How to Mint NFTs Step by Step
Since the rise of NFTs, or non-fungible tokens, there has been a surge in their popularity. These one-of-a-kind cryptocurrencies are fetching astronomical prices from eager buyers. One Beeple NFT sold for a whopping $69 million in early 2021, while many others have sold for millions of dollars.
In order to cash in on the current fad, a growing number of people are creating NFTs. How to manufacture (i.e. mint) and sell an NFT, here is a step-by-step guide.
1.Choose your item
Let's start at the beginning. First, decide what digital asset you wish to turn into a non-fungible token (NFT). Any of these can be used to create an original work of art, from paintings to photos to music to video game collectibles, to memes and GIFs, or simply a tweet. Unique digital items with only one owner are known as NFTs. For this reason, an NFT value is assigned.
Take a look at your item's intellectual property rights before making an NFT. It is illegal to create an NFT for a digital asset that you don't possess.
2. Decide which Blockchain to use
The process of minting an NFT begins once you've chosen your one-of-a-kind digital item. The first step is to decide on the type of blockchain you want to employ for your NFT. Ethereum(CRYPTO:ETH) is the most often used cryptocurrency by NFT inventors. Additionally, Tezos, Polkadot and Cosmos are well-known, as are Binance Smart Chain and the Tezos Token.
3.Set up a digital wallet account
It is highly recommended that you set up a digital wallet before creating your NFT, as you will need funds for the initial investment. Access to your digital assets will be made possible through the wallet. Crypto wallets like Metamask and Coinbase's NFT wallet are among the most popular.
You'll need to buy some bitcoin once you've set up your digital wallet. Almost all NFT systems accept the Ethereum blockchain platform's coin, Ether. Connect your wallet to a cryptocurrency account so that you may use it to buy and sell NFTs.
4. Decide on an NFT market
It's time to start making (and selling) your NFTs after you have a digital wallet and enough cryptocurrency. You'll need to select an NFT marketplace to do that. Axie Marketplace, Larva Labs/CryptoPunks, NBA Best Shot Marketplace, ThetaDrop, SuperRare, Foundation, Nifty Gateway, Mintable, OpenSea and Rarible are some of the top NFT markets.
You'll need to do some study into each NFT marketplace to locate the best NFT platform for your own. You may buy popular NFT games like Axie Infinity from Axie Marketplace. NBA Top Shot, on the other hand, focuses on basketball. In addition, certain marketplaces require their own cryptocurrency, which should be noted. Rarible, for example, you need Rarible first (CRYPTO:RARI).
As a decent starting point, OpenSea is an excellent place to begin. With this product, you can mint your own NFT tokens, and it's a market leader. In August 2021, the NFT market alone sold NFTs worth $3.4 billion.
LISTING AN NFT ON OPENSEA
Create a new item page will open after hitting the Create button. Uploading the NFT file is as simple as clicking a small image icon in the upload box.
Give your file a title and a name after you've added it. If you have a website or Twitter account, you may include a link to it in the External Link area, and you can describe your NFT in the Description field.
You can choose a NFT collection if you've already put one up, as well as add properties, levels, or stats that can basically act as information under those fields. As a video game character, for example, you'd enter their information here. This is where you'd place the information for an NFT. It is possible to use the properties panel to include information about a piece of art, such as its medium or year of creation.
You'll need to link your digital wallet to your NFT marketplace once you've made your choice. You'll be able to cover the costs of your NFT minted and keep any sales revenues in reserve this way.
5.Upload your file
Minting your NFT is now a reality. In order to submit your digital file to the NFT marketplace of your choice, you should follow a step-by-step guide provided by that platform. You can use this method to turn any digital file (such as a PNG, GIF, or MP3) into a marketable NFT.
6.Set up selling procedure
Finally, you must select how to monetise your NFTs at this point in the process. Whichever platform you're using allows you:
You'll be able to sell your NFT to the first buyer who is prepared to pay the fixed price.
You can set a timed auction for your NFT so that individuals who are interested in it have a limited amount of time to make a final bid.
A time limit is not imposed on an unrestricted auction. Instead, you're in charge and can call time on the auction at any time.
Determine the minimum price (if you put up an auction), set your royalties so that if your NFT resells on the secondary market, you can continue to make money from it (if timed). When determining the minimum price for your NFT sale, keep fees in mind because you could lose money if you set the price too low.
To mint and sell an NFT, the fees can be expensive and complex. According on the platform and pricing, you may pay a listing charge, a fee for the creation of NFTs, a commission on the sale, and a transaction fee to move the buyer's money to your wallet. Due to the volatility of cryptocurrency prices, fees can also change. As a result, it's critical that you carefully consider the costs of manufacturing and selling your NFT to ensure that they are worthwhile.
Investing in NFTs can be a smart move
As NFTs grow in popularity, so do their sales prices. This means that those who develop NFTs stand to gain a substantial sum of money. However, because of the costs associated with minting and selling NFTs, not all of them will be sold or generate any revenue for their creators. Because of the expenditures, you should plan on losing money on your NFT invention. Selling a valued NFT and setting a minimum price high enough to cover any costs is the easiest approach to avoid losing money.
Of course, taking on a new challenge, especially one that costs you money up front, is a major decision. Even if you don't have a specific NFT in mind right now, you can study the basics of how the NFT market works by checking out several existing marketplaces.
Take things into Consideration
If you're only thinking about making an NFT because "everyone else is," there are a few things you should keep in mind. Transaction costs are the first large one. Selling NFTs may be more difficult than creating them on any of the platforms we'll be discussing today.
There are a lot of NFTs that are traded on the Ethereum blockchain, and every transaction on the Ethereum blockchain incurs fees that are paid to the miners. It's common to refer to these charges as "gas," and depending on how much gas fees you need, the cost of your transaction will vary greatly. For the most part, you'll be charged gas for everything you do on the blockchain, from minting an NFT and transferring it to someone else to bidding on an NFT, which we'll cover in a bit.
The fact that you paid for gas does not guarantee that your transfer would go through is also worth noting. The more money you spend, the more likely you are to succeed. To be clear, the vast majority of deals will be successful. But if something goes wrong and your transaction isn't completed, the gas expenses you paid will not be refunded.
In addition, NFTs have an environmental impact. The Ethereum blockchain, which employs a time-consuming "proof of work" system, is the most widely used (and easiest to use) NFT marketplace. Individually selling NFTs does not have an impact on the overall energy consumption of blockchain, but if your NFTs are created on Ethereum, you employ a technology with a large carbon footprint.