Do you want to get started in the blockchain economy? Find out how to create your own NFTs and sell them on a marketplace like OpenSea to earn money!
NFTs or Non-Fungible Tokens are in the spotlight. the market soared in 2021reaching a value of $22 billion from $100 million in 2020.
The 100 most expensive NFTs have reached a cumulative value of $16.7 billion. Some artists have been able to earn tens of millions of dollars by selling a single token.
Faced with these astronomical sums, you may be wondering how to create your own NFTs. Find out everything you need to know through this comprehensive guide!
What is an NFT?
An NFT is a digital asset with a unique identity stored on the Blockchain. Each token is non-fungible, which means that it cannot be exchanged simply with another asset of equivalent value. This is all the difference with cryptocurrencies like Bitcoin, where each token is identical to the others.
An NFT can be a computer file of any type. It can be an image, a video, a music or even a GIF. These are just a handful of examples.
The value of NFTs is tied to their uniqueness. Each NFT can only have one owner, and no one can alter ownership or mount the same NFT on the blockchain. The owner of a token can therefore define its value.
How do NFTs work?
NFTs require the creation of digital tokens, through a technique called cryptography. This process is called “minting” a term used to refer to the minting of traditional physical currency.
To mint an NFT, it is necessary to pay using cryptocurrency for create a » Smart Contract ” . It is a computer code allowing information to be stored on the Blockchain in a secure and transparent manner. It is this code that determines the ownership of an NFT.
Who can create an NFT?
Anyone can mint an NFT, in exchange for a small amount. The dedicated platforms offer tools making it easy to create all kinds of NFTs, and attach content to files.
One artist, musician, collectoran entrepreneur or a company can create their own NFTs using very simple mining tools available on marketplaces.
Some examples of popular NFTs
Before creating your own NFT, here is some examples that you could draw inspiration from. These tokens have met with real success and allowed their creators to earn massive sums.
Everydrays: The First 5000 Days
This NFT is a digital collage of 5000 images created by digital artist Mike Winkelmann aka Beeple. From May 1, 2007 to January 7, 2021, Beeple created one futuristic image per day. This collage was punched out of a JPG file and sold for $69.3 million at auction in 2021.
Nyan Cat GIF
With NFTs, anyone can turn their creation into a digital asset. Thus, for the 10th anniversary of the famous GIF Nyan Cat, its creator decided to turn it into an NFT and sell it at auction. The lucky buyer paid 300 Ethereum, the equivalent of almost a million dollars at the current price of ETH.
Bored Ape Yacht Club
The Bored Ape Yacht Club is a collection of 10,000 NFT images of nonchalant monkeys, provided with accessories of all kinds assigned randomly. Created by a group of four friends, this collection has met with phenomenal success.
In a few months, many celebrities have spent hundreds of thousands of dollars to acquire an NFT from BAYC and join the club. Recently, for example, Eminem spent $462,000 on a Bored Ape.
Collectors are willing to pay colossal sums for cult toys or rare merchandise. Similarly, the NFT Doge demonstrates how valuable digital rarity can be to the most emblematic creations.
In June 2021, the famous Shiba Inu dog meme called Kabosu sold for $4 million. The investment group that bought this NFT is now selling its ownership in a fractional form, and each can own a portion from $1 investment.
How to create and mint an NFT?
There are different ways and different tools to create NFTs. The first step is to choose the type of NFT you want to create. It can be a work of art, an event ticket, a meme, music, games, virtual objects and much more. It’s even possible to create an NFT for a real-world item, like a collectible figurine or a star-signed photo. Quite often, NFTs take the form of an image, audio or video file in JPG, PNG, MP4, MOV or other multimedia format.
To create a relatively simple NFT, it is not no need to be a developer. On the other hand, for a more complicated NFT like a game, or with a complicated Smart Contract, the help of a developer may be necessary.
When creating your first NFT, ask yourself how to deliver value to your audience. If you already run a business, you can try creating an exclusive loyalty card or promo code. It is possible to call on an artist to create a custom illustration.
Choosing an NFT Marketplace
It exists many marketplaces allowing to hit an NFT. Each has its pros and cons, so it’s important to research thoroughly before choosing. The three most popular platforms are OpenSea, Rare and SolSea.
These platforms simplify the task for new creators wishing to dive into the world of NFTs. Some require authentication or writing the NFT on the Blockchain, while others like OpenSea and Rarible offer shortcuts. In addition to saving time, this avoids fees by selling an NFT without writing it on the Blockchain and leaving this cost to the buyer.
The Frais are one of the most important elements to consider for beginners. Each marketplace has its own fees, depending on how you want to mint and sell your NFTs. For example, OpenSea requires an initial cost to open an account of up to $100 in some cases.
Set up a crypto wallet
The next step is thecreating a digital wallet on which to store cryptocurrencies and NFTs. When choosing, make sure that this wallet is compatible with the Blockchain and the marketplace you plan to use to mint your NFTs.
Most NFT creators use the MetaMask wallet, offered as a browser extension. This wallet is easy to set up, and connects to most blockchains used for NFT creation and trading. This includes Ethereum and Binance Smart Chain. Other popular wallets are Enjin, AlphaWallet and Trust Wallet.
Note that most NFT wallets are browser-based. Their level of security therefore depends on that of the underlying browser application. For maximum security, it is recommended to invest in a hardware wallet like Ledger Nano X. Hardware wallets store private keys to manage assets on offline blockchains.
Buy crypto on an exchange
After creating a wallet, you need to buy cryptocurrency to be able to pay the NFT minting fees. The best way is to create an account on a reputable exchange like Binance, Kraken or CoinBase. The process is relatively simple, and can be done from your smartphone.
Then log in to your account and buy the cryptocurrency. For NFT minting you will need to buy Ethereum or Solana depending on the Blockchain you want to mint on. Then transfer the crypto to your wallet.
Connect your wallet to the NFT platform and hit
Then connect to the NFT platform of your choice to create your digital asset. If you chose Rare, click the button to connect a wallet and choose your wallet from the drop-down list. Accept the terms, and connect your wallet to Rarible.
Return to the Rarible home page, and click the create button at the top right. Choose whether you want to create a single copy of your NFT or multiple copies. Then upload the digital file you want to NFT mint.
Then choose how you want to sell the NFT file. You can sell a high-definition version directly, or add unlockable content via a secret download link or webpage. Add a title and description, and specify the percentage of royalties you want to receive on secondary sales. Then click on the create button.
Approve the transaction in your crypto wallet to pay the minting fee. Also confirm the contract integration, and sign the sell order.
Here is ! Your NFT is hit. You can find it in your profile on Rarible or any other platform used.
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[GUIDE] How to create your own NFTs and sell them? – LeBigData.fr
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