NFTs have created a craze since they came to be. Modern artists use non-fungible tokens that grant ownership over a piece of art only to the person who bought it. This mechanism prevents unauthorized copies and uniqueness of each digital artwork.
Despite being so popular, it seems that not many people can create and sell an NFT. If you’re curious to learn more, keep reading our guide. We cover the most common questions about NFT investing and token creation below.
Find in this article:
- How do non-fungible tokens work?
- What is the cost of creating an NFT?
- How to generate a personal NFT?
- Can you make an NFT for free?
- How can you create an NFT on OpenSea?
- Can you create NFTs without coding?
- Where can you buy an NFT?
- How to sell non-fungible tokens as art?
- How to make a marketplace for NFTs?
- Is it possible to invest in NFT?
- Making money with NFT: is it possible?
How to Create an NFT?
Creating a non-fungible token may seem complicated. However, if you follow the instructions closely, you’ll end up having your first NFT in no time, and then you can sell it on the NFT marketplace.
First things first, start by selecting the format of your NFT. NFTs can be digital painting, text, or any other type of multimedia file. Now, you need to learn how to make an NFT (mint it). It’s simple. Get to your computer, set up a wallet you’ll need to access the NFT marketplace, and then connect to the blockchain network.
Locate the “Add New Item” option in the wallet’s interface, upload the best representation of your digital item, give it a name and a description, and click “Create.” Then, sign your NFT and pay the gas price. Then, you can select the marketplace to sell it if you wish.
How Do NFTs Work?
NFTs, or non-fungible tokens, exist on a blockchain network. They’re usually found on the Ethereum blockchain, but other networks support them as well. Essentially, NFTs are tokens used to represent ownership of unique items. They can have only one owner at a time, meaning that no two NFTs are the same due to their unique code.
NFTs can be created from digital objects that represent tangible or intangible items. The NFT examples include collectibles made from items like art, GIFs, videos, text, and similar.
In addition, NFTs are different from any other ERC-20 token in a way that they’re not divisible. Still, sometimes the creator of NFT can decide on its scarcity. NFTs can represent digital content, gaming items, domain names, physical items, and similar, and can be used as investments or collateral.
How Much Does it Cost to Create an NFT?
Many people omit the fact that they must pay a fee to mint an NFT. In addition, finding the exact fees before you start making an NFT can be challenging. The price of minting an NFT depends on the marketplace you’ll use and the type of NFT collection you wish to make. The fees also vary based on the current ETH market cost, which you can check in your NFT wallet.
Overall, if you wish to mint tokens in OpenSea, you might have to pay up to $100 in gas fees, but only if your NFTs are up for sale. However, if you mint NFTs on the Rarible marketplace, the costs may go up to $677 for the initial NFT collection.
When developers launch ETH2, chances are the prices will go down. Keep in mind that the gas prices fluctuate with the market.
How to Create Your Own NFT
To start with NFT creation, select a digital item you wish to turn into NFT. Then, proceed to set up a wallet, which is the key in NFT creation. MetaMask is the best wallet to use as it is widely supported on Ethereum marketplaces like OpenSea.
Move on to connecting MetaMask with an NFT marketplace you’ll use. After you’ve made your wallet, head over to the page where you’ll mint NFT. Some marketplaces will automatically list your NFT under a collection, while others will keep your NFT as a single item.
You can mint your NFT with Ethereum Chain or Polygon. At the moment, Polygon doesn’t require that you pay any fees, and it also lets you mint multiple copies of your NFT. In any case, wait for the files to upload, and then the app will notify you once your NFT is finished.
How to Make an NFT for Free
If you wish to test out how NFTs are made but don’t want to pay gas fees, you can do so for free via Rarible’s Lazy Minting function. With this feature, NFTs are no longer minted at the moment of their creation. Instead, they’re created at the time of purchase. This means that you don’t pay the gas fees when you create your art.
If you’re wondering how to make an NFT for free, know that the process is similar to making a paid NFT. First, you should select your platform, connect a wallet, and generate your token. However, now you’ll use the ‘free minting’ feature and sign the free minting authorizations within your wallet.
Once someone buys your NFT, they’ll pay the fee while the token will be generated in your wallet and then automatically sent to the buyer. This feature is only available on the Rarible default collection.
How to Create an NFT on OpenSea
Connect your preferred wallet to OpenSea and set up your account. Next, head over to the homepage and go to your profile icon. Click “Create” in the top right corner. This will take you to the NFT creation page. Then, upload your NFT file and enter the necessary information.
Proceed to customize your NFT if you wish. Before minting NFT, you can add levels and properties and include them in a collection. You can also include unlockable content that only the buyer will see once they get the token. Click “Create,” and you’re finished.
Your NFT is on the blockchain, but it’s not up for sale yet. Below we also explain how to sell your tokens, so keep reading to learn more.
How to Create NFT Art Without Coding
Creating an NFT sometimes requires a bit of coding knowledge, depending on the method you’ll use to make it. As we explained above, creating an NFT with a wallet on a marketplace is one of the easiest ways to make NFTs. At the same time, it’s a way to create them without using a single line of code.
Regarding the question of how to make an NFT art, you should have your physical painting or digital art prepared before you move on to turning it into NFT. Scan your physical artwork and set your digital art at the highest resolution possible.
You may also edit them in a program and make them look however you want. Then you can make high-quality NFTs and even sell them for a profit.
Where to Buy NFT
If you wish to purchase a unique NFT art, you should register at an NFT marketplace. Connect your wallet, check your balance, and add more Ether tokens for purchases and fees. Experts advise you to use the MetaMask Chrome extension as it has a straightforward interface.
Once you’ve done that, you can browse multiple NFT marketplaces on the Ethereum blockchain. If you wish to buy NFT cards from a marketplace on another blockchain, you’ll use a wallet for that specific currency.
Some of the best places to buy NFT include OpenSea, Axie Infinity, Rarible, Super Rare, Mintable, Nifty Gateway, Venly, Zora, and similar. Keep in mind that different marketplaces will contain NFTs of a specific niche.
For example, NBA Top Shop is geared towards people who look to collect game moments, and Sorare is a place to manage your fantasy football team with NFTs.
How to Sell NFT Art
To start selling your NFT art, you should primarily select the blockchain you want to use. Most creators use Ethereum, as it’s the easiest one and supports many marketplaces. Then, move on to setting up your digital wallet and adding funds to it. You’ll need Ether tokens in your wallet to pay for fees related to NFT minting.
By now, you probably know how to create an NFT, but let’s briefly deal with the formats. Since almost anything can become an NFT art, you can upload your art as an MP3 (audio), MP4 (video), or other common formats like GIF, PNG, or WEBP.
If you decide to use Rarible, you can also see how your artwork will look before you upload it. This means you can edit your art until the final moment of minting your NFT.
How to Create an NFT Marketplace
If you wish to create an NFT marketplace, know that the business side of it is the same as for any other product. You should consider your target audience and plan out your marketing. Additionally, there are two types of NFT marketplaces – universal non-fungible token websites and niche peer-to-peer marketplaces.
Both are great if you’re an NFT creator looking for extra profits. Proceed to making your platform by setting up the basic functions of any website – the storefront and convenient search. Include filters, listing creation feature, listing status, auction, ratings, and wallet connection.
What’s more, there are some readily-made solutions to keep in mind, where you can get a ready-to-install platform for a lower cost. Once you’re done, test the functions to see if all works well.
How to Invest in NFT
There are several methods to invest in NFTs. You can mint your own by connecting a wallet to the marketplace, paying the fees, and uploading your art. You can then post it on sale, where others can bid and purchase your unique NFT. However, this can hardly bring revenue to regular folks. Still, if you’re famous and have a decent audience, you can score great sales.
On the other hand, you can purchase NFT trading cards on any of the marketplaces and hold them until they rise in value. Then you can post them on sale and receive revenue. Again, nobody can guarantee whether the NFT you bought can increase in value, so you should do your research beforehand.
If you’re just starting with NFTs, you’ll likely have to wait for bigger gains since most NFTs sell for less than $200, and your investments probably won’t pay off.
How to Make Money With NFT
The first way to earn money with NFTs is to mint and sell them on a marketplace. This will work well if you’re famous and have a decent following, as your followers may wish to own your NFT. Follow the step-by-step instructions on your preferred marketplace to mint and sell your NFTs for a profit.
Besides putting up NFT for sale, you can look at NFTs like stocks, meaning you can buy and sell them like you would any stock out there. By selling a collection of NFTs you already own, you save yourself some time for minting them.
However, the trick is to know when to sell your non-fungible tokens. That said, whenever there’s interest in the NFTs you own, you should post them on sale.
NFT brought up a whole new niche in the cryptocurrency market. Many were wondering how to make an NFT as crypto enthusiasts promoted the marketplaces, claiming they earn thousands of dollars daily.
While making an NFT is not as hard as you might think, selling it for a profit might be. Still, if you wish to play around and make NFTs, you have a vast number of tools to use. In addition, the Ethereum network offers multiple NFT marketplaces to help you sell your art or invest in non-fungible tokens.