Oxalus Insights Guides

How To Create An NFT: A Complete Beginner’s Guide

Guides Sep 27 2022

Non-fungible tokens, or NFTs, are becoming more and more popular in the world. People are willing to pay a lot of money to own a famous collection of NFTs on the internet. In particular, one NFT by a digital artist known as Beeple was sold for a record $69 million in early 2021, while many other NFTs have also been valued in the millions of dollars.

Huge earning potentials are making more people join the race of the NFT trend. Here are detailed instructions on how to create an NFT and sell them.

What Are NFTs (Non-fungible Tokens)?

NFT is a digital asset stored in a blockchain, a form of a distributed ledger. Ownership of the NFT is recorded in the blockchain and cannot be forged. In addition, NFT holders can also transfer them to others, so the NFTs can be sold or traded on the market.

NFTs typically represent real-world objects such as art, music, game items, and videos. Although they have been around since 2014, NFTs are becoming more popular now because they provide an easy way to buy and sell digital art. The NFTs market was worth a staggering $41 billion in 2021, according to Forbes, a figure roughly equal to the total value of the entire global fine art market.

Who Can Create An NFT?

Thanks to the development of technology today, anyone can create their own NFTs. All you need to prepare is a work of art and a little capital. It doesn’t matter if you are a famous artist or not, just be as creative as you can, NFT platforms will give you the tools to turn your artwork into NFT.

How To Create An NFT

Pick Your Item

Identify a digital asset that you want to convert into an NFT, it can be a picture, a piece of music, a meme, or anything you create. An NFT is identified by a unique owner, which makes that NFT valuable. Make sure that you are the owner of the item you want to convert to NFT. Attempting to create an NFT for an asset that isn’t yours could land you in legal trouble.

Select Your Blockchain

Once you’ve chosen your unique digital asset, it’s time to start the process of minting it into NFT. First, you have to determine the blockchain technology you plan to use for your NFT. The most popular NFTs today all use the Ethereum (ETH) blockchain. Other popular options include Solana, Polkadot, Polygon, and BSC.

Set Up Your NFT Wallet

If you don’t have an NFT wallet yet, you will want to set up a digital wallet to generate NFT as you will need some crypto to fund your initial investment. The wallet will give you access to your digital assets. Top NFT wallets include Oxalus Wallet, Metamask, Math Wallet, Trust Wallet, and Coinbase Wallet.

After setting up your digital wallet, you will need to buy some cryptocurrencies. Most NFT platforms accept ETH, the cryptocurrency of the Ethereum blockchain platform. If you already own some cryptocurrency elsewhere, you need to transfer it to your digital wallet so that you can use it to pay the fees for creating and selling the NFT.

Choose Your NFT Marketplace

Once you have a digital wallet and some cryptocurrencies, the next step is to choose an NFT market and get started creating NFTs. Here are some of the top NFT marketplaces including OpenSea, Rarible, Nifty Gateway, Mintable, and ThetaDrop.

You will need to research each NFT market to find a platform that is suitable for your NFT. For example, NBA Top Shot is a basketball-focused marketplace, so you should choose digital assets related to the sport. OpenSea is often a good place to start for newbies. Not only allowing you to create your own NFT, but Opensea is also the leader in NFT sales today.

After choosing your NFT marketplace, you will need to connect it to your NFT wallet. Select the “Create” That will allow you to pay the fee to mint your NFT and store the profits from selling the NFT.

Upload Your Digital Asset

You are now ready to mint your NFT. Your chosen NFT marketplace will have step-by-step instructions for uploading your digital files to their platform. That process will allow you to turn your digital file (PNG, GIF, MP3, or another file type) into a marketable NFT. Very simple, right?

Set Up Your NFT Sale Process

The final stage of the NFT minting is the stage where you monetize your NFT. Depending on your platform, you may have the following options:

  • Sell at a fixed price: By setting a fixed price, you will allow the first person to meet that price to buy your NFT.
  • Timed Auctions: Timed Auctions will give people interested in your NFT a window of time to place their bids
  • Set up Unlimited Auctions: Unlimited Auctions do not set a time limit. Instead, you have the control to end the auction whenever you want.

Depending on the platform and pricing, you may pay listing fees, NFT minting fees, sales commissions, and transaction fees to transfer funds from the buyer’s wallet to yours. Fees can also fluctuate due to fluctuations in cryptocurrency prices. Therefore, it is important that you take a close look at the costs you will have to pay for the creation and sale of NFTs to make the right decision.

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The non-fungible token ecosystem is rapidly evolving and becoming easier to use. Whether you want to create, buy or sell NFTs, there is a wide range of platforms available for you to choose from and use. Good luck with the NFT market!

Frequently Asked Questions

1. Can you mint an NFT for free?

There are many platforms that offer free tools to create NFTs. However, you will need to pay a small fee to the blockchain for every action you take, including minting NFTs or listing them on the marketplace. So, prepare a little cost (about 5-10$) and you can comfortably create NFTs.

2. Can I make my own NFT and sell it?

You can completely create your own NFTs and sell them on marketplaces in just a few minutes with the leading NFT platforms such as Opensea.

3. How much does it cost to create an NFT?

Most platforms now allow you to mint NFTs for free. However, you will have to pay a fee to the blockchain for every action you take. Except for Ethereum, this fee is really small and usually insignificant.

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