Snapshot:
- Non Fungible Tokens(NFTs) explained
- How to make an NFT?
- How to sell an NFT?
- Top 5 NFT Marketplaces to sell your NFTs
- Top 5 NFT Tokens by Market Capitalisation
A step by step guide on how to create an NFT and sell it!
Since the release of Bitcoin in 2009, a whole new section of possibility has opened its doors for explorers and the finance sector. Along with enjoying mass adoption of the new asset class, the year 2020 has encountered many highs and lows of Bitcoin; the first known crypto asset along with the explosion of the meme-inspired Dogecoin; which has also led to the invention of coins like Shiba Inu. Not only did coins like Dogecoin make an impact in the crypto ecosystem, but also new segments of crypto like NFTs made their debut. It does not stop there! There are innumerable other sectors in cryptocurrency and blockchain technology that are being explored every passing day! Read along to find what NFTs are, and how you can take a step forward to explore making one on your own.
What are NFTs?
Non-Fungible might not sound like something that is dealing with technology or anything Finance, but it is. Let us break it down in layman’s terms to understand it better. Non-fungible is a type of crypto asset that is unique, collectible, and assets that cannot be replicated.
NFTs can also be described as a cryptographic token that uniquely defines an asset. They can be used to represent digital assets which are in the form of images and also can track real-world assets like a house or a song for example. As these NFTs make the assets unique, i.e. there can only be one of any NFTs, which gives one to prove ownership over the said asset and prove the authenticity of the ownership.
That being said, NFTs do not require any particular expertise. But, there are certain steps that one needs to follow to learn how to create an NFT on your own. Let us take a look at what those steps are!
How to create an NFT?
NFTs are unique objects that cannot be replicated, correct? It is also an asset that is referred to as a collectible. Thus, to create an NFT, these are the steps one needs to follow:
Step 1: Decide on the concept
It is imperative that the concept on which the token will be made is clearly defined from the beginning.
Step 2: Choose a platform for your NFT
Once the concept has been set, it is time to choose a platform that will host the NFT for the collectors. Some of the well known NFT platforms are,
- OpenSea
- Rarible
- Holaplex
- Objkt
If OpenSea is the marketplace you have chosen, the following requirements apply:
- Some ETH in your crypto wallet
- An ETH wallet; like Metamask.
- Creator Fees, which is 2.5% of the sale amount
The requirements to create an NFT are very few. Though they depend on the marketplace chosen to host the NFT.
Step 3: Connect and build a community
As soon as the platform hosting the unique NFT is set, it is important to start building a community. These connections will be the first segment usable while marketing the NFTs. Communities for NFTs or any crypto asset are usually built on platforms like Twitter, Slack, or Discord.
Step 4: Create your NFT
Now that the concept of the NFT is defined and it is set to be launched on a chosen platform, it is time for the art to be made. Steps for the same are as follows;
- Make use of the materials and tools you already have.
- Invest in new technology or knowledge as needed.
- Connect with other creators and learn from each other.
- Consider the audience you are building through Twitter or Discord as you create.
- Choose whether your NFTs will have visual, audio, or written components, or do they have all three.
- Pick a file type. OpenSea or any platform of choice accepts JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF.
- Decide on the file size. For eg: OpenSea’s limit is 100 MB.
- Factor in accessibility – if the NFT will also include people with visual and hearing impairments as its audience.
Step 5: Mint the NFT
Once the account on any of the NFT marketplaces is created, all that remains is to create a collection and name it as per choice. Once done, add a proper description and the NFTs are now ready to be minted!
That’s it! Those are the only things you need to begin your journey of creating your NFT.
Additional Read: How to assess the value and worth of NFTs
How to sell your NFTs
- Segregate the target audience; art, music, architecture, etc.
- Set up a wallet with some crypto assets.
- Connect your wallet to the NFT platform you will be using to host your NFT.
- Upload your artwork or the file with your NFT.
- Set up an auction.
- Make sure to add a description.
- List your NFT. Soon you will be asked to pay a listing fee.
Additional Read: Daily Crypto News, 25 January, 2022
Top 5 NFT Marketplaces
| NFT Marketplace | Website |
| OpenSea | https://opensea.io/ |
| Superfarm | https://superfarm.com/ |
| Rarible | https://rarible.com/ |
| Ethernity | https://ethernity.io/ |
Top 5 NFT Tokens by Market Capitalisation
| Crypto | Market Cap (31 January 2022) |
| Decentraland (MANA) | $5,157,621,883 |
| The Sandbox (SAND) | $3,794,340,091 |
| Enjin Coin (ENJ) | $1,609,997,474 |
| Axie Infinity (AXS) | $3,184,118,467 |
| Theta Token (THETA) | $2,946,144,116 |
Explore top 5 NFTs and more on CoinDCX.
Additional Read: Mana vs Sand: Comparative Analysis of Top Metaverse Coins
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