Although they’ve been around since 2014, nowadays, people spend millions of dollars on NFT collectibles, from art and music to sports trading cards, digital houses, game items, sneakers, and toilet paper. Have you heard about the iconic GIF of Nyan Cat sold as NFT, the famous NBA Top Shot collection, or Grimes getting millions for NFTs? You can read on for a complete understanding of NFT and the best way to make one.
In 2021 the market for Non-fungible Tokens (or NFTs) was valued at $41 billion, which is close to the global total of fine art.
With the NFT frenzy still at its high, it’s natural if you’re eager to hop on the NFT train and learn how to create NFTs, mint your own NFT, etc., to benefit from the NFT mania.
It is easy to create an NFT. Anyone with basic computer knowledge and the right tool can do it.
Let’s get started!
What exactly is an NFT
Two types of tokens are available in the cryptocurrency space: Fungible (NFTs) and Non-Fungible (FFTs). Fungible tokens allow for the exchange of one another. For example, crypto tokens such Bitcoin (BTC), Ethereum(ETH), and others.
A Non-Fungible token can be used only once and cannot exchange for any other. Just like crypto tokens and non-fungible tokens are verifyable on blockchain, but one BTC can be identical to another BTC. One NFT, however, is unique on blockchain.
Non-fungible tokens (NFTs) are unique units of data on blockchains that can be linked with digital and physical objects such as music, works of art, JPEGs or postcards to give immutable proofs of ownership.
With blockchain technology, NFTs enable individuals to buy and sell digital assets. NFTs cannot be changed once they have been encrypted. Their originality and legality are verified through blockchain technology.
To understand it better, let’s take the latest craze in the NFT world, the True Plebs NFT collection. It’s a collection of unique 5555 NFTs that represents plebs in the crypto world. Anyone who owns any of the 5555 True Plebs NFTs can have their own NFT. This will give them an independent identity.
The world’s first NFT, titled “Quantum,” was minted by Kevin McCoy, a digital artist on the Namecoin blockchain, on 3rd May 2014. This was a digital representation of an Octagon that could pulsate and change colors just like an octopus. It led to more research and development, but little was accomplished until the 2015 launch of the Ethereum blockchain. Ethereum was chosen by NFT fans as the best place to go for information regarding ownership and digital assets.
ERC-721 tokens were developed in 2018, and most NFTs are still in existence. An NFT is governed by a smart contract that gives the token a unique identity and holds all the information about the NFT’s history, ranging from creation date to its past/current ownership, etc. The data is used to establish the NFT’s ownership, which is stored on a public ledger and is easily verifiable over the blockchain.
ERC-1155 is another standard that NFTs can use to reduce transaction fees and storage costs. This standard preserves the NFTs’ uniqueness and allows creators to sign artwork using their digital signatures in metadata.
The Cryptokitties NFT Collection was one of the most well-known and popular NFTs. Each NFT had its own price, in Ethereum. The Cryptokitties NFT collection was first launched on Ethereum Blockchain on November 2017. Within a few weeks it had a large fanbase that spent approximately USD 20,000,000 on them. Users could purchase, feed, and nurture those Cryptokitties and even have them reproduce offspring at their own price depending on the parents’ price.
You can turn your NFT into something else
NFTs are digital assets that have a value of millions. You might be curious about how to create an NFT, and then sell it on the NFT Marketplace.
You can turn any digital asset such as music, art or files into an NFT. An NFT can also be made from any tangible asset, such as real estate and cars.
It is likely that you are wondering about the NFT for real estate and a vehicle. It is easy to understand. Let’s say you own a car and have made a NFT with all data regarding its ownership, use, purchase time, etc. Now, if you sell that NFT to someone, it means you’re also passing on the ownership of the car to that person. All data regarding the sale will be saved on blockchain. The transaction will occur when all conditions are satisfied in smart contracts. This would connect you directly with the buyer, and you wouldn’t need to pay any commission to middlemen. Digital art and any other digital file, like music, can be sold to anyone without difficulty by any digital artist that owns the NFT. The artist would be given more control of their work and could make some decent money.
NFTs are also possible for government issued ID cards like passports. All of us have been through or are familiar with the difficulties associated with customs and immigration. If the passport is converted into an NFT, it’ll be unique for every individual and will store all the information about them, including travel history, over the blockchain in a digital ledger that would be easily verifiable. It would simplify the whole process, and it will make things easier for all involved.
An NFT can transform our world. It is not something that the majority of people believe. However, it has the potential to revolutionize many industries and other aspects of our daily lives. You can convert any item into NFTs, and you don’t need to deal with middlemen.
The world has witnessed a boom in the NFT marketplace in the last couple of years, and 2021 is known as “The Year of the NFT.” There was a lot of hype and interest in NFTs, and everyone from sports stars to movie celebrities to big business houses and entrepreneurs entered the NFT marketplace, including Grimes, Snoop Dogg, Paris Hilton, Shawn Mendes, Jimmy Fallon, and brands such as Nike, Adidas, Lamborghini, McDonald’s, Burger King, Louis Vuitton, Pepsi, etc. NFTs were in high demand and sales rose dramatically. NFT makers were selling NFTs at thousands of dollars. They created NFT art and mint NFTs.
Bored Ape Yacht Club is one of the biggest NFT collections that was launched in this period. This collection contains 10000 unique NFTs, all derived form 172 distinct assets. Although initially priced at USD 0.08ETH (USD 190), the Bored Ape Yacht Club NFTs soon rose to millions. The Bored Ape Yacht Club NFTs are now worth more than USD 1 Billion.
How to create an NFT
To make your NFT, follow our instructions below.
It is important to choose the blockchain in which you would like to establish an NFT. Ethereum is the most preferred blockchain by creators. It’s also where many major collections are launched. However, Ethereum gas costs can prove too costly for new creators. Solana is Tron, Polkadot and Binance Smart Chain are all good choices for NFT creation. This is because the cost to mint these blockchains is very low. Some chains, such as Polygon, do not charge any gas fees.
Let’s look into NFT minting on the Ethereum blockchain.
- Choose an NFT marketplace
Next, you should consider the NFT market place that you want to create NFTs. There are many NFT markets that allow you to create NFTs, including OpenSea and Treasureland. BakerySwap is another option., etc. OpenSea’s NFT platforms and Rarible’s NFT platforms permit you to mint on Ethereum and Solana blockchains. Treasureland and BakerySwap work on the Binance Smart Chain.
We’ll be looking into minting an NFT on OpenSea and Rarible, the two largest NFT marketplaces, but the process is somewhat similar across most platforms.
Prior to creating an NFT, you need to select a cryptocurrency wallet. Although there are many options, the best-known crypto wallets include the MetaMask Wallet or the Coinbase wallet. MetaMask can be used as a digital wallet that is decentralized, while the Coinbase wallet works in a central manner.
We’ll choose the MetaMask crypto wallet as an example. MetaMask’s wallet app is available for download on mobile phones. You also have the option to add it to your browsers as a web extension. The extension will appear in your browser’s upper right corner once it has been downloaded.
To proceed, you will need to register on MetaMask. Once you’ve entered your username, you’ll be required to set a password for your account. After setting up a password, you’ll get a seed phrase which you should note down and securely store as it’s the only thing that’ll help you recover your account if you forget the password to your digital wallet.
Since we’re minting our new NFT on Ethereum, you need to deposit some Ethereum into your MetaMask Wallet. MetaMask lets you send Ethereum directly from your other wallets, or purchase Ethereum directly with bank cards. It also allows for other payment options depending on your geographical location. For a successful minting of NFTs, it is recommended that you purchase USD 200 worth ETH. You can then connect your wallet to the NFT Marketplace and start creating your NFTs once you have enough Ethereum.
Deciding what NFT you would like to create
Each of us are not all artists or designers. NFTs require the same level of digital art expertise as traditional business. It is important to determine what your NFT will look like before you start making plans. It is vital that this is done because you may not find buyers for every NFT online. You need to choose something that is likely to attract buyers. You can upload your own artwork, photographs, music or video. You can use the following steps to create an NFT from any item you have. If you don’t have any NFT-worthy material, the steps are slightly different.
One NFT, or A Complete Collection
Once you’ve decided on what is it that you want to turn into an NFT, the next step is to decide whether you want to create a single NFT or to create a whole collection. You may wish to build a whole collection of NFTs exclusive to buyers, but you don’t have enough time or technical knowledge. Follow these steps.
- Give the collection a name
First, choose a name that appeals to buyers. Make sure it is unique and exclusive.
- Setup A Website, Social Media, Discord, etc.
Next, you will need to create a website and social media accounts on Twitter, Facebook Instagram, Discord or Reddit. You need to do this for your collection. Simply listing it on the internet might not be enough. Social media will help you promote your collection across multiple platforms and social media. You can create a website or manage social media promotion if you have the skills. But in case you aren’t, then fret not, you can always outsource your work to freelancers through different freelancing platforms such as Fiverr, Upwork, etc. You can find reliable, trustworthy, and efficient freelancers through these platforms who will handle all of your tasks. These freelancers will help you set up your site, manage social media and promote your NFT project so there’s hype. You should build loyal customers for your NFT projects before they launch. This will help you attract new customers as well as raise your prices.
As you already have people who manage the site and social media promotion, it is possible to hire digital artists and designers locally, as well as through freelancing platforms. They will produce different artworks depending on what you choose for your NFT collection. Once you’ve done that, you can simply mint the NFTs yourself as detailed below or outsource the job as before.
Voila! You’re all set to start making NFTs and selling your NFT collection online to people across the globe and become a part of the revolution.
OpenSea – Create an NFT image
OpenSea, one of the most popular NFT platforms for selling and buying NFTs is very easy to use. For more information, you can check How to Mint an FFT. These steps will help you connect your MetaMask wallet with OpenSea.
- OpenSea. Click on the Wallet Sign in the upper-right corner.
- From the available Wallets, select MetaMask.
- OpenSea will open the MetaMask plugin and ask you for permission to log in. You can click it.
- Accept these terms and conditions.
- OpenSea will require you to verify your account by using an email address as well as a username. An email verification will be sent to you; please click the link to confirm your account.
- Initiate an NFT
The next step in NFT minting on OpenSea is to click on “Create” and follow these steps to mint your own NFTs:
- Upload your image, audio and video.
- Name it.
- Please write a description about the NFT.
- It can be used as a single NFT or part of a larger collection.
- The NFT supply should be adjusted.
- Select the blockchain “Ethereum.”
- And finally, click on the “Create” button at the bottom. After you have agreed to pay the fee, your NFT mining should begin immediately.
OpenSea also allows users to perform lazy minting, where creators don’t have to pay any gas fees for the minting; instead, they’ll only be charged when the NFT is sold.
After you’ve created your own NFT, you can then choose to sell it. NFTs can be listed for sale at a fixed price in ETH. It will also remain open for bidding for a specified time.
Create an NFT image on Rarible
Rarible, another marketplace, is a popular place where you can sell and buy NFTs. These are the steps to create an NFT using Rarible.
- Connect your MetaMask Wallet with Rarible
- After authentication your wallet will successfully connect.
- Click on “Create” and select the Ethereum Blockchain.
- You can choose the NFT type to be uploaded.
- To create an NFT, upload the file, image or gif.
- Select whether you want to sell it for “Fixed Price,” “Open for Bids,” or “Timed Auction.” You set a minimum price in the timed auction and leave it open for future bids. You will need to specify the amount in Ethereum you would like to sell your NFT for if you choose fixed price.
- Choose whether your NFT should be an RARI token or ERC-721 token.
- The button will allow you to free-mine the coins, which means the buyer has to pay the gasoline fees. This button can be turned off, and you may also pay the fees.
- Please enter your name, description and other details to create your NFT.
- Input the total number of royalties that you want to be paid for your NFT.
- You can click on Create Item to get your NFT minted within a matter of minutes.
Congratulations, you’ve created your first NFT on Rarible, and it’s ready to sell!
It is possible to easily create NFTs from scratch and sell them, as our NFT Creation Guide has shown. The NFT market value can fluctuate based on hype, so make sure to do some research before you buy or sell any NFT.
Learn more about NFTs at How to Invest in NFT or How to Buy an NFT.
To learn more about cryptocurrency exchanges, wallets, portfolio trackers and tokens you can visit the CoinStats Blog. You also have access to our detailed guides such as: What are Blockchain Layers? How do they work, DeFi and how to buy cryptocurrency.