A Beginners Guide On How to Create an NFT
July 14, 2022 11:47 AM
NFT (Non-fungible tokens) has generated a lot of attention from the media recently and this means more visibility to a lot of people. People are naturally drawn to something lucrative. And as days go by, there is news on how artists are making millions of dollars from selling their NFTs. It has drawn a lot of people towards NFT for its success, and also as an avenue to monetize their digital arts.
In 2021, according to the tracking company, DappRadar, NFT trading exploded from $100 million in 2020 to $22 billion. But a lot of digital artists and NFT lovers, ask, what is NFT and how are they going to create it? This is just like other guides. It is going to be a lot, but this article seeks to simplify it and make it understandable in a layman’s language.
As a non-fungible token, non-fungible means that it can’t be readily exchanged for another asset that has similar value. NFT ranges from images, video, music, GIFs and other collectibles. The value of NFT is hinged on the fact that there is only one version of the assets made and owned by one owner.
NFTs and How It Operates
For digital artists in NFTs, it requires the creation of digital tokens via a technique called cryptography. And in crypto language, this is referred to as minting. To mint NFTs, you have to pay when you create smart contracts by employing cryptocurrency. Smart contracts are a series of software codes that allow blockchain to easily store information using a secure and transparent way.
Anyone that can afford to spend when minting NFTs can create NFTs. Regardless of who you are. Whether you are an artist, musician, collector, entrepreneur or company, you can easily create your own NFTs using easy minting tools that are readily available on the NFT marketplace.
Some popular NFTs include but are not limited to; Everydays: The First 5000 days, Nyan Cat GIF, Bored Ape Yacht Club, Doge NFT etc.
So, how do you create and mint NFTs?
Below, you can find the step by step process on your journey to minting your first NFTs.
Decide the type of NFT you want to create: there are varieties of options to choose from. These options range from artwork, and tickets to events, memes etc. They come in the form of images, audio or video files.
Select a marketplace for your NFT: there are three most popular markets e.g OpenSea, Rarible, and Solsea. The platform allows new creators to delve into the world of NFTs. There are fees for each marketplace depending on how you mint and sell your NFT.
Set up a wallet for crypto: create a digital wallet where you will store cryptocurrencies and NFTs. While selecting a wallet, consider whether it’s compatible with the blockchain and NFT marketplace you are intending to use for minting.
Buy crypto through an exchange: after creating a wallet, you can buy some cryptocurrency. This is to allow you to pay a gas fee to mint your NFTs. You can do this by creating an account on tier one exchanges like Binance, Kraken, or Crypto.com. When you create an account, you can log in and buy cryptocurrency then send your crypto out to your private wallet such as MetaMask or Trust wallet . To mint NFT, you can buy Ethereum (ETH) or Solana (SOL) which is dependent on which blockchain you want to mint.
Connect your wallet to the NFT platform and mint: immediately after you finish topping your wallet, you will have to connect it to the NFT platform or market place which you will use to create your digital asset.