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How to Create an NFT and Why You May not Want to

How to Create an NFT and Why You May not Want to

As you might have been familiar with the term from various bitcoin news or other sources, Non Fungible Tokens of NFTs are part of the Ethereum blockchain although other blockchains can also execute their variants of NFTs. An NFT can be any drawing, photograph, GIF, music, video or other digital versions of materials and some creators even make millions out of selling NFTs while many celebrities get engaged with legal issues and scams. Before you learn how to create an NFT, it is important to know that, unlike cryptocurrency where a coin value, like that of Ethereum, is the same as another Ethereum, in the case of NFTs, each is a different digital file with ownership.

Generally, the actual files are not stored on blockchain but link to the files alongside the tokens acting as proof of ownership. Besides, creators can have different editions of NFTs like trading cards where more than two NFTs can remain for the same file. Someone can also take your NFT and create his/her NFT with it. While you can sell your digital file as NFT, you will find limited formats if you use easy minting tools in the marketplace. So, the first step is to know what you are going to sell as NFT.

Now that you know what NFTs are and which files you wish to sell, here are the steps to get started

Know The Cost Of Selling NFT

You should not sell an NFT just because many others are doing so, because there is a transaction fee and selling process to consider. Most of the NFTs are sold over Ethereum blockchain and for each transaction certain fee (called gas) is paid to miners just as in a crypto mining rig. Similar to Ethereum mining, the fee or gas is charged for NFT mining, transferring it, bidding on it, and purchasing it.

Besides, paying gas does not mean the transfer will be 100% successful. You might pay more for a greater chance but there is no surety. Most transactions go through but if not, the gas is not reverted.

Plan Where To Sell NFT

There are multiple platforms for selling NFTs although Raribleand OpenSea can be useful to create NFT on Ethereum for free of cost with a lazy minting process. Here you can create NFT for sale without writing it to the blockchain, thereby avoiding fees. When a person buys the NFT, the fees of writing it to a blockchain are added to the transfer fees to the buyer.

1. Set Up The Wallet

To store Bitcoin and other cryptocurrencies, you will need a wallet that is compatible with the used blockchain. Choose the wallet that is extensively supported by Ethereum based applications, can be used as a browser extension or app. once installed, choose the ‘Create New Wallet’ option, add user name and password. Make sure you remember the seed phrase or keep its backup as it will be needed to recover the account, uninstall the app, etc.

2. Connect The Wallet

Connect the NFT marketplace with the app –on Rarible and OpenSea, you will get a Create button on the top left that lets you connect wallet and after that, you will get compatible wallets list from where you have to choose yours. Make sure you do not click on any random ‘connect to your wallet’ pop-up or so, as these can be the tactics used by scammers.

3. Create NFT

Now after connecting the wallet, you will see a page to create NFT. On Raible, you can create multiple NFTs by using a collection and on OpenSea, you will find the My Collections option from your profile and then click on ‘Create a collection. OpenSea automatically places your created NFT to an unnamed collection unless you specify one and on Raible, you can sell it without collection as Rarible Single.

There is nothing to worry about if you do not find the NFT option on the wallet because the wallet accesses entries from the blockchain to understand what to display. Lazy minted NFTs are not written to blockchain until it is bought by someone.