How To Create an NFT and How To Sell NFTs
Cryptocurrencies have taken the world by storm, with more and more people getting interested in them every day. One of the most popular applications of cryptocurrencies is their use in digital asset trading. While there are many exchanges where you can buy and sell cryptocurrencies, there is another way to trade digital assets – through the creation and sale of Non-Fungible Tokens or NFTs. This guide will teach you the step-by-step process of creating your own NFTs from scratch and listing them for sale on an NFT marketplace.
This is a beginner’s guide, so I’ll assume that you haven’t bought or sold crypto before and that this will be your first real encounter with blockchain technology and the world of crypto. Let’s get started.
What is an NFT?
Non-Fungible Tokens, or NFTs, are unique digital assets and are not interchangeable with other tokens, even if they have similar values. This is in contrast to most cryptocurrencies, or fiat currencies (normal money) for that matter, which are fungible – meaning that one dollar or bitcoin, for example, is as good as another, and both are completely interchangeable.
One of the main use cases for NFTs is in the world of digital collectibles. Because each NFT is unique, you can use it to represent a specific item or asset, like a game character, a piece of art, or even a real-world asset. This makes NFTs a perfect tool for trading and collecting in the digital world, with particularly promising applications in the emerging metaverses under development.
9 Steps to create your own NFTs
Creating NFTs is known as minting, and it’s a very easy process. Putting them up for sale is even easier, and there are plenty of options out there. The following step-by-step guide shows you exactly how to mint your first NFT on one of the most popular NFT marketplaces today, OpenSea. While there are other options, the process is quite similar on all of them.
Step #1: Select the asset you want to mint.
The first step is to decide what you want to mint as an NFT. Ideally, this would be something you believe someone else is likely to want to buy and own. The good news is that the sky’s the limit when it comes to options. You can mint almost anything that can be stored in a digital file as an NFT. Some examples include:
- Digital images in different formats
- Video game characters
- Hand-drawn illustrations
- Digital photos
- Blog posts
- URLs for the metaverse
- Digital 3D models
- Content created by you or other users, especially if it’s special in some way.
- Songs or other audio files and even individual tracks within those audio files, and much more.
You can even mint real-world items attached to the blockchain through a QR code or an NFC chip. This brings the power of the blockchain and the metaverse to the realm of the physical world. For example, collectible cards or physical trading cards with embedded chips can be connected to the blockchain and then minted as NFTs on Ethereum.
Additionally, there are some options for minting 3D online games as NFTs, so if you run a video gaming company and you’re thinking of selling it, NFTs could be a good choice.
Step #2: Choose the blockchain where you want to mint your NFT.
This step can be a bit technical if you want to make the best choice possible. NFTs were all originally minted on the Ethereum blockchain, but today, there are a series of other derived blockchains to choose from that each offers its own sets of pros and cons. For example, there’s one blockchain called Polygon where you can mint NFTs for free, but in most other cases (including Ethereum), you’ll have to pay some fees.
Choosing the blockchain is also critical since it defines the cryptocurrency you’ll use to pay fees and receive payments. You cannot buy or sell NFTs directly with normal fiat currency like dollars or euros.
Even though it may be costly on occasions because of fluctuating fees called gas fees, most choose to go with the Ethereum blockchain for various reasons. However, the most popular NFT marketplace today, OpenSea, also supports the Polygon and Klatyn blockchains.
Step #3: Choose and set up a crypto wallet.
As mentioned before, both minting and selling NFTs are transactions done in cryptocurrencies, so before you get started, you need to choose a crypto wallet to store your crypto and to transfer and receive payments.
Coinbase is a popular choice, but a browser-based crypto wallet like Metamask is a better option for NFTs, especially if you ever plan on diving into metaverses like Decentraland.
Setting up your wallet is as simple as visiting their website, downloading the app or browser extension and following their signup instructions.
Step #4: Buy some cryptos.
As stated earlier, you’ll need to pay some fees along the way when minting and (especially) selling your NFTs in some blockchains like Ethereum. Therefore, you need to have a positive balance in your wallet to continue. The currency you need to buy depends on which blockchain you decided to mint your NFT on. In our case, since we’re going for Ethereum, then we’ll have to buy about $100 worth of Ether (ETH) to be on the safe side.
Where do you buy Ether? If you don’t own any other crypto, you’ll have to buy them with your normal money on a crypto exchange like CoinSmart, Binance (the world’s largest) or Coinbase (yes, the company also offers a crypto exchange service that is in the top ten worldwide).
Step #5: Select the NFT marketplace where you want to sell.
An NFT marketplace is the place you’ll sell your NFT, but it’s also where you’ll mint or create it. In other words, it’s the platform that will actually record your NFT on the blockchain you chose at the beginning. Some key considerations when choosing an NFT marketplace are:
- Choose one that is compatible with your chosen blockchain.
- Some NFT marketplaces are for general NFTs, while others are more niche-specific, so choose the one that better aligns with the type of asset you’re minting.
- Traffic and overall sales volume are indicators of how alive a marketplace is. You don’t want to choose a perfectly aligned marketplace nobody cares to visit.
Once you choose your marketplace, you’ll obviously have to create a user account. To do that, you’ll need an active crypto wallet with a positive balance. Linking your Coinbase wallet to OpenSea is as simple as scanning a QR code while linking your on-browser Metamask wallet is even easier. Just choose your wallet from the 13 options the platform provides and follow the on-screen instructions.
Step #6: Create a new collection (optional).
Once you have your account set up, you can choose between selling your NFT as a single, one-of-a-kind asset, or you can create a collection of related NFTs. If you plan on doing the latter, you’ll need to create a collection within OpenSea first.
Step #7: Upload the file, fill in the asset’s info and mint your NFT.
The time has finally come to mint your first NFT. All you have to do now that everything is set up is click “Create.”
You’ll be prompted to upload the file you want to mint. There are various file formats to choose from, including images, audio, video and 3D models. Once you finish uploading your asset, you need to set up the basic features of your new NFT. These features include the collection you want to add it to, unique properties you wish to add, unlockable content that only the owner of the NFT can access, and more.
Step #8: Sell your NFT.
To sell your newly created NFT, navigate to your user profile and click on the top right corner Sell button. The site will take you to the listing page where you’ll set your price (in the crypto of the blockchain you chose, Ether in our case) and set up the sale’s terms & conditions. Choosing a price can be tricky, but you want it to at least cover all the fees, including the gas fees that can run from as little as $10 to as much as $400, depending on fluctuating gas prices at the moment of selling.
You can choose between different types of sales, including fixed-price sales and auctions, or you can ever reserve the NFT for a particular buyer. It’s all up to you. Once you’re done setting everything up, you’ll have to complete your listing by paying a gas fee for the sale.
Step #9: Promote your NFT
Once the previous step is done, you are a proud NFT creator and seller. You’ll find a link to your listing on OpenSea to share on social media. Other popular options include building a virtual gallery in Decentraland or Sandbox and offering your newly minted NFTs there so users can view them as if they were in a real gallery.
The Bottom Line
Entering the NFT market is not as hard as you may think. In fact, it’s a pretty straightforward process that you can learn from reading this guide. So, if you’re an artist with a collection of digital artworks or a business owner with some unique digital assets people may want, NFTs are a good choice for you.
The minting process is as simple as uploading a file and filling in some basic information. Selling is similar to setting up a listing on any major Ecommerce site. However, if this is your first go at crypto, you’ll need to set up a crypto wallet and load it with some crypto bought on an exchange first.
Having said that, why not try this new way to sell your digital assets and see if it works for you.