For the past couple of years, NFTs have taken the world by storm. And the mere thought of “how to create an NFT” has made millions of dollars for many. So why not hop on the wagon yourself? Now you already know that creating an NFT isn’t just about creating the art. And the technical details may sound overwhelming, so we’ve put together a simplified and ordered guide.
What is an NFT?
No judgment if you’ve stumbled upon this page without knowing much about what an NFT really is. Maybe one of your friends said “Hey, that’s a pretty cool sketch, you should sell it as an NFT”. And maybe you really should.
So NFTs, or non-fungible tokens, are digital tokens stored on the blockchain. This may sound like a cryptocurrency, but it’s not. Each NFT has a unique identity and you can’t exchange it for another asset of similar value. Unlike cryptocurrencies that can be traded for one another. NFTs are usually represented by digital artwork. This can mean pictures, animated videos, or audio clips.
How to create an NFT
Now that we’ve pinned down what an NFT even is, we can dive into the details.
Step 1: Decide what type of NFT you want to create:
As we previously stated, NFTs are usually tied to digital art. They’re often in the form of an image, audio, or video file, like JPG, PNG, MP4, MOV, and the like. But sometimes they can be event tickets, video games, or real items like celebrity collectibles.
You won’t necessarily need a developer if you decide to make a simple NFT. But if your NFT is a more complicated item, like a game, or has a complicated smart contract, then you may need the help of a developer. It’s also important to ensure you have ownership of your media. Creating an NFT from media you don’t own will bite you legally.
Step 2: Choose a Marketplace:
There are tons of NFT marketplaces to choose from. With each one having its own list of pros and cons for the seller. So It’s very important that you do your research on which one you decide to go with before actually committing. The most popular platforms are OpenSea. SolSea, and Rarible. Some platforms require you to write your NFT on the blockchain. Others, like OpenSea and Rarible allow “lazy minting”. Lazy minting means you can avoid some fees by putting up your NFT for sale without writing it on the blockchain. Then you pass that fee to your buyer when they buy your NFT.
Another thing to consider as a beginner is “gas”, or fees. Each marketplace has its own fees depending on your minting plan. For example, OpenSea requires a fee to start your account, sometimes up to $100.
Step 3: Choose a blockchain:
The blockchain will keep a record of your NFT, so it’s also important to do your research about which one fits your requirements.
The most popular NFT blockchain is Ethereum. This blockchain currently operates using the proof-of-stake (PoS) consensus mechanism. And it has become much more eco-friendly than before. Most NFT marketplaces support the creation of Ethereum NFTs. But transferring NFTs on the Ethereum blockchain may come with high gas fees.
The nearest competitor to the Ethereum blockchain is Solana. It’s basically the lower-cost alternative to Ethereum. It offers transaction fees of less than $0.01. In addition, Solana utilizes both the proof-of-history (PoH) and PoS consensus mechanisms and boasts much faster transaction speeds than Ethereum.
Step 4 of how to create an NFT: Set up a digital wallet:
After choosing a blockchain, you must now choose a digital wallet compatible with the blockchain. A digital wallet is an application you use to store your cryptocurrencies and NFTs you mint or buy.
The most infamous wallet is MetaMask. MetaMask supports a wide variety of cryptocurrencies, as well as both Ethereum and Solana blockchains. You can use it as a mobile app or add it as a browser extension.
Step 5: Connect your wallet to the NFT platform and mint:
You’ve chosen your platform, you’ve set up your wallet, now just connect them together. Platforms like Opensea and Rarible make this step easy. By clicking the Create button, it automatically prompts you to connect your wallet. After that all you need to do is upload the files, fill in the required details and click “Create”.
Step 6: List your NFT for sale:
Once your NFT is live and safe in your wallet, simply hit the “Sell” button on your platform and choose the price you wish to list it at. After the details of your sale are all in, you can create the listing. You’ll need to sign a few transactions in your digital wallet, which may include paying transaction fees on your chosen blockchain.
The bottom line is, how to create an NFT may sound impossible until it doesn’t. Minting NFTs requires basic knowledge of a few technical concepts. Blockchains, digital wallets, and smart contracts will sound gibberish until you start actually going through them on a daily basis.