How To Make An NFT And Is It Worth It?
Over the past year, NFTs, or non-fungible tokens, exploded in popularity and became a cultural phenomenon. With over $17 billion in trade volume in 2021, the NFT market saw a 21,000% rise over 2020′s $82 million. While not necessarily new, NFTs gained popularity as artists started using them to sell digital artwork, and traders used them to make millions of dollars.
Although NFTs took a hit in 2022 with the onset of “crypto winter,” many are still eager to enter the NFT space. So, today we will take you through a step-by-step guide using which you can create your own NFTs!
Is it Difficult to Make NFTS?
The process of making new NFTs is neither expensive, complex, nor technical. With this guide, anyone can create their own NFTs without writing a single line of code.
What is The Point of Making an NFT?
NFTs are ideal for maintaining scarcity and establishing ownership of digital and physical items. While giving digital artists a way to monetize their work, it offers a level of flexibility that is lacking in the traditional creative industry. Similarly, NFTs have found their way to disrupt almost every other sector, bringing new possibilities to the table. Furthermore, creating NFTs offers you unlimited access to a global network of NFT creators, collectors, and other like-minded people.
How to Create NFTs – Step-by-Step Guide
- Pick your item (Figure out what your NFT is)
The first step is determining what unique digital asset you want to make into an NFT. Furthermore, it can be anything from a custom artwork, picture, music, gif, meme, in-game collectible, and even a tweet. Moreover, non-digital tangible assets like real estate and designer sneakers can also be made into NFTs!
An NFT is a unique crypto asset that provides proof of ownership, and its rarity gives the NFT its value. So, ensure you own the intellectual property rights for the digital asset you are turning into an NFT. You might face legal issues creating NFTs of digital assets you don’t own.
- Choose your blockchain
Once you have decided on your digital asset, the next step is minting it into an NFT. But first, you must determine what blockchain you intend to use for your NFT. Different blockchains offer different features and have their drawbacks. While Ethereum is the common choice among artists and creators, blockchains like Solana, Binance Smart Chain, and Tezos are also popular.
- Choose a wallet
When looking to create an NFT on the blockchain, you need to pay a gas fee. So, if you don’t already have a crypto wallet, you’ll need to set one up to pay the crypto gas fees. Metamask is one such widely used wallet supported by Ethereum-based marketplaces like OpenSea and Rarible. Moreover, it allows you to use it as a browser extension or download its Android/ iOS application.
Once your crypto wallet is set up, you must buy some cryptocurrency. But if you already own some cryptocurrency elsewhere, send it to your crypto wallet so you can use it for creating and selling NFTs.
- Select an NFT marketplace
Now, it’s time to choose an NFT marketplace to sell your NFT. The NFT marketplaces like OpenSea and Rarible act as digital exchanges where you can buy, sell, and mint NFTs. This step requires a lot of consideration as different marketplaces work with different blockchains and support different wallets. In addition, you also need to evaluate the fees charged by different marketplaces. So, be sure to do your homework to find a platform that would be a good fit for your NFT.
Currently, there are numerous NFT marketplaces where you only need to register and pay a transaction fee to mint a token. The most popular one is OpenSea, which has almost all crypto art collections and collectibles from popular blockchain games. Moreover, the creation interface is user-friendly and allows you to create non-fungible tokens for free.
Another popular NFT marketplace is Rarible, which is quite similar to OpenSea. However, while Rarible has a similar NFT creation process to OpenSea, the functionality differs slightly. For instance, the available formats are limited, and it supports smaller artwork sizes. But it still has excellent traffic and allows you to mint NFTs before selling them, unlike OpenSea, which mints your NFTs upon sale.
- Connect a wallet
After choosing a marketplace, you need to connect your crypto wallet to the NFT marketplace. With OpenSea and Rarible, you will get prompts to connect your wallet after clicking on the Create button. Next, you can choose your wallet from the list of compatible wallets and complete the process. The process should be pretty similar for other NFT platforms as well.
- Create an NFT
Once you connect your wallet to the marketplace, it’s finally time to mint your NFT! While each marketplace has different steps, you can generally follow their built-in guide to complete the process. Usually, it’s as simple as uploading your file, filling in the description, selecting the correct blockchain, and pressing on “mint.” Furthermore, you can put your minted NFT in a collection (like in OpenSea) or sell it as a single (like in Rarible).
- List an NFT
After successfully minting your NFT, the next step is to list it for sale. Each NFT marketplace offers different options through which you can list and sell your NFTs.
- Sell at a fixed price: It is a pretty direct way where you need to specify a price you want to sell your NFT for.
- Timed auction: In this option, your NFT can be bid over for a predetermined period. At the end of the period, the bidder with the highest bid wins and gets to buy the NFT.
- Unlimited auction: It is pretty similar to the timed auction, and the only difference is that you can end the auction whenever you want.
- Dutch auction: It is also known as the decreasing price auction, where the price keeps dropping until someone buys your NFT. However, Dutch actions are probably not a good choice if you are a beginner NFT creator.
Is it Worth Creating an NFT?
Simply put, there is no direct answer. The Worth of an NFT entirely depends on what you are looking to get out of it.
If you just want to make money minting and selling NFTs, the odds are against you. With rising popularity and prices, it might seem like NFTs empower creators to make a lot of money. However, while the average sale price for NFTs remains shockingly high on popular NFT marketplaces, the numbers are skewed by a handful of big sales.
Moreover, not all NFTs will even sell, let alone make their creator any money, given all the fees involved with minting and selling NFTs. So, you should be prepared for the possibility of losing the money you spend on creating NFTs.
Promoting your NFT collection
Once your collection is minted and listed on the aforementioned marketplaces, it is time to promote it. This is where Bitmedia crypto advertising network comes in, as it gives you all the necessary tools required for finding an active community and selling your collection to the masses. Pick the right banners and broadcast your marketing campaign across the most notorious crypto news publications on the web.
Making an NFT (Non-Fungible Token) involves a few key steps:
- Choose a digital asset: Decide what digital asset you want to turn into an NFT. This could be a piece of art, music, a tweet, or any other type of digital content.
- Create the NFT: Create the NFT using a blockchain platform such as Ethereum, Binance Smart Chain, or Flow. You will need to create a digital wallet, mint the NFT, and set the terms of the sale (e.g. price, royalties).
- List the NFT for sale: Once the NFT is created, you can list it for sale on a marketplace such as OpenSea, Rarible, or SuperRare. You can also choose to sell it directly to a buyer.
Whether or not it is worth it to make an NFT depends on your goals and the value of your digital asset. NFTs have been selling for millions of dollars, but there is also a lot of competition and variability in the market. Here are some factors to consider:
- Rarity and uniqueness: The more unique and rare your digital asset is, the more valuable it may be as an NFT.
- Market demand: There needs to be a market demand for your digital asset in NFT form. Research the NFT market and see if similar NFTs are selling well.
- Costs: There are costs associated with creating and selling NFTs, including gas fees, platform fees, and potential taxes. Make sure to factor in these costs when determining if it is worth it to make an NFT.
Is it Risky to Create NFTs?
Over time, the effects of producing NFTs, or all types of cryptocurrency, can have a tremendous negative long-term impact on our environment. The most popular NFT marketplaces and collections run on the Ethereum blockchain, which used to have an energy-intensive “proof-of-work” system. However, blockchains using alternate algorithms don’t consume as much energy, and Ethereum has recently moved to a more energy-efficient proof-of-stake system.
In addition, the rise in popularity attracted many frauds and scams within the NFT space. Despite blockchain security, NFTs can still be hacked and stolen, which adds another significant risk to consider.Promote NFTs now!