How to create your own NFT step by step | Monetising your NFT
how to create your own NFT step by step | Monetising your NFT
Step 1: Choose a digital file
Every NFT is a digital file, and you need to have a file in an acceptable format. As long as they're under 100MB, these formats are typically accepted among marketplaces and blockchains:
JPG . MP3 . MP4 . PNG . GIF . WAV . OBB . GLB . SVG
Many NFTs are static art pieces, but they can be videos or GIFs. Creators can pair music and art, creating an audiovisual NFT. Pixel art, memes, video game characters and trading cards are all genres to consider.
When designing the NFT, know that copyright and intellectual property rights apply. If you take someone else's artwork and mint it with the intention to sell it, you could run into legal trouble.
If you're not an artist or don't have the capability to create your own unique digital file, then you can commission someone to create an art NFT for you.
Step 2: Choose an NFT marketplace
One of the most important steps in creating an NFT is choosing a marketplace. Check that it sells your preferred NFT category, has a reputable blockchain and offers the royalty percentage you want.
Crypto.com NFT or Binance NFT Marketplace and more NFT marketplace
Step 3: Set up a crypto wallet
When you're involved in cryptocurrency and digital assets, you need a crypto wallet. A crypto wallet is software or hardware designed to hold, send or display cryptocurrency and NFTs, and most are free to use.
When you make an NFT, there's a transaction fee for putting the digital file on the blockchain, so you'll need some crypto in the wallet to cover that fee. In terms of what cryptocurrency you need, it depends on the blockchain. For example, Ethereum transaction fees (called gas fees) are paid in ETH.
There are many different wallets to choose from. However, the marketplace you choose to mint your file on may require a specific wallet. Some popular wallets include MetaMask, Trust Wallet, Ledger, Atomic Wallet and Exodus.
There are also different types of wallets:
Hot wallet — Involves downloading a browser extension, is always online and typically free software. May be more prone to online hacks, though.
Cold wallet — External hardware that's only online when plugged in, and could run you between $60 to $200 or more. More secure since they're not always online, but may be a hassle for users that prefer mobile trading.
Custodial — A wallet where a third-party holds and protects your wallet's private keys for you.
Noncustodial — You're in control as to how and where your private keys are stored.
Step 4: Buy crypto
To tokenise a digital file and put it on a blockchain, you have to pay a gas fee to finalise the transaction.
Depending on the marketplace you choose, you need some type of cryptocurrency to cover the gas fees. These fees vary by the second.
Buying cryptocurrency starts with having a wallet and finding an exchange. Exchanges vary in what coins they offer, but you can count on almost every one having Bitcoin (BTC) and Ether (ETH). Once you're signed up with the exchange and connect your digital wallet, simply deposit funds in the approved methods and select the currency you want.
Step 5: Mint your NFT
Once you have a wallet and connect it to the marketplace of your choice, you can start the process of minting your NFT.
Most marketplaces are clear on where to go to mint an NFT, with clear buttons like Create NFT or Mint NFT. Common steps in minting an NFT include:
Creating an account with the marketplace
Uploading your digital file
Fleshing out the details of the NFT, like title and description
Paying the gas fee for interacting with the blockchain
Once the file is minted, the NFT is either held in your account with the marketplace or sent directly to your crypto wallet.
Monetising your NFT
Now that you've gone all this way to make your NFT, the next step is to figure out what to do with it.
Many NFT creators get into the space to earn money from selling their NFTs. The simplest way to do that is by minting the NFT on a blockchain with smart contract functionality so you can earn royalties on subsequent sales. Before you choose a marketplace, compare royalty percentages so you can get the most bang for your buck.
However, try not to set the royalty percentage too high — such as higher than 40% — so that buyers and sellers see resale value in your NFTs.
Consider these use-cases for NFTs:
Selling
Flipping
Use in the metaverse
Create collections
-Display
Know that there's no guarantee that you'll be able to earn from your NFT, or even successfully sell it.
How much does it cost to make an NFT?
Making an NFT means paying transaction fees for interacting with the blockchain. When you're dealing with NFTs, expect to pay a gas when buying, selling, minting or listing an NFT
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