Making Your Own NFT
NFTs (non-fungible tokens) are insanely popular these days, people pay a lot of money to get their hands on limited-edition NFTs. This collectable cryptocurrency is a more interactive and visual way to invest in crypto and it’s incredibly easy to start making your own.
For some it’s not about making money, it’s about creating art that people have an interest in and want to invest in, however, there is some big cash to be made in the NFT marketplace so you may just get lucky along the way.
Firstly, you'll want to decide what exactly you want to make into an NFT. There are so many NFTs out there that there's really nothing you can’t do., whether you want to use a custom painting, or digital artwork, create a game or interactive NFT or even create custom characters for others to collect.
The most important step is to make sure it's unique and exciting. People don’t want to invest in something they’ve already seen a hundred times. Think of something original and fun that will grab people's attention.
Nobody likes a copycat so do your research beforehand to make sure you aren’t ripping off other artists. Not only can this upset other NFT creators and give you a bad rep, but it can also have some pretty severe legal ramifications. Research! You're better safe than sorry!
Next, you'll want to get stuck into the good stuff and bring your chosen creation to life. This can be done however you want, just make sure it’s good… really good!
Choosing a blockchain is an important part of minting your NFT. There are several blockchains you can use but Ethereum is the most popular among NFT creators, although it can be costly to use this chain.
There are other blockchains that are free to use, but they receive much less traffic than others which may mean you don’t receive as much interest as you want.
If you have the funds and want to get really stuck in, go with something more popular. If you're just here for the fun of it, a free blockchain will do the job just as well!
If you’ve got this far, you probably already have your digital wallet set up and some stacks of crypto sitting and waiting to go. If not, now’s the time to get it down and purchase some crypto. Most NFT marketplace platforms accept Ether, so this might be your best bet if you're unsure what to purchase.
Researching the marketplace you want to launch your NFT on is the next big step. There are so many out there it might be hard to choose, so make sure you look into each one properly and make an informed decision on where to go.
Certain marketplaces are best for certain kinds of NFTs, so choosing one that fits your niche is the best way to ensure your creation lands in the hands of the people most likely to enjoy it. You don’t want to launch a digital painting in a gaming marketplace and vice versa.
Opensea is one of the most popular marketplaces and is one of the lead sellers of NFTs. This is a good place to start if you're unsure exactly which category you fall into and want something reliable and well-known.
Choosing how you want to sell your NFT is entirely up to you. You can decide on a fixed price or auction it off.
You'll have to decide on a price that you feel is right and whoever is the first to meet the price point gets to buy, or you can sell it at auction to the highest bidder.
You will also be able to set a minimum price for your NFT. This ensures it won't sell for less than you think it deserves and protects you from people taking advantage at auction. If the minimum price isn’t met, the NFT won't be sold.
A good place to set your minimum price is slightly higher than the cost of fees, this ensures you don’t end up losing money instead of gaining it.
Fees you can expect to pay are a listing fee, minting fee, transaction fees and commission. These tend to fluctuate so looking into it before taking the plunge can help you determine when the best time to sell is.
Now it's minting time! The marketplace you choose should be able to help you set this up and upload your NFT file ready to be sold. This will turn your file into a marketable NFT so you're all set to start selling.
And that’s it, your NFT is now live and ready to be bought. You can sit back, relax and enjoy the triumph of creating your very own NFT.
If you enjoyed it the first time, why not start building a collection of NFTs. Many creators choose to build entire worlds and storylines for their creations, releasing different collections that fit into their world.
If you do really well, you may also want to start incorporating added benefits for buyers. These can include merchandise, rewards and exclusive access to other artworks or creations that are off-limits to everyone else.
If you make it onto a list of the hottest upcoming NFT drops, you may find your creations are in high demand which gives you a chance to summon your creativity again and create even more tokens.
Don’t feel disheartened if your NFT doesn’t sell as well as you thought it would. As the NFT market is so popular, there are millions of NFTs out there waiting to be bought that get missed every day.
It doesn’t mean your NFT wasn’t good, it likely just missed the mark and got lost in the sea of other tokens. Go back to the drawing board, cook up another great idea and start over. You’ll get there in the end and, even if you don’t, the process itself is great fun and teaches you a lot about how crypto marketplaces work.