How to Create Your Own NFT?
It seems as if NFTs (Non-Fungible Tokens) have suddenly taken the world by storm. People are getting paid millions for creating unique digital assets presenting a win-win situation for both buyers and sellers. Who wouldn’t want to be on this joy ride? The buyers are on board because it makes them the proud owners of rare digital assets and boosts their influence in the community. The sellers are excited because now their art isn’t worthless anymore. They can own their work and decide their own royalties.
Who Can Create An NFT?
Anyone who is interested can create an NFT. If anyone tells you that you can’t, steer clear, for these people are not informed themselves and selling some half-baked information. Although to create an NFT, you will have to fulfill some prerequisites. These include having a crypto wallet, the currency of the platform to pay for minting the NFT, and so on.
Creating Your Own NFT
If you are lured by the possibility of making cryptocurrency gains by selling your digital art, music, meme, etc., you need to know how to create an NFT. Follow our step-by-step guide given below, and you are all set to start minting your NFT.
- STEP 1 – Select An Item – The starting point is selecting or picking an item that will be used as NFT. The consideration to fulfill here is that it should not be a copy. It has to be unique because this uniqueness will give the NFT some value.
- STEP 2 – Choose A Blockchain – Now that you have your digital asset, it’s time to convert it into an NFT. Simply having something to sell does not make it an NFT. Hence, your next step would be to choose a blockchain on which it will be listed. It is essential to bear in mind that presently not all blockchains support NFTs. Hence, you need to choose one that does. Some popular options are Tezos, Ethereum, Cosmos, etc.
- STEP 3 – Create Digital Wallet – You may already have a digital wallet if you have been minting cryptocurrencies. In that case, you can skip this step. Nonetheless, if you are a newbie, your next step is to create a digital wallet. The digital wallet holds neither the cryptocurrency nor the NFTs, as these are all stored on the blockchain. You can access them with your private key, which is stored in the wallet.
The other thing you will be doing with the digital wallet is paying the gas fee of the platform. The gas fee is nothing but the service fee or the transaction fee.
When creating a wallet, you will have to choose between a custodial wallet (where the wallet owner has full control and manages the wallet) or a non-custodial one (hosted wallet is one in which a third party is involved to keep the wallet contents safe). From there, the app you choose for wallet creation will guide you through the complete process. Once the wallet is set, you will have to shop for cryptocurrency. If you already own some, attach it or link it to your digital wallet.
- STEP 4 – Deciding The NFT Marketplace – Lastly, you pick out your choice of NFT marketplace with cryptocurrency. Some popular options for you to choose from are OpenSea, Rarible, Holaplex, Objkt, etc. Each of these platforms has some strengths and weaknesses. Some will allow you to list the NFT without paying a gas fee. Some have high gas fees and others low. So it would be best if you weighed the pros and cons sensibly.
When searching for an appropriate marketplace, what you need is one that allows you to earn more and spend less in terms of transaction processing time and fee.
This is all it takes to create your own NFT. Once the creation process is complete with the NFT listing on the marketplace of your choice, you are all set to mint it. It will show on your marketplace account profile.
Value Of Your NFT
NFTs are a goldmine, but where some are very expensive, others barely make a dent. If you wish to earn something worthwhile from your NFT, keep the following things in mind:
- Create art that has an interested audience . Research before creating your piece of music or painting. So what is in high demand and make accordingly. Trying to differ may not be a good idea until you have created an impactful presence.
- Don’t jump into the number game and start creating left, right, and center. It is best to be conservative and guarantee good quality stuff . The shortage also works in your favor. It creates a race between buyers to own what you have made and increases the value of your NFT.
- Spread the word of your NFT on all social media platforms for you need to create interest in it. Only when more people are interested will the competition rise, and so will the value of your NFT. Twitter, Facebook, Instagram, Discord, etc., you need to let the presence of your NFT be known everywhere.
Cost Of Minting An NFT
The price of cryptocurrencies is extremely volatile. They rise and fall like hot potatoes. The value of the cryptocurrency plays a significant role in determining the cost of the NFT. To give you a fair idea, you can mint an NFT anywhere between $1 to $500, and in some cases, the cost can increase even further.
Rounding-Up
Now that you know the right way of creating your NFT and the things you should keep in mind while making it, don’t forget the importance of choosing the right marketplace. For a beginner, the best marketplace is the one with the least gas fee because as you learn the process practically, there will be some mistakes. Keeping their token value to the minimum will help keep your head above water. Don’t be demoralized with a few setbacks because there’s much to learn, and getting everything right in the first attempt is not always possible.
Tokenization is a powerful tool that gives wings to your creativity. May your NFT be the next success story, but you won’t know that until you start.
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