Creating and Selling Your Own NFT Tokens: A Step-by-Step Guide
NFTs have become one of the most popular and recommendable items in cryptocurrency over the past few years. Having billions of trading volume and even a few celebrity endorsements pushing artworks to the digital forefront of mainstream media outlets. Meanwhile, if you want to create your own non-fungible tokens, follow the steps explained here.
Virtually anyone can have access to mint their Non-fungible tokens, and work directly on any NFT platform. Minting simply means the process of creating or producing something and uploading your artwork on a blockchain.
How Do You Create Your Own Non-Fungible Tokens?
However, before focusing on minting your NFTs, you need to learn how to develop one. Our guide on how to create your non-fungible tokens will detail the steps you need to build your first NFT. This also includes how to upload your artwork, select the right blockchain, and where you can list it for sale.
Can You Create NFT For Free?
Yes, of course, you can create NFTs for free, as most NFT platforms enable one to create and list NFTs for free. However, if you want to sell an NFT, you typically have to pay a transaction fee. More so, some NFT blockchains charge a fee to mint NFTs to their platform. This includes charging network fees to users.
Furthermore, Ether is the major asset accepted for NFT transactions. So ETH also charges a gas fee, which is a base fee per work unit, while still, the fees fluctuate depending on blockchain and network activity. Meanwhile, the Polygon blockchain collects no charges for single mints but does charge an insignificant fee for batch minting.
Create Your Own Non-Fungible Tokens
You can create an NFT on an NFT marketplace or crypto exchange that supports NFT minting. To start creating your own non-fungible token from scratch, carefully follow the six steps below
Step 1: Figure Out What You Want to Create
Most NFTs typically represent a piece of digital art. The “digital art” may come in the form of an image (JPEG), a short video clip (such as an animated GIF, or even in the form of an audio production (such as a song). The intention is to produce a unique piece of digital media that is sellable, more like selling a painting at an art gallery. So you have to figure out for yourself what type of NFT you intend to create
The major value NFTs offers to creators includes their uniqueness, something no one can own elsewhere. Thus, you have to ensure you own the right to the digital media you intend to use. Because creating an NFT from media you don’t own may have legal consequences.
Step 2: Choose a Blockchain
The next thing after considering the type of NFT you want to create includes choosing a blockchain to use. There exist several blockchains that can store your NFT. This blockchain will help preserve a permanent record of your NFT. Therefore, it’s important to select the one that best fits your necessities.
Consequently, we’ve recorded some blockchains beneath that help NFTs, so you can browse them.
The most common NFT blockchain is the Ethereum Blockchain, which hosts thousands of NFT collections. NFTs are created on the Ethereum Blockchain using the ERC-721 standard, which stores the metadata of the NFT on the blockchain. The same team that developed ERC-20 smart contract developed this standard. Thus, the standard defines the minimum interface ownership details, security details, and metadata needed to exchange and distribute gaming tokens.
Solana has turned into the nearest contender to the Ethereum blockchain. Displayed as a quicker, cheaper option in contrast to Ethereum, Solana charges an exchange expense of under $0.01 and has a developing rundown of upheld applications for NFTs. What’s more, Solana utilizes both the confirmation of-stake (POS) and evidence of-history (POH) agreement components. It likewise has a lot quicker exchange speeds than Ethereum.
Stream is one more blockchain network intended for NFTs and decentralized gaming applications that use POS. It is likewise the host of the well known NBA Top Shot NFT assortment. Numerous different games specialists have created commercial centers on the Stream blockchain, spreading the word about it a spot for sports-centered NFT creation.
A few other blockchains support NFTs, each having its local area and decentralized applications (dApps) for makers and NFT holders.
Step 3: Set Up an NFT Wallet
Once you select a blockchain you intend to use, you will require a digital wallet supporting that blockchain to store your NFT. To create one, simply download the crypto wallet app, then, fill in a username and password, and save your recovery phrase and private keys offline for backup purposes.
You can find many popular wallet apps that support multiple blockchains, below we’ve listed a few;
- Metamask: Metamask wallet supports a wide variety of cryptocurrencies, including Ethereum and Solana blockchains. You can use it as a mobile app or add it as a browser extension.
- Coinbase Wallet: Coinbase offers a computerized wallet that upholds Solana NFT assortments and ERC-721 NFT tokens. You can download it as a portable application or add it as a program expansion.
- Ledger Nano X: If you prefer to store your NFT in a safe hardware wallet, the Ledger Nano X supports both Solana and Ethereum NFTs.
Step 4: Choose an NFT Platform
Next, you have to choose an NFT platform where you can mint your NFT. An ever-growing list of NFT platforms enables you to make an NFT, but the best ones provide a good service marketplace to list and sell NFTs. Below, we’ve listed a few of the most popular NFT platforms;
- OpenSea: OpenSea is currently the most popular NFT platform. It has over $20 billion in trading volume since its launch in 2017 and over 2 million NFT collections listed. OpenSea is the top platform for Ethereum-based NFTs. Meanwhile, OpenSea initiated support for Solana NFTs in July 2022.
- Solanart: As the Solana-based NFT protocol, Solanart hosts some of the most famous Solana NFT collections, with a smooth user interface and an easy application process for minting.
- Crypto exchanges: Various crypto exchanges support NFT art, example includes Binance Exchange. You can create your NFT directly on the platform, then select the blockchain you prefer, and create and mint the NFT directly.
Step 5: Create the NFT
Once you have selected a platform/NFT marketplace, creating your NFT becomes pretty straightforward. See an example of how to create an NFT on OpenSea;
- Connect your wallet: In the OpenSea menu, tap the wallet icon and select which digital wallet you’d want to connect. This will prompt you to approve a verification on your wallet app.
- Select the “Create” option: This pops up a menu for you to start your NFT creation process. You’d also find an upload section, properties, NFT features, and blockchain.
- Upload your media file: Now upload the picture or other media that you will want to sell. You can either upload directly or link to an externally hosted media file.
- Fill in the details: After uploading the media file, complete the required details, which include filling in the name of your NFT and a description. Optionally, you can add unique properties and additional perks like unlockable content. For example, discount codes for merchandise or an invitation to a private Discord channel.
- Select your blockchain: Now select the blockchain on which your NFT resides. Note that it cannot be changed once minted.
- Create the NFT: Once you have completed filling in the details of your NFT, simply click “Create.”
When you hit “Create,” your file will upload, and thus the NFT created. However, you’ve not put up the NFT for sale just yet. Therefore, you can still change the metadata until you list your item for sale.
Step 6: List the NFT for Sale
Listing your NFT for sale is not difficult, and most NFT platforms allow you to do this for free. Once you’ve created your NFT in your wallet, then you can simply hit the “sell” button on the platform of your preference and edit the price you wish to list it at and how long you want to auction it.
Once you’ve filled in the details of your sale, you can create the listing. This will need you to approve a few transactions in your digital wallet, which may involve paying transaction fees on your selected blockchain.
How Much Does It Cost To Sell A Non-Fungible Token?
How much you decide to sell your NFT depends on how marketable you can be. People buy NFTs for several reasons. For some people, it is the love of art, so they simply collect artworks for their passion. While others take it as some form of investment to appreciate in the future.
Several factors may make your NFTs valuable, making people sort after them no matter how much you place them for sale.
What Are The Best NFT Tokens?
Gaming NFTs are one of the best NFT tokens. The fact that their platform is often active and interactive makes it gain more value. The trending ones among them currently include the following;
- Axie Infinity.
- Theta Network.
You can check here to see more good NFT tokens
There exist different varieties of NFT collections, ranging from games to picture collections and even audio collections. Thus, below we’ve given examples of NFTs that exist today;
- A Digital Collectible
- Domain Names
- Sneakers in the fashion line