Blockchain is a new internet technology that catalyzed not one but two worldwide financial crazes. The first of these was cryptocurrencies, with many people investing in crypto coins like Bitcoin and Ethereum, which you can use to pay for many services, even services at an online casino. The second of these was NFTs. While the hype has definitely died down, NFTs are far from dead. In fact, a study from Grand View Research puts the NFT market at over $211 billion by 2030.
If you’re someone who believes NFTs will become a key online asset in the future, you may want to dive deeper into the NFT space and learn how you can create your own.
What Is an NFT?
Before getting into the details of how to create your own NFT, here’s a quick explanation of what an NFT is for those who are new to this space.
NFT stands for non-fungible token. Let’s unpack the two key terms here.
Non-fungible is the opposite of fungible, which means that many copies of an item exist so it can be easily replaced. For example, a $100 bill can easily be replaced with another $100 bill; or if your washing machine breaks, you could replace the broken part or get another identical washing machine. Non-fungible refers to an item that is unique and cannot be replaced. For example, the original painting of the Mona Lisa or the First Folio book by William Shakespeare. While you can get copies of these items, the originals are truly unique.
A token in the blockchain space refers to a digital identifier of an asset. For example, a token could be associated with a piece of art, real estate and many other items. There are even poker NFTs.
Popular NFT Examples
From Pop Art-style monkeys to cartoon cats, many different NFTs have sold for thousands, if not millions, of dollars. Here are a few examples of popular NFTs from around the world:
- Bored Ape Yacht Club
- Human One
- Right-click and Save As Guy
- The Merge
Create and Sell Your Own NFT
Now that you know all about NFTs, how do you go about making and selling your own? Here are the steps to follow when creating an NFT and how to list and sell it.
1. Decide on What Type of NFT You Want To Create
While some of the most popular NFTs are images, an NFT doesn’t have to be a picture. An NFT can be a digital trading card, items from a video game or even a piece of music. That’s right; you can write and compose your own music and make it a unique digital item, just like the popular rock band Kings of Leon did in 2021.
2. Choose Which Blockchain Network You Want To Use
You can choose to store your NFT on various blockchain networks. The most popular networks for NFTs are:
3. Get a Crypto Wallet
Creating a wallet is relatively straightforward. Once you’ve decided which blockchain network you want to use to store your NFT, you’ll need to create a wallet compatible with that network. Go to the network’s homepage or search on Google for wallets that will work with your chosen network. Download the app from the Google Play Store or Apple App Store and complete the wizard by filling in the necessary information to create your crypto wallet. This crypto wallet will store the private keys as well as the crypto you’ll need to create the NFT, so make sure you do your homework and choose a trustworthy wallet or you could risk losing your crypto assets.
4. Pick an NFT Marketplace
Just like blockchain networks, there are many NFT marketplaces where you can choose to sell your NFTs. The Forbes article “Top NFT Marketplaces Of March 2023” lists some of the most popular marketplaces, such as OpenSea, Rarible, Binance and many more. As with crypto wallets, make sure you research each option you are interested in to ensure it is a trustworthy platform that won’t scam you out of your NFTs or cryptocurrency.
5. How To Create an NFT
The exact steps for creating an NFT will differ depending on which platform you choose, but the overall process is similar to most NFT marketplaces. This will involve connecting your crypto wallet, uploading your media for minting, adding any relevant information to the file, selecting which blockchain network you want to use and minting the NFT.
6. Listing an NFT for Sale or Auction
Once you have created your NFT, you’ll need to decide whether you want to sell it for a fixed price or if you want to auction it. A fixed-price sale means your NFT will go to the first person to pay for the NFT at the price you listed it at. However, auctions can either last for a specified amount of time or until you decide to close the auction. Once the auction is over, you will receive whatever the highest bidder offered for your NFT.
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