NFT, a simple acronym for Non-fungible token has become a household name in the crypto community and beyond. Due to its popularity, more people are searching for more information on how to make an NFT.
Understandably, the potential for making some good sum of money out of NFTs is a major driving force that contributed to this trend. But there are important things to keep in mind when learning how to create an NFT.
But first, what is an NFT?
Understanding NFT meaning
An NFT – a non-fungible token is a type of token that we can use to represent an item. This cryptographic asset is built on top of the blockchain technology with codes and metadata to make it unique and distinguished from others.
The idea of fungibility describes interchangeable items that can be exchanged or traded for another similar item and still retain the same value. For example, top cryptocurrencies like Bitcoin and Ethereum are fungible tokens in that they can be traded or exchanged for each other. That is, you can trade or exchange 1 BTC for another 1 BTC or 1 ETH for another 1 ETH.
However, NFTs defy fungibility. Although they also exist in digital form just like cryptocurrencies, they are different in the sense that they cannot be exchanged or traded at equivalent with another.
Making your first NFT
Now that you have understood what an NFT stands for, this article is specifically written to provide you with a comprehensive step-to-step guide on how to create an NFT that sells. Let’s get started.
#1 – Decide on the item
The very first step starts with knowing and deciding on what unique asset you intend to convert into an NFT. Really, anything that exists in digital forms such as a painting, a song, videos, and more can be converted into an NFT. To make it easy, we will use NFT art as a reference case study.
But be sure that you own the intellectual property right to the item you intend to make into an NFT to avoid legal issues.
#2 – Choose one of the available blockchains
The next thing to do is choose the blockchain you’ll use to make your NFT – a process called minting. Blockchain technology provides the platform you need to create and keep a unique and secure record of data in digital form.
The Ethereum blockchain is mostly used by artists for creating their NFTs. Other popular blockchains include Polkadot, Binance smart chain, Tezos, Cosmos, and Solana.
For case study purposes, we will focus on using the Ethereum blockchain for how to create NFT art.
#3 – Set up a digital wallet
A digital wallet or crypto wallet is where you can access different platforms securely, make transactions, and manage your balances. In essence, it helps you store, view, send or receive your cryptocurrency assets and even NFTs like NFT art.
This means that you need a wallet (like the Coinomi wallet) that’ll be connected to the blockchain of your choice to pay for gas before you can successfully mint your NFT. In crypto language, gas is the fee you pay to compensate for the computing energy needed to validate and process blockchain transactions.
If you’re going to create your NFT on the Ethereum blockchain, you should have some Ethereum coin (ETH) in your wallet to pay for gas. You can buy ETH from reputable crypto marketplaces like Binance, Coinbase, and Kucoin, or any other top exchanges and then transfer it to your wallet.
How to set up a wallet
To set up a wallet, simply download the Metamask extension and follow the on-page guide to create your personal wallet.
Tip: Always keep your wallet’s passphrase (your wallet key) secure, away from third-party eyes. It is best to write your passphrase on a piece of paper rather than keep it on your computer or email.
#4 – Select an NFT Marketplace
Popular NFT marketplaces like Opensea, Rarible, and Superrare, among others, afford artists the opportunity to not only create their own NFT but also set it up for sale. However, you should accustom yourself to the categories of platforms available.
NFT marketplaces are divided into two primary categories: curated and self-service platforms. For curated platforms like Superare, artists can only create high-quality art tokens and collectibles. Also, listing an NFT often comes with higher transaction fees and lower flexibility on royalty advantages for making an NFT.
Self-service platforms are more of a peer-to-peer marketplace that allows everyone to mint their NFTs with whatever they like. These platforms provide higher flexibility in terms of item quality, NFT format, and royalty percentage.
For the sake of this article, we will use the Opensea NFT marketplace, which is a self-service platform, as a case study to mint or create your NFT.
#5 – Create your own Opensea NFT
It’s so easy to create an Opensea NFT. Simply follow these steps and any additional instructions provided by the platform owners.
Step 1: From your browser, enter and open the link: ‘opensea.io’. Once the site is open, click on ‘create’ on the top right-hand corner of the website page.
Step 2: Start to connect your wallet by choosing ‘Metamask’.
Step 3: Click ‘next’ once the MetaMask extension pops up and then click connect to finish the wallet connection.
Step 4: Once you’re done with that, you’ll be taken to the page where you will be allowed to create your NFT art. On this page, you can upload your NFT file, give it a name and add a description.
Note: Opensea allows you to use a variety of file formats for items in the form of images, videos, audio, or even 3D models to make your NFT. Also take note that the maximum file size supported is 100MB. But we recommend that you keep your file below 100MB for quicker uploads.
Step 5: Next, it’s time for you to further customize your NFT. This includes placing your NFT in an existing collection, or adding properties, levels, stats, and even unlockable content!
Good thing is, Opensea provides you with educational tips to guide you along the way. Simply hover your mouse on the ‘(i)’ icon beside the fields to reveal additional info.
If you’re done customizing your NFT, click ‘Create’. Congratulations! Now you’re ready to put up your first NFT for sale.
How To Sell NFT on Opensea
Probably the most important stage is how to monetize your first NFT. This guide will put you through how to do this successfully.
Step 1: Open your Opensea account
From your Opensea account, select the profile image in the top right and then click on ‘Profile’.
Step 2: Select your NFT
From the NFTs you’ve created, select the one you would like to sell.
Step 3: Start to list it for sale
Once you’ve selected the NFT you want to sell, click on ‘Sell’ to list your item in the NFT marketplace.
Step 4: Set the price
Here is the listing page, where you can input the price and type of sale. You have two types to list for sale: ‘Fixed Price’ and ‘Timed Auction.
The difference between these two is that the “Fixed Price” sale keeps your NFT price fixed at the rate you put it. In the screenshot below, we put up the NFT at a fixed price of 2ETH.
On the other hand, “Timed Auction” lets you put your NFT up for sale to the highest bidder or to sell when the price begins to fall.
Step 5: Set a duration
The platform comes with default duration options that keep your NFT for sale for the period of 1 day, 3 days, or 1 week. You also can create a custom duration by using the calendar.
Additionally, you can decide to reserve your NFT to a specific buyer. All you need to do is enable the ‘Reserve for specific buyer’ button as shown in the screenshot below and enter the person’s address.
Take Note that the potential service fee of 2.5% is shown at the bottom of the page. Opensea also charges a 10% fee on ‘Creator Royalty’ making a total of 12.5% amount to be deducted after the sale of NFT.
Step 6: Complete your NFT sale
At the final step, you’ll be asked to confirm your sale after signing a transaction. At this point, you may be asked to initialize your wallet first if you’re selling for the first time.
Once you’re done with the listing, a pop-up confirmation box will notify you to share your minted NFT using a variety of social media. And that’s how to sell NFT on Opensea!
Final words
Making your own NFT collection can be a profitable investment if done the right way. Thankfully, the NFT industry is relatively young and still has enough space for growth.
However, just because NFTs are profitable does not automatically guarantee that all NFTs will sell. You should also be aware that minting and selling an NFT comes at a high cost.
The best way to ensure you make your NFT profitable is to create and sell something that is of good quality and that others will find valuable. Also, be sure to set a reasonable price good enough to offset any fees associated with minting and selling.