How to Create an NFT? 20 Tips
As the gurus over at runrex.com point out, NFTs have changed the way we think about art, and have been one of the hottest topics out there right now. If you have heard about the stories of NFTs selling for eye-watering amounts and want to get in on the action, then this article, through the following 20 tips, will look to help you understand what NFTs are and how you can create one.
What is an NFT?
As explained over at guttulus.com, a non-fungible token is a blockchain-based tokenization of a collectible item or art piece. NFTs certify digital ownership and authenticity, stored publicly on the blockchain for quick verification. NFTs are, therefore, verifiably unique from each other, which means that you can’t swap one for another.
What is “minting”
From discussions on the same over at runrex.com, “minting” is the process of turning your work into an NFT, and it refers to the act of creating a new token on the blockchain that will forever be attached to that content. Therefore, when an artist mints a new NFT, they attach a built-in commission (usually 10-30%) that they will receive any time that work is resold in the future.
What kind of content can be turned into an NFT?
According to guttulus.com, the NFT industry is like the Wild West where almost everything goes. This is why digital art, songs, memes, recipes, you name it, are currently listed for sale on NFT marketplaces. There are currently very few restrictions as to what kind of content can be “tokenized” and turned into an NFT.
Copyrighted content
While there are very few restrictions when it comes to the kind of content that can be turned into an NFT as per the previous point, one thing you need to remember is how important it is to avoid turning copyrighted content or assets into NFTs, for obvious reasons.
What do I require to start creating NFTs?
The good news when it comes to creating NFTs is that you don’t need extensive knowledge of crypto to create an NFT. However, you will require several tools to get started such as a crypto wallet and Ethereum.
Steps on how to create an NFT
Set up an Ethereum wallet
The first step in your journey to create an NFT is to create a digital wallet where you will securely store the cryptocurrency that is used to buy, sell, and create NFTs as explained over at runrex.com. The wallet also allows you to safely sign in and create accounts on NFT marketplaces.
What are some of the options as far as Ethereum wallets are concerned?
According to guttulus.com, several platforms provide free wallets for storing cryptocurrency, and they include:
MetaMask – It is one of the most popular wallets out there, used by more than 1 million users across the world. The wallet connects easily with most crypto apps and NFT marketplaces and is available as both a browser extension and mobile app.
Coinbase Wallet – Coinbase is one of the largest cryptocurrency exchanges online today and its wallet is a great option for those new to the world of virtual money.
Rainbow – This is a relatively new wallet, made with Ethereum assets in mind, making it an excellent resource when it comes to NFTs.
Purchase a small amount of Ethereum
As revealed over at runrex.com, on most major digital art marketplaces, there are fees associated with turning your content into an NFT, which means that, once you set up your wallet, you will need to purchase some Ethereum to cover the costs of creating your NFT.
How can I purchase Ethereum?
A pro-tip when purchasing Ethereum is choosing a dollar amount you are willing to invest and then purchase exactly that much Ethereum to avoid overspending. The Rainbow and MetaMask wallets mentioned earlier allow you to purchase crypto right inside your wallet, while the Coinbase Wallet requires you to make the purchase from a separate exchange and transfer it to your wallet.
Connect your wallet to an NFT marketplace
Once your wallet is set up and you have purchased some Ethereum (ETH), the next step is choosing a marketplace where you want to create an NFT and list your work. While there are several marketplaces to choose from, if you are just getting started with NFTs, then the gurus over at guttulus.com recommend Rarible as the site has one of the easiest and most straightforward setups of them all.
How do I connect my wallet to Rarible?
To connect your wallet to Rarible, you should head over to the site then click the “Connect” button in the top-right corner of the screen. The “Connect” button is easily visible when you visit Rarible. From the next screen, select the “WalletConnect” option if you are using the Rainbow or MetaMask wallets, or “WalletLink” if you are using Coinbase Wallet.
Scan the QR code provided
Regardless of the wallet that you are using, the next step is usually the same as covered over at runrex.com. After selecting your connection option, a QR code will appear on the screen. You should use your wallet app to scan this code, and once you have done so, confirm that you would like to connect your wallet to Rarible. After connecting a wallet, your Rarible account is instantly generated, and you will now have everything you need to create, mint, and sell your NFT.
Click on the “Create Collectible” button
Once you have connected your wallet to Rarible, the next step is to click on the “Create Collectible” button on the top-right corner of the screen. Once you do so, you will be given the choice between creating a single collectible or multiple collectibles as articulated over at guttulus.com.
Which option should I choose?
As mentioned in the previous point, Rarible offers you two options when you click on the “Create Collectible” button. You should choose ‘single’ if you want your collectible to be one of a kind, or ‘multiple’ if you want to sell one collectible multiple times. In this guide, we will proceed as though you have selected the ‘multiple’ option.
Enter all the details of your artwork
The next step entails entering all the details to create (mint) the artwork. This includes entering the title, description, number of copies, royalties, and properties of your artwork as well as setting the price in ETH. Remember that, once you have minted your artwork, you can never edit any of these items, except for the price.
Click on “Create”
Given that you will not have a chance to edit the information you enter for your artwork, apart from the price, as mentioned in the previous point, the gurus over at runrex.com recommend that you take your time to go through all the information your enter, double-checking for typos as well as correct URLs and pricing. Once you are satisfied everything is in order, click on “Create” at the bottom.
Confirm the transaction on your wallet
As the subject matter experts over at guttulus.com point out, when you are finalizing creating an NFT, you will get a popup on your wallet, which you will need to confirm to enable you to pay Ethereum network fees. These fees don’t go to Rarible but to Ethereum network miners, and are required to create the NFT your artwork will be minted into.
Sign the sell order
If everything is in order and your transaction is successful, Rarible will ask you to “sign the sell order” as explained over at runrex.com. This means that your NFT will be displayed on the Rarible marketplace for sale at your desired price. Rarible takes a small fee for hosting the NFT on the marketplace.
How long does it take for the transaction to be processed?
Rarible will give you three options that will determine how long it will take for the transaction to be processed allowing your NFT to be listed on the marketplace. These options include “slow”, “average” and “fast”.
Accelerating the transaction costs more
While you might want to select the “fast” option to accelerate the transaction, you should remember that while accelerating a transaction using this option means your transaction will be processed quicker, it will also cost you more in terms of gas.
Hopefully, this article will help you know how to create an NFT, with more information and tips on the same topic to be found over at the highly-rated runrex.com and guttulus.com.