NFTs have been the talk of the town, so many people are wondering how to make an NFT, can you do it? Here’s a step by step guide to create an NFT and sell it for money!
With a growth of more than 65%, Non-Fungible Tokens have become the crypto-trend of 2021, which is why many have become interested in trading these digital assets. Therefore, we will explain how to make an NFT token.
Is it possible?
NFTs are the tokenisation of a digital element in a blockchain network; they can be collectables, audios, videos, memes, video game objects, photos, pieces of art or even material goods. By going through this process, the tokens receive a certification of authenticity and digital property and are stored on the blockchain to be verified quickly. The popularisation of these tokens has led to companies such as Rarible, OpenSea or Nifty Gateway allowing any user to create their own NFTs.
This is how NFTs have changed the way we perceive art or digital collectables, as they can reach enormous monetary figures when auctioned and sell out in a matter of seconds. Moreover, as they are stored in the wallet of their owner under the unique address of the token to which they have been linked, there is assurance that the asset will be protected on the source blockchain and that anyone can verify the digital ownership of the asset.
For all these reasons, tokenisation continues to advance at an accelerated pace and it is advisable to start making inroads into this new ecosystem as soon as possible. Below, we will provide a guide to the prior considerations when creating a non-fungible token, how to make an NFT, how to create an NFT for free and more.
Let’s get started!
How to make an NFT: Preliminary considerations
NFTs are digital tokens that are stored in their owners’ wallets, just like cryptocurrencies. For this reason, before starting the process of creating your first non-fungible token, it is essential that you have a cryptographic wallet with support for Ethereum, as this will make it easier to connect to the markets in which NFTs are traded. For its simplicity and benefits, we will use the Metamask wallet, which is widely used by those who constantly make transactions related to the Ethereum blockchain.
On the other hand, it should be noted that NFTs are tokens hosted on a blockchain, so their creation involves some expense. Since every transaction carried out on the blockchain network generates a cost, which must be paid by the operator. Currently, more than half of the existing NFTs are built on the Ethereum blockchain, in which a special fee for converting digital objects to tokens called gas is applied.
Tutorial: How to make an NFT and sell it?
Although sometimes the crypto-world may seem difficult to understand, creating an NFT of your own is a fairly simple task. For this, we will use the most popular platforms for developing non-fungible tokens: OpenSea and Rarible. On the former, we can create them for free and only have to pay the transfer fees, while on the latter, a fee is applied when uploading the NFT to the Marketplace.
On an important note, before engaging in any activity involving a blockchain transaction, it is necessary to take the best precautionary measures to maintain the security of digital assets. These should be applied both when storing them and when exchanging them with interested users. Furthermore, it is important to remember that throughout this tutorial we will be using the services of Metamask. Now, let’s start creating our first token:
1. Set up the wallet
Before creating the NFT, it will be necessary to connect the wallet to the platform. One of the best features of the platforms we will be using is that no registration is required; the user can log in by linking their wallet.
Step 1: Rarible
Access the Rarible page here: https://rarible.com, at the top you will notice two buttons: Create and Connect Wallet. Both alternatives will take you to the same page, the platform directs the user to connect their wallet depending on the activity they will be doing, whether it is creating a new token or buying an existing one. Then, several options will appear to integrate the wallet with Rarible. In Metamask, a pop-up window will open at the top side of the screen and click Next to link the two platforms. Then, the terms and conditions for using the site will appear.
Step 2: OpenSea
Login to OpenSea here: https://opensea.io and look in the top corner for the Create option, this will allow you to create your NFTs. Then, the platform will redirect you to a page to connect your wallets and a Metamask window will open to link it with the platform, click on Next and Connect to finish the process. The platform will request the issuance of a signature with the address of your wallets, to do this click on Sign. In this way, the user will be registered in OpenSea without the need to create a new account.
2. Create digital artwork
As mentioned above, almost any digital element can be converted into NFT, however, it must not be larger than 30MB and must not be subject to copyright or intellectual property.
The platform supports multiple formats to increase users’ creative possibilities, among them we have: PNG, JPG, GIF, MP3, MP4, WEBM, SVG, GLB, GLTF, WAV and OGG; with a maximum weight of 100MB per file.
3. Coining the first NFT
In the platforms we will use to create the NFTs, it will be necessary to include names, images, descriptions and a series of other data that will identify the collection of assets.
Step 1: Rarible
After clicking Create, the platform will offer you the possibility to create one or several NFTs. With Single, they will create a single token with the designation ERC-721, while with Multiple it will be ERC-1155. After selecting an option, you will be presented with a series of forms that you will need to fill in to create the crypto-collectable, and you will be asked to upload the file to be tokenised. At this point, Rarible will ask if they wish to place the NFT for sale after creating it, as well as the price of the NFT.
After the chosen file is uploaded, the platform will show a preview to check that everything is as they want it to be. In addition, they will be asked the percentage of profit they expect to receive in the future if the token is sold to other users, this is in the Royalties section. Click on Create Item and the Rarible platform will connect to your wallet to complete the process, attach the token and sign the sale order.
Now, a Metamask pop-up window will appear asking you to sign the fee collection. At this point, you must remember to have a sufficient ETH balance in your Metamask wallet. They will also have the option to put it up for sale on the Rarible Marketplace at the price they have chosen, bearing in mind that the platform charges a small fee for hosting the NFT on its site.
It should be noted that if you choose the Single option, starting the creation process, you will be able to mint the collectable with a symbol of your choice, either ETH or BTC. In case you choose Multiple, the NFTs will have only Ethereum addresses.
Step 2: OpenSea
Now, they will have to create a profile to display the created NFTs, so that interested buyers can easily view them. At this point, the platform will ask you to accept its terms and conditions in order to continue; once you have read and accepted them, we will continue.
One of the advantages of OpenSea is that we can create the collection completely free of charge; we only need to add a title, an image and a description. Now, click on the Add New Item option on the main page to create the first NFT. After signing the Metamask application to continue with the procedure, they will have to upload the file and fill in the requested data: name, cover image, description, properties and URL of the creator’s website. Once the fields are duly filled in, click on Create and authorise the creation by signing in the pop-up window that your wallet will display.
That’s it, you have created your first NFT!
4. Sell the NFT
Step 1: Rarible
Go to the main window and click on My Items; followed by Created. From there, you will be able to upload your tokens to the Rarible marketplace; where other users of the platform will be able to access and bid on them.
It is necessary to remember that the platform charges a small fee for uploading the NFT to the market; so it will be necessary to have a balance in ETH in your wallet. The minting process may take a few minutes; once ready it will be available on the Rarible marketplace with the selling price set by you in ETH.
Step 2: OpenSea
Unlike Rarible, in OpenSea it is not possible to sell the tokens automatically after they have been created, as the process must be done by the developer. In other words, once you have your NFTs, you can put them up for sale manually.
To sell them, go to My Collections, select the NFT in question and click on Listings, then Sell. At this point, the platform will provide you with three different trading options: set sale price, auction or group sale with other NFTs. Enter the amount you wish to get for your token and select the type of currency you accept, with ETH, USDC and DAI being available.
Now, confirm that you agree with the details provided by clicking on Post Your Listing. Finally, the platform will connect to your wallet to complete the transaction and subtract the posting fee on the Ethereum network. If you do not have the necessary funds in ETH, the option to sell will not appear as enabled.
Investment: How to create a free NFT?
The creation of NFTs on platforms such as OpenSea is completely free, although on others it is possible to find fees depending on the project in question. Ethereum-based platforms charge a fee called gas to perform operations within the blockchain, which in this case would be to add a new non-fungible token to the Marketplace.
The value of the gas will vary depending on factors such as network congestion, in other words, the more people transacting at that time, the higher the cost. Conversely, the lower the volume of users, the lower the tariff and the better the final price. Currently, we can find significantly lower gas tariffs during weekends, so it is an excellent option for lower costs and higher profits. Additionally, before moving on to creating your first non-fungible tokens you will need to have at least $100 USD in ETH; which would be the average cost of creating a cryptocurrency.
Present and future: Is it a good time to acquire NFTs?
The NFT boom is just beginning, so we can anticipate that the popularity is far from over. More and more major brands, sports, celebrities, official media and entertainment franchises are joining this new trend. In fact, Messari Crypto analyst Mason Nystrom predicts that the non-fungible token market will exceed $1.4 billion by the end of 2021, especially if artists, icons and famous brands continue to join in and create their own NFTs.
On the other hand, the same popularity generated among users has led more blockchains to compete to develop better NFT services, so we notice that there are more and more platforms to choose from. Therefore, now is the best time to invest in NFTs, be it buying, creating, selling or scalping. To inspire you, here is a list of some of the new non-fungible token projects:
The NBA is tokenising some of the greatest plays in basketball history and selling them for large sums of money.
NBA player cards have been collectors’ items for decades, but now they will be collectable as NFTs. At the time of launch, the cards were worth $175,000 USD and are now valued at $20 million USD.
The first tweet written by Twitter founder Jack Dorsey was auctioned in NFT format for $2.9 million USD.
Alternative rock band Kings of Leon announced that they would release pixelated avatars as part of their new album in NFT format, which will be collectable.
Like cryptocurrencies, the future of NFTs looks bright. This is possible, thanks to the large number of people who actively participate in making these projects tradable; in addition to the multiple possibilities such as the certification of uniqueness or ownership that we can obtain on a non-fungible digital good. These are some of the reasons why, over the years, we will see how to make an NFT and sell it will become more and more common.
On the other hand, the creation of non-fungible tokens should not be limited to only users interested in the crypto-world; anyone can create a token for consumption or sale. Therefore, alternatives such as creating NFT art, tokenising songs, books, video clips or digital artworks are excellent ways to certify, give ownership and increase the profit margin for all creatives.
Now that you know how to make an NFT, have you already chosen the asset to tokenise?