WHAT IS NFT? A STEP-BY-STEP GUIDE OF HOW TO MAKE AN NFT
Non-fungible tokens or NTF's, have experienced a boom in popularity recently. Such can be seen by the trend that people are willing to pay huge sums for these collectible cryptocurrency assets. For instance, a digital artist known as Beeple sold an NFT for $69 million, thus, this shows a potential that NFT’s can fetch multi-dollar sale prices.
This article will now guide you on how to make (i.e. mint) and then sell an NFT.
1. Pick Your Item
First, you need to select a unique digital asset that you wish to turn into an NFT. This can be a custom painting, picture, music, video game collectible, meme, GIF, or even a tweet.
As NFT’s can only have one owner, this rarity makes them valuable. So, you need to make sure that you do own the Intellectual Property rights to the item which you wish to convert into an NFT. This will provide you with legal protection for your ownership.
2. Chose a Blockchain
After selecting your item, now move on to the process of minting it into an NFT. This starts with selecting a Blockchain technology to use of the NFT, the most popular is Ethereum.
3. Set up your Digital Wallet
It is important that you set up a digital wallet as you will be needing cryptocurrency to do your initial investment. Some examples of the top NFT Wallets include Metalmark, Math Wallet, AlphaWallet, and Trust Wallet. Most NFT stages acknowledge Ether, the digital currency of the Ethereum blockchain stage
4. Select your NFT marketplace
To start creating your own NFT, you need to choose an NFT marketplace such as Open Sea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Raible, Super Rare, Foundation, Nifty Gateway, Mintable, and Theta Drop.
After selecting your NFT marketplace, you will have to connect it to your digital wallet, this will allow you to pay the necessary fee to mint your NFT and hold any sales proceeds.
5. Upload your File
You can find a step-by-step guide for uploading your digital file to their platform on your chosen NFT marketplace. That process will convert your digital file (an MP3, GIF, PNG, or another file type) into a marketable NFT.
6. Set up The Sale Process
The final stage in the NFT minting process is to decide how you want to monetize your NFT, there are three methods:
• Selling it at a Fixed Price: this will allow the first person willing to meet that price to buy your NFT
• Setting a Timed Auction: this will provide those interested in your NFT a time limit to submit their final bid.
• An Unlimited Auction: An unlimited auction has no time limit, instead, you will retain control as to when to end the auction
You will have to provide a minimum price (if you set up an auction), also set your royalties to continue monetizing in on your NFT if it is resold in secondary markets, and provide how long you wish to hold an auction (if timed). Keep fees in mind when setting the minimum price because you can lose money on your NFT sale if the price is too low.
0 Comments