Non-fungible tokens, or NFTs, are very popular these days. People are paying big bucks for unique collectible crypto assets. NFT was sold to the digital artist known as Beeple for $69 million in early 2021, while many others have already generated multi-million dollar sales.
The prospect of getting big money is tempting more and more people to create NFTs in hopes of making money from the current boom. Here is a step-by-step guide on how to create and sell an NFT.
6. Choose your digital assets
Let’s start with the basics. If you haven’t done so already, you need to select the unique digital asset that you want to convert to NFT. This panel can be a custom, photo, music, video game, meme, GIF, or even a tweet. NFT is a unique digital asset with only one owner. This rarity makes NFT valuable.
Make sure you own the intellectual property rights to the object you want to convert to NFT. If you create an NFT for a digital asset that you don’t own, you could get into legal trouble.
The world of NFT is moving at a fast pace and here is another NFT project: Rollbit, an online gambling platform specializing in cryptocurrency, recently unveiled its suite of 10,000 NFTs called Rollbots.
Well, if you want to try your hand at gambling (of course only if you are of legal age and a responsible gambler), then for a comfortable game it is better to consider a reputable Germany casino where you can use any convenient payment method.
5. Choose your blockchain
Once you have identified your unique digital asset, it is time to convert it to NFT. To do this, you must first decide which blockchain technology you want to use in your NFT. The most popular among NFT artists and creators is Ethereum (CRYPTO: ETH). Other popular options include Tezos, Polkadot, Cosmos, and Binance Smart Chain.
4. Set up your digital wallet
If you don’t already have a digital wallet, you should set up one to create your own NFT wallet as you will need some cryptocurrencies to fund your initial investment. A wallet gives you access to your digital assets. The most popular NFT wallets include Metamask, Math Wallet, AlphaWallet, Trust Wallet and Coinbase Wallet.
Once you have set up your digital wallet, you have to buy some cryptocurrency. Most NFT platforms accept Ether, the cryptocurrency supported by the Ethereum blockchain platform. If you already own cryptocurrencies elsewhere, you must connect them to your digital wallet so that you can use them to create and sell NFTs.
3. Choose your NFT market
Once you have a digital wallet and some cryptocurrency, you can start creating (and hopefully selling) your NFT. To do this, you have to decide on one of the NFT markets. Major NFT markets include OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop.
You need to research each NFT market to find a suitable platform for your NFT. Axie Marketplace, for example, is the online store for NFT’s best game, Axie Infinity. The NBA Top Shot, on the other hand, is a market focused on basketball. It is also important to know that some markets require their own cryptocurrency. Rare, for example, requires Rarible (CRYPTO: RARI).
OpenSea is usually a good place to start. It enables you to make your own NFT coin and leads the way in selling NFT. The NFT market sold $3.4 billion worth of NFTs in August 2021 alone.
After choosing your NFT Marketplace, you need to connect it to your digital wallet. This allows you to pay the necessary fees and retain sales revenue.
2. Upload your file
You are now finally ready to form your NFT. The NFT Marketplace of your choice should have step-by-step instructions on how to upload your digital file to their platform. This process allows you to convert your digital file (PNG, GIF, MP3 or any other type of file) into a marketable NFT file.
1. Prepare the sale process
In the final stage of the NFT minting process, you must decide how to monetize the NFT. Depending on the platform, you can:
- Submit a time-limited auction: You give those interested in NFTs a deadline to submit their final bid.
- Start an Unlimited Auction is an auction with no time limit. Instead, you have the option to end the auction at any time.
You need to set a reserve price (if you set up an auction), set your fees to earn money from your NFT when you resell it on the secondary market, and how long you want the auction to last (if it is limited by a time period). When setting a lower price, be aware of the fees because if you set a price too low, you may lose money selling the NFT.
Unfortunately, the fees involved in minting and selling an NFT can be expensive and confusing. Depending on the platform and pricing, you can pay the listing fee, NFT Mint fee, sales commission, and transaction fee to transfer money from the buyer’s wallet to you. Fees can also fluctuate due to the volatility of cryptocurrency prices. For this reason, it’s important to take a close look at the costs you’ll have to pay to mint and sell NFTs to make sure it’s worth it.
Creating an NFT can be a profitable investment
Selling NFTs is becoming increasingly popular. Thus, NFT creators can make a lot of money. However, not all NFTs can ever be sold, let alone their creator being able to make money from them, since there are fees for minting and selling NFTs. Given the cost, be prepared to lose money building your own NFT. The best way to avoid a loss is to make sure that you sell a valuable NFT to others and set a lower price that more than offsets the fees involved.
The prospect of making money with NFT currency sounds attractive, but like digital money, it is a rather risky commodity. The value of coins is increasing today, but it is difficult to predict the long-term dynamics of price changes. Despite the fact that this is a state-of-the-art technology and the market size is still very modest, the potential for the cryptocurrency is huge, so the NFT story is just beginning.