NFTs, also called nonfungible tokens, has received wide attention from investors, onlookers, and enthusiasts alike. Well, it’s not surprising, considering the stories told by artists who make millions selling a single NFT.
If you observe the NFT marketplace, you see how NFTs have increased in value within a year. According to data presented by DappRadar, the trading volume of NFTs will reach $22 billion in 2021. And the value of the top 100 NFTs is worth about $16.7 billion.
The probability of breaking the bank when you sell an NFT is as high as ever, making people ask questions about “how to create an NFT.” Etc.
NFT is also called a nonfungible token, and it’s a cryptographic asset on a blockchain that represents an intangible and unique digital item; items can include anything from an in-game item, or photo, to an artwork. NFTs are unique and are quantifiable. Also, as an owner of an NFT, you cannot interchange them.
NFT are distinguished from each other through metadata and identifiers like a barcode. The main aim of NFTs is to copy the tangible characteristics of physical items, which include uniqueness and proof of ownership.
How to Create an NFT
When creating an NFT, these are the steps you should follow:
Select Your Item
First things first, when creating an NFT, you need to select the type of digital asset you plan on selling. Maybe it’s a painting, picture, video game collectable, GIF, or even a tweet. As long as it’s unique and rare, you can select it as the NFT you plan to sell. The rarity is what makes NFT valuable.
Secondly, you’ve got to make sure the item you pick is yours and yours only, not something copied; you’ve got to make sure you own the intellectual property rights to the article you plan on turning into an NFT.
Creating an NFT from a digital asset that isn’t yours can cause you legal troubles.
Select Your Blockchain
Once you’ve picked a unique digital asset you plan to sell; it’s time to mint the NFT. You choose a blockchain technology you plan to use for your NFT. Ethereum is a famous blockchain used by most NFT artists and creators.
Create Your Digital Wallet
You need to create a digital wallet, and the reason is you need a digital wallet to store the crypto you plan on using to fund your initial investment. The wallet you select gives you full access to your digital asset. There are lots of digital wallets to choose from.
Once you’re set up your wallet, you need to buy some crypto to create and sell your NFT.
Choose an NFT Marketplace to sell your NFT.
Choosing the perfect NFT marketplace to sell your NFT is as essential as creating it. Before finding a place to sell your NFT, you need to consider supported standards, the type of blockchain, type of item, accessibility, and price to mint an NFT.
Some NFT marketplaces are best suited for certain assets, while others might not be suitable. The Axie marketplace is a good marketplace for the top game Axie Infinity, while the NBA toyshop is best suited for basketball items. So the thing you plan on selling should determine the type of marketplace you pick to sell your NFT.
Typically OpenSea is a great marketplace to sell your items; most NFT creators and artists use it, and it is easy to set up an account.
Upload your NFT file
Following those steps listed above, it’s time to sell your NFT. Whichever NFT marketplace you pick to sell your item, you should get a guide on how to upload your assets. You can convert your NFT file to any format of your choice, depending on the item you plan on selling.
Start Selling Your NFT
It would help if you decided how you plan on selling your NFT. You need to set up a price for the sale of your NFT when you set up the price. You can also set up a timed auction, which gives buyers a limited time to make a final bid for your NFT.
Also, you could set up an absolute auction; this means you get to choose when you want the auction to end.
Each NFT marketplace has instructions to be followed to create a nonfungible token. Se.market business usually asks users to fill in specific details, such as a title and short description of an NFT they plan on selling.
Typically artists and creators need to spend time filing that information in the best way possible to attract collectors and increase their chances of making a profitable sale.