Non-fungible tokens, or NFTs, have been getting a lot of attention lately from every digital asset investor. This is not surprising, especially when you hear stories of artists where they were able to sell an NFT for a huge profit.
Once you look at the market, you should see how NFT has skyrocketed in recent years. According to a source from tracking company DappRadar, NFT trading has exploded from just $10 million in 2020 to a staggering $22 billion in just 1 year. And the collective value of the top 100 NFTs has gone up to a pretty high $16.7 billion.
But first, what is NFT? How to create an NFT: A beginner’s guide. The concept is a bit confusing but don’t worry, we’ll walk you through the basics you need to know along with how to create and mint your own NFT.
What is NFT?
NFT is a digital asset whose unique identity is kept and verified on a Blockchain “commonly known as a digital ledger”. And since each NFT will be irreplaceable, it cannot easily be exchanged for another asset of the same value. Common NFT assets are usually images, videos, music, GIFs, and collections.
The NFT will hold the value because only one version containing the content will be created. In other words, an NFT can only have one owner at a time the NFT is created and operated. No one has the right to change its ownership or create the same new NFT on the Blockchain. Because of this scarcity, creators/owners have the ability to set their own rates for their content.
How does NFT work?
NFT would require the creation of digital tokens, through a technique known as cryptography. In the crypto world, the process of creating this token would be called minting. As usual, if you want to mint NFT, you are required to pay to create smart contracts in cryptocurrency.
Smart contracts are pieces of software code that allow the blockchain to securely and transparently store information. And ultimately these tokens will be what governs the ownership and transferability of the NFT.
Who is capable of generating NFTs?
Anyone with a supposedly modest amount of money to spend can freely earn an NFT. Today, NFT platforms provide tools that can allow you to create all types of NFTs. As well as being able to attach unlockable content to your files. Whoever you are: Artist, musician, collector, entrepreneur or a company. You are free to create your own NFT using the very easy minting tools available in the NFT marketplace.
Some examples of popular NFTs
Before we want to dive into NFT research and manufacturing, let’s take a look at some common NFT examples that will give you more inspiration.
Everydays: the First 5000 Days
NFT is a digital collage consisting of 5,000 images created by Mike Winkelmann, a digital artist with the nickname Beeple. The painting was minted as a JPG file and sold for a record-high $69.3 million at a major auction in 2021. The value of this NFT lies in the 5,000 images Beeple makes each year. day. From May 1, 2007 to January 7, 2021.
Nyan Cat GIF
Meanwhile the interesting thing about NFT is that anyone can turn their works into a one-of-a-kind piece. On its 10th anniversary, Nyan cat creator decided to turn a hugely popular GIF into an NFT and auction it off. Guess what the winning bid is! That’s right, it falls around 300 Ethereum tokens. That is over $950,000 based on Ethereum price at the time of this writing.
Bored Ape Yacht Club
The Bored Ape Yacht Club is a fairly high-grossing NFT collection.. With the created work including 10,000 cartoon apes. It is considered the brainchild of four friends, who were inspired to use cartoon monkeys as their social avatars. It is because “aping in” is a term used to refer to people who will purchase the new NFT and take into account no risk involved. A handful of team members knew that, a few years later, everyone from celebrities to businessmen would adopt and spend huge amounts of money on their work. Just recently, Eminem shelled out a whopping $462,000 to get an NFT Bored Ape.
To enable collectors to shell out huge sums on hit and rare toys, Doge NFT shows how digital scarcity has made iconic products possible. become a valuable product. In June 2021, a hit meme about a smirking Shiba Inu dog named Kabosu was sold for $4 million. The interesting thing here is, the group of NFT investors who bought NFT are now selling ownership against its ratio. This shows that anyone can own a piece for as little as $1.
How to create and mint an NFT
Here are the basic steps to be able to create an NFT of your own. But keep in mind that this is not a complete guide to NFT. There are also different ways this can be done depending on the tool you choose to use. So use the tips below as a general guide.
Decide what type of NFT you want to create
NFT is very flexible – there are a lot of options so you can choose the type you want to create. Options include artwork, event tickets, memes, media and music, games, virtual items, and more. You can even create NFTs for real-life items, such as valuable collectibles or the autograph of a famous person.
They are usually used as image, audio or video files like JPG, PNG, MP4, MOV,…
But if you decide to create a simple NFT, then you don’t necessarily need a developer. If your NFT is a more complex item like a game or a complex smart contract (condition of sale), you may need help from a developer.
Create your first NFT and think about how you can provide value to your audience. If you already have a business then you can try creating a loyalty card or exclusive discount code. That if there is potential you can hire an artist to create the artwork at your discretion.
Choose an NFT marketplace
When it comes to finding where to mint your product, there are many NFT marketplaces to choose from. Each NFT marketplace has its pros and cons for sellers, so make sure to do your research before making a choice. Three of the most popular options are OpenSea, Rarible, and SolSea.
These platforms will make it easy for new innovators to dive into the world of NFT. Some will require you to authenticate or write your NFT on the Blockchain, while some like OpenSea and Rarely allow “shortcuts” like lazy minting. In the process you can avoid a fee by selling your NFT without having to write it on the Blockchain and then passing the fee on to your buyer if the product is purchased.
One of the most important considerations for beginners is the fee also known as “gas”. Depending on how it mines and sells its NFTs, each market will have its own fees. For example: OpenSea requires a fee to create your account which will also sometimes go up to $100 in each case.
Set up a crypto wallet
The next step is to create a digital wallet, where you will have to store the cryptocurrency along with your own NFT. One important thing you have to take into account when choosing a wallet is compatibility with the Blockchain and NFT market that you intend to use to mine your NFT.
While there is no shortage of crypto wallets, for some NFT creators use the MetaMask browser extension wallet. This is also the reason why this wallet is easy to set up and connects to most Blockchains used to create and trade NFTs, including Ethereum, Binance Smart Chain. And other popular wallets like: Enjin, Alpha Wallet, True Wallet.
Important Note: Most NFT wallets will be browser-based, which means they are as secure as the underlying browser app. For maximum security, we recommend investing in a hardware wallet like Ledger Nano X. This wallet will store your private keys offline, which is used to manage coins and assets. NFTs vary across blockchains.
Buy crypto through an exchange
After you’ve created a wallet, it’s time to buy some crypto so you can refuel to mint your NFTs. To do this, you must know how to create an account with a reputable exchange like Binance, Kraken or Crypto.com. This process will be quite simple, you can use a Smartphone to complete.
Now that you have an account, you can log in and buy crypto. To mint NFT, you need to buy Ethereum (ETH), or Solana (SOL) depending on the Blockchain you want to mint. Once done then transfer your funds to the established wallet.
The steps to transfer an exchange to your e-wallet include:
- Login to the exchange
- Open Wallet Tab in top or bottom navigation
- Tap withdraw and select relevant currency
- Enter the wallet address in the address field
- Choose the right network (ERC-20 for ETH, Solana for SOL)
- Enter the amount and press withdraw.
Connect your wallet to the NFT platform and mint cryptocurrencies
Once your wallet is fully loaded, you need to connect it to the NFT platform you use to generate your digital assets. We will show you the steps to do it (we will use Rarible in the market as an example).
- Go to Rarible.com and click the Connect Wallet button in the right corner of the screen.
- choose your digital wallet (Such as MetaMask) and give Rarible permission to view your accounts.
- Click connect and accept the terms of service and confirm the age of the platform.
- Return to Rarible’s homepage and press the blue create button on the top right.
- Dual select keeps creating a single digital copy of your NFT and creating multiple copies to sell the same item over and over again.
- Upload the digital file you want to mint into NFT.
7.Next, you will be asked to choose how you want to sell your NFT file. It is not required to sell the property while creating it. You can also sell it and set the minimum price after minting.
- Choose whether you want to provide a full high-resolution version of the NFT or add unlockable content via a secret download link or website.
- Select Rarible as the collection for the NFT.
- Add a title and description to your NFT art.
- Specify a certain percentage of the royalties you want to receive for secondary sales.
- Specify the properties of your file such as color or size in pixels.
- Click Create item.
- Approve transactions in your crypto wallet (gas fee payment).
Connect your wallet to the NFT platform and mint cryptocurrencies
- Click Confirm > Upload File and Mint Token.
- Confirm contract integration in your wallet (a small gas fee will be charged for smart contract creation).
- Sign a sell order by clicking Login your wallet.
And that’s it. Your NFT is now minted. To find the generated NFT, click Profile > My Items. Your NFT collection pops up on your screen.
Your Own NFTs aren’t as far away as you think
When you first hear about NFT, it feels like it is quite complicated or impossible to enter the market on your own. But with thorough research, diligence, and creativity, more can be achieved than it seems. And if you’re on the right track, you might as well join the million dollar NFT club one day!
Through this article, we only share a few experiences about NFT. How to create an NFT: A beginner’s guide will be of great help to new investors to know the methods to invest and find profits for themselves, of investors who are planning to join the NFT platform. Hereby we thank our predecessors and would like to thank the new digital investors who have followed this article.