NFTs or Non-Fungible Tokens, as you know, are unique crypto assets. In one of our previous lessons, we learned how these tokens can contain books, music, art, etc., and can be bought/sold in the markets that developed on blockchain.
We also know that each NFT is unique. If there’s a book with 100 copies, each NFT will contain one unique copy of that book.
The world of NFTs is almost democratic because anybody can create and sell their own NFTs. So how do we mint (another word for creating) these NFTs?
Before that, let us quickly go through a few things we should consider before creating our first NFT.
- Choosing the blockchain on which you will be minting your NFT: There are several blockchains out there, e.g., Bitcoin, Binance Smart Chain, etc. You can consider each blockchain as an individual network on which crypto transactions take place.
Ethereum is the leading blockchain that supports NFTs, but other blockchains such as FLOW, also support NFTs. You need to gauge the fees, security, features, etc., of the blockchains to choose the one that suits you best.
- Choosing the marketplace: Based on your niche, you need to choose the right marketplace to sell your NFTs. For example, if your niche is art, select a market that caters to it more than other niches such as music and games.
Now that you’ve chosen your blockchain and platform, it’s time to mint your first NFT. Don’t be too intimidated because it is as simple as it gets, and I’m here to walk you through the complete process.
Set up an Ethereum wallet (if you choose Ethereum blockchain) such as TrustWallet, Coinbase, or MetaMask. This step is vital because it will support ERC-721 tokens. The ERC-721 is a standard for NFTs on Ethereum. This standard represents how any asset gets tokenized into an NFT on the blockchain.
You’ll need this wallet to store your Ethereum cryptocurrency and your NFTs.
Now, add some ETH cryptocurrencies to your wallet. You do this by purchasing them from a cryptocurrency exchange.
Set up your account on the platform of your choice. For instance, if you choose OpenSea, the most popular NFT market, you’ll need to create an account. Now, if the platform has any verification processes, you’ll need to complete that and connect the wallet with the platform.
Now, you can create your first NFT. Usually, there’s a ‘Create’ button that can take you to the tab where you can mint your own NFTs.
Here you’ll be asked to select the assets you want to tokenize and the volume of those assets. For instance, if it is a book you wish to create an NFT for, you will have to choose that book and select how many tokens you want to make.
There are additional features such as creating an entire collection with different items; Choosing what items would be unlockable and incentive-based, etc. You can play around here and see what set of features work best with your assets.
Now you’ll merely have to press the create button. Usually, there’s a gas fee charged for creating and selling NFTs on many platforms. The gas fee is essentially a fee we pay to the platform in ETH (if you’ve chosen the Ethereum blockchain) for transactions such as minting, selling, and buying NFTs.
Once you’ve paid the fee the transaction is complete. Now you’ll have the specified NFT(s) in your wallet that you can begin listing and selling on the marketplace.
We have, thus, mentioned all the steps to how you can create your first NFT. Remember to do your research while choosing the platform and the blockchain and what gains traction from people looking to buy NFTs.
In the next couple of lessons, we will be learning how and where to buy NFTs. You will also get to know some of the best practices that you must follow for NFT trading.