Thousands of non-fungible tokens, or NFTs, are available on the market today. Part of what makes this possible is that it’s relatively easy to create these NFTs.
Anyone can create an NFT, but it requires work. Thanks to the magic of blockchain technology and its permanent digital ledger, creating (also called “minting”) an NFT allows creators to always receive historical credit for its creation. That allows any NFT creator to set a fee or royalty when someone sells that asset.
The process of creating an NFT is simple, so let’s look at the most common methods.
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The first step in creating any NFT is deciding which format to use. NFT creators frequently choose to mint their creations from audio files, videos, images, and other digital documents.
It’s worth giving this thought because an NFT’s format dictates how people can use it. Some of the most popular formats include:
Regardless of the format, an NFT creator needs to choose one that’s easy for an NFT marketplace to support. So, you need to understand the limitations. For example, some marketplaces limit the size of the NFTs on their platforms. OpenSea marketplace, for example, limits NFTs to 100 MB, while Rarible has a maximum size of 30 MB.
After choosing a format, creators must consider the content of their NFTs. Serious artists will want to consider what the public might desire or find valuable in a digital work of art. They might also consider making only a limited number of NFTs to make their product offering rare. Just like in the world of tangible art, content, messaging, limited editions, historical significance, and intent all matter in digital art.
Part of how to create an NFT involves finding a suitable platform where it can be made. The same websites that sell and highlight NFTs also allow creators to mint those NFTs. These marketplaces have the technology necessary to add media to a blockchain — like Ethereum and others — which is an essential step when minting any NFT.
Finding and using a reputable NFT marketplace doesn’t require technical knowledge. OpenSea is one of the most popular of all NFT marketplaces based on trading volume, so it’s an excellent place to begin. There are many other marketplaces to explore, like Axie Marketplace, Rarible, and Mintable.
NFT marketplaces operate with different standards, including:
Digital money requires a digital wallet. Therefore, once an NFT has been created, opening a crypto wallet is the next step. The process for opening and using a crypto wallet varies, but in most cases, users can download and install wallet software for free. Any website that offers a wallet should provide the necessary instructions for use.
For users requiring additional security, a hardware wallet should work. This is a device that physically connects to a computer, similar to a hard drive, that is used to store cryptocurrencies offline.
Like regular wallets, crypto wallets also require funds. Users can add currencies by linking them to a crypto exchange and selecting how much they want to purchase. A bank transfer or credit card purchase is necessary. The currency required for NFT creation will vary by NFT platform.
There should be enough currency in your wallet to cover NFT fees. Each NFT transaction on the Ethereum platform, for example, will incur a gas fee. This is the charge that Ethereum levies to users to help pay for the computation required to add a transaction to the blockchain. These fees can change based on the size of the transaction, how complex it is, and the amount of network traffic involved. Gas fees can run higher and take longer to compute than expected, so users should be patient and have enough money in their crypto wallets to cover their fees.
The next step is to create an account with an NFT marketplace. The account can include links to a personal website or to a social media page with details on the kinds of currencies that are accepted for payment.
Lastly, NFT creators must link their crypto wallets to the NFT platform. Although websites can generally read desktop computer-based and mobile wallets alike, users of mobile wallets are often asked to scan a QR code in order to connect it.
Once you’ve taken all of these steps, you can now mint an NFT by uploading the files and coming up with creative names. For his first-ever NFT, Kevin McCoy chose the name “Quantum.”
Next, list the royalties for future NFT sales. Most royalty fees are 5 to 10 percent.
After minting, the final step that NFT creators must take is to set initial prices. NFTs can be sold either at a fixed price or through an auction. Timed auctions allow prospective buyers to bid on NFTs for a limited time, with the highest bidder getting the NFT and paying the final bid.
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The process for creating or minting an NFT is not complicated. It requires some money, artistic vision, an investment of time, and a willingness to learn a few key tools in the digital realm. Anyone can learn how to do it. The challenge with digital art is no different than in the world of tangible art: trying to figure out what will sell for millions of dollars.
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