NFT is taking blockchain to the mainstream. They have been around us for some years now but Crypto Kitties made it to the highlights in 2017-2018 & paved the path for future development.
Since then, some of the NFTs have indeed made millions; like the Beeple's Everyday - the first 5000 days NFT was sold for $69 Million in March 2021.
All this gold rush indicates that the digital assets are future. It's like a boon for every content creator, artist and commoner to showcase their talent through their digital art and take it to the global market without any intermediaries.
We have made a comprehensive article to clear all your doubts on creating an NFT.
This article is the step-by-step process to create an NFT.
Let's get started.
What is an NFT?
NFT is a digital asset that can be created (minted), purchased or sold on an open market; an NFT can be owned and controlled by a person without any authorization required from a centralized company or agency.
A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on the blockchain. An NFT, once created, is created forever. It cannot be changed or tampered with, making it a unique utility and a proprietary asset across the blockchain.
NFTs are no different than our childhood collection of pokemon cards, power rangers toys, foreign coins, old stamps, tickets etc. The only difference now lies is that we can collect them digitally rather than physically. NFT standard proves the ownership & authenticity of the assets created or minted, such as art, painting, music, video etc.
To understand NFTs more clearly, let us look at the Ethereum blockchain & token standards:
- ERC-20 – This is a standard for fungible tokens. Ex, $ETH, $DAI, $MATIC
- ERC-721 – This standard built the base for NFTs. It helps in creating NFTs.
- ERC-1155 – This is the only token standard that enables you to create every type of asset, from real estate in metaverse to digital art and gaming items.
So basically, the Ethereum blockchain has ERC-721 and ERC-1155 for Non Fungible Tokens. Today, Ethereum is the leading blockchain to create or mint NFTs.
Here are some features that make the NFTs popular:
- No regional barriers for operations.
- Quick exchange process.
- Easy to use.
- Provides authenticity, immutability and scarcity.
We hope you understand what potential NFTs carry in them and how they can bring a digital revolution.
Now let's learn how to create an NFT in easy practical steps:
- Set up your digital wallet
Create a digital wallet to store both your cryptocurrencies and your NFTs. If you are using your desktop/laptop for downloading the wallet go with the option of installing the browser extension (MetaMask) or you can download the app from the Apple app store and Google play store for your mobile.
- Add some coins/tokens to your digital wallet
Now add tokens to your wallet, simply click on the BUY button, here you will be shown different options to buy the ETH with apple pay or using debit/credit card. Complete the process, and your ETH will reflect in your wallet in no time.
- Connect your wallet with an NFT Marketplace
Many digital wallets follow the same transaction process; since your wallet is ready with ETH, we can now select the marketplace to create your NFT. Again, for the guidance purpose, we're using Rarible, but there are many other marketplaces as well.
Sign in to the Rarible platform using your digital wallet and follow the instructions.
- Upload your NFT file
At the top right corner, you will see a 'Create' button, click on it, and some options will be displayed such as one-off work, selling the same item multiple times or creating a single. In this example, we'll go with the 'Single'. After that, we need to upload the file that we want to make as an NFT. The Rarible platform supports WEBP, PNG, GIF, MP3 and MP4 Files with a maximum file size of 30 MB.
- Set up your auction
The next step is to choose how to sell your NFT artwork. In the form, the first option will be the 'Fixed price' option that allows you to place your price and sell it instantly (like "Buy now on eBay"). The second will be the 'Unlimited Auction' where people will bid until you accept the best one. The Third will be the 'Timed auction' where the auction takes place for a particular time frame. Let's go with the third type.
Next is pricing your NFT. If you set it too less, the gas fees will consume all the income you earn through it. Hence begin from 1 ETH and wait for a week for people to bid on the NFT.
You also get an option known as 'Unlock once purchased'. This allows you to provide your prospect buyer with an original and high-resolution file of your art and additional material through a secret downloadable link or webpage.
- Add Metadata to your NFT
Once the auction setup is done, It's now time to add the meta description for your NFT. Having a great meta description will level up your chances to sell your NFT quickly. Hence, it would help if you wrote it very consciously.
- Time to pay your gas fees
Probably the last step is to pay the gas fees for listing your NFT. Simply click on the create item, and you will get a notification to connect your wallet. You have to transfer your funds, and you are done. If you are running out of ETH, relax; you don't have to skip the process, rarible provides you with an option to add funds alongside.
Before doing the transaction, here's a piece of advice. Keep enough ETH in wallet as the fees may seem low, but the further layers of fees will keep on increasing as the transaction proceeds further. Initially, there will be a listing fee, which may cost you $10 or more. There will be an NFT generation fee that may rise to $50 and above. This is not to scare you but to make you aware of the costs you must bear for creating your NFT.
- You're Done! Take your NFT to the world
Now that you are ready with your freshly minted NFT, let's take it to the marketplace, where you want to showcase your unique masterpiece and hand it over to the community to decide its worth.