Non fungible tokens (NFTs) have become one of the most popular elements of cryptocurrency over the past few years, with billions in transaction volume and a string of celebrity endorsements propelling digital artwork to the forefront of mainstream media.
Non-fungible tokens can be created directly on NFT platforms, allowing you to mint your artwork (the process of creating or producing something) and upload it to the blockchain. This guide outlines the steps needed to create your first NFT, including uploading your creation, choosing the right blockchain, and offering it for sale.
What is an NFT and how to create one?
Non-fungible tokens (NFTs) are encrypted assets on the blockchain that have unique identifiers and metadata that distinguish them from one another.
Unlike cryptocurrencies, NFTs cannot be exchanged for each other because each NFT is unique. Cryptocurrencies, on the other hand, are fungible and can be traded on an equivalent basis. This means that the value of each bitcoin is equal, so they can be traded with each other.
NFTs are often represented by digital artwork such as images, animated videos, or music. They can be bought and sold on the NFT marketplace, often requiring cryptocurrency for payment.
NFTs can be created on NFT marketplaces or on cryptocurrency exchanges that support NFT mining.
Six Steps to create an NFT
Follow these six steps to create an NFT from scratch.
Step One : Decide what you want to create
NFTs are often associated with digital works of art. This can be an image, an audio composition (such as a song), or even a short video clip (such as an animated GIF). The goal is to create a unique digital medium that can be sold, like a painting in an art gallery.
The uniqueness of NFTs adds value to creators that cannot be found anywhere else.
It’s especially important to make sure you own the rights to the digital media you consume, as creating an NFT from media you don’t own can have legal consequences.
Step Two : Choose a Blockchain
There are several blockchains where you can store your NFT. This blockchain permanently records your NFTs, so it’s important to choose the one that suits your needs.
Ethereum
The most popular NFT blockchain is Ethereum, which has thousands of NFT collections. Ethereum NFTs are built using the ERC-721 standard, which stores the NFT’s metadata on the Ethereum blockchain.
Developed by the same team that developed ERC-20 smart contracts, the standard defines the minimum interfaces required for game token trading and distribution – ownership details, security details and metadata.
The blockchain currently uses a proof-of-stake (PoS) consensus mechanism, which makes it greener than before.
Most NFT marketplaces support the creation of Ethereum NFTs, although transferring NFTs on the Ethereum blockchain can incur high gas fees.
Solana
The closest competitor to the Ethereum blockchain is Solana. A faster, lower-cost alternative to Ethereum, Solana offers sub-$0.01 transaction fees and a growing list of applications that support NFTs.
Additionally, Solana utilizes both Proof of History (PoH) and PoS consensus mechanisms, providing much faster transaction speeds than Ethereum.
Step Three : Set up an NFT wallet
Once you decide to use the blockchain, you will need a digital wallet that supports that blockchain to store your NFTs. To create a wallet, you need to download a crypto wallet app, provide a username and password, and store your private key and seed phrase offline for later use.
There are several popular wallet applications that support multiple blockchains:
MetaMask:
MetaMask is a popular crypto wallet that supports multiple cryptocurrencies, as well as the Ethereum and Solana blockchains. It can be used as a mobile application or added as a browser extension.
Coinbase Wallet:
Coinbase offers a digital wallet that supports ERC-721 NFT tokens as well as Solana NFT collectibles. It can be downloaded as a mobile application or added as a browser extension.
Ledger Nano X:
If you want to store your NFTs in a secure hardware wallet, the Ledger Nano X supports Ethereum and Solana NFTs.
Step Four : Choose an NFT platform
There is a growing list of NFT platforms that allow you to create NFTs, but the best offer full-service marketplaces for listing and selling NFTs. Here are some of the most popular NFT platforms:
By far the most popular NFT platform is OpenSea. With over $20 billion in transaction volume and over 2 million NFT collections listed since its launch in 2017, OpenSea is the top platform for Ethereum-based NFTs. 20 OpenSea rolls out support for Solana NFTs in July 2022.
Solanart:
As a Solana-based NFT platform, Solanart has some of the most popular Solana NFT series with a smooth user interface and easy minting application process.
Cryptocurrency exchanges:
Some cryptocurrency exchanges support NFT creation, for example: B. Binance Exchange. You can create your NFT directly on the platform, choose your favorite blockchain and mint or create NFT directly.
Step Five : Build the NFT
Once you have settled on a platform, creating NFTs is fairly easy. Here is an example of creating an NFT on OpenSea:
1) Connect your wallet:
Select the wallet icon from the OpenSea menu, then select the digital wallet you want to connect. This requires you to sign for confirmation in the wallet app.
2) Select the “Create” option:
This will bring up a menu of the NFT creation process, including the upload area, NFT functions, attributes, and blockchain.
3) Upload your media files:
This is the images or other media files you want to sell. You can directly upload or link to externally hosted media files.
4) Enter details:
You will need to name your NFT and enter a description. You can choose to add unique characteristics and additional perks, such as unlockable content such as invitations to B. private Discord channels or discount codes for merchandise. You can also limit the amount that can be minted.
5) Choose your blockchain:
This is the blockchain your NFT lives on and cannot be changed once generated.
Create an NFT: Once you’ve filled in the details of your NFT, simply select “Create”.
After you click Create, your file will be uploaded and an NFT will be created. But NFTs are not yet listed for sale, and the metadata is technically editable until you list them for sale.
Step Six : List NFTs for sale
Listing an NFT for sale is easy, and most NFT platforms allow you to do it for free. Once your NFT is created and in your wallet, all you have to do is hit the sell button on the platform of your choice, then choose how much you want to list for and how long you want the sale to last.
After filling in the sales details, you can create a quote. This requires you to sign some transactions in your digital wallet, which may involve paying transaction fees for the blockchain of your choice. Solana transactions are small, typically less than $0.01, while listing an NFT on the Ethereum blockchain can cost more, depending on network fees at the time of listing.
The article on blockchain summarized in the previous post is as follows.
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