that you could lose money on your creation due to the costs. It is best to avoid a loss by selling an that will be valuable to others and by setting a minimum price that will more than offset any associated fees.