NFTs, also known as non-fungible tokens, have been reigning in the crypto market, with the total sale increasing by 55% – from $250 million to $389 million – since 2020.
Non-fungible tokens are unique collectibles that entered the market in 2012. These tokens represent any asset, such as artwork, audio and video files, real estate, collectibles (such as digital trading cards), and more.
How to create an NFT?
Creating an NFT of any kind is a straightforward process; it does not require an in-depth knowledge of the cryptocurrency industry. Before beginning with the NFT creation process, you need to zero in on the blockchain on which you want to create your NFT. A few blockchains gaining popularity for NFT creation include:
- Binance Smart Chain
- Flow by Dapper Labs
Each blockchain offers an NFT token standard, along with compatible wallet services and NFT marketplace platforms.
Once you have decided on the blockchain, follow the below-mentioned steps to navigate your NFT creation journey.
- Buy cryptocurrency
You will be required to pay a specific fee to a platform to create a non-fungible token. The majority of platforms accept the payment in Ether, the native currency of Ethereum blockchain, where the NFTs were launched initially.
To buy Ether, you will be needed to create a digital wallet to store your purchased assets; connect your digital wallet to your chosen NFT platform. The crypto market offers various digital wallets, however, the most popular is Metamask.
- Create a crypto wallet
If you choose to create your crypto wallet with Metamask, you need to install its browser extension. However, if you are a mobile user, you can leverage the Metamask wallet app to create your digital wallet.
Once you install the browser extension or the mobile app, you will be required to confirm that you want to create your wallet, to proceed further. After the confirmation, you simply need to agree to the terms, set a strong password, and you are ready to roll.
- Add crypto to your wallet
After setting up your Metamask wallet, you will have to add ETH to it. The process is easy – simply click the “Buy” button. You can either choose to buy with Wyre or Transak. Wyre lets you buy ETH with either a Debit card or Apple Pay. Transak enables payment with either a credit card or a debit card. In addition, it enables bank transfer depending on geography.
- Connect crypto wallet to an NFT platform
Once you have added ETH to your crypto wallet, transit towards the NFT platform where you want to mint your non-fungible token. Just like we took an example of Metamask for the digital wallet, we will take an example of the Rarible NFT platform in this case.
To create your NFT on the Rarible platform, choose “Connect Wallet”. After selecting this, input your wallet provider, which will be Metamask in this case. A popup will appear, providing you an option to connect your Metamask wallet with the Rarible platform. Accept the terms of service and confirm that you are above 13 years, to complete the process.
- Upload your file
This is when you are ready to create your non-fungible token. Click the “Create” button. This will provide you with different options to create your NFT. You can choose to create a single work, one-off work, or sell the same asset multiple times.
- Set up an auction
This is where you will be required to select how you want to sell your non-fungible token. You can choose from the following three options:
Fixed price: it enables you to set a price for your NFT and sell it right away.
Unlimited auction: it enables people to continue making bids till the time you accept one.
Timed auction: this type of auction remains active for a specific time.
- Describe your NFT
Craft an appealing description for your non-fungible token to maximize its selling chances. Keep the description precise while highlighting the unique features of your non-fungible token that explain why someone should buy your NFT.
Take some time and follow a thought process to prepare your description since this phase will play a significant role in determining the success of your NFT. The better the description, the higher will be the chances of your NFT selling at a good price.
In addition to a brief description, mention what percent of royalties you would want to have on any resale of your non-fungible token in the future.
- Pay the fee
Adding the description and details of your NFT takes you to the last step of the process. Click “Create Item”, following which you will be required to pay the listing fee. Be careful while paying the fee.
Is now a good time to tap into the NFT market?
The NFT craze is opined to rule the crypto market and is far from getting over. Big brands and globally renowned celebrities, such as Shawn Mendez and UFC, have signed deals to launch their NFTs soon. In addition, Grimes – Elon Musk’s girlfriend – is riding the NFT wave and has raked in significant money by selling digital artwork worth approximately $6 million in a few minutes.
Mason Nystrom, a Massari analyst, predicts that the NFT market will value more than $1.3 billion by the end of 2021 as more brands, celebrities, businesses, and start-ups tap into the market to create their non-fungible tokens. As more blockchains compete to offer better services, and the market offers a continuously increasing number of NFT marketplace platforms, now is the right time to enter the NFT market to benefit from its offerings.