How to Create an NFT

What is an NFT

NFTs are digital tokens that can be used to represent ownership of one-of-a-kind items. They enable us to tokenize items such as artwork, collectibles, and even real estate. They can only have one official owner at a time, and they’re protected by the Ethereum blockchain, which means no one can change the ownership record or create a new NFT.

The term “non-fungible token” refers to a token that is not fungible. Non-fungible is an economical word used for objects like furniture, music files, and computers. Because of their unique properties, these items cannot be substituted for other things.

On the other hand, Fungible goods can be swapped because their worth, not their unique features, characterizes them. ETH or dollars, for example, are fungible because 1 ETH / $1 can be exchanged for another 1 ETH / USD 1.

Make Sure You Want to Sell an NFT

If you only have a hazy idea that you want to make an NFT because it seems like everyone else is doing it, there are a few things to consider. The first and most important is transaction costs. The platforms we’ll be discussing today allow you to make NFTs for free; selling them may be a different story.

The majority of NFTs are sold on the Ethereum blockchain, and each transaction on the Ethereum blockchain incurs fees paid to the miners. These costs are referred to as “gas,” and the amount of gas required for a transaction (and thus the price of that transaction) can vary greatly. Almost everything you do on the blockchain costs gas, from minting an NFT to transferring it to someone else to bidding on one (though there are several exceptions for producing NFTs, which we’ll discuss later).

It’s also worth noting that paying for gas does not guarantee the completion of your transfer. You can pay more to increase your chances, but nothing is certain. To be clear, the vast majority of transactions are likely to succeed. If something goes wrong and your transaction isn’t completed, you won’t be reimbursed for the gas fees.

Then there’s the issue of NFTs’ impact on the environment. The Ethereum blockchain, which uses an energy-intensive “proof of work” system, is used by most of the most popular (and most accessible to use) NFT marketplaces. While it’s debatable if selling NFTs games individually impacts the blockchain’s overall energy use, if your NFTs are built on Ethereum, you’re using a technology with a large carbon footprint.

There are blockchains that use less energy-intensive methods, and Ethereum plans to switch to a more energy-efficient proof-of-stake mechanism. That isn’t the case yet, which is one of the reasons why some individuals may be offended if others opt to sell NFTs.

Choose a Platform to Sell your NFTs

There are dozens of platforms that allow you to sell NFTs on several blockchains, making it nearly hard for any single guide to cover them all, much alone advising you which one is best for your project. In this guide, we’ll go over two of the most popular marketplaces, but there are other options if neither of these platforms is right for you, such as AtomicHub, which uses the Wax blockchain, or Solsea which is based in Solana.

It’s also worth noting that our guide will show you how to accomplish things in the most basic way possible.

Just keep in mind that this isn’t designed to be a comprehensive guide on selling NFTs; rather, it’s meant to point you in the right direction.

Using what they call “lazy minting” mechanisms, OpenSea and Rarible allow you to construct NFTs on Ethereum without paying anything. Lazy minting will enable you to create an NFT and sell it without having to write it to the blockchain, saving you money. The fees for registering your NFT to the blockchain will be coupled with the costs for transferring it to the buyer when someone buys it. This helps you avoid paying $10 to $30 (or more!) to mint an NFT that no one buys.

Most NFTs Options have some Type of  Trade-off when it Comes to Mining Them

Several drawbacks include placing your first Ethereum NFT for sale with OpenSea requires initializing your account, which can be a costly transaction (while testing, I noticed prices ranging from $300 to $400).

It’s a one-time price, and after you’ve paid it, you’ll be able to mint NFTs without paying anything else.

Attempting to remove your NFT from the sale will incur a fee. Both Rarible and OpenSea will deduct a 2.5 percent charge from any sales you make – if you sell an NFT for 0.025 ETH, you’ll get 0.024375 ETH in return.

There are, however, Ethereum blockchain alternatives. If you sign up for Rarible using the Blocto wallet, you can sell NFTs on the Flow blockchain (the same one used by NBA Top Shot), and OpenSea will allow you to sell on the Polygon network. Both solutions offer far lower fees than using the Ethereum network; if any fees are charged, we’ll discuss them briefly.

Note:-  VOX MEDIA’S GAMING-FOCUSED OUTLET POLYGON HAS NOTHING TO DO WITH THE POLYGON BLOCKCHAIN.

As you might expect, if these low/no-fee blockchains had no catch or disadvantages, everyone would be utilizing them. Using Flow on Rarible will limit you to single edition NFTs (one of a kind) at the time of writing, and you won’t be able to sell them via auction. Furthermore, when you use non-Ethereum blockchains like Flow or Polygon, people can’t buy your NFTs with Ethereum (at least, not without going through extra, fee-inducing steps).

While both sites allow purchasers to add funds to their wallets to complete a purchase, the requirement to convert or buy another cryptocurrency to obtain your NFT may deter some collectors.

(Please note that while Polygon allows you to utilize Ethereum, it is Polygon’s version of Ethereum.) You can transfer Ethereum directly from its main blockchain to Polygon and back, but you’ll have to pay gas fees.)

Can I Create an NFT Without Using A Marketplace Site?

In a technical sense, no. You can develop your smart contract, upload it on your preferred blockchain, and then use it to mint your tokens. That, however, is a leap into the unknown, and unless you’re technical, this is probably not the road you’ll want to take. The majority of individuals will wish to use one of the platforms above.

Set up A Wallet

Wallets are the programs that you use to store your cryptocurrencies and any NFTs you create or purchase. Coinbase gives a more detailed description of how wallets function and the various alternatives available, but if you’re just getting started, the most important thing to consider is whether or not the wallet you’re using is compatible with the blockchain you’re using.

The MetaMask wallet is one of the wallets extensively supported by Ethereum-based services like OpenSea, Foundation, and others. It may be used as a Chrome / Firefox extension or an iOS / Android app. Coinbase also offers its wallet, which is available as an extension or app for most platforms. If you’re looking to get into crypto more generally, Coinbase’s wallet is a good option because it supports blockchains other than Ethereum, such as Bitcoin.

The setup procedures for MetaMask and Coinbase Wallet are comparable. Click or press the “Create new wallet” button once you’ve installed the browser extension or app (MetaMask can be downloaded here, Coinbase Wallet can be downloaded here). Both Coinbase and PayPal will ask for a login, and a password, which you should make sure is secure (preferably by generating it with and saving it in a password manager).

Finally, both MetaMask and Coinbase will provide you with a “seed phrase,” a set of 12 randomly generated words. It’s critical not to lose this, as it will allow you to reclaim your account if you delete the app or need to set up your wallet on a new device, for example. It’s good to make a copy and keep it somewhere safe, such as physical security or a password manager (or both).

MetaMask will ask you to repeat the phrase if you set it up via the app, while Coinbase Wallet will ask if you want to save an encrypted copy of it in the cloud. It’ll be a similar process as MetaMask, where you’ll have to manually re-enter the phrase if you’re setting up Coinbase with the extension or if you prefer to manually back it up instead of saving it to the cloud.

If you forget your password and security phrase, you’re out of luck with MetaMask and Coinbase Wallet, as neither firm can help you. You’ll lose access to any cryptocurrencies or NFTs saved in that wallet and any accounts you’ve created with it. So, seriously, keep your secret phrase and password safe.

Finally, you’ll be able to access your wallet, which will be empty at the time!

Connect your Wallet

After you’ve created your wallet, you’ll need to link it to the NFT marketplace you intend to use. OpenSea and Rarible simplify by prompting you to connect your wallet when you click the Create button in the top left. After that, you’ll be given a selection of suitable wallets, and selecting one will ask you to complete the connection procedure.

 

You’ll get a pop-up asking whether you want to connect your wallet if you have Metamask or Coinbase’s extension installed, which you can do with a few button clicks. You can also use the QR code scanner in the Coinbase Wallet app to connect to the marketplace (which you can find to the right of your balance on the main wallet screen).

Create an NFT

A word of warning for the future: be cautious if you receive an unexpected request to connect to your wallet, as criminals may be attempting to access your cash or NFTs. As long as you’re on a reputable website, you should be fine (at least as long as nothing goes wrong – double-check your transactions to ensure they’re kosher). However, if an unknown site requests access to your wallet, you should think hard before agreeing.

After you’ve connected your wallet, you’ll be sent to the page where you may establish an NFT (and if you don’t, you can get there by clicking the Create button in the upper right-hand corner of both platforms).

Before we get started on our NFTs, let’s talk about collections. Both platforms allow groups, which are precisely what they sound like. You can use a reader to make a succession of NFTs – on Rarible, you can create one straight from the NFT creation page, and the NFT you’re making will be added to it. You must first go to your profile image in the upper right corner of OpenSea, then to My Collections > Create a collection.

We won’t go over collections in this guide. Still, if you don’t specify one, OpenSea will automatically place the NFT you generate in an unnamed group (which you can later edit or transfer the NFT to). Rarible allows you to sell an NFT as a Rarible Single without a collection.

Now it’s time to start working on our NFT.

You’ll be taken to the create new item page after hitting the Create button. First, click the picture button in the box that appears, allowing you to upload the file you’ll be selling as an NFT (though note the file size and type limitations pointed out above the selector).

Give your file a name or title after you’ve added it. You can also include a URL to your website or Twitter account in the External Link section. You can utilize the Description field to give potential purchasers a better understanding of your NFT.

You can add attributes, levels, or metrics that can operate as information beneath those fields and choose a collection for your NFT if you’ve put one up. This is where you would enter details about an NFT that may be used as a video game character. If you’re selling a piece of art, you can utilize the properties panel to specify the medium, year, and other details. However, all of these fields are optional, so many users will likely ignore them.

OpenSea also allows you to include text that serves as unlocking content that the NFT’s buyer/owner will be able to see. You may use this toggle-able option to include a link to a private Discord, a coupon to redeem anything on an external website, or simply a simple thank-you message. If your NFT is NSFW, you can also use the explicit and sensitive material toggle.

Following those toggles and fields is a menu that lets you choose between the Ethereum and Polygon blockchains for minting your NFT. For more information on the advantages and disadvantages, see Step 3, but we’ll use Polygon as an example because it currently does not require any costs. You’ll be able to mint numerous copies of your NFT if you’re minting with Polygon.

You’ll want to double-check everything after you’ve chosen your blockchain. As long as you haven’t placed it up for sale, OpenSea allows you to update the metadata afterward. Still, it’s best to make sure everything is in working order before doing anything blockchain-related. It’s also worth noting that you won’t be able to edit the NFT’s blockchain after it’s been created.

You can now click the Create button once you’re ready. It may take a while for items to upload, depending on your choices and the type of file you’re selling as an NFT. A screen will appear after it’s finished stating that your NFT has been generated.

However, your NFT isn’t yet available for purchase on OpenSea; to do so, navigate away from the congratulations screen to your NFT’s website (you can also get to it by clicking on your profile picture, clicking on the Created tab, and selecting the NFT). There will be a Sell button on the NFT’s page.

Because the NFT will be ready for purchase as soon as you sell it, you may use the “More choices” selection to make it solely available to a specific buyer.

Click the “Complete listing” button to list your NFT for sale. You’ll need to use the browser extension or the app to confirm or sign a few transactions using your wallet. Transactions on Polygon are free, and you’ll get a screen indicating that your item has been listed.

If it’s your first NFT on Ethereum, you’ll need to do a one-time approval transaction to “initialize” your wallet, as we explained earlier. You’ll need Ethereum in your wallet to achieve this. Buying cryptocurrency might be the subject of its article, but here’s a primer to get you started.

Because the funds for this transaction are just going toward gas and not a fee for OpenSea, the cost is dependent on Ethereum’s gas fees at the time. In my experiments, I found prices ranging from roughly $240 to $450, so if it’s too high, you might want to wait till it reduces — you can keep track of transaction fees using a site like Ethereum Gas Station.

Your NFT will be for sale on OpenSea once you’ve reviewed and signed all of the transactions.

Listing anNFT on Rarible

Rarible will ask you whether you want to make a single-edition NFT or a multiple-edition NFT — that is, if you wish to make a one-of-a-kind NFT or one that is limited edition but can be acquired by numerous people. The panels you’ll see are similar (except you can only use Ethereum if you’re creating a multiple-edition, and you’ll have to indicate how many copies you want to sell), but we’ll go with a single for this example.

You’ll arrive at the NFT creation screen after selecting single on Rarible. The first step is to use the Choose File button to upload the digital file you want to sell as an NFT. It’ll eventually wind up on the InterPlanetary File System, or IPFS, a decentralized media storage system that ensures your NFT doesn’t vanish from the internet if one company decides to stop hosting it.

Rarible, like OpenSea, may request a distinct preview picture for specific sorts of media, such as films or music – think of it as a video thumbnail or album art that will appear whenever your NFT appears on the site.

The next step is to decide on your selling possibilities. You can turn off the “Put on the marketplace” switch, which is enabled by default if you don’t wish to sell your NFT right away. You will, however, have options if you decide to sell your NFT.

• “Fixed pricing” is similar to making a store listing in that you set a price for your NFT, and anyone who wants to buy it can do so.
• “Open for bids” allows others to make proposals to purchase your NFT, which you can accept or reject.
• A “timed auction” is an auction where you can establish a minimum price and decide when the auction will begin and end.

We’ll list our NFT for a fixed price in this example, which we can enter into the field. You can also select the currency you want to receive (people can send offers in different currencies). Remember that if your NFT sells, Rarible will take 2.5 percent of the sale price.

After you’ve chosen your selling method and details, you’ll be able to add unlocks material that the buyer will receive. This may be a link to a private Discord server, a voucher to redeem something on a third-party website, or simply a note thanking them for purchasing.

The following two options are to choose your collection (we’ll use Rarible Singles as an example) and whether or not to employ Rarible’s lazy minting technique, which we discussed in Step 3. If you disable it and use the Ethereum blockchain, you’ll be charged a gas price to mint your NFT after the transaction – the fee was roughly $120 when I tested it.

You can then give your NFT a name — or a title — and if desired, a description. Finally, you have the option of selecting a royalty percentage. This will affect how much of each subsequent sale is returned to you. For example, if someone buys your NFT for 0.2 ETH and later sells it for 1 ETH, you’ll get a part of the sale as well – by default, that’s 10%. (so 0.1 ETH in our example).

The final option is Advanced Settings, which allows you to add properties to your NFT (optional but may be beneficial if you’re building a series of characters with various properties) and alternate description text to make your NFT more accessible.

Double-check that everything is precisely the way you want it, as changing it later could be costly or impossible. After that, click the “Create Item” button when you’re satisfied your NFT is ready.

This will start a series of events in which you will be required to approve various transactions with your wallet. If you’re using a browser extension, you should see a pop-up when Rarible requests your signature (if not, click on the plugin’s icon in your browser to see any requests). If you’re using an app, you’ll need to launch it on your phone to see the appeal.

You’ll get a notification saying that your NFT has been formed after approving a few wallet requests and waiting moments. You can see it by clicking the “View NFT” button, and you can see your collection by clicking “My Profile” next to your profile photo in the top right corner.

If everything went smoothly, you should now have an NFT for sale on Rarible, OpenSea, or both. However, as dealers have told me, that’s not going to get you very far — as you’ve seen, the process is rather complex, but the gold rush-like atmosphere surrounding NFTs has prompted many people to try their hand at producing one. If you want your work to sell, you’ll need to find a way to stand out from the crowd, whether through clever marketing or creating truly remarkable work (and then probably doing some snazzy marketing). However, that job isn’t easy.

PS: If your wallet contains an NFT section, don’t worry; the NFT you created with this instruction will not appear. Lazy minted NFTs aren’t written to the blockchain until someone buys them; thus, they won’t show up in your wallet after you make them.