How to Create and Sell an NFT
In 2021, NFT triggered an immense interest across the internet. No wonder: people are ready to pay vast sums of money for NFTs, the cost of which can go up to millions of dollars. Since then, and especially in 2022, the global NFT market has been growing at a fantastic pace. Therefore, if you are thinking how to make an NFT and dive into this hot topic, this article is for you.
What is an NFT?
An NFT stands for a non-fungible token. Non-fungible means unique because NFTs cannot be replicated or altered, and that is why they hold value. In simple words, NFTs are unique representations of digital assets that are stored on a blockchain. What people buy is not just a digital file because it can be copied countless times, but the ownership of the file.
As NFTs are connected with blockchain technology, they are purchased and sold using cryptocurrency. So keep in mind: if you create an NFT and manage to sell it, you will get the payment in crypto.
Can anyone make an NFT? Basically, yes, because you do not need to be a da Vinci to create something that will attract people’s attention. There are no borders to creativity. Modern times make NFTs attractive, whatever they are. History knows even a successful selfie NFT. Can you imagine selling a selfie for thousands of dollars? Still, it happened.
Now let’s see how to generate an NFT. It is easier than it seems.
How to create an NFT?
1. Choose your item
The first thing you need to do is pick the work of art you want to turn into an NFT. What should it be? It can be anything from paintings, photos, and rare collections to memes and tweets. Note that it must be a unique item of yours, and you should be the only owner. Rarity is what gives value to your NFT.
While you are thinking about the best item to sell, you can check the NFT marketplaces for the hit items, which became a blast. It may give you a few thoughts and make it easier for you to choose.
As NFT requires some initial investment, think carefully before you make a choice. Unfortunately, it is not possible to predict for sure how successful an NFT will be. But try to choose something the potential audience will like.
2. Pick a blockchain
Once you have selected the item, which is perfect to create an NFT, it is time to explore blockchains. That is where your NFT will be stored, so take your time to check all the options available.
The process of making an NFT is called minting. And it starts with choosing the blockchain technology you want to use for your item.
For now, the most popular choice among the NFT creators is Ethereum. This was the first blockchain to support NFTs, and it still holds the position of the most widely used one. However, it can be anything of your choice.
3. Set up a crypto wallet
We already mentioned that NFTs require some initial investments. Usually, those are a wallet transaction fee, a minting fee, and a marketplace listing fee. To pay for all this, you will need cryptocurrency.
The amount of the initial investment varies, but whatever it is, you will need first to get cryptocurrency and store it somewhere. A digital wallet is a great way to do that.
So if you do not already have a crypto wallet, the time has come to set it up. If you are new to the technologies, you can check an FBS’s guide to crypto wallets.
It all starts with a platform that you need to choose. There are plenty of opportunities for online wallets, so it will not be hard to find the one that will be good for you. Once you establish the wallet, remember to take all the security precautions. For example, you need to keep your private key in a safe place, which gives you access to the wallet.
4. Select an NFT marketplace that suits you
Your next question might be: so, where to make NFT art? We are getting closer and closer to that. At this stage, you will need to choose an NFT marketplace where you can potentially sell your NFT.
Before you enter the NFT market, you will need to have a close look at service terms and rules. It will help you assess the cost to create an NFT and learn more about the minting process. Moreover, the terms may vary. For example, some marketplaces require the use of their cryptocurrency. So make sure you get acquainted with all the potential issues that might arise. Better safe than sorry.
Also, the marketplace should be good for your potential NFT. If your item is connected with a certain topic (like sports, video games, crypto, etc.), you can look for a specific marketplace that promotes that kind of content. A nice point will be the presence of useful features like support, social feed, integration with crypto wallets, and stats.
Basically, it would help if you look for a comfortable place: reasonably priced and popular enough to attract a broad audience.
5. Upload your file and mint your NFT
You are almost there! The time has come to mint your NFT or, in other words, turn your digital file into an NFT. This process depends on the marketplace and blockchain that you chose previously. So check out the tutorials on uploading your file. Note that some marketplaces may have limitations on the file types supported and the size of your file.
Usually, that does not take much time, and as more and more people want to create an NFT, the tutorials are usually user-friendly enough, even for novices. Once you have minted your NFT, you can try to sell it.
Some marketplaces have the option of listing an NFT. In this case, you do not need to mint and add your item on the blockchain, which is a way to cut the costs, as minting requires transaction fees. Despite the fact that your item will not be a real NFT, you can mint it later or allow the buyer to mint it after it is purchased.
6. Start the sale process
At this stage, you need to decide how you want to monetize your NFT. Usually, the following options are available (depending on the marketplace):
- You set a price and then sell it to the person willing to pay the noted sum.
- You enter an auction, which is time-limited. You decide for how long you want to hold the auction, but in this case, the one who makes the last bid before the auction closes wins.
- You enter an auction, which is not time-limited. Here everything is up to you. You end the auction whenever you feel like it.
If you choose a set price, think carefully about the one that will help you cut all the costs. Keep in mind that fees can fluctuate depending on the time. It is pretty much the same with the auction, only here, you need to set a minimum price. Make sure it makes your NFT worthwhile.
NFT as an investment
Getting involved with new technologies may be time-consuming and difficult. However, it becomes easier and possibly more profitable once you get the hang of it. The times make NFTs extremely popular – who knows what will be in the future?
Now you know how to create an NFT. We hope you find this article useful. If you want to learn more about the digital world, you can check other articles on our website.
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