hype around NFTs It hasn’t calmed down yet. Digital artwork still sometimes sells for huge amounts of money. But even if you don’t earn millions (or at least thousands) of euros, it can be an interesting project to create a token yourself – for example because you want to try the market as an artist.
This is not extensive encryption– Knowledge required – but some basic interest and initial investment in one Cryptocurrency These are the prerequisites for creating an NFTS. We explain to you how it works.
Here in a brief form below in more detail:
- crypto wallet Create one if you don’t already have one
- You should think about any of them in advance Blockchain To be used prior to creating an NFT – Ethereum It is most commonly used in NFTs
- Portfolio must be loaded due to creation and sale of NFTs Outlay become worthy
- Select the platform, for example open sea or rare. There you will be guided in creating the NFTs. In any case, the wallet must be tied
- the work – Photo, video, animation, audio file – Upload in acceptable file format (eg png, gif, webp, mp4, mp3)
- Set sale details: auction or Fixed priceAnd proceeds (With every resale you get a share of the sale price)
- NFT is now available for sale but is not tied to the platform on which it was created
Photo, video or song
First of all, the artwork that will become the NFT must be created. This can be a picture, an animation, a video clip, an audio file – anything that can be stored digitally. You must be careful with formatting. It is recommended to save the file as a file png, gif, mp4 or mp3 To save so that there are no problems later because the specific platform does not accept the format. It is also important to make sure that you are not violating any rights – the drawing, picture, movie or song you want in the NFT must be your own creation.
Choose a blockchain
So once you create your artwork, you must have an extension Blockchain Choose through which it is served. In the meantime EthereumThe ETH blockchain has become the most popular platform for NFTs. Of course you can also look around at the smallest, for example flow by Dapper Labs. Blockchain from Canada is working with Google Cloud, according to Forbes, which could give it a big boost.
Each blockchain has its own standard for tokens and not all wallets are compatible with it. However, a list can be found on the respective website. If you’re not familiar with Ethereum, you can’t go wrong. The standard is called here ERC-721.
Connect crypto wallet
Once you choose a blockchain, you should have one crypto wallet Create one (if you don’t have one yet) or link your wallet to it. Here we explain how it works. Here you should invest between 50 and 100 euros in the corresponding currency, because there is a fee for the creation and sale of NFT. Here we have shown you how to buy cryptocurrency.
Choose a hosting platform
Once you have completed these steps, you choose a market to sell your artwork.Mint”, that is, to be linked to the blockchain. Well-known platforms suitable for Ethereum are OpenSea, Mintbase, and Rarible. There you can – usually via a file Create button – Create NFT. The process is slightly different depending on the platform, but the basic steps are as follows:
- Link wallet: The wallet password must be entered once and the link is confirmed
- upload artwork (in OpenSea you must first create a group via ‘My Collections’ > ‘Create’, then select ‘Add New Item’), including family name And Description
- Once the NFT is loaded, you must confirm it in your crypto wallet
- You can then customize your profile on which the NFT is displayed. With OpenSea, for example, this is a cover image that is displayed at the top of the page, like Facebook or Twitter.
The cost of “gas” NFTs
On some platforms, a Outlay deserved, which isGasThey are paid every time a task is performed on the blockchain, such as linking an NFT to a wallet. The price can vary widely, depending on the number of people shipping the blockchain at the same time.
Therefore, it is often cheaper to load NFTs on weekends when fewer people deal. With OpenSea, the download is free, you only need to pay the fee when a transaction is made with a purchase.
How to offer NFTs for sale
Now NFT is still waiting for sale. On some platforms, you must provide necessary information when uploading, such as Mintbase and Rarible. OpenSea has an additional “Sell” button. NFTs for sale are not offered here by default, so downloading them is also free. For sale, the following information must be provided on all platforms:
- Circumstances: Should the NFT by public auction or for Fixed price Sold? At least one entry into auctions start bidding and one time frame at.
- Royalties/commission: Here you can enter the percentage. Every time an NFT is resold, you get a file percentage of the price paid
- Accepted currency: Some platforms offer several coins that can be used for payment – but you just have to choose what you have
You can read more news about Bitcoin and other cryptocurrencies on our crypto channel Futurezone.at/krypto.