NFTs, or non-fungible tokens, are becoming increasingly popular. For these rare and valuable bitcoin assets, buyers are willing to shell out a lot of money. Beeple has sold piece of art nft for whopping $69 million in early 2021, while several others have sold for more than $100 million.
More people are creating NFTs in the intention of cashing in on the current fad because of the potential for enormous money. How to manufacture (i.e. mint) and sell NFTs, here's step-by-step guide.
Choose your item
Get the basics down first. Identifying your unique digital asset to turn into an NFT is a necessary first step, if you haven't previously done so. Painting, drawing, music, video game memorabilia or memes, GIFs or even tweets are all examples of creative expressions. When it comes to digital item, an NFT is defined as only has one owner: the original creator. NFTs are more valuable because of their rarity.
Check to see if you own the intellectual property rights to the NFT item you wish to make into. It is illegal to create an NFT for a digital asset that you do not possess.
Decide on a Blockchain to work with
It's time to start minting your unique digital asset into an NFT now that you've chosen it. Choosing the blockchain technology for your NFT is the first step. Most NFT sites accept Ether(CRYPTO:ETH) , the Ethereum blockchain platform's coin. Tezos, Polkadot, Cosmos, and Binance Smart Chain are also popular options.
Create a Digital Wallet for yourself
You'll need some cryptocurrency to fund your initial investment if you don't already have one in a digital crypto wallet. You'll be able to access your digital assets through the wallet. A few of the most popular non-traditional wallets are Metamask, AlphaWallet, Trust Wallet, and Coinbase Wallet, among others.
Soon after setting up your digital wallet, you'll want to acquire cryptocurrencies. For the most part, NFT platforms accept Ethereum's Ether as payment. It's a good idea to link any existing cryptocurrency holdings you have to your digital wallet so that you can use them to manufacture and trade NFTs.
Select your NFT Marketplace
It's time to start making (and selling) your NFT after you have a digital wallet and enough cryptocurrency. In order to do so, you will need to select an NFT market. There are numerous NFT marketplaces, including OpenSea and Rarible, Axie Marketplace, Larva Labs/CryptoPunks NBA Top Shot Marketplace, SuperRare, Foundation, Nifty Gateway, Mintable and ThetaDrop.
Research each NFT marketplace to locate a platform that's a suitable fit for you and your NFT's needs. For example, Axie Marketplace is the online shop for Axie Infinity, the most popular NFT game on the market today. On the other hand, NBA Top Shot concentrates solely on the field of basketball. There are several marketplaces that demand their own coin. To use Rarible, for example, you need Rarible (CRYPTO:RARI).
OpenSea is a great place to start if you're just getting started. It's a leader in NFT sales and lets you mint your own. In August 2021 alone, the NFT marketplace sold $3.4 billion in NFTs.
Following your selection, you'll be prompted to connect your digital wallet to NFT's marketplace. As a result, you'll be able to cover the costs of minting NFTs and keep any resulting revenue.
Upload your file
Minting your NFT is now a reality. Your digital file must be submitted to the NFT marketplace of your choosing by following a step-by-step process. You can use this method to turn any digital file (such as a PNG, GIF, or MP3) into a marketable NFT.
Set up the sale's flow
Finally, you must select how to monetize your NFTs at this point in the process. In some cases, you may be able to:
To the first customer who is willing to pay the fixed price, you can sell your NFT.
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.
An unrestricted auction doesn't have a time restriction, so you can begin bidding immediately. Instead, you can end the auction at any time you choose.
Decide 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 cash in on it. You may lose money if you set the minimum price for your NFT sale too low, so keep fees in mind.
To sell and mint an NFT, the fees can be expensive and complex. There may be costs for listing, minting, sales commissions, and transaction fees depending on the platform and pricing. Fees can alter as a result of the volatility of cryptocurrency values. Because of this, it's critical to thoroughly examine the costs you'll incur to produce and sell your NFT collection to ensure they're worth it.
What is a non-fungible token (NFT)?
Before going into how to make an NFT, you’d better go through the basics. So, what precisely are NFTs?
NFT stands for Non-Fungible Token, but it's understandable if you're still perplexed. It's a one-of-a-kind digital file that's unlike anything else on the planet. They are unique in that they cannot be replicated or destroyed, and they range in rarity from common to exceedingly rare.
NFTs are collected by some people in the same way that normal artwork and paintings are. Similarly, an NFT can retain its value, allowing you to resale it for a profit. (However, nothing is assured.)
As a result, you might be able to acquire an NFT as an investment. You can also receive royalties as the artist each time it's resold, even years afterwards.
Any type of digital art, such as a video, song, or computer artwork, could be considered an NFT. It might even be a meme or a GIF.
Why to Create an NFT?
Hopefully, you now have a better understanding of what an NFT is. However, you might be wondering why you should bother making your own NFT.
To begin with, it's important to note that creating an NFT will cost you money at first. That's because minting it – that is, hosting it on a blockchain – costs money.
However, the plan is for you to sell your artwork and profit from it. The amount of money you may make selling NFTs varies a lot, and it's never guaranteed. That's because it's based on your abilities, reputation, fan base, and other factors. You'll also need to account for the volatility of cryptocurrency prices.
Some artists, on the other hand, have had enormous success developing and selling NFTs. The good news is that it's fairly straightforward and without the significant obstacles that the traditional art world might impose.
When you're fresh to the scene, it's difficult to get your artwork featured in a gallery, for example. You'll need to gain reputation for yourself, but it's as much about who you know in the industry as it is about what you produce. As a result, gaining your first break and presenting your work in front of an audience can seem nearly unattainable.
When you sell NFTs, you can reach customers all over the world. It makes no difference where the customer is from, nor does it matter who you know or where you came from.
Finally, you can keep earning royalties from your NFTs for months or even years. If your NFT is resold, you will receive royalties from the sale.
Investing in NFTs can be a smart move
The price of NFTs is rising as more people use them. As a result, those that design NFTs might expect to make a sizable sum of cash. Not all NFTs will be sold, let alone pay their author any money, because of the enormous costs of minting and selling them. It's important to plan for the possibility of losing money on your NFT creation because of the high expenditures. Avoiding financial loss is made simple by selling an appreciated NFT for a price that covers all charges.
In any case, deciding to take on a new project, especially one that requires an initial outlay of cash, is a major one. Checking out a few existing marketplaces can teach you the foundations of the NFT market, even if you don't have a specific NFT in mind right now.