NFTs are Non-fungible Tokens that have recently received much attention among entrepreneurs. This is not an astonishing matter when you come to know about the artists who have made billions of dollars by selling NFTs.
In the past year, the NFT itself has separately raised its value in the Market. By the year 2025, the investment banking group Jefferies has predicted that the NFT industry will reach a value of USD 80 Billion.
Coming to the question of what is NFT and how to you make an NFT?
Generally speaking, understanding the NFT is quite a complicated thing but this blog will help you understand the NFT in an easy way and the creation process of it.
Overview Of NFT
An NFT is a cryptographic digital asset on a blockchain network containing unique identifiers and metadata to differentiate them from one another. NFTs are not like cryptocurrencies because NFTs cannot be interchangeable as it has a uniqueness.
Typically, NFTs are represented by digital artworks such as images, videos, music, and animations. In the NFT markets, digital assets are bought and sold for payments that require cryptocurrencies.
How does the NFT work?
NFTs use the technology of blockchain to create a unique digital asset. Each of the NFTs is a unique token with a certain identifier that is permanently recorded on the blockchain network which is transparent and also incorruptible.
For creating an NFT, creators basically use the smart contracts on a compatible blockchain platform which is typically Ethereum. Smart contracts define the rules and regulations for the use, exchange, and ownership of NFTs.
When the creation process of NFT, metadata will be attached, and that includes the information about the digital assets such as their title, description, and media files which are art, music, and video. Those data are stored on the blockchain network and become an essential part of the NFT.
As a result of this, the NFTs cannot be interchanged and each token will represent a digital item whose original creator can identify.
Who can create NFT?
NFTs are created by anyone with access to the necessary tools and platforms. With the propagation of NFT markets and platforms, the process of creating an NFT is relatively simple and straightforward. NFT platforms provide various tools that allow the creation of all kinds of NFTs.
If you are an artist, musician, collector, business person, or a company you can able to create your own NFT using minting tools that are available on the NFT Markets.
How to you make an NFT?
Basically, there are various ways to do this and that depends on the tools you use. Now let’s head into the steps for creating NFTs.
Choose the type of NFT that you want to create
There are lots of options to choose the type of NFT you want to create including artwork, tickets, media items, music, games, Real estate, and more. You may also create NFT for real-world items like valuable collectible figures. If you are creating a simple NFT you don’t need a developer but if you are creating games like complicated smart contracts you must need to seek help from developers.
Choose a suitable NFT Marketplace
Various NFT Marketplaces are there to choose from each and every marketplace has different types of features and functions so make sure to do research and choose the suitable one for your business. Opensea, Rarible, Superrare, and Solsea are some of the popular NFT Marketplaces.
One of the important considerations for beginners is the charging of fees which are often referred to as gas fees. Each of the Market has its own fees which depends on how you plan to mint and sell your NFTs.
Set up a cryptocurrency wallet
Setting up a crypto wallet involves a few simple steps and there are different types of crypto wallets available such as hardware, software, and mobile wallets. Metamask Wallet is the one that is used by most of the creators. Let us see the steps to set up a software crypto wallet because most of them are browser-based.
- Download and install Metamask Extension
- Create a new wallet
- Create a strong password or pin
- Save and confirm your seed phrase
- After the setup start using your crypto wallet
Buying cryptocurrency through an exchange
You will need cryptocurrency to fuel the blockchain and mint your NFTs. Typically it costs around USD 12 to USD 239 per Ethereum to pay gas fees when generating NFT. So, it is better to fill up your wallet with cryptocurrencies.
Here are the steps to exchange cryptocurrencies:
- Choose the crypto exchange
- Sign up and create an account
- Complete KYC process
- Deposit funds into your account
- Choose the cryptocurrency that you want to buy
- Place on Order: Market and limit Order
- Confirm your cryptocurrency purchase
- Store your cryptocurrencies in your crypto wallet
Connect your crypto wallet to the platform
After you’ve set up your crypto wallet and selected your NFT Marketplace you will need to connect your crypto wallet to the platform. Opensea or Rarible are the ones that automatically immediate to connect your crypto wallet.
Here I am providing you with general steps to connect your crypto wallet to the Platform:
- Choose the preferred NFT Platform
- Do a wallet connection
- Authorization of connection
- Sign the Transaction
- Verify your connection
- Fund your crypto wallet
- Prepare your digital asset
- Mint your NFTs
- Pay the fees for Minting
- Review it and publish
At starting I hinted that understanding NFT is complicated same as breaking into the NFT Market may seem complex. But with much thorough research, persistence, and creativity it seems more achievable.
FINAL THOUGHTS
Hope you can get a clear picture from the blog “How to you make an NFT”. Now you can make flawless non-fungible tokens and list them on top NFT marketplaces like OpenSea without any hassle. In a way, NFT is an innovative thing that provides an evolving vista to explore all opportunities and engage with the digital world. Take up the offering possibilities of NFTs and unite with the evolving community that shaping the future of digital ownership and creativity.
If you are an entrepreneur reading this and want to build a platform like Opensea, then Zodeak is your one-stop for NFT marketplace development. To find out how Zodeak can help you, click the button below to speak to our expert.
