Since the rise of NFTs or non-fungible tokens, there has been a surge in their popularity. These one-of-a-kind cryptocurrencies are fetching astronomical prices from eager buyers. One Beeple NFT sold for a whopping $69 million in early 2021, while many others have sold for more than $100 million. More people are creating NFTs with the expectation of looking to cash in on the current craze because of the potential for big money. In this guide, you will learn how to make an NFT.
How can you make an NFT?
- Pick your item
Let’s get started with the fundamentals first. First, decide what digital asset you want to turn into a non-fungible token (NFT). Painting, drawing, music, video game memorabilia or memes, GIFs, or even tweets are examples of creative work. Unique digital items with only one owner are known as NFTs. NFTs are more valuable because of their rarity.
- Figure out Blockchain Technology
The next step is to begin turning your digital asset into a non-fungible token (NFT). The first step is to figure out which blockchain technology you’ll use for your NFT. Ethereum is the most popular cryptocurrency among NFT artists and creators. These include Bezos, Cosmos, and Binance Smart Chains.
- Set up your digital wallet
You’ll first require some cryptocurrency to fund your initial investment if you don’t already have one in a digital wallet. In order to use your digital assets, you must set up a wallet. And the top NFT wallets include Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet.
- Choose your NFT market
To begin building your NFT, you’ll need a digital wallet and some cryptocurrency. You’ll need to select an NFT marketplace to do that. OpenSea, Axis Marketplace, Min table, Rarible, SuperRare, Foundation, Nifty Gateway, and Teardrop are some of the best NFT marketplaces. You must research each NFT marketplace to find a platform that will work best for your NFT project.
You’ll need to link your digital wallet to your NFT marketplace once you’ve chosen. As a result, you’ll be able to cover the costs of minting your NFT and keep any resulting revenue.
- Upload the file you just created
Having completed all the prerequisites, you can now mint your NFT. To upload a digital file to an NFT marketplace, you should be able to follow a step-by-step guide. Using this method, you’ll be able to turn your digital file (such as a PNG, GIF, or MP3) into an NFT that can be sold.
- Set up the sales process in advance
It’s time to monetize your NFT, the last step in mining. Whichever platform you’re using allows you to:
Set a price: You’ll be able to sell your NFT to the first person who is willing to pay the fixed price.
Specify a time limit for the auction: People interested in your NFT will be able to submit their final bids in a timed auction.
Start an auction with no upper limit: There is no time limit on an auction with an unlimited reserve. Instead, the auction can be ended at any time by you.
Set a minimum price: Set your royalties so that if your NFT resells on the secondary market, you’ll continue to profit from it and decide how long to hold an auction to avoid losing money on your NFT sale. So you must set your fess when setting up the minimum price.