Leveraging The NFT Craze – Making Your Own NFT And Selling It

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2021 saw an explosion in the popularization of non-fungible tokens or NFTs.

While several celebrities, artists, and even companies have issued NFTs of their own, people
are also spending large amounts to acquire these unique crypto assets. For example, in early
2021, an unnamed buyer shelled out $69 million to acquire an NFT issued by the digital artist
known as Beeple. Many other NFTs have fetched multimillion dollars in sales prices.

Also read: NFT platform, Autograph, has raised a whopping USD 170 Million in its Second Round of Funding

This opportunity for earning huge amounts is prompting more individuals and firms to create
NFTs and putting them up for sale – hoping to cash in on the current craze.

Here is a step-by-step guide to creating your own NFT – which is referred to as ‘minting’ of
NFT.
A word of caution – the cost of minting and putting NFTs for sale can be high and a seller
can stand to money for such a sale.  

Also read: Various NFT Scams Emerge With The Growing Popularity Of This New Digital Asset Class

Carefully choose the item to make NFT
The basic thing to do is to figure out what unique digital asset one wants to make into an
NFT. It can be a unique bespoke painting or photograph, song or a collectible video game,
meme, a GIF, or even a tweet. One has to consider whether the item is a one-of-a-kind
an artifact that will attract customers to own its digital form as the value of an NFT is typically
by its rarity.

Before starting out, one should also double-check whether he or she owns the intellectual
property rights to the item one is to turn into an NFT. One can get into legal trouble if an
NFT is created out of an item that is not owned by the maker.

Also read Facebook owner Meta plunges into the NFT Digital Collectibles Craze

Choose the blockchain to host the NFT
After choosing the one-of-a-kind digital asset, the best step is that of minting it into an NFT.
At this stage, one has to decide on the blockchain technology that would be used for minting
the NFT. While Ethereum is the most popular platform among NFT artists and creators, there
are other options such as Tezos, Polkadot, Cosmos, and Binance Smart Chain.
Set up a digital wallet

Nest setting up of a digital wallet is required as the seller would need some cryptocurrency to
fund the initial investment. A digital wallet will provide the seller with access to his or her
digital assets. The best-known NFT wallets include Metamask, Math Wallet, AlphaWallet,
Trust Wallet, and Coinbase Wallet.
After setting up a digital wallet, one has to purchase some
cryptocurrency, if not already owning some. Most NFT platforms accept ether, the
cryptocurrency of the Ethereum blockchain platform. If one already owns some
cryptocurrency elsewhere, it would have to be connected to the NFT digital wallet so that the
cryptocurrencies can be used to create and sell NFTs.


Select the NFT marketplace
One should now start making the NFT after having set up a digital wallet with enough
cryptocurrency in it. For this purpose, one has to now choose an NFT marketplace. OpenSea,
Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible,
SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop
are some of the most
popular NFT markets.

To pick a platform that’s a good fit for one’s NFT, it is important to examine each NFT
marketplace individually. For example, while Axie Marketplace is the online store for the
popular NFT game Axie Infinity, NBA Top Shot is a basketball-specific marketplace.
It’s also worth noting that some exchanges demand their own coin – Rarible, for instance,
demands the use of Rarible.

It can be a good idea to start with OpenSea. It is a leader in NFT sales and allows a seller to
mint his or her NFT. In August 2021, the NFT marketplace alone sold $3.4 billion in NFTs.
A seller would have to link one’s NFT marketplace to his or her digital wallet after choosing
the marketplace. This allows a seller to pay the fees associated with minting an NFT as well
as keeping any sales revenues.

Also read: Twitter Launches Verified NFT Profile Pictures For Twitter Blue Users

Upload the seller file
This is the stage where everything should be set to mint an NFT. The chosen NFT
marketplace should make available a step-by-step guide for uploading the digital file for
NFT. One should be able to convert his or her digital file (a PNG, GIF, MP3, or other file
formats) into a marketable NFT using this method.
Setting up the sales process

The decision on how to monetize the NFT is the final step in the NFT minting process. one
can do the following, depending on the platform chosen:

-> Selling the NFT for a set amount by putting a fixed price on the NFT and selling it
to the first buyer willing to pay.
->  Setting up a timed auction that will allow interested buyers to submit their final
bid within a certain period of time.
-> Initiate an auction with no limits on time which would give complete control over
when the auction ends.

Also Read: Market Value Of NFT Platform Opensea Touches $13.3B In Its Latest $300M Funding Round
Note of caution
The costs of minting and selling an NFT can be high and complicated. A creator and seller
may have to pay a listing charge, an NFT minting cost, a commission on the sale, and a
transaction fee to transfer money from the buyer’s wallet to yours, depending on the platform
and price of sale. Because of the volatility in cryptocurrency prices, fees may also change. As
a result, a seller should carefully consider the costs of minting and selling his or her NFT to
ensure that the efforts are worthwhile.

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