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Non-Fungible Tokens or NFT is a smart contract-based, non-duplicable, unique virtual asset. It can be a one-of-a-kind design/art/character/other digital collectables. You can now buy these virtual assets to claim ownership and make a storehouse of digital properties.
Are you keen on NFTs? Do you know these virtual assets can be easily created and sold on virtual spaces and marketplaces?
Here is a guide on how individuals can create these NFTs and sell them on blockchain-based marketplaces.
NFT can be any digital asset available on the internet. The phrase ‘non-fungible’ indicates that these virtual items are non-replaceable by their duplicates. Following are some examples of the NFT:
You can buy/sell this digital asset from anywhere through blockchain technology. The NFT ledger (blockchain database) contains information about the person who owns them and details of their previous owners, thereby upholding the copyright of the current possessor. This restricts others from claiming ownership of the virtual item.
You may have to spend a hefty amount on a gas fee for creating an NFT. The gas fee is around 0.0468 – 0.0616 ETH in marketplaces like Rarible, Mintable and OpenSea available on the Ethereum platform. Nevertheless, by choosing the lazy minting option on Ethereum, you can mint NFT free of cost.
However, while using Polygon instead of Ethereum, you need not make NFTs as the platform comes with the single lazy minting option. You only have to pay a 2.5% service charge.
Apart from this gas fee, you also need to bear other charges, such as listing costs and site fees, depending on your platform.
Here are some of the steps you need to take before minting your own NFTs and selling them on the marketplace:
You, first of all, need to have your digital wallets where you can save all your cryptocurrencies and NFTs. You can opt for wallets that support Ethereum because its blockchain network is the basis of major NFT minting platforms. Following are some of the leading and popular NFT wallets that you can opt for:
2. Buy some cryptocurrency and add it to your wallet
After creating the wallet, you need to add some cryptocurrency (such as Ether). You need to pay the service charge for minting your non-fungible tokens on the blockchain platforms. As Ethereum has acceptability across almost all the platforms, it is better to add this coin to your wallet for smooth NFT making endeavours.
3. Connect your wallet to the NFT platform and list your token
At this stage, you need to connect the cryptocurrency wallet with the NFT platform (e.g., Rarible, Binance, OpenSea, etc.) you prefer. It gives a platform where you have to upload NFT files and list tokens to be sold.
After linking the wallet with NFT platforms, you will get the option of creating a new NFT. For minting, you have to attach the files with a name. Furthermore, you also need to set a link and description so that potential buyers may know about the NFT and its use case.
4. List your NFT: Minting the NFT and creating a collection
At this stage, one has to determine which blockchain network they will keep their NFTs. You can choose from alternatives, like Ethereum or Polygon. Individuals should know that they have to pay a certain amount of gas fees for minting through Ethereum, whereas the service comes free of cost on Polygon.
Thus, to mint an NFT, you must select and create a digital wallet, determine an NFT platform, and link these two digital networks.
Go to the below-mentioned stage to know how you can effectively sell them.
5. Sell NFTs
You can see these minted virtual assets on the selected NFT platforms. You will have to list all the items to be sold and attach the price tag to each item. After all the setups have been completed, you will need to sign the collectables after logging in to your cryptocurrency wallets (MetaMask, Phantom, Alphawallet. Etc.). This sign-in will make the NFTs ready for sale.
Following are some of the marketing strategies that you can deploy to enhance your sales opportunity:
Use case of NFTs is the most crucial aspect that incites buyers to own them. Therefore, your collections need to possess wide applicability. For example, it can be an item of a video game, digital artwork, virtual real estate, etc.
Not only does minting an NFT with utility value will enhance its sales, but you will also need to spread your awareness to prospective buyers. With the help of social media platforms and building community, one can share their creations and educate others about the benefits and usability of the NFTs they own.
Lazy minting allows individuals to avoid paying any gas fee upfront for minting their NFTs. However, that does not mean you can get rid of the gas fee. In this type of minting, the NFTs remain outside the blockchain.
When the buyers place their purchase request, the minting process gets started, and the gas fee gets deducted from the amount you would receive from the purchaser. So, you don’t have to make an initial investment in the gas fee.
You can delay the gas fee payment until the NFT is purchased by opting for this lazy minting.
NFTs have seen a whopping increase in their demand with the growth of people’s interest over metaverse. Individuals buy these virtual collectables to build an investment opportunity later or enhance their collections. Individuals/artists can convert their creations into NFTs and sell them on the blockchain platform to develop their earning opportunities.
Yes, you can add any digital item as NFT. In most marketplaces, the most common form of this asset is digital artwork. However, several platforms currently support music, videos, and video game assets.
You can opt for creating your NFTs over the blockchain platform, such as Polygon, Tezos and Flow, if you are looking for any energy-efficient alternative to Ethereum.