NFTs are gaining a lot of traction these days. The trend came to light when an artist named Beeple sold his art as an NFT for a whopping sum of $69,000,000. Since then, people are willing to pay a lot of money for these unique collectible digital art pieces. And if you are wondering ‘How Do I Create An NFT’ of my own, then you have come at the right place.
In this comprehensive guide, we will explain you how to create and mint an NFT of your own.
What Is an NFT?
NFT is an acronym for Non-Fungible Token. In simple terms, an NFT is a one-of-a-kind digital artefact with only one owner. The ownership of an NFT is determined by the blockchain ledger. The NFT value is determined by the rarity.
It can be a painting, photograph, song, collectible video game, meme, GIF, or even a tweet. The founder of Twitter, Jack Dorsey sold his first ever Tweet in the form of an NFT for more than $2.9 million.
Can I Create My Own NFT?
The answer is ‘YES’. You can create and mint an NFT of your own. In fact, Non Fungible Tokens can be created by anyone of anything.
If you are an artist who likes to draw in his/her free time, you have the power to convert your art and sell it as NFT. If you like writing, you can covert your write-ups to a digital form (NFT) and sell them too. The scope is limitless!
How Do I Create an NFT?
The process of creating an NFT is a simple one. These are the steps that you should follow to create and mint your first NFT:
Decide what you want to sell as NFT
You’ll need to figure out what unique digital asset you want to make into an NFT if you haven’t already. It might be a bespoke painting, photograph, song, music, collectible video game, meme, GIF, or even a tweet.
Note: Make sure you own the intellectual property rights to the object you wish to make into an NFT before proceeding. You could get into legal difficulties if you make an NFT for a digital asset you don’t own.
Choose an NFT Marketplace to list your NFT on
After deciding which asset you want to make into an NFT, its time to choose an NFT Marketplace to begin the process of minting your NFT. OpenSea, Axie, Larva Labs/CryptoPunks, Rarible, Nifty Gateway, Mintable, and ThetaDrop are the most popular NFT markets.
Set up a digital wallet to store your NFT
You’ll need a digital wallet. Wallets are also used to hold cryptocurrencies as well as for holding the NFTs you end up buying or minting on your own.
Your digital possessions will be accessible through the wallet. Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet are among the most popular NFT ones.
Add Ether cryptocurrency to your wallet (optional)
Ethereum blockchain is the most popular among artists and creators to create and mint an NFT. Every transaction that takes place on the Ethereum blockchain has some fees attached to it. This is known as ‘Gas’ or ‘Gas Fees’ in the NFT world. Most NFT sites accept Ether.
Due to transaction costs and Gas, you will have to fund your wallet with some crypto as your initial investment to start minting your NFT. However, this can also be avoided and we’ll discuss this in more detail moving forward.
Other prominent alternatives to host your NFT on are Tezos, Polkadot, Cosmos, and Binance Smart Chain.
Connect your Wallet to the NFT Marketplace
You’ve finally arrived at the point where you can mint your NFT. Click Create. You will be redirected to connect your Metamask (or any other) wallet to the NFT marketplace (Opensea in our example) you will use to create an NFT. Then, follow the step-by step procedure mentioned on the NFT marketplace’s website.
The next steps are usually as follows:
- Upload your digital asset.
- Give your NFT a name
- Add details about the project and complete all of the fields that pop up
- Click Create and pay the transaction cost with your digital wallet.
Note: If you do not want to pay any fees while creating your NFT, then choose the ‘Polygon’ blockchain since it is free to create and mint an NFT on it
There is another feature on OpenSea (marketplace for NFTs) called as lazy-minting. Lazy minting means the creator has to pay gas-fees only when a transaction is made.
Important Tips to Create and Mint an NFT
Unfortunately, the costs of minting and selling an NFT can be high and complicated. You may have to pay a listing charge, an NFT minting cost, a commission on the sale, and a transaction fee to transfer money from the buyer’s wallet to yours, depending on the platform and price. Decide wisely.
Also, due to the volatility in crypto prices, the gas fees may also change. As a result, you should carefully consider the costs of minting and selling your NFT to ensure that they are worthwhile.
That concludes our discussion. You’ve just finished creating your first NFT on the Blockchain! If you have any queries, let us know in the comment section below!