It looks like NFTs have taken the world by storm these past few years. While non-fungible tokens have been around since 2014, 2021 was their breakthrough year. Since then, they’ve become more mainstream, with people from all walks of life purchasing and even creating their own digital assets. From 2017’s CryptoPunks and the rise of the Bored Ape Yacht Club to NFTs fetching millions of dollars in auctions, NFTs have given way to a new wave of collectors and artists.
Despite the NFT market’s volatility, it experienced a significant increase between 2018 and 2020. With NFT sales amounting to millions of dollars every week and with the number of buyers continuing to grow, many creators are trying to ride the wave.
But how do you transform your art into an NFT? What platforms should you use when minting and listing NFTs? How do you want to monetize your digital asset?
If you want to get in on all the NFT action, or you’re simply curious about the whole process of making an NFT, this guide will walk you through everything you need to know about how to create your own NFTs.
Table of Contents
A Beginner’s Guide on How to Make Your Very Own NFT:
What is an NFT?
The first step to making an NFT is knowing what a non-fungible token is.
Non-fungible tokens, or NFTs, are unique digital assets that represent real-world counterparts. Popular use cases of NFTs include virtual real estate, digital art and music, and gaming assets.
Unlike fungible tokens or digital currencies like Bitcoin, where each bitcoin holds the same value and can be traded for another bitcoin, NFTs are one-of-a-kind and have their own identifying signatures. One NFT isn’t equal to another NFT, hence the non-fungible aspect. For example, a creator can mint three NFTs. While these NFTs may share some similarities, each one has its own identifying signature.
NFTs are held on a blockchain, a database that acts as a public ledger with mechanisms that allow for the issuing or trading of such digital tokens. Once new data is added to a blockchain, it’s verified and recorded. It can’t be changed or erased.
Before you can create an NFT, you need to create digital tokens through minting. You’ll then need to pay for smart contracts, which securely store information on a blockchain using cryptocurrency. Smart contracts are an essential part of making NFTs because they allow creators to manage the ownership of and transfer their NFTs to the respective buyer. Smart contracts also play a role in ensuring that an NFT is unique and non-replicable.
But why are NFTs so appealing to creators?
One of the primary reasons is that with NFTs, there’s no need for middlemen. This means creators can sell their works directly to their audience, and they can continue to get a cut of the sales every time someone sells the creator’s NFT. As a creator, you also retain the copyright and reproduction rights of your work, giving you control over the ownership of your creation.
NFTs have also changed the creator economy landscape, allowing more individuals to create their own digital content and use online platforms to connect with their audience. The rise of NFTs also allowed for more transparent and secure transactions.
Creators can also determine an NFT’s level of scarcity, which can play a role in increasing an NFT’s value. Furthermore, an NFT’s value can change depending on its perceived scarcity and demand.
How to Make an NFT in 8 Steps
Now that we’ve got the basics covered, it’s time to start making an NFT.
From Art to NFTs
One of the best things about NFTs is you can create one even without coding know-how. You can take your existing creations in different file formats like PNG, JPG, MP3, and GLB, and upload them to your preferred NFT marketplace.
While the process of creating NFTs may have some barriers to entry and the market is seen as highly speculative, many marketplaces are stepping up and making the creation process easier for both beginners and experienced NFT creators. Additionally, online editing suites like Fotor are leveraging artificial intelligence and machine learning, making it easier for creatives to make NFT artworks. All you need to do is upload the image you want to transform into an NFT, apply an art style that you like, and download the finished product.
While the NFT market is still relatively new, it’s quickly becoming very popular. As demand for NFTs increases, this creates an opportunity for higher sale prices. However, it’s important to note that you could still potentially lose money in creating NFTs as you’ll need to purchase cryptocurrencies and pay any associated fees. While some platforms will let you mint for free, making and selling NFTs can set you back anywhere between an average of $70 and $300, depending on the NFT marketplace you’re working with.
There is some good news, though. Some platforms support lazy minting, which lets you offset gas fees and passes the said fees to the buyer.
NFTs are making content creation more democratic and are giving creators more control over their works. Additionally, they allow creators to earn lifetime royalties and start marketing their products without middlemen, allowing them to keep a significant cut of the proceeds.
The NFT market can be a lucrative avenue for creatives. We hope that this guide will help jumpstart your journey to minting your very own NFTs.
Find more: How to create nft – Krypto-NFTs