Now that you’ve read that Human One sold for $28.9 million and Cryptopunk sold for $11, understand how to make NFTs as part of a train wagon effect If you’re here for 75 million sales – this guide has everything you need during the process.
NFTs, or H. non-fungible tokens, are the biggest business case for blockchain technology. After cryptocurrencies, the manufacture, listing, minting and trading of NFTs has contributed significantly to the global economy and most importantly to the net worth of digital artists.
Overall, as of January 15, 2022, his Ethereum-based NFT turnover is reported at $150 million (Statista).
But what does all this hype mean?
Why do so many blockchain enthusiasts, digital designers and artists invest so much time and energy into his NFT development?
First, NFTs have enormous economic potential. People around the world create and sell NFTs earning insane amounts (up to $69 million). That’s right, Beeple’s first 5000 days.
Second, more and more companies are investing in NFT development to improve their operational and profitability. Companies are developing NFTs as contracts, gift cards, coupons, thank you notes, security passcodes, marketing collateral, welcome packages, lead generation tools, games, and more.
Third, the game entrepreneur develops his NFT game and earns gas commissions.
Prerequisites – Before Creating NFTs
Before proceeding to create NFTs, you should know the basics of non-fungible tokens. Development of NFTs. What are
NFTs or non-fungible tokens are blockchain-based digital assets. While most NFTs exist 100% digitally or virtually on a blockchain network, NFTs can also form part of physical objects such as: B. Codes to access physical keepsakes.
Depending on the type of digital assets you want to sell, you can either design or develop her NFT yourself or hire an experienced NFT developer for her. An NFT’s total development cost includes design and development effort, minting fees, trading fees, and listing fees. See this article for a detailed breakdown of NFT creation costs.
To create an NFT you need:
Design, Development, or Composition Tools for Creating Digital Files
Digital Assets (Art, Trading Cards, Designs, GIFs, Videos, Songs, or Other Multimedia)
Wallets for Trading Digital Cryptocurrencies
Cryptocurrency to pay transaction or issuance fees
Once you have at least two of these four elements, you are ready to execute your NFT.
7-Step NFT Development Process
7-Step NFT Development Process
For tech users or blockchain enthusiasts familiar with this topic, creating an NFT creates a digital file and a market for transaction fees. However, this guide is comprehensive for beginners and non-techies.
A detailed guide on how to create NFTs to sell on the marketplace.
1 Plan before you create your NFT.
and actually decide which types of his NFTs to create, list and sell.
Since most artists will start his NFT as a business (for capital gains), the NFT type, format, name, his NFT development cost that he wants to invest in, and the expected cost, income, etc. Options for creating
NFTs must be digital assets that you can create yourself or hire a designer or developer to create. The most common format options are .gif, .jpeg, .mp3, and .mp4. The most common digital files are GIFs, memes, poems, photos, videos, songs, and trading cards.
2 Design and test your digital assets.
When creating NFTs, you should know that success here depends on one of two factors:
The original horse of Zed Rann is called Genesis. Digital horse racing was nothing new, but it was at least attractive to horse racing enthusiasts in the NFT space.
Your NFT is a limited edition, high quality artform that people will genuinely want to buy and keep even at a higher price.
To ensure this, you can create a niche-based, battle-tested NFT and market it successfully in the NFT community, Instagram, OpenSea, Reddit, and Quora.
When developing digital art or design-based NFTs (such as videos), be sure to use tools such as Adobe Illustrator, Photoshop, and After Effects.
If you’ve already created an NFT, test it for loading speed, performance, content accuracy, and originality. All these factors are important to check before creating on a particular platform.
3 Select the NFT blockchain.
Experienced blockchain and NFT developers recommend Ethereum to support NFTs.
3 Reasons to Choose Ethereum
Its ERC-721 and EPI-721 are standards that make building NFTs easier and these standards are widely accepted in all major NFT markets such as OpenSea and Rarible (more on this later). in the next step). His
Ethereum-based NFTs are available for auction.
Ethereum is Secure and Trusted by Majority of Blockchain Enthusiasts
However, while gas fees are expensive, the reliability offered by Ethereum makes the transaction fees worth it.
Ethereum is widely used, so most people can only accept NFTs made in Ethereum.
So, if we decide to use a blockchain other than Eth, we may end up limiting the audience interested in buying NFTs.
You can also choose platforms such as Polygon, Binance-chain, Flow, Tezos, Solana, Cardano.
Rarible is integrated with Flow, the blockchain currently used for NBA recording.
OpenSea is integrated into Polygon.
These two blockchains are cheaper than Ethereum in terms of transaction fees, but they have other programming-related rabbit holes.
Back to advice. Host your NFT on Ethereum or choose between Polygon and Flow.
- Select the NFT Marketplace to list.
OpenSea and Rarible are highly recommended marketplaces to list NFTs.
OpenSea and Rarible both allow lazy minting. Lazy minting means you can post your digital art on these platforms without paying gas bills or transaction fees.
Lazy minting is just-in-time minting, which occurs only at the time of purchase, not during the listing process.
Second, both OpenSea and Rarible support his Ethereum blockchain. This has actually become a chain selection cycle due to its widespread adoption.
OpenSea and Rarible not charged at time of listing
You pay the embossing fee at the time of sale. Additionally, both platforms charge his 2.5% commission on sales.
- Setting up a digital wallet
Digital wallets were covered in the requirements section. This digital wallet is much like an online wallet where you store (pay and receive) virtual currency and exchange it for items you want to buy.
This blockchain wallet is required to pay issuance fees and accept payments made by buyers to NFTs. This is your reward for reading through this entire process.
MetaMask is a highly recommended wallet for NFTs and cryptocurrencies. This is because MetaMask seamlessly integrates with Ethereum blockchain, OpenSea, and Rarible.
The second wallet option is CoinBase, ideal for non-Ethereum blockchains.
If you already have a MetaMask account, just import your wallet.
Registering for Metamask and CoinBase is a little different than registering for a new mobile application or software program. The website will never ask for personally identifiable information such as email ID, zip code or mobile phone number. Instead, the extension provides a secret 12-word recovery phrase for each new claimant. It is highly recommended that users back up this seed phrase as it is the only key that goes into the wallet. Neither MetaMask nor her CoinBase can recover your account if you lose this secret recovery password.
After registration, your new MetaMask wallet account will look like this:
If you are new to NFT and MetaMask, you will need to purchase cryptocurrencies and connect your wallet with the market. Simply link your wallet to your debit or credit card like a digital banking transaction, or request payments from friends, family or social networks.
If you are logged into both MetaMask and OpenSea/Rarible in the same browser, you will get a popup from wallet for integration.
6 Connect Marketplace and Blockchain Wallet
NFT marketplaces, in simple terms, are platforms where you list, buy and sell NFTs. In this step, you need to connect either of OpenSea or Rarible with MetaMask – which is as simple as clicking the ‘Create’ button you see in the screenshot below.
Once you hit the ‘Create’ button, the platform will itself ask you to connect to the wallet.
- List your NFT.
Once your wallet and marketplace are connected, the listing process only needs you upload the digital file and add Metadata.
Metadata is like a product description that drives a buyer’s buying decision. This includes the thumbnail or appearance of his NFT, the name of the NFT, and attributes such as size, color, placement and external links.
About OpenSea Listing
This external link is not intended to direct the buyer to purchase her NFTs from any other marketplace, but as a proof of work or portfolio.
Once the upload is complete, OpenSea will display the name of the NFT
You must exit the celebration screen to list NFTs. For
Ethereum NFTs, you can choose to add fixed price or timed auctions.
OpenSea asks for authentication when listing an NFT for the first time.
You need Ethereum in your digital wallet to complete this authorization.
About Rarible Listings
Raible allows you to list limited editions or multiple copies of NFTs. This is the first step in creating an NFT.
Other processes are the same as OpenSea. Upload your digital media and add previews and metadata.
Rarible also allows him to sell his NFTs at fixed prices, auctions and bidding.
This listing process also allows NFTs to be sold.
A congratulatory message means you are ready to start earning money with your new NFT.
Note: These NFTs have not been created yet, so they may not appear in your MetaMask wallet. The transaction you are making is an OpenSea or Rarible listing fee, not a gas or foundry fee. This is how the issuance fee is paid when the NFT is sold.