A question has been on people’s minds lately- How to make an NFT? If you’re an artist and post your artwork on digital platforms, you may have faced copyright infringement at least once in a lifetime. It has been quite common these days, but have you ever thought of having ownership of your artwork on the digital platform without any third-party involvement? Not only that, you can now monetize your work while maintaining your flexibility. It sounds like a dream! It will happen, and we are on the verge of that era.
Over the last few years, the Web has evolved in several ways, introducing new strategies and tools and decentralizing it. The movement of Web 3.0 is booming now, thanks to the rise in popularity of Blockchain, Metaverse, Cryptocurrency, and NFTs, which show that the digital world is shaping itself for the future.
The new structure of the Web has a profound effect on business, the world of digital art, and the security of your digital assets. Protecting and trading your digital assets are more accessible because of NFTs and blockchain technology.
So, if you’re a graphic designer, developer, or just a cryptokeen and thinking about how to make an NFT for free and secure your digital assets, here is a step-by-step guide for you. So, let’s dive in!
Introduction of NFTs
Many people are aware of the word NFT but don’t know what it actually is. So, before going through the steps of how to make an NFT, let’s first know what they are.
NFTs or Non-fungible tokens are the unique units that allow you to store data on a digital ledger, like a blockchain. To put it simply, each non-replaceable digital asset you have, like your photos, gaming items, or digital file present in the blockchain system, are NFTs.
NFTs are an excellent tool for designers and can be used to display designs, copyright notices, or any other information that you want to share with your audience. They’re also a great way to solidify a unique branding identity in the marketplace and differentiate yourself from competitors. NFTs hit the market and mainstream conversation with the unimaginable sale of Beeple’s artwork for $69.3 million. Non-Fungible Token is a topic that continues to gain attention in the Ethereum space and the crypto sphere.
So, now we think you clearly know what NFT is. Let’s now know how to make NFT on laptop and store them and your digital assets.
Set up a Crypto wallet
Questions may arise about why you need a crypto-wallet. In the blockchain system, you can’t always use traditional payment methods like credit cards to manage NFT transactions, though some NFT marketplaces like marketplace or Nifty Gateways allow such methods. Cryptocurrency is what controls your NFT transactions in the blockchain system.
Crypto wallets are physical devices or computer programs that provide storage for your digital currency. In layman’s language, crypto-wallets are your bank accounts, from which you can spend money to buy your items in the market, that are NFTs. Ether, or Ethereum blockchain’s native Cryptocurrency, is the leading one dealing with NFTs.
Before you think about “can I create my own NFT,” you need to set up a crypto wallet and follow five simple steps:
- Choose what kind of crypto wallet you want, hot or cold. For NFT transactions, a hot wallet that is the software one is preferable.
- Buy or install your wallet
- Install the software
- Create an account and set up security features for the same
- Deposit your Cryptocurrency.
Choose an NFT Marketplace
So, now that you know what to buy or sell and what form of currency you will use for that, you must know where you will make your transactions. Here comes the NFT marketplace. So you may wonder how to create an NFT marketplace or even what it is. NFT marketplaces are like physical markets operating in the digital realm that helps you to trade your digital assets.
To get a better idea, you can think of Amazon or eBay operating in the digital realm. There are several marketplaces in existence specializing in a single niche. So, how to choose the perfect one for you? Here are some tips for you.
- Select the type of NFTs you want to buy.
- Look through the information the NFT marketplace provides about the number of NFTs available, the price of each one of them, the number of sales and buys, etc.
- Check security policies and advanced encryption.
- No dubious price
- Check whether it supports digital wallet facilities.
- Go through the ratings.
After considering all the above-stated factors of how to create an NFT marketplace, select a marketplace for digital trading assets.
Create an NFT Collection
So, now that you have NFTs, what’s next? Now, you will be looking for a place to store your NFTs and secure all of them in one place. Here comes the NFT collection.
An NFT collection is the assemblage of digital assets released by an artist which contains a few NFTs. You can think of a music album to understand that better, while the songs in the album are NFTs. Therefore, to showcase your digital assets together in the market, make an NFT collection. You can make your collection anytime.
If you’re a newbie, you need to learn graphic design and other computer-based skills, which is easier to master than painting with a paintbrush. But remember that the value of NFT collections is not related to your creative flairs as an artist but to your ability to understand demands, trends, and how well you can market your collections.
Create and Publish NFT
Now that you know everything about NFTs’ use, market, and storage, let us dive into how to create and publish your own NFTs. But before that, a small thing you need to know; in NFT terminology, the procedure to create NFT online is known as minting. Now, you’re good to go to the steps.
Following are the five steps that will help you understand how to make your NFT popular:
1. Select The Digital Asset
It is the first and the most challenging part of the process. NFTs can be anything, making it difficult to know where to begin. Figure out the Digital Asset you want to make into an NFT, which can be customized paintings, pictures, songs, collectible basketball cards, memes, GIFs, or even a tweet.
NFTs are non-fungible because every NFT is a distinct Digital Artifact with only one owner. The value gets determined by its Rarity (the level of uniqueness among all the Digital Assets present as NFTs). Take your time to explore your arts and purpose. Be unique because specific NFT tools like Rarity rank the assets by their Rarity, adding values to the NFTs.
Legal difficulties are inevitable if you make an NFT for a Digital Asset you don’t own. It’s better to make sure you own the intellectual property rights to the object you wish to make into an NFT before proceeding.
2. Decide Which Blockchain To Use
Determine the Blockchain Technology you intend to use for your NFT to mint your Digital Asset into an NFT. Several blockchains are available in the NFT marketplace. Also, make sure you choose it according to its effectiveness in your NFTs. Popularly used among NFT artists and creators is Ethereum. Other popular options include Tezos, Zilliqa, Flow, Cardano, Polkadot, Cosmos, and Binance Smart Chain.
3. Configure A Digital Wallet
How to create your own NFT and sell it? A Digital Wallet is required to fund your initial investment with Cryptocurrency and create NFT online. Your digital possessions will be accessible via the wallet. Metamask, Alpha Wallet, Trust Wallet, Math Wallet, and Coinbase wallet are among the most popular NFT wallets.
Once your Digital Wallet is ready to use, you can buy Cryptocurrency and link it to the Digital Wallet to create and trade NFTs.
4. Choose An NFT Marketplace
OpenSea, Larva Labs, Cryptopunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Axie Marketplace, Nifty Gateway, Mintable, and ThetaDrop are some popular NFT markets that you can choose from.
Examine each NFT Marketplace to find a good fit for yourself, and then link it to your Digital Wallet. It will allow you to pay the fees associated with minting your NFT and store sales revenues.
5. Convert Digital File And Monetize Your NFT
A step-by-step guide should be available for uploading your Digital File to your preferred NFT Marketplace. You’ll be able to convert your file of any type like JPG, PNG, MP4, WEBM, GIF, SVG, or MP3 (preferably under 100MB) into a marketable NFT using this method.
After successful conversion of your Digital Asset into an NFT, you can monetize it in the following ways:
- Put a fixed price on your NFT.
- Individuals interested in your NFT can submit their final bid within a particular time with a Timed Auction.
- If you are willing to wait for the sale of your NFT to get the highest bid, then you can go for an Unlimited Auction.
Cost of Creating a Personal NFT
So, now, if you’re thinking, “can I create NFT for free?” Well, you must have an understanding that it comes for a price. You may wonder how much does it cost to create an NFT. Please note that your cost will vary depending on the blockchain you choose for your personal NFT.
Besides that, other factors undoubtedly affect the cost of minting, including gas or transaction fees. Based on the marketplace, you also have to pay an NFT minting fee, listing fee, gas fee, and a commission on the sales. If your NFT platform is providing you with free service for minting, then only gas fees you have to give, which varies with the traffic of blockchain.
The average cost can vary from around $0.05 to $150. The Ethereum blockchain costs around $70, excluding the marketplace fees, and is the most expensive, whereas Solana, the cheapest one, is only $0.01. On this add, the marketplace fees as well, which are around 2.5% to 5%. Below is a chart of all the popular NFT blockchains to give you an idea of the price. Please note that the above range of costing can vary.
Now you know how to make an NFT and sell it or how much does it cost to create an NFT. NFT presents an exciting new way to collect certain Digital Assets. NFTs could even change how we view legal documents and how people pass on assets. If you have a Will or other legal documents, you are already Estate Planning.
Before catching up with the changing technological advancements, the laws have a long way to go. Still, with a Digital Estate Plan for NFTs and Cryptocurrency, you can ensure security and smooth handover of all your Digital Assets to your family members after your demise or incapacitation. You can plan your digital estate plan any time of your life, irrespective of age, earnings, and the type of digital assets you have. It will save your digital assets from any risk after your demise.