Non-fungible tokens (NFTs) are gaining in popularity, no doubt. Just read through our daily updates here and you’ll see more and more companies, brands and celebrities are getting into the NFT world.
People are paying top dollars for these rare bitcoin items. One digital artist known as Beeple’s NFT sold for a staggering $69 million in early 2021, and many others have sold for millions.
More individuals and creative artists are now Googleing “how to make NFTs” and want to get on the bandwagon. Perhaps also make some money making NFTs.
This article will show you how to make NFTs (and make money while making NFTs).
Here are the steps to make an NFT
Let’s start with the basics.
1. Select a digital asset
Let’s start simple. If you haven’t already, decide what unique digital asset you wish to make an NFT of.
It can be a meme, GIF, or even a tweet. An NFT is a single-owner digital object.
The more rare the NFT, the more the value.
Verify that you possess the intellectual property rights to the NFT item. Making an NFT for a digital asset you don’t own may be illegal.
2. Select your blockchain
Once you’ve chosen your digital asset, it’s time to mint it into an NFT.
First, choose the blockchain technology you want to employ for your NFT. Ethereum is the most popular among NFT producers. Tezos, Polkadot, Cosmos, and Binance Smart Chain are all popular blockchains.
I would suggest going with Ethereum since it’s popular and accepted by most NFT marketplaces.
3. Create a digital wallet
If you don’t already have one, you’ll need one to fund your initial investment. Your digital money will be accessible via the wallet.
Here are some of the best NFT wallets – Metamask, AlphaWallet, Trust Wallet, Math Wallet, and Coinbase Wallet.
To begin, you’ll need to get some bitcoin.
Most NFT platforms accept Ether, the Ethereum blockchain’s coin. If you already hold bitcoin, connect it to your digital wallet to make and trade NFTs.
4. Choose an NFT Marketplace to sell your NFTs
It’s time to start making your NFT (and selling). You’ll need an NFT marketplace for that. Check out the best NFT marketplaces here.
Search through each NFT marketplace to discover a good fit for your NFT. For example, Axie Marketplace sells Axie Infinity, a popular NFT game. NBA Top Shot is a basketball-only market. Also, some marketplaces demand their own currencies.
Start with OpenSea. It allows you to mint your own NFT and sells the most NFT through the platform itself.
In August 2021, their NFT marketplace sold $3.4 billion worth of NFTs.
You must then link your NFT marketplace to your digital wallet. This will allow you to mint your NFT and keep any sales revenues in it.
5. Send your NFT file
Now it’s time to make your NFT. Step-by-step instructions for submitting your digital file will be given by your selected NFT marketplace.
This will convert your digital file (PNG, GIF, MP3, etc.) into a marketable NFT.
It will look something like this.
6. Sell your NFT
The last step in NFT minting is to decide how to monetize and sell your NFT. You have the following options to sell your NFT.
Sell it for a fixed price: Setting a fixed price allows the first individual to buy your NFT.
Timed auctions: A timed auction will provide interested parties with a deadline to place their final bid.
Unlimited auctions: An endless auction has no time restriction. Instead, you can terminate the auction at any time.
You’ll need to decide on the minimum price (if you’re holding an auction), your royalties (if you’re reselling your NFT), and how long to run an auction (if timed). If you set the minimum price too low, you may lose money on your NFT sale.
What does it cost to make an NFT?
Sadly, making and selling an NFT may be expensive and complex.
You may be charged a listing cost, an NFT minting fee, a selling commission, and a transaction fee to move funds from the buyer’s wallet to yours. Fees may also change owing to bitcoin price fluctuation. As a result, you should carefully consider the expenses of making and selling your NFT.
Get started with as little as $10.