The question of how to make an NFT is going through the minds of many artists and web designers around the world. Currently, the NFT art finds ways to sell for astonishing prices. Christies have made their intentions clear by occupying the NFT art auctions involving a mammoth sum of money. Now, the brands are paying attention to NFT as part of their plans to move into the metaverse.
It looks like the non-fungible tokens are here to stay a little longer. Therefore, you may consider whether it is the right time to make or sell NFT of your own work. If you have this intention, you couldn’t have come to a better article.
What is an NFT?
Non-fungible token (NFT) is a unique token that is not interchangeable with other tokens. Unlike other cryptocurrencies, NFT is interchangeable. NFTs are considered digital assets that can be sold on a blockchain. If you want to make an NFT, the common assets are as follows:
Buyers tend to look for crypto supported on the blockchain to buy NFTs. For example, if we speak about the Etherium blockchain, buyers can purchase Ethereum tokens to complete the process. There are also a few NFT buyers who are motivated to spend millions to enjoy the process of claiming the original works created by their desired brands and people. Some others believe in holding on to the much more valuable items in the future. Some of the common reasons behind creating NFTs are:
Raise funds for charitable projects
Increase brand awareness, and audience engagement
Consider funding for expansion rather than going for an expensive bank loan
Strategies to Create NFT
1. Buy Cryptocurrency
In the guide to NFT, there will be numerous NFT auction platforms that would have the desire to pay upfront to ‘mint’ an NFT. When we talk about mint, we refer to the process that turns your artwork into an NFT that is eligible for selling. In the majority of the cases, payment must be made in the form of cryptocurrency. Usually, the cryptocurrency is Ether (the full form of ETH), the native cryptocurrency of the open-source blockchain platform Ethereum. This is where the NFTs were first launched.
Before you have an opportunity to earn something from cryptocurrency when you make an NFT of your work, you must purchase some to cover the fees. If you already have some ETH at your disposal, you have to ensure that you have it in your digital wallet. Soon after, you would need your digital wallet to connect to your prescribed NFT platform for payments. If you don’t have a currency, numerous cryptocurrency exchanges are to consider, but the best option is to buy ETH directly within your digital wallet.
2. Have Clear Intention
If you have an ineffective idea that you want to make an NFT because everyone else is interested in it, there will be a few considerations that you must take into account. The first factor is the cost comparison. Even though many websites will help you in understanding NFTs, there will be a difference in prices between the making and the selling of NFT.
The majority of the NFTs are sold on the Ethereum blockchain, and all transactions associated with the Ethereum blockchains result in fees paid to the miners. The fees given to the miners are called ‘gas,’ and the amount of gas that you require for a transaction can change from time to time. Almost every process you conduct on the blockchain, from minting the NFT to transferring to purchasing one, will cost gas.
3. Create Digital Wallet
There is a platform called ‘MetaMask’ for creating a digital wallet. To do that, you must go to their website and click on the ‘Download’ button. Though the platform has a mobile website, there is a mobile application to satisfy the customers. When you create an NFT, a digital wallet holds extreme importance in the overall process.
After clicking on ‘Download’, you will be told to allow your computer to ‘create a new wallet and seed phrase’. When you make an NFT, you don’t need to worry too much about the term ‘seed phrase’. It basically means a combination of words that stores blockchain information. You simply need to go through certain security measures when clicking on ‘yes’. This may include the agreement of terms, creating a password, and within a couple of clicks, your account will be created.
When you make an NFT or have the intention of doing it, the most basic step in this regard is to make a decision on your business objectives. If you are struggling to find out where you should start, you can create an NFT loyalty card or a promotional code for your customers. Furthermore, you can look for some NFT art ideas for inspiration.
As a business owner, your priority must always be the audience. You must try to convince your audience about your business objectives and benefit the audience. For example, you can give the people who attain your NFT access rights to a particular club or a premium service. If you cannot create your own artwork, you can contact any well-established freelancer to help you with it. Freelancers are always available when it comes to creating artworks. All you need to do is to comply with their rules and regulations. Most importantly, as there are a lot of scammers within the digital world, you also need to make sure that they are not involved in any kind of malicious activity, which will prove their authenticity.
Strikingly fully understands how online users who were earning small amounts have become successful freelancers in the digital world today. Some of them have created their source of income by developing skills on a basic website created through our platform. All it boils down to is courage from the freelancer’s end.
5. Choose a Platform
There are numerous platforms upon which you can sell NFTs across various blockchains. Therefore, it is impossible to describe all of them simultaneously, so we will recommend you the right one regarding your project. To make an NFT, both OpenSea and Rarible are the recommended platforms. These platforms help you make NFTs on Ethereum without any expenses.
Both of these platforms will result in happy customers as they will get value for the time that they had invested. These platforms can also be referred to as ‘lazy minting’ systems. Lazy minting enables you to build an NFT and display it on your sales program without it being written on the blockchain, which results in no expenses.
6. Add a Description
Just like in the case with many of the digital products, you need to ensure that you add a title and description for your listing when you want to make an NFT. To increase the chances that you make and sell NFT, you must take some time to make up your mind about this. You will be asked to consider the percentage of your royalties that you would like to claim regarding the resale of your artwork going forward.
You must know that this is a balancing act, as a higher percentage will enable you to generate more money per sale in the long term. However, it will also disable people who would be willing to resell your artwork in the first place as they won’t be able to make much of a profit. Afterwards, you will see an optional field about the file’s properties. Once you fill that (or even if you choose not to), you are done.
7. Connect your Wallet
The majority of digital wallets work similarly. So, when you have created a digital wallet, you must connect it to the NFT platform, which will help you create an NFT. If we talk about the online illustrations, we will recommend you Rarible. However, there are many other NFT platforms to choose from when you make an NFT. Once you go to the NFT platform (rarible.com), you must go through the following steps to connect your digital wallet:
Click on “Connect Wallet”
On the next page, you will be asked about the wallet provider
Once you give that info, you will see a popup that allows you to connect your wallet with Rarible
Click on ‘Next’, followed by ‘Connect’, accept the terms and conditions and confirm your age over 13 years.
When you have the intention to make an NFT, you must know that it will bring a lot of growth opportunities for your business. You will be able to make money through your artwork via NFT royalties. Most importantly, you can raise funds for causes that are pivotal to your business. NFTs also can protect your enterprise from financial damages via avenues i.e. counterfeit coupons.
Image taken from Strikingly
With the emergence of numerous business and trading applications for understanding NFT or other terms on the internet, we have to make the right decisions that coincide with technological advancements. Strikingly enables users to keep their operations safe and secure to cope with the technological revolution. If you wish to create a professional website or application for your business, you can sign up for a free Strikingly account today.