Some investors and collectors of digital art have seen NFTs skyrocket in popularity in recent years. Because of the high prices at which digital artwork has been selling, some investors are buying NFTs in the hopes of making a quick profit. The jury is yet out on whether or not this type of investing represents a sustainable trend. However, NFTs are an extremely encouraging innovation for creators. Here is a detailed guide on how to “mint” your work into an NFT.
How to mint NFTs
A “non-fungible token,” or NFT, is a digital certificate based on blockchain technology (often Ethereum; ETH -0.27%) that verifies ownership of a certain digital asset. One option for creators to get money off of their work is through the creation of NFTs based on their digital assets.
Selling digital content is nothing new. NFTs have many applications, but one of the most novel is the assurance they provide that you will be recognized as the creator. Since NFTs are recorded on a distributed ledger, its issuer may be verified by anybody. If your work is sold on the secondary market, the ledger entry will allow you to establish a fee (known as a royalty in the business sector) that will be deducted from the proceeds at the time of sale.
This is the procedure for NFT minting website development. To keep things simple, I’m creating an NFT on OpenSea clone, which claims to be the largest NFT marketplace anywhere, using a photo I took of a French bulldog wearing sunglasses (which I unimaginatively titled Frenchie Goes to Hollywood).
1. Link your financial account
To participate in the NFT marketplace, you must first create a cryptocurrency wallet and link it to the market. To get started with OpenSea, click the wallet icon or the “Create” button (both located in the top right). You’ll see a similar invitation to link your payment method and make a profile on other marketplaces.
MetaMask Wallet and Coinbase (COIN -0.43%) Wallet are two examples of cryptocurrency wallets; to use them, you’ll need to either download the wallet onto your computer or link them via a QR code scanner on your mobile device.
After signing up for a marketplace and linking your cryptocurrency wallet, you can finish up your user profile. Include information about yourself, links to your online profiles, and the cryptocurrencies you’ll accept as payment for your NFTs in this section.
2. Make your first product
You can use the “Create” button from the marketplace’s home page. After that, you’ll be asked to give your NFT a name and select a digital file to upload. Your work’s description, an external link to extra information (like your website), and the blockchain on which the NFT will be based (e.g., Ethereum or Polygon (MATIC -1.96%) if you’re using OpenSea) are all optional fields.
3. Ensure that money is present in your wallet
The network must perform some computations in order to complete the sale of an NFT (the recording of a transaction between two parties on a blockchain). The cost of this operation is known as a “gas fee.” You should be aware that the necessary transaction fees may be more than you anticipate.
First, make sure you have some Ethereum (or your chosen cryptocurrency) in your wallet from a previous purchase made through a cryptocurrency trading app. The next step is to move the cryptocurrency from your wallet to your NFT marketplace account, where it will be accessible to you. You can buy cryptocurrency right from your OpenSea profile by linking a credit card or other payment method.
4. List your NFT for sale on List
After the NFT has been created, it can be traded like any other commodity. To sell your NFT, select the “Sell” tab located in the NFT details section.
The time to get into the nitty-gritty of the sale is here. Choose between a timed auction and a fixed price sale using the coin of your choice. (In step two on OpenSea, you determine the royalty payouts for passive, long-term monetization of your work, but this may not be a possibility on all marketplaces.) Any selling expenses incurred will be made clear by the marketplace. The listing charge (also known as the service fee) on OpenSea is 2.5% of the NFT selling price.
Then, select “Full Listing” from the menu. Based on the current gas price and the volume of transactions on the cryptocurrency network, the marketplace will require payment from your cryptocurrency wallet to complete the listing. The fees fluctuate minute to minute, but for me they amounted to almost $180. After you pay the gas price and accept the final terms, your NFT will be put for sale on the exchange.
5. Run your NFT company effectively
The moment your NFT is ready for sale, you should begin communicating with potential buyers. More NFTs can be made and added to a collection, which could pique the interest of art dealers or market makers. There may be transaction costs associated with transferring and selling NFTs manufactured on one marketplace to another.
Network effect token (NFT) marketplaces are a great location to meet potential customers and clients, and the relationships you develop there can be invaluable as you launch and grow your NFT enterprise. Keep an eye on your works’ popularity, listen to criticism, and produce more for the digital art market.