Non-fungible tokens (NFTs) have become one of the most popular items in cryptocurrency over the past few years, with billions in trading volume and a slew of celebrity endorsements pushing the digital artwork to the forefront of mainstream media outlets.
NFTs can be created directly on NFT platforms, allowing you to mint (the process of creating or producing something) and upload your artwork on the blockchain. This guide will detail the exact steps needed to create your first NFT, including how to upload your artwork, how to choose the right blockchain, and where to list it for sale.
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
Unlike cryptocurrencies, NFTs cannot be exchanged for one another, as each NFT is unique. Cryptocurrency, on the other hand, is fungible and can be traded with equivalency. It means that the value of each Bitcoin is the same, so they can be traded for one another.
NFTs are typically represented by digital artwork, such as pictures, animated videos, or music. They can be bought and sold on NFT marketplaces, typically requiring cryptocurrency for payment.
Creating an NFT can be done on an NFT marketplace or crypto exchange that supports NFT minting. Follow these 6 steps to create an NFT from scratch:
NFTs are typically tied to a piece of digital art. This may be an image, an audio production (such as a song), or even a short video clip (such as an animated GIF). The goal is to create a unique piece of digital media that can be sold, just like selling a painting at an art gallery.
NFTs provide value to creators by being unique, something that cannot be owned elsewhere. It is especially important to ensure that you own the right to the digital media you are using, as creating an NFT from media that you don’t own may come with legal ramifications.
There are several blockchains that can store your NFT. This blockchain will store a permanent record of your NFT, so it’s important to choose the one that fits your requirements:
This blockchain currently operates as a proof-of-work (PoW) blockchain, similar to Bitcoin, but is transitioning to a more eco-friendly proof-of-stake (PoS) consensus mechanism. Most NFT marketplaces support the creation of Ethereum NFTs, though transferring NFTs on the Ethereum blockchain may come with high gas fees.
There are several other blockchains that support NFTs, each with its own community and decentralized apps (DApps) for creators and NFT owners.
Once you choose a blockchain, you will need a digital wallet that supports that blockchain to store your NFT. To create a wallet, you will need to download the crypto wallet app, provide a username and password, and store your private keys and recovery phrase offline for backup purposes.
There are several popular wallet apps that support multiple blockchains:
There is an ever-growing list of NFT platforms that allow you to create an NFT, but the best ones offer a full-service marketplace to list and sell NFTs as well. Here are a few of the most popular NFT platforms:
Once you have chosen a platform, creating an NFT is fairly straightforward. Here is an example for creating an NFT on OpenSea:
After hitting create, your file will upload, and the NFT will be created. But the NFT is not listed for sale just yet, and the metadata is technically changeable until you list your item for sale.
Listing an NFT for sale is simple, and most NFT platforms allow you to do this for free. Once your NFT is created and in your wallet, you can simply hit the “sell” button on the platform of your choice, choose the price you wish to list it at, and how long you want the sale to last.
Once the details of your sale are filled in, you can create the listing. This will require you to sign a few transactions in your digital wallet, which may include paying transaction fees on the blockchain you chose. Solana transactions are very small, typically less than $1, while listing an NFT on the Ethereum blockchain can cost upwards of $100, depending on the network fees at the time of listing.
Once the NFT has been listed, it should have its own unique URL that you can share with others. Fees are paid to the NFT marketplace by sellers when a purchase is made, typically 1% to 3% of the total transaction.
But when you create the NFT, you can add in a “royalty fee” which pays you a percentage of the transaction each time your NFT is subsequently sold. Creators can earn up to 5% – 10% for every transaction.
Yes. Most NFT platforms allow you to create and list NFTs for free. But, selling an NFT does come with a transaction fee, typically up to 3% of the transaction.
In addition, some NFT blockchains charge to mint NFTs to their blockchain, charging network fees to users. Ethereum charges a gas fee, which is based on a base fee plus a tip, and the fees fluctuate based on demand. The costs for minting an NFT has reached $500 per transaction. However, the Polygon blockchain charges no fees.
NFT images are simply digital images uploaded to an NFT platform. Most platforms support multiple image formats, including JPEG, PNG, and even animated GIF images. These images can be created a number of ways, but the upload format must be supported by the NFT platform to create the initial NFT image.
NFT owners do not qualify for copyright protection because they do not meet the basic criteria. They only represent data on a blockchain, which does not qualify as an original work of authorship.
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Bitcoin.com. ''Opensea's All-Time NFT Sales Volume Crosses $20 Billion.''
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