If you’ve never heard about NFT, then you must be living under a rock. Why? It is all over the news. Digital artists and creatives are increasingly using blockchain technology to put their artworks in something akin to an auction catalog. And interestingly, the entire market is in a frenzy. Before you get confused, let’s get to the core of this article – how to make an NFT and sell it.
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How to Make an NFT and Sell It
An NFT, an acronym for Non-Fungible Token. “Non-fungible” means that it’s unique in the sense that it is irreplaceable with anything.
To get it right, Bitcoin is fungible because if you trade one for another Bitcoin, you’ll have the same thing. However, a music collection traded for another is non-fungible because you’ll get something that is completely different.
Therefore, an NFT is a piece of unique digital data that is stored on a blockchain. It can be in the form of artworks, pictures, videos, music, and many other file types.
How to Make an NFT | Step by Step
Here are the steps you need to follow:
1. Pick Your Item
Of course, this is the starting point. What is this unique item that you want to turn into an NFT? Remember, an NFT, unlike crypto, is a unique digital asset with a sole owner. It could be a picture, a custom painting, music, or even a meme. To avoid legal tussles, ensure that you have the intellectual property rights for the item you intend to turn into an NFT.
2. Choose your Blockchain
Having chosen your unique digital asset, nothing stops you from proceeding to the next important step- choosing your blockchain. Blockchain technology serves to address the issue of provenance –originality.
Most NFTs work on the Ethereum blockchain. However, that doesn’t restrict you to that choice since other blockchains can also implement unique versions of NFTs. Depending on the unique features of these blockchains you are looking for, you can choose Solana, Polygon, Immutable X, Binance Smart Chain, Cardano, and many more.
3. Establish a Digital Wallet
As an artist, you face the disturbing question of how to sell NFT art. Like cryptocurrencies, buying and selling NFTs requires you to have a digital wallet. This is a prerequisite because you need crypto to fund your initial investment. Moreover, if you decide to list your NFT on the Ethereum blockchain, then you have to pay a gas fee.
Therefore, you must have some ETH in your wallet for you to pay the gas fees required to sell the NFT. However, listing on the polygon blockchain doesn’t require a gas fee. You can use hardware wallets, desktop wallets, mobile wallets, custodial wallets, or non-custodial wallets. However, the wallet must be NFT compatible. Let’s go to the next step on how to make an NFT.
4. Choose Your Preferred NFT Marketplace
With a digital wallet and cryptocurrency, you are now set to create your NFT. You only need an NFT marketplace. Identifying the best marketplace may be an arduous process since there are a couple of them, including OpenSea and CryptoPunk, among others.
Research the marketplaces to identify the one that fits your NFT. Importantly, note that certain marketplaces require their native cryptocurrencies, so take that into account. Once you’ve identified the marketplace, link it with your digital wallet and pay the appropriate fees required to create your NFT.
5. Upload Your File
At this juncture, you can now use the step-by-step guidelines provided by your NFT to upload your digital file on the platform. Following these guidelines, your digital file will be transformed into a marketplace NFT.
How to Sell NFT Art | Step by Step
After we learn how to make an NFT, it’s time to see how to sell NFT art. Monetizing your NFT is, in most cases, is the main reason why most people create them. Depending on the marketplace you choose, you can sell it at a fixed price, set a timed auction, or initiate an unlimited auction.
For a fixed price, you give the first person who meets the price to buy the NFT. For an auction, you have to set the minimum price. Suppose the auction is timed, set the duration. Importantly, set your royalties continuously to make money from NFT if it resells on the secondary market.
Unfortunately, selling an NFT comes with charges that can be not only costly but also confusing. Depending on your preferred platform and pricing, you could incur a listing fee, NFT minting fee, transaction fee, and commission on the sale. Moreover, volatility in the cryptocurrency market may result in fluctuations that may end up inflating the entire cost. Therefore, always compare the costs before choosing a platform.
The steps for selling an NFT start with the very steps you used when creating it. By the time you resort to selling it, it is assumed that you already have a wallet. Specifically, you need a Web3 wallet.
- Fund the wallet with ETH. This enables you to pay transaction fees and any other fees as dictated by your chosen platform.
- Then submit your artwork to an NFT marketplace. Preferably, visit your preferred platform to get some inspiration on what sells best.
- Select the sell icon for the NFT.
- Choose your pricing model (fixed or auction) as you post your listing.
- Connect your Ethereum wallet with the selling platform. Follow the wallet prompt to sign the transaction.
- Your wallet is now available for sale.
FAQ – How to Make an NFT
How Much Does It Cost to Make an NFT?
Perhaps, this is the most confusing question. Most platforms require the creator to incur an upfront fee. Other platforms take a commission from the sale price.
The value of an NFT is determined by the creator. Specifically, the private keys of the owner. They are proof of ownership for the piece of artwork. The higher the value, the higher the price.
However, the cost of creating an NFT is dependent on the quality and size of the artwork. Some artists may create a free NFT. Nonetheless, making an NFT can even cost $1.It can even be as high as $500 or more. The most challenging part is deciding the royalty percentage.
How Much Does It Cost to Create an NFT on OpenSea?
OpenSea has a simple operating model. They take 2.5% of every transaction that happens on their platform. In simple terms, you will incur a 2.5% commission charge on the selling price. Users and partners can create NFTs for free at any time.
How Can I Get NFT for Free?
Nowadays, you can mint an NFT without incurring any charges. You only need to know the platforms that will work for you. Of course, some marketplaces may charge expensive gas fees, but many have come up, offering cheaper minting methods to favor those who can’t afford to mint. Importantly, popular platforms have also introduced a free minting feature for minting NFTs. Fortunately, you don’t need coding knowledge to mint.
Notably, Rariable has a ‘lazy minting’ feature that doesn’t require you to write smart contracts or pay gas fees. You only use short lines of code provided by the platform.
Additionally, OpenSea has introduced a feature that enables creators to have a free NFT creation process. However, it doesn’t require them to pay any fee to sell. Therefore, creating NFT is free, but selling is not.
Finally, Mintable offers its online customers a free minting process for creating NFT.
How to Make an NFT – Conclusion
Certainly, NFTs will continue to make news with high-profile stories narrating how innovative creators have made instant millions. Expectedly, nobody wants to be left at the train station – we all want to be part of the journey. If you’ve been struggling with how to make NFT art and sell it, we’ve taken you through the basic steps. Undertake in-depth research and make a quick move.