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How to Create an NFT

WikiBit 2022-08-12 14:56

Abstract:Non-fungible tokens (NFTs) have grown in popularity in recent years, with billions of dollars in trading volume and a slew of celebrity endorsements propelling the digital artwork to the forefront of mainstream media outlets.

  Non-fungible tokens (NFTs) have grown in popularity in recent years, with billions of dollars in trading volume and a slew of celebrity endorsements propelling the digital artwork to the forefront of mainstream media outlets.

  NFTs can be generated directly on NFT platforms, allowing you to mint (create or produce something) and upload your artwork to the blockchain. This guide will walk you through the exact steps required to create your first NFT, including how to upload your artwork, select the best blockchain, and list it for sale.

  What is an NFT And How do You Create One?

  Non-fungible tokens (NFTs) are blockchain-based cryptographic assets with unique identification codes and metadata that distinguish them from one another.

  NFTs, unlike cryptocurrencies, cannot be exchanged for one another because each one is unique. In contrast, cryptocurrency is fungible and can be traded with equivalency. It means that each Bitcoin has the same value and can be traded for one another.

  Digital artwork, such as pictures, animated videos, or music, is commonly used to represent NFTs. They can be bought and sold on NFT marketplaces, which usually accept cryptocurrency as payment.

  An NFT can be created using an NFT marketplace or a crypto exchange that supports NFT minting. To make an NFT from scratch, follow these six steps:

  Step 1: Figure out what you want to create

  NFTs are typically associated with a work of digital art. This could be an image, an audio production (like a song), or even a brief video clip (such as an animated GIF). The goal is to create a one-of-a-kind piece of digital media that can be sold in the same way that a painting can be sold in an art gallery.

  NFTs add value to creators by being one-of-a-kind, something that cannot be obtained elsewhere. It's especially important to make sure you own the rights to the digital media you're using, because creating an NFT from media you don't own can lead to legal problems.

  Step 2: Choose a blockchain

  There are several blockchains where your NFT can be stored. This blockchain will keep a permanent record of your NFT, so pick the one that best meets your needs:

  •   Ethereum is the most popular NFT blockchain, hosting thousands of NFT collections. Ethereum NFTs are created with the ERC-721 standard, which stores the NFT's metadata on the Ethereum blockchain. This standard, created by the same teams that created the ERC-20 smart contract, defines the minimum interface—ownership details, security details, and metadata—needed for the exchange and distribution of gaming tokens.

  This blockchain, like Bitcoin, is currently a proof-of-work (PoW) blockchain, but it is transitioning to a more environmentally friendly proof-of-stake (PoS) consensus mechanism. Although most NFT marketplaces allow the creation of Ethereum NFTs, transferring NFTs on the Ethereum blockchain may incur high gas fees.

  •   Solana: Solana is the Ethereum blockchain's closest competitor. Solana was created as a faster, lower-cost alternative to Ethereum, with transaction fees as low as $0.01 and a growing list of supported NFT apps. Solana employs both the Proof of History (PoH) and Proof-of-Stake (PoS) consensus mechanisms and has significantly faster transaction speeds than Ethereum.

  •   Flow: Flow is another proof-of-stake (PoS) blockchain designed for NFTs and decentralized gaming apps, and it is home to the well-known NBA Top Shot NFT collection. Many other sports franchises have established marketplaces on the Flow blockchain, making it a popular location for the creation of sports-related NFTs.

  Other blockchains that support NFTs include those with their own communities and decentralized apps (DApps) for creators and NFT owners.

  Step 3: Set up an NFT Wallet

  Once you've decided on a blockchain, you'll need a digital wallet that supports that blockchain to keep your NFT safe. To create a wallet, you must first download the crypto wallet app, enter a username and password, and backup your private keys and recovery phrase offline.

  Several well-known wallet apps support multiple blockchains:

  •   Metamask is a popular cryptocurrency wallet that supports a wide range of cryptocurrencies as well as the Ethereum and Solana blockchains. It is available as a mobile app and as a browser extension.

  •   Coinbase wallet: Coinbase provides a digital wallet that supports both ERC-721 NFT tokens and Solana NFT collections. It is available as a mobile app or as a browser extension.

  •   Ledger Nano X: The Ledger Nano X is a secure hardware wallet that supports both Ethereum and Solana NFTs.

  Step 4: Choose an NFT Platform

  There is a growing number of NFT platforms that allow you to create an NFT, but the best ones also provide a full-service marketplace for listing and selling NFTs. The following are some of the most popular NFT platforms:

  OpenSea is by far the most popular NFT platform. OpenSea is the leading platform for Ethereum-based NFTs, with over $20 billion in trading volume since its launch in 2017 and over two million NFT collections listed. OpenSea hosts Ethereum-based NFTs and has recently added support for Solana NFTs.

  Solonart: As the Solana-based NFT platform, Solanart hosts some of the most popular Solana NFT collections, with a simple application process for minting and a slick user interface.

  NFT creation is supported by several cryptocurrency exchanges, including Binance Exchange. You can mint or create your NFT directly on the platform by selecting which blockchain you prefer.

  Step 5: Create the NFT

  •   Creating an NFT is fairly simple once you've decided on a platform. Here's an example of an NFT created in OpenSea:

  •   Link your wallet: Select the wallet icon in the OpenSea menu and then select which digital wallet you want to connect. This will necessitate you signing a verification on your wallet app.

  •   Choose the “Create” option: This displays the NFT creation process menu, which includes an upload section, NFT features, properties, and blockchain.

  •   Please upload your media file: This is the image or other media that you intend to sell. You can either upload directly or link to a media file hosted elsewhere.

  •   Fill in the blanks: You must give your NFT a name and provide a description. You can optionally add unique properties to this NFT, as well as extra perks like unlockable content, such as an invite to a private discord, or merchandise discount codes. You can also set a limit on how many coins can be produced (typically just one, unless you are making a full collection).

  •   Choose your blockchain: This is the blockchain on which your NFT will reside, and it cannot be changed once minted.

  •   Make the NFT: After you've filled out the details for your NFT, click 'Create.'

  After pressing the create button, your file will upload and the NFT will be created. However, the NFT is not currently for sale, and the metadata is technically changeable until you list your item for sale.

  Step 6: List the NFT for sale

  It is simple to list an NFT for sale, and most NFT platforms allow you to do so for free. Once your NFT is created and in your wallet, simply click the “sell” button on the platform of your choice, enter the price you want to list it at, and specify the length of time you want the sale to last.

  You can create the listing after you have filled in the details of your sale. This will necessitate you signing a few transactions in your digital wallet, which may include paying transaction fees on the blockchain you've selected. Solana transactions are usually less than $1, whereas listing an NFT on the Ethereum blockchain can cost up to $100, depending on network fees at the time of listing.

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