Almost everyone has heard of NFTs as they have infiltrated even the most remote corners of the internet. It is still in its early stages and is expanding extremely fast. To build your first NFT collection and solidify your position in the industry before it becomes oversaturated, you must learn how to create and sell your own NFTs. This article will help you with that.
What are NFTs?
NFTs or non-fungible tokens are digital assets that reside on the blockchain. Similar to other decentralized applications that run on the blockchain, NFTs also run on the Web3 browsers which helps to maintain remote security . Each NFT is unique and cannot be exchanged for another cryptocurrency, unlike other cryptocurrencies where you can exchange an interchangeable purchase for another of similar value. It contains a digital signature to demonstrate ownership and authenticity. Cross-referencing metadata with publicly available blockchain records is another way to verify that someone owns an authentic NFT.
NFTs thrive on scarcity. They become more valuable over time because they contain a digital signature. According to fundamental economic theory, the price of a product or service will rise when there is a shortage relative to demand. This explains why many people dream of owning an NFT, as it gives them the same sense of pride as buying a Van Gogh painting.
How to build your first NFT collection
Whether it’s music, a painting, or a piece of literature, you can turn any digital file into an NFT. Below we’ve put together a few steps to create, upload and sell your first NFT collection.
CREATE A DIGITAL ART PROJECT
There are no guidelines for digital art, so you can be as creative as you want without following any particular technique. You can use programs like Photoshop, Affinity Pro, and Corel Painter to create digital art. However, you can hire freelancers online if you want work handpicked by experts.
Before posting your art on the NFT platform, you should know that the marketplace must support the file you are uploading. Most platforms support TXT, PNG, JPG, MP4 and GIF files.
CHOOSE BLOCKCHAIN
The next step is to mint the digital artwork into NFTs after choosing which one to use. Mining means creating a digital file into a collectible cryptocurrency or digital asset stored on the blockchain. And the most important step that affects the cost of NFT minting and the security of your NFT is choosing the right blockchain.
Also, because certain wallets are not compatible with certain blockchains, you may not be able to move your NFT to your digital wallet if you mint it on a lesser-known blockchain. Before choosing a blockchain for your NFT, first learn about the best and most famous ones.
Ethereum
The most widely used blockchain is Ethereum, which is known for its simplicity and convenience. Many popular NFT markets are based on the Ethereum network, including OpenSea, Rarible, SuperRare, and others.
However, you will need to pay a significant amount, known as gas costs, to confirm any transaction on the Ethereum blockchain. Because of this, Ethereum is often the most expensive platform to create NFTs.
Polygon
Using Polygon, you can mine NFTs on OpenSea, one of the largest trading platforms. Unique to Polygon is the ability to mint NFTs without paying anything upfront.
The platform provides deferred minting as the default strategy, which means that the person who buys your NFTs will be responsible for paying their minting fees and will charge you 2.5% of every transaction you make on the network.
Tezos
Tezos could be the solution you’re looking for if you’re worried about how blockchains will affect the environment, as it’s proven to use 200,000 times less energy than competing systems and create a smaller overall carbon footprint.
Additionally, Tezos is a great blockchain for NFT mining, even for beginners, as NFT mining on it is faster, cheaper and more efficient than Ethereum.
PREPARE AND REFUND YOUR CRYPTOWALLET
As stated, you will have to pay a small amount of tokens as a transaction fee to sell your NFTs. To achieve this, you will need to create a wallet that supports your desired blockchain.
Also, in the NFT world, your wallet address serves as your identity. Use it to set up your profile in online stores and other decentralized applications. The best crypto wallets are Coinbase, MetaMask and Rainbow.
CREATE A MARKETPLACE ACCOUNT
After completing the previous procedures, choose the market where you will present all your works. There are a few things to think about beforehand:
- All devices should be able to access the platform for convenience.
- It should support different wallets and payment methods for a simple transaction.
- The market must support token sharding.
- It should have a robust verification process to protect your assets.
- If desired, it should offer specific incentives to users.
Open sea
For all NFT types OpenSea very like it and easy to use. OpenSea now offers a slow mint option, while the Ethereum blockchain is notorious for requiring exorbitant maintenance costs, or “gas”. Without paying for gas, an artist can upload their artwork, “etch” it on their profile, and then put it up for sale. Gas costs are covered by the collector when he buys it.
Rare
Creators of books, music, digital art and movies can use Rare to mint your NFT creations. There are some fun options, like being able to only give buyers access to the entire project, allowing visitors to “peek” at your product, but limiting the entire project to buyers.
Holaplex
Artists and creators report that the Solana blockchain is extremely fast, has excellent performance and is cost-effective with minimal fees, despite Solana receiving mixed reviews from Ethereum fans. Solana is known as a new, less harmful alternative to Ethereum due to its speed and efficiency, which also reduces energy consumption.
Objkt
Objkt , originally created as a secondary market, now allows artists and producers to earn money directly from their work on its site. Sasha Stiles and Ana Maria Caballero, co-founders of VerseVerse, use it and other NFT literary creators.
GET YOUR FIRST NFT MINED AND LISTED
After creating a digital artwork, connecting it to the marketplace, selecting a blockchain, and purchasing a cryptocurrency, all that’s left to do is mint it. It is a blockchain-based process of converting a digital file into a digital asset. Your digital asset cannot be erased or changed once registered on the blockchain.
You will be able to find step-by-step instructions for posting your digital file to your desired NFT market, and once minted, your digital artwork is now open for sale.
Selling your NFTs
Now that you know how to create an NFT, you need to set up a sales process. The commission should be taken into account when calculating the minimum price. If you set your price too low, you risk losing money on sales.
It is often impossible and expensive to mint or sell NFTs. When transferring from the buyer’s wallet to yours, there may be a selling fee and a transaction fee. Due to the volatility of Bitcoin’s value, fees may vary. It would be best if you consider the cost of minting and selling your NFT to make sure you can sell it at a price that will cover all costs.
Once you complete this process, your NFTs will be listed and other collectors can start bidding on your assets. If your item is unique, you can sell your NFT.
THE BOTTOM LINE
If you’re new to NFT, it’s understandable that you might feel overwhelmed by the process. However, there is a big misconception that you have to be a technical expert to participate in cryptocurrency. Instead, consider NFTs an interesting approach to market entry that requires no programming knowledge.
