A Short Guide to Creating NFTs
Over the past couple of years, non-fungible tokens (NFTs) have boomed in popularity. Despite having no real-world value, there are billions of dollars’ worth sunken into the NFT market by avid collectors. An NFT is a piece of digital media with a unique code embedded into it, which proves ownership by creating transactions on a blockchain. Anyone can create an NFT in six simple steps, which we’ve outlined below.
Decide on Your Digital Media
Whether you’re a musician, animator, or digital artist, a high-valued NFT sale may be at your fingertips. The most important part of your digital media is that it’s unique. Think of it like browsing at an art gallery – you wouldn’t buy art if it didn’t stand out from the crowd. As well as uniqueness, you need to be 100% sure you hold the rights.
Blockchain Decisions
NFTs are stored on blockchains, which record transactions and prove ownership. The most popular blockchain for NFTs is Ethereum, which currently holds thousands. At the time of writing, Ethereum’s infrastructure is based on proof-of-stake (POS), which means it’s more environmentally friendly than some alternatives.
Open an NFT Wallet
Considering NFTs are a type of crypto asset, you need to open a digital wallet. When choosing a provider, you need to ensure it supports the correct blockchain – the majority will integrate with Ethereum. The easiest way to open a wallet is by using an online provider. However, you need to verify the legitimacy of the provider; cybercriminals are always out to steal cash assets.
Choose an NFT Marketplace
Given the rise of NFT popularity, countless NFT stores are allowing you to sell your NFTs. The best NFT marketplace will let you list new NFTs, swap owned NFTs, and may let you secure crypto loans by releasing NFTs as collateral. The more uses an NFT has, the more liquid the market becomes, which is great news for investors and creators.
Create Your NFT
After you’ve checked off the above steps, it’s time to create the NFT – here are the instructions:
- Connect your digital wallet with your chosen NFT marketplace.
- Open the platform menu and click “create”.
- Upload your digital media when prompted.
- Fill in the requested details, which will include a description, your name, and any other important information.
- Select supported blockchain – this cannot be reversed.
- Click create and upload will commence.
- List the NFT for sale, which will finalise the minting process.
How Much Does This Cost?
Adding an NFT to a marketplace doesn’t cost anything. However, once you’ve made a sale, the platform will take a percentage. Typically, this is valued at 1-3%. During NFT creation, you can include a royalty fee, which means you get paid up to 10% for every subsequent sale of your NFT.
If you’re the creator of unique digital media, now is the time to turn it into an NFT. You have nothing to lose, but you can stand to earn a fortune from successful sales – the highest sale for an NFT is currently $69.3 million.