NFT seems to be on everyone’s lips all around the world. People pay big bucks for these unique collectible cryptocurrency assets. The NFT market is now worth $41 billion and it is getting closer and closer to the regular art market. Major public figures such as Elon Musk, Eminem, and Gary Vee have already created and sold NFTs.
These NFTs have been sold for huge amounts. The prospect of big money is enticing more and more people to create NFTs in hopes of cashing in on the current boom. If you’re looking to create your own NFT and make a profit selling it, this article will take you through the process. So let’s get started!
What is an NFT (Non-Fungible Token)?
A Non-Fungible Token (NFT) is a unique digital asset. Assets like bitcoin are fungible, meaning all bitcoins are equal and fully interchangeable. A bitcoin is always worth the same as another bitcoin. Likewise, the Ether (Ethereum) unit is always equivalent to another unit. This fungibility makes cryptocurrencies suitable for use as a secure transaction medium in the digital economy.
NFTs change this crypto paradigm by making each token unique. One non-fungible token can’t resemble another. Similar to human fingerprints. An example of a non-fungible token is an artwork. You can have two pieces of digital art that are the same, but each one is unique.
How to create an NFT
Follow these steps to create an NFT even if you are a beginner:
Step 1: The creative process
In creating an NFT, your creativity knows no limits. Anything can be an NFT. An image, a GIF, video, etc. You will need to come up with a theme for your NFT. Almost all successful NFTs have a clear theme. Just look at Beeple, the maker of the most expensive-selling NFT to date. Beeple has been an artist for almost 15 years and has always chosen interesting themes.
For example, one of his collections consists of 100 NFTs in which Elon Musk, exhausts his Doge. Beeple also often chooses to create art about politics or other current topics.
When you have a theme and an idea of what your NFT should be, it’s time to create the actual art. You can do this in different ways, depending on what you want. For example, you could choose to draw or paint something by hand. You could then scan this in and turn it into a JPEG.
You can also create something yourself in a digital program, such as Photoshop. Photoshop costs money, however. If you don’t think it’s worth it, you can also opt for a free alternative, such as Paint.net or Figma.
Another option is that you will take pictures because photography can also be made into NFTs. Are you a photographer? Or do you have beautiful photos from an old holiday? You can also make these into NFT.
Another option is to hire an artist. You can do this, for example, via Fiverr or Upwork. What’s important is that the full commercial rights go to you, otherwise you could be in trouble later. So always ask extra for this.
It doesn’t stop there. Do you make music? Do you play guitar or piano? You can also make this an NFT. Record it and make an NFT of the MP3 file.
As you can see, the possibilities are endless. As long as your artwork can be made into a file, it can be an NFT. So be creative, then you will achieve the best results.
Step 2: Create a wallet
A wallet is no different than a virtual purse in which you can store your coins, such as Bitcoin or Ether. We recommend Metamask. Metamask is a browser extension that is added to your existing browser.
To do this, go to Metamask.io and add the extension for Chrome or Firefox browsers. Then, register with your email address.
Step 3: Buy Ethereum
To create and sell an NFT, you’ll need to buy ether(Ethereum) and add it to your Metamask wallet. The money is only due when you offer your first NFT for sale and is only charged once.
There are several ways to buy ether. You can buy it through Binance – one of the largest crypto exchanges in the world and pretty easy to use. You can of course also use other crypto exchanges like Crypto.com or Bitvavo. Once you’ve bought the ether, ensure you transfer it to your Metamask wallet.
Step 4: Create a profile on Opensea.io
It may take some time for the ethers to be in your Metamask account. You can now go to Opensea.io and connect your Metamask account to Opensea.
Think of an artist’s name and pimp your profile. Now we will create an NFT. To do this, click on the “ Create” tab. Then click on ” Submit NFT “. Now press the ” Create new collection ” button. Give your collection a meaningful name and create a small picture and describe your collection in a few words. Once you have done that, click on ” Add new item “.
If you have filled out everything so far, simply press “ Create ”. You have to confirm this in your Metamask account and press “Sign”. So, your first NFT is created and stored on the Ethereum blockchain.
How do I sell an NFT at Opensea?
You have three options to sell an NFT at Opensea. You can hire it for a set price or put the NFT up for auction, or sell it as a bundle. How does selling an NFT on Opensea work now?
Before you release an NFT for sale, you should define a few settings. To do this, click the ” My Collections ” button and then click ” Edit “. Enter your contact addresses here and enter a percentage for ” Commission “. Every time your NFT is resold, you get a commission. You can determine this yourself.
Then, tick the ” Verification ” box so that your collection is verified on Opensea. Now you can release an NFT for sale. Since you now want to sell your first NFT, the fee in ether is due. The price varies and at night this fee is usually cheaper because there is less traffic on the Ethereum blockchain. This fee is only payable once. Sign and done. Your first NFT is for sale.
Creating your own NFT is quite straightforward to do. It requires creativity though! Also, It is very critical that you only create NFTs for which the commercial rights are held by you. If not, you could end up in trouble later in the process, and you obviously want to avoid this. So make sure you don’t use anything that doesn’t belong to you.