A Complete Guide To Make Your Own NFTs
The digital sphere is filled with some of the strangest stuff right now, and it is so bizarre that it almost made my head spin.
Have you seen the news articles covering a transaction of $69 million for an art piece sold by “Beeple”? Yes, a digital art piece. Isn’t it incredible?
If you find that shocking, allow me to be the 1st to introduce you to the fascinating realm of NFTs and cryptographic art.
And today, I will show you everything you need to know about how to make your own NFTs and list them on an online marketplace for sale, with the hope of making some money.
Yet, I wonder what made the NFTs piece of digital art exceptional. For sure, it wasn’t difficult to figure out what was happening.
NFT added a special touch to that digital piece of art. And it excites me to share with you what I found out.
NFT or you can describe them as non-fungible tokens are digital assets imprinted with a digital signature ensuring their uniqueness.
The term non-fungible token here refers to its exclusive digital identity that cannot be altered, cloned, or resold.
Bitcoin, for instance, is fungible. It can be exchanged for a similar bitcoin and as a result, you will still own the exact same thing even after exchanging.
In contrast, NFT is distinct and cannot be exchanged for another, which is where non-fungible comes into play.
NFTs information is stored on a blockchain, which validates the genuineness and legal possession of a designated digital asset.
A number of celebrities, singers, and artists are taking advantage of this mania by producing their own NFTs and auctioning them online.
With that said, let me explain how you can make your own NFTs. And in order to purchase them, the only thing you need is either a cryptocurrency wallet or a Binance account.
“Do you know that Founder of Twitter and Square Jack Dorsey, marketed one of his tweets as NFT on Monday worth $2.9 million?”
Is that the same thing as investing in good tweets? Can I build my NFT assets around my good tweets?
I mean no one has the authority to stop you from doing it, but I didn’t mean that. My whole point is revolving around NFTs as a digital version of fine art collections.
The same questions arose, but few remained. Would this really be like collecting art?
There is no doubt that many of us agree with that statement like somebody bought a 50-second video that was made by “Grimes” for $390,000.
It is easy to get caught up in a pool full of people assuming that they have penetrated the system by using their right mouse click and downloading a copy of the NFT image.
Sadly saying the download file won’t make you millions because it doesn’t contain the data needed to become a valid blockchain and hence cannot prove ownership.
NFT: How does it work?
To make your own NFTs, you must first understand how they work to gain a better understanding.
In a nutshell, NFTs run on the Ethereum blockchain. Cryptocurrency Ethereum works in the same way as dogecoin or bitcoin, however, its core blockchain also hosts these NFTs with additional data which makes them unique from those cryptocurrencies.
A further point to note is that other blockchains are capable of implementing custom versions of NFTs.
What Items Fall Under The Category Of NFTs?
Anything digital can be an NFT. My research has led me to compile a list of the top ten and practical NFTs available to the consumer, which include:
- Art created digitally
- A musical composition
- Items of interest from the Internet
- Names of domains
- Noteworthy sporting moments
- Virtual Fashion
- Video games
How To Make Your Own NFTs – create one today
As a starting point, I’m going to presume you’re new to NFTs, ethereum, or perhaps even digital currencies. Anyone can make their own NFTs.
The process is very straightforward. One can create NFTs from things with unique characteristics that are able to be stored digitally and retain value.
Similar to other collectibles such as antique artwork or retro figurines, but rather than buying a tangible copy, you are purchasing a digital file that serves as proof that the item is yours.
I have put a bit more emphasis on digital arts since they tend to be drawing a lot of attention these days.
The process is simple, although it requires some understanding of how that process actually works.
One of the fancy terms used for creating NFTs is “minting”. So if you are a designer and thinking about minting your own version of NFT then you are at the right place.
Step 1: Select a winning item
In order to start, you need to choose your best piece of artwork. Whatever you choose can be turned into your NFT.
NFTs can be created from digital artwork, as well as written words, musical compositions, video clips.
To sum up NFT focuses on transforming digital art into one-of-a-kind works that can never be reproduced. A stunning example of one of the priciest NFT artworks ever sold.
Step 2: Select a cryptocurrency exchange and buy some
The same as in real life, currency is needed for certain tasks. Likewise, each blockchain requires its respective indigenous currency for all operations, as well as minting.
The Ethereum blockchain is used to sell most NFTs. As soon as you choose your digital asset, go grab some ether.
Why we are emphasizing ether here because several popular exchanges deal in ether.
Note: Minting NFT costs money.
In the Ethereum blockchain, transactions are subject to fees collected by miners. Gas is the usual term used for these fees and the sum of gas required for a deal varies widely.
Almost every NFT marketplace has its own selling procedure. Gas will be required for most operations on a blockchain, including generating NFTs, transferring them, and placing bids to buy them.
Step 3: Set up your crypto or Ethereum wallet
For a decentralized system, a digital wallet is required not only to mint but also to access your digital assets.
Open and then set up your ethereum or crypto wallet on the NFT marketplace. Specifically, one of the main reasons you need a digital wallet is that the entire minting operation will take place in conjunction with a trading platform.
There are many Ethereum based wallets out there, however, the most widely used and user-friendly one is Metamask. Both app versions are freely available on iOS and Android platforms.
And to make your own NFT, the requisite cost is unpredictable. It is required that you own at least $100 or more in value of Ethereum, but be aware that you might have to pay a lot more in terms of the ongoing transaction cost.
Another largest marketplace named “Opensea” does not charge any fees due to the token that it generates, but it still requires you to connect a wallet for registration purposes.
Step 4: Decide which NFT market to use
Once you’ve got your digital wallet and a little digital currency, you’re ready to start making your own NFTs.
But for that purpose, you must first pick an NFT marketplace. Top 10 NFT marketplaces include the following:
- Nifty Gateway
- NBA Top Shot Marketplace
- Axie Marketplace
The next step is to research each market individually and choose one where your NFT has a good chance of succeeding.
One example is NBA Top Shot, which is a basketball-related market. Likewise,
Axie Marketplace is an online store dedicated to the popular NFT game “Axie Infinity”.
Note: Certain marketplaces accept their own cryptocurrencies, such as Rari on rarible.
As soon as you have chosen your NFT exchange, it is vital that you set it up with the digital wallet so that you can deposit the costs required for minting as well as receive revenue thereafter.
Step 5: Put your NFT file on the marketplace
After pairing your wallet to make payments using ETH, you are all set to publish your NFTs.
Ideally, a market such as (Rarible) offers a simple step-by-step process for submitting files to the marketplace.
There are a variety of formats supported by Rarible, including MP3, MP4, GIF, PNG, WEBP files as large as 30MB.
In this way, you’ll be able to create a marketable NFT from your digital file.
If you want to make your own listing at Rarible, simply tap on the blue button in the upper right corner.
You will see a few options on your screen to connect your wallet in order to make your own NFTs.
After that, you will have the option of creating an individual, unique piece of artwork or selling the same item over and over again.
For the sake of simplicity, assume we choose the single option for now.
The final step is to attach the digital media you wish to use as an NFT. Hit the preview button to get an idea of what your NFT will look like when uploaded to the marketplace.
Step 6: Set up the bid
At this point, you must make a decision regarding selling the art you created. There are 3 options to choose from.
- A Fixed-price
- Timed auction
- Unlimited auction
Setting a fixed price: You can sell immediately with a fixed price. Just as you would create a listing for your store.
Thus, it will be up to the first buyer to pay what you demanded for your NFT.
Setting a timed auction: If you pick up the timed auction option you can customize the price and timings of your auction like your auction will be active for a specified period of time.
Setting up an unlimited auction: Unlimited auction is much more like your NFT item is open for bids and that option allows bidders to keep placing bids until one is accepted.
Then comes the challenging decision of setting a minimum bid. But what makes it challenging? Here’s what I mean.
The fees will eat up all of your profit, so selling at a price that is too low leaves you with nothing. We will aim for a reasonable price say one Ether and give people enough time to bid, a few days may be, according to your needs.
After that, you can unlock the pieces you’ve bought, enabling you to present the buyer with a high-resolution copy of your digital artwork along with a link to download.
Another challenging part is to choose a collection that is I think very technical for the persons that are experiencing it for the very first time.
Such as the question “How blockchain is set up” whereas the default option here will be “Rarible” and it will be recommended to leave it as it is.
Step 7: Briefly explain your NFT
Briefly describe your NFT item by providing details like the title and some information. In order to increase the chances of selling your NFT, it is important to make time to plan ahead.
The next step is to decide how much royalty you intend to recoup in the event of a sale of your artwork.
Last but not least is the advanced settings section, which allows you to further customize your NFT artwork. It is entirely up to you, by the way, but it might come in handy when designing objects with various attributes and additional descriptions so that your NFT becomes more useful overall.
Make sure the whole thing meets your needs. Otherwise, it will be costly to change down the road.
Step 8: Finally, submit a fee
If you are certain that your NFT is perfect, simply click create to make it happen. However, if you do not have enough funds, it is okay as you do not have to start from scratch.
Just hit the wallet icon present on the right side of your page in order to fund your account directly.
Note: It may initially appear to be a nominal listing fee, but that is merely the start. Prior to moving forward, you must agree to a follow-up charge in order to create the NFT.
In the event that anyone ultimately purchases your NFT, a commission will be due.
Commission Fee + Transaction Fee
Who Will Buy These NFTs?
Honestly, when I heard about NFTs for the first time, like thousands of other people, I questioned, “Who will buy these NFTs?” After conducting deep research I found out a great number of NFT investors and fans asking for NFTs.
From well-known figures such as Jay-Z, Gary Vee, Mark Cuban to everyday people.
In case you’re a shopper who enjoys shopping from top brands and giving back to the community, an NFT may appeal to you.
In the event that you believed digital collectibles were a thing of geeks and rich people, think again.
For someone who has ever bought a virtual asset in a game, whether it’s an outfit or character customization, there’s no mystery why they would want to invest in NFTs.
Apart from reaping financial gains from purchasing and trading digital collectibles, anyone might be interested in owning one regardless of the motive.
Learn more about bitcoins and ethereum in our complete guide.
Are NFTs worth investing in?
Millions of dollars are made by individuals collecting and trading NFTs, with some expecting future profits. However, most analysts are reluctant to believe that NFTs are worth investing in. The explosion of NFTs has just begun, but large sums have already been traded between investors.
Is it possible to sell more than one copy of an NFT?
Yes, it is possible but with some conditions like it’s possible to mint several versions of a single NFT at super high prices and label it a limited collectible. This does not imply selling the identical artwork more than once using two- or more-different blockchains.
Is it possible to mint other people’s NFT?
Generally speaking, yes. NFT creators who use other people’s work must verify their rights. The law of copyright provides a set of rights reserved for the holder of the copyright to an object.
Who owns the largest NFT?
“Man named – Vignesh Sundaresan” who bought the NFT that was Beeple’s 5000 days can say that he owns it was sold for $69 million.
What are the best-selling NFTs?
Bestselling NFTs till now is Beeple’s piece of art named “Everyday: The First 5000 days” created by “Mike Winkelmann” which was sold for $69 million.
At what marketplaces I can sell my NFTs?
Answer: You can sell your NFT digital artworks on any of the markets listed here that are also the top NFT marketplaces for creators to sell. One of the leading marketplaces is “OpenSea” and others are as follows: