Since creating an NFT is becoming increasingly accessible, more creators are joining the movement and exploring its underlying technology. However, do bear in mind that successful NFT creation entails more than just creating a digital asset people want to see and use — it also requires an understanding of factors like cost and valuation. Keep in mind, however, that pricing an NFT is both an art and a science. Hence, you should remain open to revising prices based on community feedback and market conditions. Consulting with other NFT creators can also provide valuable insight — crypto has a strong community presence, so it won’t be hard to find people who are willing to help. Virtually anyone with Internet access can create NFTs — a testament to the open, decentralized, and accessible nature of blockchain technology.

Step 1: Create a Piece of Art

Even physical what is an invoice and is it a legal document items are now being digitised as NFTs, for example physical limited edition Nike trainers and other collectibles. Suffice it to say, we can expect NFTs to exist on and between the digital and physical spaces in the future. It’s possible if the NFT platform you choose supports lazy minting. This process generates metadata for an NFT without actually creating a token of the NFT itself.

1. In our opinion, none of this was hugely clear on Rarible’s website at the time we tried it.
2. After you’ve got your wallet set up, you’ll want to connect it with the NFT marketplace you plan on using.
3. Turning a piece of content into an NFT requires a new one-of-a-kind digital coin to be minted on the blockchain.
4. Each NFT collection has its own value proposition, but at the end of the day, they are only worth exactly what someone is willing to pay.

Where do people sell their NFTs?

Flow is another PoS blockchain designed for NFTs and decentralized gaming apps, and it is host to the popular NBA Top Shot NFT collection. Many other sports franchises have created marketplaces on the Flow blockchain, making it popular for sports-focused NFT creation. Going over all these differences in a single article is simply impossible. Instead, we’ll touch on the two biggest platforms, OpenSea and Rarible, and how they handle sales. If you don’t like either of these options, though, there are plenty more to choose from. Lastly, NFT creators must link their crypto wallets to the NFT platform.

I paid the fees that come with creating a new NFT and my piece went live on the marketplace in just a few seconds. The first step in your NFT journey is to create a digital wallet where you’ll securely store the crypto currency that is used to buy, sell, and create NFTs. The wallet also allows you to safely sign in and create accounts on NFT marketplaces.

If you’re an artist or influencer, it may be worth it to create your own NFTs for your fans. YouTuber and professional boxer Logan Paul made over $5 million in 1 single day by selling 3,000 NFTs for 1 Ether each. Another more recent example is the Nelk Boys selling 10,000 MetaCard NFT passes to fans, raking in over $23 million in sales in less than 24 hours. If you don’t want to sell your NFT just yet, you can flip off the “Put on marketplace” switch, which is on by default.

Step 1: Figure Out What You Want to Create

There are blockchains that use alternate systems that don’t use as much energy, and Ethereum has plans to move to a more efficient proof of stake system at some point in the future. However, that’s not the case yet, which is one of the reasons people might get upset when others decide to sell NFTs. For NFTs, it means the artist can trace their NFT and ensure a percentage on future sales. Like with physical currency, “minting” is the term used for the process of creating a currency and NFTs on a blockchain.

A token, in this regard, is the item’s information hashed into an alphanumeric string. This token is stored on the blockchain and establishes ownership of a digital item. With all that done, it’s time to actually put your NFT out there and hopefully make some money. On most platforms, doing so is as simple as hitting a button that says “sell” on whatever NFT you have in your wallet. Thousands of non-fungible tokens, or NFTs, are available on the market today.

In other words, an NFT can only have one owner at a time—no one can alter its ownership or mint the same NFT on the blockchain. Given this scarcity, creators/owners of NFTs hold the ability to set their own rates for their assets. Digital art — including images, interactive pieces, and even AI creations — can be tokenized as NFTs.

Metamask is a wallet used by more than one million crypto enthusiasts across the world. The wallet connects easily with most crypto apps and NFT marketplaces, and is available as both a browser extensions and mobile app on iOS and Android. Metamask also simplifies the process of purchasing crypto so you don’t have to use other apps to buy coins. Digital art is undergoing a renaissance and in this article we’ll cover everything you need to know to start creating and selling your own art on the blockchain.

Rather, a link to the file is stored, along with the token that acts as proof of ownership over whatever that link points to. There’s also no rule saying that two or more NFTs can’t exist for the same file — you can have NFTs with editions, kind of like trading cards. For example, an NFT can be rare because there are only 10 copies or common because thousands of the same NFT have been “minted,” or written to the blockchain. There’s also nothing to stop someone from taking the file you’ve used for your NFT and creating their own NFT with it (though the blockchain entry will show that it came from their account, not yours).

How to make and sell an NFT: frequent questions

It’s also worth noting that paying gas does not 100 percent guarantee your transfer will go through. You can pay more to give yourself a higher chance, but it is never a sure thing. However, if something does happen and your transaction isn’t completed, you won’t get the gas fees you paid back. In almost every case, the files aren’t actually stored on the blockchain itself.

The internet of assets

As we’re using a desktop computer, we’ll choose the option to install the browser extension, but there’s also a mobile app. The possibility of turning art into nonfungible tokens is something that many artists are exploring as a potential way to sell their work. 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. There’s no singular technique for creating a piece of art that can be used as an NFT.

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. Finally, both MetaMask and Coinbase will give you what’s known as a “seed phrase,” which is 12 random words. It’s very important not to lose this, as it will let you recover your account if you, say, uninstall the app or need to set up your wallet on a new device. It’s a good idea to copy it and store it in a very safe location, such as a physical safe or password manager (or both). MetaMask will ask you to repeat the phrase back, while Coinbase Wallet will ask you if you want to store an encrypted copy of it on the cloud if you set it up using the app. Both OpenSea and Rarible let you create NFTs on Ethereum without paying anything, thanks to what they call “lazy minting” systems.

For many people, their best bet to cashing in on the NFT bubble before it pops would be to invest in a platform like Nifty Gateway, OpenSea or Rarible. During the California gold rush, most miners left empty-handed, but those who sold the picks and shovels became incredibly rich. This is difficult for investors with smaller portfolios, however as none of these platforms are publicly traded yet. There’s no need to worry if your wallet has an NFT section and the NFT you made using this guide doesn’t show up in it. Doing this will kick off a series of actions, during which you’ll have to approve some transactions with your wallet.

Each NFT marketplace has its own pros and cons for sellers, so make sure you do your research before making a choice. In the same way collectors pay huge sums for cult toys and rare merchandise, the Doge NFT shows how digital scarcity can make iconic creations valuable. In June 2021, the cult meme of a smirking Shiba Inu dog named Kabosu sold for $4 million. Interestingly, the NFT investor group that purchased the NFT now sells fractional ownership of it, meaning anyone can own a piece for as little as $1. NFTs hold value because there is only one version of the assets made.