How to create an NFT

Non-fungible tokens (NFTs) have become one of the most popular commodities in cryptocurrency over the past few years, with billions in trading volume and a slew of celebrity endorsements pushing the digital artwork to the forefront of mainstream media.

NFTs can be created directly on NFT platforms, allowing you to create (the process of making or producing something) and upload your artwork onto the blockchain. This guide will detail the exact steps needed to create your first NFT, including how to upload your artwork, how to choose the right blockchain, and where to put it up for sale.

What is an NFT and how do you create one?

Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identifiers and metadata that distinguish them from one another.

Unlike cryptocurrencies, NFTs are not interchangeable as each NFT is unique. Cryptocurrency, on the other hand, is fungible and can be traded with equivalence. This means that the value of each Bitcoin is the same, so they can be traded for each other.

NFTs are typically represented by digital artwork, such as images, animated videos, or music. They can be bought and sold on NFT marketplaces, which usually require cryptocurrency for payment.

Creating an NFT can be done on an NFT marketplace or crypto exchange that supports NFT mining. Follow these 6 steps to create an NFT from scratch:

Step 1: Figure out what you want to make

NFTs are usually associated with a piece of digital art. This can be an image, a sound production (such as a song), or even a short video clip (such as an animated GIF). The goal is to create a unique piece of digital media that can be sold, just like selling a painting at an art gallery.

NFTs provide value to creators by being unique, something that cannot be owned anywhere else. It is particularly important to ensure that you own the rights to the digital media you use, as creating an NFT from media that you do not own can have legal consequences.

Step 2: Choose a blockchain

There are several blockchains that can store your NFT. This blockchain will store a permanent record of your NFT, so it’s important to choose the one that suits your needs:

• Ethereum: The most popular NFT blockchain is Ethereum, which hosts thousands of NFT pools. Ethereum NFTs are created using the ERC-721 standard which stores the metadata of the NFT on the Ethereum blockchain. Developed by the same teams that developed the ERC-20 smart contract, this standard defines the minimum interface – ownership details, security details and metadata – required for the exchange and distribution of game tokens.

This blockchain currently operates as a proof-of-work (PoW) blockchain, similar to Bitcoin, but is transitioning to a more environmentally friendly proof-of-stake (PoS) consensus mechanism. Most NFT marketplaces support the creation of Ethereum NFTs, although transferring NFTs on the Ethereum blockchain may come with high gas fees.

• Solana: The closest competitor to the Ethereum blockchain is Solana. Designed as a faster, cheaper alternative to Ethereum, Solana offers sub-$0.01 transaction fees and a growing list of supported apps for NFTs. Solana uses both Proof of History (PoH) and proof-of-stake (PoS) consensus mechanisms and boasts much faster transaction speeds than Ethereum.
• Flow: Flow is another proof-of-stake (PoS) blockchain designed for NFTs and decentralized gaming apps, and hosts the ever-popular NBA Top Shot NFT collection.Many other sports franchises have created marketplaces on the Flow blockchain, making it a popular place for sports-focused NFT creation.

There are several other blockchains that support NFTs, each with its own community and decentralized apps (DApps) for creators and NFT owners.

Step 3: Set up an NFT wallet

When you choose a blockchain, you need a digital wallet that supports that blockchain to store your NFT. To create a wallet, you need to download the crypto wallet app, enter a username and password, and store your private keys and recovery phrase offline for backup.

There are several popular wallet apps that support multiple blockchains:

• Metamask: Metamask is a popular crypto wallet that supports a wide variety of cryptocurrencies, as well as both the Ethereum and Solana blockchains. It can be used as a mobile app or added as a browser extension.
• Coinbase wallet: Coinbase offers a digital wallet that supports ERC-721 NFT tokens, as well as Solana NFT collections. It can be downloaded as a mobile app or added as a browser extension.
• Ledger Nano X: If you want to store your NFT in a secure hardware wallet, Ledger Nano X supports both Ethereum and Solana NFT.

Step 4: Choose an NFT platform

There is an ever-growing list of NFT platforms that allow you to create an NFT, but the best ones offer a full-service marketplace to list and sell NFTs as well. Here are some of the most popular NFT platforms:

• Open sea: By far the most popular NFT platform is OpenSea. With over $20 billion in trading volume since its launch in 2017, and over two million NFT collections listed, OpenSea is the best platform for Ethereum-based NFTs. OpenSea hosts Ethereum-based NFTs, and recently launched support for Solana NFTs as well.
• Solo art: As the Solana-based NFT platform, Solanart hosts some of the most popular Solana NFT collections, with a smooth user interface and easy application process for coining.
• Crypto exchange: Several crypto exchanges support NFT creation, such as Binance Exchange. You can create your NFT directly on the platform, choose which blockchain you prefer, and create or create NFT directly.

Step 5: Create NFT

Once you have chosen a platform, creating an NFT is quite simple. Here is an example for creating an NFT on OpenSea:

• Connect to your wallet: In the OpenSea menu, select the wallet icon and choose which digital wallet you want to connect. This requires you to sign a verification on the wallet app.
• Select the “Create” option.: This displays a menu for the NFT creation process, including an upload section, NFT functions, properties, and blockchain.
• Upload your media file: This is the image or other media you are going to sell. You can upload directly, or link to an externally hosted media file.
• Fill in the details: You must name your NFT, as well as fill in a description. You can optionally add unique properties to this NFT, as well as extra benefits such as unlockable content, such as an invitation to a private discord, or discount codes for items. You can also set a limit on how many can be minted (usually just one, unless you’re making a full collection).
• Choose your blockchain: This will be the blockchain your NFT is on, and cannot be changed once it is minted.
• Create NFT: Once you have filled in the details of your NFT, simply select “Create”.

After pressing create, your file will be uploaded and the NFT will be created. But the NFT is not listed for sale yet, and the metadata can technically change until you list your item for sale.

Step 6: Enter NFT for sales

Listing an NFT for sale is easy and most NFT platforms allow you to do this for free. Once your NFT is created and in your wallet, you can simply press the “sell” button on the platform of your choice, choose the price you want it for, and how long you want the sale to last.

Once the details of the sale are filled in, you can create the listing. This will require you to sign a few transactions in your digital wallet, which may include paying transaction fees on your chosen blockchain. Solana transactions are very small, usually less than $1, while listing an NFT on the Ethereum blockchain can cost upwards of $100, depending on the network fees at the time of listing.

How much does it cost to sell an NFT?

Once the NFT is listed, it should have its own unique URL that you can share with others. Fees are paid to the NFT marketplace by sellers when a purchase is made, typically 1% to 3% of the total transaction.

However, when you create your NFT, you can add a “royalty fee” that pays you a percentage of the transaction every time your NFT is sold. Creators can earn up to 5% – 10% for each transaction.