The Hustler's Digest StaffThis article is the complete guide to everything you want to know about how to make an NFT.
There has been a sudden interest in the blockchain industry for the past years. People have been investing in the blockchain market to gain interest in huge amounts.
NFTs have become more common in today’s world, as most go viral on the internet for being bought for millions of dollars. Artists are aiming to make NFTs because it is a way of making money on the internet.
If you are an aspiring artist who is interested in the blockchain industry, you can enter it and earn money from it. You just need to know how to make an NFT.
So, here is a complete guide on how to make an NFT:
What is an NFT?
Before you begin making one, you need to know what NFT really is as they are an essential part of the blockchain market.
An NFT is an asset that only one person or entity can own at a time. They cannot be replaced by another asset because they are unique. NFT stands for Non-Fungible Token. In other words, if you buy this token, you are the sole owner of it and no one can replace your token with something else. This token is sold in the form of a digital asset instead of a physical one but you have the legal right over that token.
This is different from a bitcoin because you can trade the bitcoin with another bitcoin but the value of both bitcoins is the same, it is fungible. But NFT is non-fungible, it cannot be replaced because there is only one in the world. For example, Mona Lisa by Leonardo da Vinci is the only one in the world that cannot be replaced with another drawing, NFTs are similar in this way.
An NFT is usually bought online through cryptocurrency. These days there is an increase in demand for digital art in the form of NFTs and its value is the same as that of an art piece that is one in the world. Some of the most popular NFT types include:
Art NFT
NFT art is a new category of artwork. It is the modern display of art in a new form for the art industry. NFT art gives more worth and rareness to the pieces of art so people can appreciate them.
Some of the most popular artists in digital artwork NFT have become highly in demand. Some artists include Beeple, Pak, Xcopy, Hackatao, Fewocious, Trevor Jones, SlimeSunday, and Allota_Money. They have brought a new trend in the art industry through their art and their work was sold for millions and billions of dollars, breaking records around the world.
Music NFT
Just like art, music in the form of audio can be NFTs as well. They are sold on music NFT marketplaces widely and are the only digital asset for the person who buys them. One of the most popular genres in NFTs is electronic music and combining art with it.
Some of the most popular DJs have sold NFTs for millions and billions of dollars for their music production including 3LAU, Steve Aoki, RAC, and Kings of Leon.
Video NFT
Video NFTs are short video clips or videos, in general, that are sold as a digital asset to people around the world on blockchain platforms. These video NFTs are one in the world that only those who buy can own them.
One of the most recent NFTs that went viral on the internet was the NBA Top Shot, an NFT marketplace that sells NBA highlights to the people for millions of dollars. These videos are specially taken and sold to basketball fans.
Furthermore, there are artists and DJs who collaborated together to create videos full of visuals and music as an NFT to be sold on the marketplace. 3LAU is one of the most famous artists whose short visual art videos with unique music were widely bought by people around the world. Mad Dog Jones is another artist who combined music and art in the form of a loop that was sold for $4,144,000,00.
Video game NFT
There are so many people who are crazy about video games. People buy video games that can cost thousands of dollars as they are fans of them. Recently, there has been video game NFTs popular among the gaming community. Video game NFT does not mean selling an entire game, instead, it is the selling of items that are originally produced.
These NFTs are items in the video game that only one person can own. There are skins, gadgets, features, characters, tires, and other items sold as NFTs for millions and billions of dollars in the video game marketplace. Many big companies like EA have announced plans to enter the gaming market to sell rare items to their fans.
Vintage collection NFT
The vintage collection has always been popular around the world. Before it was sold as a physical asset, now it is sold in the form of a digital asset.
Vintage NFTs are for all the vintage collectors who have spent millions to complete their collections. Vintage items can include a rare photograph, a letter, a journal, or anything that is of value to the vintage world.
Domain name NFT
Domain names are popular in the marketplace as well. If you buy a domain name that people might like, you can sell it in the domain name NFT marketplace for a good price.
Many companies and individuals have bought domain names because of their rareness in the world. Recently, ‘win.crypto’, a domain name, was sold for $100,000 on the marketplace.
Domain names are of value because if they are sold for a big price, the name of the business is also highlighted in the NFT marketplace. Furthermore, the value of a domain name increases with time so it is a good investment.
Meme NFT
Memes have been locally and internationally produced by anonymous users for humor. Now memes have become a digital asset as NFT. Memes have been given a monetary value because they hold ownership to a person.
People can buy and trade memes among themselves for thousands of dollars. Some of the popular memes like Nyan Cat, Disaster Girl, and Bad Luck Brian were sold as NFTs. The biggest bid for a meme, the Doge meme, was sold for 4 million dollars.
Trading Cards NFT
Trading cards have always been popular for many years. People used to trade cards related to different industries and keep rare collections. They were physically sold but now they are sold as NFTs.
People can trade those NFTs with each other and own rare trading cards in digital files as sole owners.
NFTs are a good place for investing your artwork or masterpiece that can be of value to people. Most people who are popular on social media for their work post their NFTs to earn money. Before you know how to make an NFT, you need to know how it works in the blockchain industry.
How does NFT work?
NFT is a very unique piece that can only be bought in the blockchain industry. Most of the NFTs that are made and sold in cryptocurrency are by Ethereum.
However, NFTs work totally differently from crypto coins. A bitcoin or Eth coin can be replaced with another coin, but NFTs have different programming and they are separate from the currency. There are many cryptocurrency brands that have released their own version of NFTs but the NFT itself cannot be replaced.
To be able to enter the NFT business in the blockchain market, you need to know how to make an NFT.
Make your own NFT
You can create your own account for an online shop. The server where you signed up gives you the option to store your NFTs and crypto coins. After you have signed up you can post your NFT with a certain fixed price or put it to begin the auction. The auction of NFTs is similar to a real-life auction but on a blockchain platform.
Now that you know the basics of NFT, you can begin making your own and selling it for good money. The sudden craze for NFT buying can be your opportunity to make money. So here is how to make an NFT:
Select a niche
Before beginning to make NFTs, you need to pick a certain niche that you want to work on. It is important that you define your niche clearly from the start so that you do not get confused or distracted by other niches.
Your niche can be anything that is of interest and value to the market. It can be a video game, custom-made painting, a meme, music that no one has ever heard, or a GIF. You need to keep in mind that the niche should be of your expertise and the one that can pay you well because once you sell it, you cannot make a similar NFT for someone else or sell it widely somewhere else.
Pick a blockchain technology
There are many blockchain technologies that offer NFTs business. You have the option to pick which one fits your criteria.
You can pick Ethereum, Tezos, Binance Smart Chain, Cosmos, or Polkadot. These blockchain technologies give the facility for an NFT artist to post or auction their creation on the platform.
Set up a wallet
In a blockchain platform, there is a separate wallet called ‘digital wallet’ where you store your cryptocurrency. Furthermore, you need to have some coins in your wallet for investment.
Some of the most popular NTF wallets are Trust Wallet, Metamask, AlphaWallet, Coinbase Wallet, and Math Wallet. These wallets are connected to all blockchains, so if you have some crypto coins already, you can transfer them into your NFT wallet.
Setting the right NFT marketplace
The next important step is to enter the NFT marketplace. The NFT marketplace varies from niche to niche. Once you have decided on the niche, you can pick the right NFT marketplace.
It is important that you enter the right one because then the effort of your investment will go to waste. Some of the most popular NFT marketplaces like NBA Top Shot Marketplace which focuses on basketball NFTs, Axie Marketplace is for video game NFTs, Larva Labs/CryptoPunks is for 8-bit avatars, and many other NFT marketplaces.
Some marketplace like Rarible require you to buy their own cryptocurrency, therefore, it is important that you choose the right one.
Posting your work as a digital file
Once you are done setting up the NFT marketplace and your account, you are ready to post your work online. You can post in the form of a digital file.
Once you have posted your work, you have to set a certain price for people to buy. You have three options to put the price. You can either post an NFT for a fixed price that the person who can afford can buy it or you can auction it.
There are two ways to auction NFTs, one way is you can set a certain time limit until then people bid the highest bid and then sell it, while another way is unlimited auction bid where you can choose when to end the auction for an NFT.
How to create NFT art without coding
As an artist, you deserve to be paid for the work you do. For many years artists have struggled to make a living by selling their art. Blockchain NFTs give the artists the opportunity to sell their art online in the form of an NFT and earn money.
The sudden craze of buying art as an NFT can be your pathway to becoming rich and well-known in the art industry.
You do not need to know coding in order to create NFT art for blockchain platforms. NFT art can be created by artists that have zero coding experience as well. The above-mentioned steps of this article are the best way to post your art and it takes no effort, only a few clicks and your art is up for sale.
How to create an NFT marketplace
NFT marketplace is a platform of any Web3 application where you can buy and sell NFTs. Many artists need to display their art in the form of NFTs to attract the attention of buyers.
There are two types of NFT marketplaces that exist in the industry. One NFT marketplace is the one that is open to the public and anyone with a crypto coin can buy the NFTs displayed. Another NFT marketplace is not open to the public, only a few VIPs can access the platform and buy things that are never released to the public. This can range from the rarest art piece from a big artist to memes.
Here is how you can create an NFT marketplace:
Work with developers
To begin an NFT marketplace, you need to have a team of developers that know everything about blockchain technology. If you and your team are new to blockchain platforms, you need to learn about them before approaching them.
Developers are experts in knowing everything about blockchain technology.
Plan a project
Once you have the right developers to work with, you have to plan a project in detail. By planning it means, you have to go through all the protocols that a normal project goes through to make the NFT marketplace successful.
Planning a project means
– select a niche you target
– the technicalities of selling and buying on the marketplace
– token protocol to be used in the marketplace
– model for monetization
– exclusive unique features different from another marketplace
– budget spent on the workings of the project
Monitoring the developer process
You have to be extra careful when you are in the process of developing the project. The developers work to reach the goal of the project but it also requires you to analyze the process thoroughly.
For example, the user interface should be discussed and designed in detail to make sure it facilitates and is user-friendly. The look of the marketplace should be good enough to attract attention. Your UX design should be accessible for the user on the first visit so that you make the customers stay on your NFT marketplace.
Furthermore, the back-end and front-end technology should also be easy and familiar for the users in the marketplace.
Try out your product
You have to be very detailed before launching the NFT marketplace into the public space. Many developers run the product again and again through a cycle to make sure that there are no glitches and errors during the making process.
You have to test its security, content display, design, running, etc. Everything should be perfect for the users.
How much does it cost to create an NFT?
The cost of creating an NFT can vary depending on the reputation of the artist or the specific NFT you are selling. Rare art pieces NFTs cost millions of dollars because they are rare and cannot be found by anyone else. On the other hand, if you are making custom art for someone as NFT, then the cost to create the NFT will be different based on the price you agreed upon.
Furthermore, there is an initial investment that NFT artists have to live with their own coins to display their NFTs. The NFT auction is paid by the artists depending on the nature of the event, whether it is for VIPs or the public.
To create an NFT, there is the cost for software, listing fee, NFT minting fee, commission charges, and transaction fee. All these are part of creating and selling NFT online. In other words, you need initial money to be able to put up your NFT on sale for other people to buy that you can profit from. This process is called minting the NFT and the cost of minting varies in each NFT marketplace based on their demand in the blockchain industry.
How to make an NFT for free
There are many marketplaces that give you the option to make an NFT for free. These marketplaces require some rules that you have to follow in order to make NFT for free.
One of the examples is ‘Lazy Minting’ by Rarible. This feature is free for everyone to use on the platform. It gives the user the opportunity to be creative and productive by cutting down the cost of transaction fees.
The way to begin is very simple. First, you have to create a wallet account where you can store your coins. After that, open the Rarible website and make an account by connecting your wallet and selecting the lazy minting feature.
Similarly, there are other NFT marketplaces that give exclusive features to their users. You have to choose among them based on the NFT niche you are going to work on.
Conclusion
NFT business is growing with progressing years. People are ready to spend millions and billions of dollars just to own those NFTs for themselves. There is so much craze but also an increase in demand for NFTs in the marketplace.
Now that you have read the article you know how to make an NFT. You can start making NFT of your own creation that people might like to buy online. If you have a niche that can be of value in the NFT marketplace, you can earn money in millions.
The blockchain industry of NFTs in the future of the world and investing your creative work here can earn you name and money for any industry you are aiming for. So be confident and make your own NFT to sell online!
