NFT!
These three simple alphabets were enough for creating unbelievable hype in past a few years more than anything else in the world.
And here you are with your curiosity, thinking about how you could sell your own and become a millionaire overnight. Isn’t it?
Don’t worry, I’ll answer all of your questions right here. Just follow along!
In this article, I’ll go over the fundamentals of NFT. In addition, I’ll guide you on how to make your own NFT and have it listed on a marketplace.
Let’s begin with the basics, shall we?
WHAT IS AN NFT?
An NFT is a one-of-a-kind digital data unit whose location is tracked on a blockchain. In layman’s terms, NFTs are digital art that is labeled with code that verifies their location on a blockchain.
NFTs can carry a variety of data types, although they’re most typically associated with graphic, audio, and video files nowadays.
There’s no misunderstanding about an NFT’s worth or who owns it because its true location is documented on a blockchain. Any minted NFT is authentic and will never be verifiably reproduced, as non-fungible means non-interchangeable.
Sure, you can replicate any file you wish (even an NFT), but the NFT’s location can only be owned by one individual.
Downloading a photograph without buying the NFT is like purchasing a Mona Lisa print in a museum shop: you’ll enjoy the replica, but you won’t be able to claim its ownership.
Well, you are about to learn how to create your own NFT and sell it for a crazy amount of money. Let’s get started with the guide.
STEP-BY-STEP GUIDE :
A new freelance art venture, such as developing an NFT, involves a few steps and a sound strategy, just like beginning a business. Follow these steps to get your first NFT on board.
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SETTING UP A DIGITAL WALLET
Set up your blockchain foundations before creating an NFT.
A digital wallet is a piece of software that can be used to carry out transactions in the NFT market.
Digital wallets securely hold currencies (including crypto-assets), non-fungible tokens (NFTs), and payment information, enabling rapid and worry-free online purchases.
Installing a digital wallet app is required to create a digital wallet (Coinbase and Metamask are two of the most popular for NFTs).
You’ll create an account with an email address and will be given a confidential recovery phrase.
This very secure twelve-word phrase will never be recovered by your digital wallet program, so write it down, save it in a password vault app, lock it in a box, etc. just don’t lose it.
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ADDING CRYPTOCURRENCY TO YOUR WALLET
The NFT marketplace does not accept cash or credit cards. Instead, you’ll buy, mint, and sell NFTs with cryptocurrencies, a secure, decentralized payment system built on blockchain technology.
Ethereum (ETH) is the most often traded cryptocurrency on the NFT market, and it can be acquired directly on Metamask or Coinbase.
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SELECTING A MARKETPLACE
Getting into NFTs demands selecting the best platform to sell yours on.
Rarible and OpenSea are two popular marketplaces, although freelance artists can use any of the dozens of platforms accessible.
Both of the abovementioned marketplaces offer “lazy minting,” which allows users to transfer the minting fee to the buyer, which is a decent setup for curious newbies.
You will have to deposit a one-time startup charge (which can range from $30 to $400) if you opt to enter the market.
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LINKING YOUR DIGITAL WALLET
You’ll need to link your digital wallet to sign into your chosen marketplace.
You’ll be brought to your marketplace homepage once you’ve connected, where you can start exploring NFT collections and, most importantly, creating.
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CREATING AND UPLOADING YOUR ARTWORK
The digital art world is your playground once you click the “create” button.
You’ll next select the blockchain currency you’d like to use to mint your NFT, as well as whether you want to make a single or numerous copies.
Finally, you can upload the file (an image, video, text) you’ve picked.
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SETTING UP THE PRICE AND COLLECTION
You must make a few basic decisions before turning your digital file into a tradable NFT (this process is termed minting).
Select a price: You can establish a preset price, allow others to bid, or set up a scheduled auction to sell your NFT straight on the marketplace. Consider the USD to ETH conversion rate when setting a price.
While it is not required, many creators choose to send their collectors a full, hi-res image of their artwork or other material once they have purchased it.
Pick a collection: If you want to add more artwork files to this series, consider creating your collection to keep track of them. Otherwise, stick with the default collection on your marketplace.
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CHOOSING YOUR MINTING TYPE
It’s time to “mint,” or verify, your NFT at this stage. You can either pay a gas cost or lazy mint, which is a price paid to the Ethereum blockchain to complete the construction process.
If you decide to finish the procedure, keep in mind that gas prices fluctuate based on the market.
Lazy minting, on the other hand, stores your work in the marketplace and gives the buyer the gas fee.
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NAMING YOUR NFT
Without a title, no artwork is complete. Include a title and caption for your NFT so that collectors can see it on the market.
You can add an ongoing licensing fee to your NFT after it has been minted (up to 50 percent ).
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THE FINAL STEP
The NFT is ready to market once you’ve worked out the specifics.
Confirm the payment with your digital wallet once the digital files have been uploaded. You may be asked to pay an initialization charge, depending on your platform.
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CREATING YOUR PORTFOLIO
While you can rely on the NFT marketplaces’ natural buzz to stimulate interest in your work, there are other, more intentional ways to get noticed and sell your art online.
Creating an online portfolio, for example, is a common approach for showcasing your work.
And that’s how your journey to the NFT marketplace starts.
FINAL THOUGHTS
Artists will not only profit from a one-time sale of their work but will also profit for as long as NFT tokens exist. It’s not difficult to convert something unique to NFT and sell it if you know how to produce it.
It is simple to set up. It’s also something that anyone can do. And I recommend you to dive into this marketplace as well cause, who knows maybe your blurred picture from your childhood becomes the next popular NFT.
So buckle up and deliver your best artwork as soon as possible to get the most out of this exciting marketplace.
