NFTs, or Non-Fungible Tokens, have been around for some time and while many have heard of them, not everyone understands them. NFTs have had a rollercoaster of success, with some people becoming wealthy while others regret their involvement. Despite the industry’s ups and downs, NFTs remain in the news due to celebrities getting involved and controversies such as scams and legal battles. Despite a recent slump in the NFT market, they are still relevant thanks to blockchain games. As a creator, artist, or musician, how can you benefit from NFTs? While it’s easy to buy them, creating them can be a bit more challenging. In this article, we will provide a simple guide for creating NFTs.
What is an NFT? What can become an NFT?
NFTs, or Non-Fungible Tokens, are digital assets that are stored on a blockchain, making them unique and allowing for real ownership records. These tokens can be used to represent anything, even a simple selfie. NFTs can also have multiple editions, meaning a single NFT link stored on the blockchain may have two or more NFTs. In short, NFTs are unique digital assets that can represent any type of content, and are stored on a blockchain to establish ownership.
When creating NFTs, it’s important to note that any digital file can be turned into an NFT, but there may be limitations on what types of files can be minted on certain platforms. Most NFTs fall into categories such as images, videos, audio files, or similar formats. To create an NFT (Non-fungible tokens), you must first decide what type of NFT you want to create, such as a song, artwork, or collectible. Once you have chosen your content, you will also need to have some cryptocurrency in your digital wallet to pay for the transaction fee to mint it on the platform.
NFT Minting and Blockchain
Once you have decided on the type of NFT you want to create, it’s important to research the different platforms and blockchains available. The Ethereum blockchain is currently the most popular for NFTs, and is used by many creators because it uses a proof of stake consensus system. However, it does have high transaction fees for minting, transferring, selling, and buying NFTs. Other popular blockchains for NFTs include Solana and Flow. The NBA Top Shot NFT collection, along with other sports franchises, uses the Flow blockchain.
After selecting the blockchain you want to use, it’s time to choose a platform to create and mint your NFT (Non-fungible tokens). There are many options available, each with their own unique features. Some popular platforms with a high number of transactions and activities include OpenSea, Solanart, Rarible, and Binance. OpenSea and Rarible use the Ethereum blockchain and do not charge any fees to create NFTs.
Creating NFTs on platforms like OpenSea and Rarible is known as a “lazy minting” system, which allows you to avoid paying the transaction fee for minting on the blockchain. However, when a buyer purchases your NFT, you will have to pay the transaction fee for minting it on the blockchain and the transfer fee. Additionally, OpenSea charges an account initialization fee, which is a one-time cost, but Rarible does not have an initial fee but does charge a fee for removing your NFT from their marketplace if you decide not to sell it anymore.
Buy a Digital Wallet
To create and list your first NFT, you will need a digital wallet. These applications allow you to store your cryptocurrency and any NFTs you create, purchase, or acquire. It’s important to make sure that the digital wallet you choose is compatible with the blockchain you have selected.
MetaMask is a well-known digital wallet that is compatible with the Ethereum blockchain and works well with platforms such as OpenSea, Foundation, and others. Other digital wallets such as Coinbase have broader functionality and work with blockchains other than Ethereum. When creating a digital wallet, it’s important to keep track of the 12-word seed phrase which acts as a secret passphrase. This seed phrase is used to restore, retrieve, or regain access to your account. Therefore, it is important to keep your password and seed phrase safe.
Create Your NFT
To create your NFT, connect your digital wallet to the platform of your choice, such as OpenSea. Once connected, you will have access to options for creating NFTs, including an upload section, properties, and more. Fill in the details of your NFT, such as its name, a catchy description, and any discount codes or Discord invites. Be sure to select the blockchain you want to use for minting and remember that this cannot be changed later. Finally, click the “create” button and your first NFT will be created. Once you list your NFT for sale, its metadata will be permanently stored on the blockchain.