How to create an NFT and why you may not want to

When she isn’t feverishly working to meet a deadline, Robyn enjoys hanging out with her kids, drinking coffee, reading, and hiking. All this means, an NFT may resale for less than you paid for it. Or you may not be able to resell it at all if no one wants it.

However, the majority of NFTs won’t sell for anything like the stratospheric amounts we’ve occasionally seen them go for. Just as an organizer of an event can choose how many tickets to sell, the creator of an NFT can decide how many replicas exist. Sometimes these are exact replicas, such as 5000 General Admission tickets. Sometimes several are minted that are very similar, but each slightly different, such as a ticket with an assigned seat. These can be bought and sold peer-to-peer without paying ticket handlers and the buyer always with assurance of the ticket authenticity by checking the contract address.

If you’re minting with Polygon, you’ll also have the option to mint multiple copies of your NFT. After clicking the Create button, you’ll be brought to the create new item page. If you have Metamask or Coinbase’s extension installed, you’ll see a pop-up asking you if you want to connect your wallet, which can be done with a few button clicks. If you’re using the Coinbase Wallet app, you can also connect to the marketplace by using the QR code scanner (which you can find to the right of your balance on the main wallet screen). If you lose your password and / or security phrase, you’ll be out of luck with both MetaMask and Coinbase Wallet — neither company can do anything to help you. That means you’ll lose access to any cryptocurrency or NFTs stored in that wallet, as well as the accounts that you’ve set up using it.

How to Make an NFT

Using the Ethereum network to mint your NFTs comes with a “gas fee” for the energy and effort that goes into that computation. This metaphorical “gas fee” fluctuates every day and in some cases will cost more than the sale price of your work itself. Before choosing a platform to sell your NFTs on, I recommend using the NFT Gas Station tool from the team at Optimist. The site provides live estimates of gas fees on all major NFT marketplaces and there’s currently no other tool like it. Once you’ve created a wallet, it’s time to buy some cryptocurrency so you can pay gas to mint your NFTs.

These fees cover the computational resources needed to process and validate transactions. Depending on what blockchain and marketplace you’ve chosen, you will have the option to sell either at a fixed price, through an auction, or a bidding system. Bidding works much like an auction, but there’s no time limit – buyers simply offer what they want to pay, and you, the seller, chooses to accept or decline each offer. If you plan to make a living through selling art, then NFTs offer an interesting new model of building bridges between creators and consumers.

How to Make an NFT

You also need to set your royalties so that you can receive payments in perpetuity. Furthermore, determine how long a timed auction is held (if necessary). If you make the price too low, you risk losing money on sales. Some NFT artists have sold their art at staggering prices that rival physical artwork.

Another option is SuperRare, which focuses on high-quality digital artwork. This platform curates its collection, ensuring that only the best pieces make it onto the market. This is one of the simplest steps with no real tough decisions to be made. The marketplaces all offer functionality that lets you create your NFT by simply uploading the artwork (or whatever) that you want the NFT to represent and linking it. This is very straightforward, and the marketplaces, such as OpenSea, walk you through the process of creating and adding the necessary and optional metadata.

Leveraging online communities allows you to tap into a broader network of potential buyers, while direct payments into your wallet ensure a seamless transaction experience. Now, with your wallet set up and connected to your marketplace of choice, it’s time to finally create that NFT. Inspired by artist Maurizio Cattelan’s divisive 2019 piece “The Comedian,” I used the Kapwing Studio Editor to create my first NFT in just a few minutes.

The process of creating an NFT does not have to be complicated, expensive, or technical. Anyone can learn and create a digital version of their art, becoming an NFT creator. Anyone can create an NFT on their own, they just have to open a crypto wallet and create an account.

To create a collection, click on the Create button in the top menu. Over the last few years, the number of users has increased exponentially on NFT marketplaces such as OpenSea. For instance, in March 2021, Kings of Leon released their latest album, When You See Yourself, in the form of an NFT. The bundle was $50 and included an animated cover and limited-edition vinyl. Those who purchased the bundle automatically entered a lottery for VIP concert tickets and other perks. NBA Top Shot owners will soon have the opportunity to enjoy their favorite clips in real life, thanks to a partnership with Infinite Objects.

Linking your two accounts ensures your NFTs will appear in your wallet and all transactions can be easily completed (you’ll need to go into Metamask’s settings to automatically bring in your NFTs). You then give your NFT a name — or title — and a description if you want. This will change how much of each subsequent sale goes back to you in the future. For example, if someone purchases your NFT for 0.2 ETH and then sells it for 1 ETH in the future, you’ll get a percentage of that sale as well — by default, it’s 10 percent (so 0.1 ETH in our example).

With traditional digital files like images or videos, it’s easy to use, copy, and share them without any way to prove who the original creator is or who owns the rights to them. However, with an NFT, the ownership information is recorded on the blockchain for everyone to see and use. These frequently ludicrous fees are problematic for the wider adoption of NFT technology and I hope to see them ironed out over time. New funds that cover these fees for first time NFT artists are already emerging and will continue to be essential as the marketplaces explore more ways to reduce gas prices for creators. Zora is a marketplace built firmly around the idea that content creators should take back control of their work from the major platforms.

  • Some newer NFT marketplaces, such as Nifty Gateway, have started allowing the use of Fiat currency payments (US dollars, etc) via credit and debit cards, making access to NFTs easier.
  • OpenSea is also completely open to newcomers making it easy to get started here.
  • NFTs allow art to be sold in a digital form by establishing the secure ownership of an original digital asset, and they can open up access to active new communities of interested buyers.
  • The result is browsing SuperRare feels like stepping into an elite digital gallery.
  • Social media platforms like Twitter, Instagram, and Discord are excellent places to start.

After choosing single on Rarible, you’ll end up on the NFT creation screen. The first thing to do is upload the digital file you’re hoping to sell as an NFT, using the Choose File button. The money for this transaction is only going towards gas, not a fee for OpenSea, so how much it costs depends entirely on how much Ethereum’s gas fees are at the moment. In my original tests in December 2021, I saw prices from around $240 to $450, but in June 2022 those prices had dropped to $50 to $60. On Ethereum, you’ll have to do a one-time approval transaction to “initialize” your wallet if it’s your first NFT, which we discussed above.

How to Make an NFT

A number of other NFTs have sold for hundreds of thousands of dollars, including NFTs from the Bored Ape Yacht Club and CryptoPunks collections. And this is just one of many NFTs that have gone over $1 million. However, many NFT collections are extremely successful and don’t require complex work from the author.

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