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.

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.

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 pence 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.

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.

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.