How to create an NFT (Step-by-Step Guide)

26 mins read
How to create an NFT

Are you an artist? Yes! What if someone tells you that you can get paid in millions for selling your exclusive artwork? Great, isn’t it? It is not an imagination. You can actually earn an enormous amount by selling your digital painting or any other work, just like a painting sold for more than $69 million, made by Beeple.

It is quite evident that everyone cannot be an artist and reach that level of craze. However, you can still try and mint an NFT that you can call your own. You may lose some money in the entire process, but at least you have jumped on the bandwagon and boasted about it on your social media platform. If you think another way, the money you lose is actually an investment you make to create a new NFT altogether.

Non Fungible Tokens are gaining significant recognition in today’s world. As a result, people from all across the globe, including celebrities, are paying enormous money to buy unique collectible crypto assets.

In this article, we will inform you about NFT and how to create your own digital asset? And where can you sell them?

What is NFT?

What is NFT?

NFTs can be a classic works of art, antiques, or other historical items often sold at auctions certified to be unique. Primarily, an NFT token is just like a digital certificate of authenticity. These tokens allow mp3s, videos, GIFs, JPEGs, or any other file format to be one-of-a-kind.

Just like physical items, NFTs can be purchased, hidden, collected, destroyed, and sold. It is because blockchain technology promoted transparency in transactions. Plus, the pricing history is visible to everyone without an internet connection, which is the best part.

How to create an NFT (Step-by-Step Guide)

Similar to what metal coins are minted and added into the circulation, the very same way NFTs are minted by showcasing your digital artwork that becomes the part of the Ethereum blockchain. In other words, you can also say when the new token is created on the blockchain and attached to specific content, that means the NFT has been minted.

Once the NFT is minted, the same NFT cannot be minted again. Therefore, it is said to be one-of-a-kind. Whenever an artist mints a new NFT, 10 to 30% commission is usually attached, which they receive when their work is resold in the future.

The most expensive NFT sold was Beeple’s ‘Everyday’ – a collage of 5000 drawings. All drawings refer to the past 13.5 years, which must be a tedious task for the creator to do for such a long duration. However, it is unlikely that all the successful NFTs require such a complex contribution from the author.

Basic Things Required to Start Creating NFTs

Before we inform you about how to create an NFT, let’s dive into the basic tools required to get started with the NFT creation process. Although the 3 essential tools you need before you start creating NFTs are mentioned below, the best part is everything can be set up from your phone:

1. Set Up an Ethereum Wallet

Starting your NFT journey without setting up an Ethereum wallet is next to impossible. You need to create a digital wallet to store your crypto assets securely that is used to create, purchase, and sell NFTs.

All the NFT marketplaces can be accessed effortlessly once you set up your Ethereum wallet, as they allow you to easily sign in and create your accounts in one go.

There are many platforms that will let you access free wallets to store multiple crypto coins. Some of them are mentioned below:

A. MetaMask

MetaMask

More than 1 million crypto enthusiasts use MetaMask to seamlessly connect with multiple cryptocurrency apps and NFT marketplaces. The platform is used worldwide and is available for both iOS and Android users as a browser extension. With MetaMask, purchasing cryptocurrencies becomes hassle-free, and you do not need to use any other platform to purchase crypto.

B. Coinbase

Coinbase

Another recognized cryptocurrency exchange having an extensive user base today, Coinbase is an ideal option for those who have just entered the world of virtual money. The platform simplifies the process of purchasing crypto and is highly secure.

C. Rainbow

Rainbow | How to create an NFT

Rainbow is a new platform compared to the other two mentioned in this list. The platform was specifically designed keeping Ethereum in mind. Perfect for NFTs! Right?

Although you cannot store Bitcoin in Rainbow, it is not a problem in creating NFTs. On top of that, the exquisite design of the wallet displays your NFT collection straightforwardly.

2. Purchase some amount of Ethereum

Turning your digital art into an NFT involves some gas fee. Purchasing Ethereum will enable you to pay off the fee and other costs associated with the creation of NFTs. Unfortunately, the price of Ethereum is volatile just like other cryptocurrencies, just like all other crypto coins. Therefore, it is not possible to track how much fee you will end up paying.

An ideal thing to do here is to decide the fiat money you are willing to invest in. For instance, you can choose to invest in USDs, and purchase the same amount of Ethereum. This way, you will not go out of your budget. This wallet allows you to buy a crypto asset right inside your wallet. However, you need to make the purchase from a different exchange and transfer it into your wallet.

Also Read: 20 Best NFT Marketplaces

3. Connect your Wallet to an NFT Marketplace

The last and the most crucial step is to choose an NFT marketplace where you want to create and sell your NFT. List your work on that site once you have decided what marketplace you want to opt for.

For instance, you have chosen an NFT marketplace- Rarible. It is a great platform, especially for beginners, as it offers an easy process allowing you to create and list your NFT effortlessly. So, after your wallet is set up and you have purchased Ethereum, head over to Rarible’s site and click the connect button that you can see in the top right corner of the screen.

Select WalletConnect if you use MetaMask or Rainbow wallets or the Wallet Link option if you have kept Coinbase wallet to store your crypto coins. Many other wallet options are also supported by these connect options; you can research and check if the platform supports the wallet you are using or not.

The next step will remain the same regardless of your wallet. You must use your wallet app to scan the QR code that appears on your screen after selecting your connection option. Once the code is scanned, connect your wallet to Rarible.

Once connected, the platform lets you confirm the purchases made with your wallet app before moving forward. You are all set to create, mint, and sell your first NFT. Go for it!

How to Mint NFTs?- The Entire Process!

Want to know how to create an NFT? It is not very difficult; once you have figured out what exactly an NFT is and made sure you actually want to sell an NFT, it becomes pretty easy to make and sell NFT.

1. Pick your item

Let’s start with the basics. First, you need to understand what digital asset you want to convert into an NFT, which could be a video game collectible, music, painting, picture, meme, GIF, or even a tweet. Of course, the more rare your NFT will be, the more value it can generate.

You can choose to create your own NFT from a wide range of ideas as everything digital today can be turned into an NFT. So, it also depends on your creativity, and how to use one digital item and transform it into a valuable NFT. For instance, WWW (World Wide Web) source code was sold by Sir Tim Berners-Lee for $5.4 million as an NFT.

Creators are given a free choice to choose any theme of artwork and their imagination. Before you want to turn a product or item into an NFT, make sure to purchase the intellectual property rights of that item. Then, it will not let you fall into any legal trouble after you create an NFT for a digital asset.

2. Choose your Blockchain

Once you have chosen the unique digital asset you want to create; the next step is to start minting that stuff into an NFT. Now that is where blockchain technology comes into the picture. You need to choose the blockchain you intend to use to mint your NFT. One of the most popular and common choices of all artists is Ethereum. However, you can even opt for other crypto coins to mint NFT, including Polkadot, Tezos, Binance Smart Chain, and Cosmos.

Also Read: 11 Amazing Blockchain Companies

3. Set Up Your Digital Wallet

We have already explained how to set up your Ethereum wallet with the three wallets named Rainbox, MetaMask, and Coinbase wallet. You have also got some other options such as a Trust wallet, Math wallet, and Alpha wallet. All these wallets will also provide you with access to your digital assets.

Remember, even with these 3 wallets, you need to purchase Ethereum, Polkadot, Tezos, or any other crypto used to create NFTs. The best option is undoubtedly Ethereum. If you already own Ethereum, you only need to connect it to your digital wallet and start making and selling NFTs.

4. Choose a Platform to Sell your NFT

Many NFT marketplaces can be used to sell different NFT tokens. Multiple NFT platforms are sprouting up as the technology continues to mount. Listed below are the largest NFT marketplaces that enable you to create and sell your NFTs seamlessly and help you fetch a good price for your unique creation:

A. Rarible

Rarible

Looking for an accessible site that can list your NFTs hassle-free? Rarible is one platform allowing you to exhibit your NFT to numerous users online. The best part about using this platform is that creating and listing your NFT to this marketplace is as easy as uploading a video on YouTube.

Moreover, the platform facilitates the selling process for digital creators as soon as they sign up. Plus, they get good leads and prices for their listed digital asset, which are NFTs. However, the sales may vary depending upon the type of NFT you create. The prices may vary immensely, going from a few dollars to thousands of dollars or even millions.

B. Zora

Zora

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Zora is one of the best NFT marketplaces where you can easily sell your NFTs and get a good price for your product. The platform was built around the idea that content creators should be granted full control of their work from the major marketplaces. Zora allows creators to perform multiple tasks: minting images, audio files, videos, and even plain text documents.

The marketplace is quite new compared to other platforms mentioned in this list. However, it has risen to prominence by making the content accessible to all creators and users. In addition, the platform boasts about calling itself one of the coolest destinations for NFTs, where renowned music artists collaborate with the platform, including Mura Masa, Yaeji, Toro y Moi, and many others.

C. Nifty Gateway

Nifty Gateway | How to create an NFT

The platforms primarily focus on digital collectibles. Collaborated with top-rated artists and musicians such as Justin Roiland and Grimes, Nifty Gateway releases exclusive limited-edition collections. One can buy digital art from this platform through credit cards, which is the best part as very few NFT marketplaces accept this option for payment.

You may find the art on this platform pretty expensive, but one thing is assured; the art you purchase is worth its price. However, if you want to sell your art on this magnificent website, you need to apply before posting work on the site. Once your art is approved, it is posted and eligible for selling.

Also Read: 50 Most Popular NFT Tokens

D. SuperRare

SuperRare

Just as the name suggests, SuperRare brags about offering an exclusive and extensive range of NFTs for digital artists worldwide. However, unlike other common marketplaces, this platform is something special and features unique offerings.

SuperRare’s collection is highly curated and on-board new skillful creators who can contribute something to society as a whole. While stepping into the fantasizing digital world of SuperRare, you will feel the touch and incredible collection of NFTs reflecting indefinite hours of artists’ work. Although the prices of the NFT may vary comprehensively, which may get pretty steep, or in very few cases when no one is asking for a particular NFT, you may also be able to grab them at reasonable prices.

E. OpenSea

OpenSea

One of the oldest NFT marketplaces compared to all others mentioned in this list, OpenSea showcases a massive library of content and digital art of different artists and creators. It deals in all kinds of NFTs, such as 3D collectibles or other stuff used in video games.

So, if you are searching for how to mint NFTs and sell it? OpenSea is an ideal option, not only for professionals but also for newbies who have just got started here. The best part is the platform is extremely accessible for both buyers (NFT purchasers) and sellers (artists/creators). Moreover, it is the first NFT marketplace that experiments openly with a free creation system for artists.

All these NFT marketplaces will help you easily mint your own NFTs. You only need to pay the necessary fees to mint your own NFT and hold any sales proceeds.

5. Build a Digital file

Now that everything is set in place, build a digital file for your NFT after choosing the NFT marketplace to upload and sell your digital creation. Always ensure the file type is supported by the NFT marketplace you have selected before creating a digital art file.

You have plentiful options to showcase your talent, exhibit your skills, and monetize your content by creating or turning your digital file into an image, JPG, TXT, GIF, MP3, or PNG file on the platform. Create a catchy meme? Even that is an NFT. Exclusive showpiece in your bedroom? An NFT. A delicious recipe TXT file? That’s an NFT.

Having said that, anything and everything can be an NFT until you have got the content to monetize.

6. Set Up the Sales Process

The final stage of the minting process is listing the price of your art and listing it on the marketplace. Once you have decided how you want to monetize your NFT, you have got 3 options:

A. Keep a Fixed Price

To enable your first client to buy your NFT, you can set up a fixed price and see if the buyer is willing to purchase your NFT at the same price or not. This way, you can determine the potential of your NFT to fetch a good price from the market.

B. Set a Timed Auction

One of the other ways to set up the price for your NFT is by setting up a timed auction. This will enable you to identify the potential buyers ready to submit their final bids.

C. Start an Unlimited Auction

Setting up this pricing option implies you do not want to set a time limit for the auctions or bids. You can end the auction anytime you want. The best part about this pricing strategy is that it allows you to determine the minimum and maximum price for your NFT. Moreover, you will get to know your target audience in brief.

If your NFT resells on the secondary market, you also need to set your royalties to continue cashing in on your NFT. In addition, you are also required to determine how long to hold an auction if it is timed. Plus, always ensure that you have calculated the minting fees while listing the price for your digital art, as keeping the price too low may end up losing money.

Also Read: 16 Best Penny Stocks to Buy Under $1

FAQs

Q1. Can any content become an NFT?

Different NFT marketplaces are known to sell unique NFTs. These digital assets can be based on anything you could imagine, such as recipes, songs, memes, paintings, and entire startups. Currently, there is no criteria or restriction on what kind of content is tokenized to be labeled as NFT.

Simultaneously, the online and offline market is still experimenting with the medium of their work. Moreover, the demand for digital artwork is persistently growing. So, use your creativity to get highly paid by introducing the digital asset, which is one-of-a-kind and cannot be replicated.

Q2. What Do I Need to Start Creating NFTs?

Want to know how to create an NFT? There are a couple of things required to build an NFT. Primarily, you need the tools to get started like a crypto wallet and Ethereum. Even if you are not fully aware of these terms, when you are a newbie, you can get to know everything about the basics of crypto and NFTs on the internet.

So, to start creating NFTs, you are required to set up a crypto wallet, purchase Ethereum, and connect your wallet to an NFT marketplace.

Q3. Can we Create NFT for Free?

Have you heard about lazy minting? It is the process of minting when an NFT is available off the blockchain that you can mint when there is a sale of the NFT. The creator is not required to deposit any upfront gas fees to build their NFT.

However, not every NFT can be created for free. The creation of certain NFTs requires a complex computational task involving a massive network of desktops or laptops. Plus, you need to pay the gas fee after using the Ethereum network to mint your NFTs for the effort and energy that gets exhausted in that computation. This gas fee is not fixed and can fluctuate.

So, it is always recommended to choose a platform to make and sell NFT beforehand, which will help you know all the estimates of the gas fee. One of the best tools to know the gas fee for major NFT marketplaces is NFT Gas Station Tool.

Q4. Why are NFTs so Expensive?

NFTs are expensive on Ethereum. If you remember, all NFTs are one-of-a-kind and cannot be duplicated. They act as collectors’ items, making them rare and unique by design. It is the sole reason why NFTs are always an expensive option to buy, as rarity shoots up the price of the specific item.

Thinking of creating an NFT? Why not go for it? Now you know everything you need to create and sell your NFT. Undoubtedly, it is one of the lucrative opportunities you can opt for these days. Stay tuned for more updates on NFTs in the weeks ahead, as we will keep you up to date about all the information you need on NFTs and cryptocurrencies.

Recommended: A Complete Beginner’s Guide to Cryptocurrency

Q5. Do I Need to Use an NFT Marketplace to Create an NFT?

You may or may not, it’s your choice. You can create your own smart contract and deploy it to the blockchain of your choice. Once you have chosen blockchain, then start minting the tokens using it. However, everyone cannot follow this route as it is a very technical process. Only tech-savvy people proficient in operating blockchain can create NFTs without using the NFT marketplace.

So, this was all that you need to know about how to mint NFTs. Stay tuned for more topics related to cryptocurrencies, NFTs, and making more money.

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Nikita Sikri

Nikita is a freelance content writer and has been writing for many corporates and startups. She is a content analyst who is well versed in the finance domain.