How to make an NFT
NFTs are now a well-established trend. A growing number of individuals and even large companies such as Nike and McDonald’s have begun making and selling their own NFTs. It’s near impossible to imagine the Web3 without such tokens. To make your own Non-Fungible Tokens, you just need a bit of creativity and access to a cryptocurrency.
How do you make an NFT?
Non-Fungible Tokens are tamper-proof objects distributed using the blockchain. It’s difficult to narrow NFT down to one exact definition. In many cases, NFTs are used to sell art online. The range of NFTs is vast. It includes digital artworks and copyrights as well as digitally available properties and music.
How you make your NFTs depends on the type of NFT you wish to create. Most Non-Fungible Tokens created by individuals can be classified as NFT art. In many cases, these NFTs are digital artworks or pixel art. You must own the copyright to the artwork.
To create your NFT, you need the product, the artwork you created. Secondly, you’ll need to decide the blockchain through which to distribute the NFT. The most widely used blockchain for this purpose is Ethereum. However, Binance Smart Chain is similarly popular for distributing NFT. You’ll also need a digital wallet for cryptocurrencies to settle fees for publishing your NFTs on a marketplace.
The choice of an appropriate NFT marketplace should match your NFT by theme. This is the most likely way to reach the appropriate target group. You can create your own NFT marketplace if necessary. Subsequently, convert the file you wish to distribute into NFT and make it available on the blockchain. This process is known as minting. Minting ensures the immutability of the Non-Fungible Token. Lastly, set a price and accepted payment methods such as bitcoin for your product. If you prefer not setting a fixed price, you can set a time-limited or unlimited auction for your NFT.
How much does it cost to make an NFT?
There’s no fixed fee for creating a Non-Fungible Token. What you end up paying depends on various aspects. The choice of blockchain is one of the most significant decisions here. Depending on the blockchain and the price of the used cryptocurrency, transaction fees for mining NFT can vary widely. Depending on the current exchange rate and blockchain, these range from a few cents to €100.
Other costs to consider when creating NFTs include marketplace operating fees. These tend to be relatively low, amounting to 2.5 to 5 percent of the NFT selling price for most marketplaces. In some cases, fees are carried by the buyers, which means you don’t end up paying anything.
Create an NFT for free
It’s possible to create NFTs free of charge. While you’ll always be charged for minting and for adding a Non-Fungible Tokens to a marketplace, sometimes you have the option of paying a fee only once the NFT sells. In other words, the fees are covered by the sale.
That’s where so-called lazy minting comes into play. The minting strategy lets you register your NFT on the blockchain once it’s sold. The minting costs are then included in the sales price.
How and where to sell NFTs?
There are many different NFT marketplaces to sell tokens and make money with NFTs. Ultimately, which marketplace you choose is up to you. But the process of offering your NFTs for sale is near identical across most of them.
Once you’ve registered with the marketplace of your choice, upload the file you wish to create your NFT from. You can then mine your NFT directly through the marketplace. At this stage, many marketplaces let you select your preferred blockchain. You can sell your Non-Fungible Token at a set price.
The largest NFT marketplace is OpenSea which has the advantage that it doesn’t charge a registration fee and is well-suited for beginners. Fees are only due once the corresponding NFT is sold. OpenSea users can pay with cryptocurrencies but also with credit card.
Another very well-known NFT trading site is SuperRare. The marketplace selects NFTs, including works of well-known creators. It takes a 15 percent cut from any sales which is above average. Buyers also pay a service fee on SuperRare when they purchase NFTs.
Rarible is another popular NFT marketplace. Rarible is unique because it’s led by the community. Users don’t just create and sell their own NFTs but actively help design and shape the marketplace.