If you are interested in cryptocurrency and blockchain technology and want to monetize it, you may have heard of NFT. They allow you to turn art and digital works into NFT tokens and then sell the tokens on the NFT marketplace.
In this step-by-step guide, we’ll show you how to create your own NFT artwork and how to sell it online for the first time.
What is NFT?
NFTs or non-fungible tokens are unique pieces of data stored on a blockchain. NFTs can be videos, images, GIFs, or any form of digital art. NFT represents digital ownership of a work of art, music, and many other file types.
The “non-fungible” part is what sets NFTs apart from fungible assets like gold, silver, paper money, and cryptocurrencies. Their interchangeability means that, for example, you can exchange $100 for another $100, or an ounce of gold of the same value as any other ounce of gold..
NFTs are all unique digital assets. You cannot exchange one NFT for another, making them non-substitutable.
It’s important to remember that the NFT is not an object, but rather a string of characters that you can use as proof of ownership. NFT can also publicly confirm that your digital file is authentic and not a duplicate.
How does NFT work?
NFT requires the creation of digital tokens, through a technique known as cryptography. In the cryptocurrency world, this process of creating tokens is called minting. Normally, to mint NFT, you have to pay to create smart contracts.
Smart contracts are pieces of software code that allow blockchains to securely and transparently store information. Ultimately, these tokens are what govern the ownership and transferability of the NFT.
How much does it cost to sell NFTs?
When you sell NFT, you should also spend some money on it. Most NFTs rely on the Ethereum blockchain to validate transactions, and even generating NFTs can cost you money.
The exact amount you will have to pay to sell your NFT depends on Ethereum’s “gas fees” which vary by time of day and from platform to platform. While you can’t avoid paying gas fees, you can minimize them by waiting for gas prices to drop. You can use sites like Etherscan to find out the current cost of Ethereum gas. Another reason there is no fixed price to create and sell your NFT is because the NFT gas fee also depends on the size of your digital asset and the complexity of the transaction.
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On some NFT platforms, buyers pay gas fees to validate transactions on the blockchain through their digital wallets. On other platforms, you as a seller pay gas fees to mint and sell NFTs. While there are no exact figures for the cost of mining and selling NFTs, here is an average estimate:
- $70 to produce (mint) one NFT
- $15 to list your NFT
- $50 for NFT Auction
If at some point you decide to give up your intention to sell your NFT, you will also have to pay a few dollars for the destruction of your tokens.
There are different platforms and blockchains where you can mint and sell your NFTs, all of which have their own pros and cons for NFT creators. Some of the most popular platforms are Rarible, Opensea, and Superrare.
Before choosing a platform that suits your needs, you need to do your research to learn about gas prices and transaction fees in advance. While the popular blockchain among NFT creators is Ethereum, other popular choices include Polkadot, Tezos, Polygon, Binance Smart Chain, and Cosmos.
If you are just getting started in the NFT business, follow our guide to get started OpenSea background and Polygon blockchain, as this combination allows you to create and list your NFTs for free (no gas fees).
How to make your first NFT
Before you can create your first NFT and sell it on the OpenSea platform, you need to connect your crypto wallet to OpenSea. Don’t have a cryptocurrency wallet yet? Does not matter. There are many services that you can use to create a wallet. Metamask and Coinbase are some of the most popular ones. They are also beginner-friendly and allow you to have your Metamask or Coinbase wallet ready to use in just a few minutes.
How to Create a Crypto Wallet with Coinbase
In this tutorial, we will use Coinbase as an example. To create a Coinbase crypto wallet, follow the steps below.
- Open Coinbase Website. In the top right corner, select Begin.
- Fill out the form to create a Coinbase account. When you’re done, select Create Account at the bottom of the screen.
- You will be asked to verify your account via email. After this step, you can start using your Coinbase account and transfer cryptocurrencies into it.
- Return to the Coinbase website and log in to your account.
- Below Assetoption Get wallet.
- This will prompt you to install the Coinbase Wallet browser extension. If you are using Chrome, select Add to Chrome to continue.
- When you open the browser extension, select Create a new wallet.
- Be sure to back up your wallet and save the recovery phrase to your password manager or somewhere else you can access the wallet in case you need to. This phrase is the only way to recover your crypto wallet if you forget your password details later. Then follow the onscreen instructions to initialize and then finish creating your Coinbase wallet.
You can now access your Coinbase crypto wallet from the list of browser extensions. You can use it to quickly view your crypto balance, as well as view your NFT and a list of transactions.
How to Create Your First NFT Collection on OpenSea
The next step is to connect your Ethereum (ETH) wallet to OpenSea Platform. Note that you don’t need to have any crypto in your wallet, you can use this method even if your balance is zero.
Once your wallet is connected to OpenSea, follow the steps below to create your first NFT.
- On OpenSea, you need to create an NFT collection initially. To do that, select My collection from the website’s menu and select Create a collection.
- On the next page, you will need to fill in all the important details about your NFT artwork. You need to upload a logo image, featured image, and banner image for your collection, and give your NFT a name and description – all of which are important for attracting attention. intention of your potential buyer. You can also give a custom URL for your OpenSea collection, which will make it easier for you to share the link. You can also choose a category for your collection (art, collectibles, music, photography, etc.) and even add your personal links as an NFT artist.
- Digging down the page you will find an important option to add Creator’s earnings. This is the percentage fee you will collect when a buyer resells your NFT. You can set it to whatever you like or leave it at 0. If you choose extra fee, you need to fill it in as well. payment wallet address.
- The next step is to choose Blockchain.Option Polygon to avoid paying gas fees. Then choose a payment token that can be used to purchase your NFT.
- Finally, choose Create at the bottom of the page to finish setting up your collection.
How to mint an NFT
Now that your NFT collection is ready, you can mint your first NFT on OpenSea.
- Go to the OpenSea website and open your gallery.
- In the top right corner, select More items.
- Above Create new item , upload an image, video, audio, or 3D model for casting into NFT. Supported file types include JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF. The maximum file size is 100MB.
- You can fill in more details about your NFT on the same page. You can add an item description, link to a website with more information about the item, and add any unlockable content that only the item owner can reveal.
- After you fill in all the details, scroll down and select Create.
That’s it, your NFT will be minted in seconds. Once your NFT is minted, you can edit it to change the description or any other details.
How to sell your NFT
Once you mint an NFT, you can list it on OpenSea and wait to make your first sale. To sell your NFT, open it from your gallery and choose the color blue Sell in the top right corner of the screen.
Choose a price for your item in ETH and a duration. On OpenSea, the minimum price you can place is $2. If you don’t want your NFT to be available immediately, you can set any future date as your sale start date. OpenSea also allows you to reserve your NFT for a specific buyer. If you choose that option, you need to fill in the address of the buyer’s crypto wallet.
We set an ambitious 1ETH price tag for our artwork. The price and the duration of the offer are two things you won’t be able to change later, so you shouldn’t rush to complete this step. We recommend looking around to see how much other users are asking for similar works of art before you decide on yours.
To complete your NFT listing, select Complete your list. OpenSea will ask you to send your digital signature through your crypto wallet.
That’s it, you’ve successfully listed your first NFT on OpenSea! However, minting and listing your NFT is much easier than actually selling it. On Opensea, you can only choose your sale period. On other platforms like Rarible, you can also set up a timed auction or an unlimited auction to improve your chances of a token sale.
Another way to increase your chances is to have a social media following that you can use to promote your art. For example, you can promote your NFT on your Instagram account, Facebook page, or on dedicated subreddits. You can do small giveaways to advertise your collection and grab the attention of potential buyers.
Pro tips for selling your NFT
The best-selling NFTs are mainly those from established artists (see Beeple and his collection for example) and social media influencers with large followings.
However, for those who are new to selling NFT there is also a way to profit from their token sale. When you create your NFTs, you need to think about how buyers can use them in a variety of areas. In other words, what is your NFT worth other than being a digital asset stored on the blockchain?
If it can be used in real life in one way or another – it’s an NFT with the potential to become popular among buyers and sellers. A good example are the NFTs that illustrate and raise awareness about the conflict in Ukraine. They are also used to raise funds for charities.