Non-Fungible Tokens (NFTs) have been surrounded by hype, various scandals, legal fights, and celebrities wanting to get in the space. With creators making millions off them, it’s understandable why people would like to try it out. In this article we will discuss how to make an NFT.
A Brief History of NFTs
Whilst NFTs seem new, they have been around for a while now. Making NFTs has been a thing since the first sale for one was registered on the blockchain back in 2014.
What is the first NFT? The first NFT was made by Kevin McCoy and was released on Namecoin. It was just a simple JPEG file of a piece of art that Kevin had made. At the time, he was none the wiser to the impact this would have on Web3 and also the wider entertainment industries.
It is known as “Quantum”, and back in 2021 after much controversy was sold at Sotheby’s “Natively Digital” event for $1.47 million.
Back in 2014 and even up until recently only a small minority of people understand what an NFT is and how to make their own NFT collection. In such a short time this concept has grown into something far bigger than anyone could have imagined!
Step 1 – Understanding What an NFT Is
NFTs are increasing in popularity every day. Due to the nature of these exclusive collectables, individuals are trying to create and acquire them. In 2021, Beeple sold one NFT for a staggering $69 million. Other NFTs have also fetched multi-digit prices.
The potential for big money has led more people to create NFTs. This is why it is necessary to have NFTs explained. Non-fungible means that something is unique and can’t be replaced with another. For example, a Bitcoin is fungible. If you trade one bitcoin for another, both will be the same, while a one-of-a-kind trading card is non-fungible because it is unique.
NFTs are part of Ethereum’s blockchain, and they can use Ethereum’s decentralized blockchain to store their extra information. This makes them different from other cryptocurrencies. A file is often stored on the blockchain without its actual hardware supporting it. Instead, a token and a link to it are stored as ownership proof.
Also, two or more NFTs can exist for the same file. You can have NFTs with editions that are similar to trading cards. For example, an NFT can be rare if only ten copies of the same file exist. A file used for creating an NFT can also be used by someone else to make another NFT.
NFT stocks are becoming more popular among investors wanting to enter the non-fungible token space. There are several companies that provide services related to NFT. They include marketplaces, banks, and exchanges.
Step 2 – Identifying Your Items
You can create various digital assets such as a video game collectable, a custom painting, music, a picture, a meme, or even a tweet. With many options, it is up to you to determine which unique item or digital asset you want to use to make your first NFT. Being the sole owner, it is also good to ensure that the item is rare in order to give it value.
Also, make sure that the intellectual property rights of the digital asset you want to turn into an NFT are protected. An NFT created using assets you do not own can have severe legal implications.
Step 3 – Choosing Your Blockchain
Once a digital asset has been selected, it is necessary to determine the blockchain technology that will allow you to mint it into an NFT. Ethereum (ETH) is the most popular choice among NFT artists and creators. This means that NFTs made on the ETH blockchain are tied to cryptocurrency growth. Alternatives include Binance Smart Chain, Cosmos, Polkadot, and Tezos.
A large number of NFTs are also sold on the Ethereum blockchain, and each transaction on the network costs fees. These fees, popularly known as “gas fees“, are paid to miners and vary depending on the transaction. Everything was done on the blockchain, including minting, transference of ownership, and purchasing, which requires gas.
Although gas is very costly, it does not guarantee that your transfer will go through. It can be a bit risky, but a higher amount can be paid to increase the chances. Most transactions will eventually go through. However, you may not get the gas fees refunded if something goes wrong.
NFTs are also known for their environmental impact. The Prominent Ethereum blockchain uses energy-intensive systems. While it is debatable that selling NFTs impacts the overall energy consumption of the blockchain, it is worth mentioning that this system has a considerable carbon footprint.
Regardless, there are NFTs that use alternative blockchains that consume less energy. Ethereum is also planning on eventually moving to a more energy-efficient proof of stake system.
We have seen Binance, Solana and WAX integrate NFTs into their blockchain. Not only does this give investors different collections to get involved with, it also allows people to be environmentally friendly when on the blockchain.
© Medium
Step 4 – Digital Wallet & Marketplace
A wallet is the digital storage device you use to store cryptocurrencies and NFTs. There are various options when it comes to choosing a wallet, but the most important thing to remember is that it should be compatible with the blockchain that you’re using.
If you’re not yet a digital wallet owner, creating one is necessary. It will allow you to store and access your digital assets. Some of the top NFT wallets are: Coinbase, Trust Wallet Metamask, and AlphaWallet.
You’ll also need to purchase some cryptocurrency to start making NFTs. Most NFT platforms accept ETH and if you own cryptocurrency elsewhere, connect it to your digital wallet to get started creating and selling NFTs.
Once done with creating a digital wallet and acquiring cryptocurrency, it’s time to start trading NFTs. Some of the top NFT marketplaces are OpenSea, Larva Labs, SuperRare, Nifty Gateway, Foundation, and Mintable.
Other emerging NFT marketplaces include Blur NFT Marketplace and Magic Eden. Magic Eden operates via the Solana blockchain, and Blur is on Ethereum.
Many NFT platforms also allow you to sell NFTs across various blockchains. It is crucial to pick the right one for your project. If you’re not sure which platform would work for you, there are also options like AtomicHub or Solsea.
When a platform is selected, you’ll need to connect your NFT marketplace to your digital wallet to receive and hold your sales proceeds.
Making NFTs and selling them online has never been easier, as creators have different blockchains and marketplaces from which to choose. Thanks to interoperability, you can also transfer NFTs you have made between different blockchains.
Step 5 – Sales Process
With all of this done, it is time to make money with NFTs. The NFT sale process is the last step in the process of minting and monetizing your NFT. There are various ways to monetize it. You can sell it at a fixed price, set a timed auction, or start an unlimited auction.
You’ll also need to determine the minimum price, how long to hold an auction, and how much money to keep from selling it. Ensure to remember the fees attached to NFT transactions and consider this when setting a price.
Unfortunately, there are many fees involved in selling an NFT. Some of these include a listing fee, a commission, and a transaction fee that can fluctuate depending on the platform and the amount of coins you’re willing to sell.
These fees can also fluctuate due to the volatility of the cryptocurrency market. It’s essential to carefully consider the costs involved in minting and selling your NFT to ensure they’re worth it. With all of this, you can go ahead with making your first unique NFT. Joining the community with the goal of making a profit or just simply sharing something you created.
What Next Steps Should I Take to Make My Own NFT Collection?
If this is the first part of your research into how to make your own NFT collection, then we recommend looking into the industry a little more as a digital asset creator.
The last thing you want to do is spend money and time on a collection that does not gain any sales or brand awareness. Look at the big dogs, how are they pushing releases online?
If you have not already, it is recommended to try to build your own personal brand or NFT orientated brand via social media. You can then transfer this audience over to OpenSea, Binance, Magic Eden or whichever platform you opt to release your collection on.
Look into the different sorts of collections that do well. Is it gaming, utility, art or music? Are CryptoPunk themed collections popping on social media or are Apes still bored despite being one of the most notable NFTs?
Making your own NFTs is a cool and somewhat unique way to sell your art or other digital ventures. Being a part of Web3 so far has proven lucrative for those creators who do it right.
How to Make NFT Art for Free
Making NFT art for free is possible and gives everyone a chance of publishing their own digital collectible onto the blockchain. Go ahead and make NFTs with Photoshop or your chosen digital art creator.
When an NFT collection is released often you will see that there are thousands released at once, as seen with BoredApeYachtClub and CryptoPunks for example. You can do this simply by using an online NFT generator. Alternatively, you will need to understand computing coding.
It is important when using the generator, to be sure to have 10 different layers that are spread across 4 variations each. Having this many will generate you 10,000 unique NFTs. Doing this manually will be incredibly time consuming.
We recommend using Onemint’s NFT generator. Their tool is free to use and has a bunch of benefits. It is compatible with 5 different blockchains and is used by thousands of brands, including Starbucks.
Alternatively, make use of The Sandbox’s NFT maker which we cover more below. It is free to use and allows you to move the digital collectibles between blockchains and Web3 games.
@ The Sandbox
What are the Most Popular NFT Collections?
NFTs come in many forms and variations as we have spoken about above. Specifically though, which NFT collections are popular in 2023? Knowing which ones are popular can help you morph your own collections, optimizing sales and your general online presence.
The Sandbox
One of the most popular NFTs project is The Sandbox. Whilst it is technically a game based on crypto, NFTs play a huge part in this game. Players can buy and sell NFTs on the platform including weapons, characters, real estate and consumables/cosmetics.
Gamers can make their own NFT collections in the in-game VoxEditor. NFTs can be sold and traded across blockchains. For each new experience or world released on The Sandbox, NFTs are released with it. So there are Adidas, Gordon Ramsay, Paris Hilton and Snoop Dogg.
Having an NFT character of Snoop Dogg is pretty cool and makes Web3 seem recognisable when putting a face like that in a game like The Sandbox. Furthermore playing The Sandbox is a great way to make NFT art for free.
Mutant Ape Yacht Club
If you are aware of BoredApeYachtClub then you will understand MutantApeYachtClub. However, if you are not familiar check this description from Binance:
“The MUTANT APE YACHT CLUB is a collection of up to 20,000 Mutant Apes that can only be created by exposing an existing Bored Ape to a vial of MUTANT SERUM or by minting a Mutant Ape in the public sale.”
This NFT collection is no joke as the floor price on CoinMarketCap is 10.94 ETH, currently $20,243.40. Holding the MAYC NFTs gets you access to other drops in the YatchtClub ecosystem and a community of NFT lovers. You also get a cool profile picture out of it.
RTFKT
Nike have their own NFT company called RTFKT that was acquired in 2021. They specialise in digital clothing and footwear that also gives investors real life rewards like sneakers and events.
Teaming up with Takashi Murakami and Atari on a few occasions has proven valuable for them as they gained massive traction before Nike took them over.
Look the real deal in the metaverse wearing RTFKT.
Other Notable NFT Collections
- CryptoPunks
- Axie Infinity
- Doodles
- CloneX
- The Heist
- Dreadfulz
Read Also: Funko NFT Guide
EN Global 
JP 日本語
BR Português