Everyone interested in blockchain technology is obsessed with NFTs, non-fungible tokens. In this blog, I share a guide using six steps on how anyone can create, mint, and sell their own NFT, potentially making big money.
Here's A Step-By-Step Guide
The world of NFTs, or non-fungible tokens, has become the only thing many people can talk about, showing no signs of slowing down. Many people have become millionaires overnight of these unique collectible cryptocurrency assets. Below is a step-by-step guide on how to make your NFT:
1. Choose Which Item
First off, let's start with the basics. You'll have to determine what digital asset you will turn into an NFT. It could be a custom piece of art, a song clip, a video game collectible, or even a tweet (what Jack Dorsey, founder of Twitter, made his first tweet into an NFT).
It's essential to check if you own the intellectual property of the item; if you don't and use it to make an NFT, that could spell big trouble and problems. The more unique and rarer the piece is, the better and more likely it'll sell for big money.
2. Picking Your Blockchain
Next, it's time to start the minting process for your NFT. This part begins with picking what blockchain technology your NFT will use. Some of the most popular NFT artists who have made names typically use Tezos, Polkadot, Cosmos, and Binance Smart Chain.
3. Get a Digital Wallet
Step three is time to set up your digital wallet if you don't already have one. In your digital wallet, you'll hold cryptocurrency to fund your initial investments for your NFT. This digital wallet will be the access point for all your digital assets. Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet are top-rated platforms.
Then once your digital wallet is good to go, you'll need to buy some cryptocurrency. Most NFT platforms accept Ether, the cryptocurrency tokens of the Ethereum blockchain platform. If you already have some previously purchased crypto, you can connect your digital wallet and start creating and selling your NFTs.
4. Picking the Right NFT Marketplace
Now it's time to pick the right NFT marketplace; some of the most popular options are OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop. It's best to take some time and research the best fit for the type of asset you're looking to create and then sell.
OpenSea is the best place to start, you can easily mint your own NFT, and it's a leader in the NFT world for sales. A good example is Axie Marketplace, the online shop for the top NFT game Axie Infinity. Then there's NBA Top Shot, all about basketball and collectibles relating to the NBA.
Don't forget to pay attention to what fees you'll need to pay when minting your NFT and how the sales process works. The world of NFT sales was responsible for over $3.4 billion in 2021 alone, so not doing homework can cost you dearly.
5. Time to Upload Your File
In step five, you're now ready to start minting your NFT after picking which marketplace to upload your asset to platform. This process will take your item and change it from a digital file (a PNG, GIF, MP3, or another file type) into a marketable NFT.
6. Set Up the Sales Process
In the final stage in the NFT creation process, you decide how to monetize your item. Depending on which NFT marketplace you picked, you can:
Sell the NFT at one fixed price; you can then allow the first person to meet that price to buy it.
Pick a specific auction time; creating a sense of urgency can make people bid sooner and higher.
Begin an unlimited auction, meaning there's no time limit, and you can end it when you wish
When it comes to costs for minting and selling NFTs, the process can be confusing and sometimes quite expensive. Always keep how much fees you'll have to pay in mind when it comes time to cash out. If you don't, you could lose money.
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