Bitcoin and cryptocurrencies are not new to you guys, and you know the drill how it works, but do you know that the recent trend of NFTs is in nowadays. 2020 may not be good in many terms, but for NFTs, it was the tremendous one. It is the most popular and successful crypto sales trend since 2020 and booming up till now. The expectations are high, and everybody seems to get profit and nothing else out of it.
The NFTs revenue calculation was from $250 million to $389 million. These facts are representing just one year’s progress. This is so tempting that you must want to know how you can create your own NFTs.
Well, keep on reading, and you will know how you can create, purchase and sell these popular digitals assets.
It was 2012 when you first got to know about the concept of bitcoin. Surprisingly Non-fungible tokens (NFTs), which are unique collectible crypto assets, were also there but not as famous as the colorful bitcoins. These coins’ production was on the same grounds as bitcoins, but there was a unique difference. Regular cryptocurrencies are of the same value, like if you purchase a bitcoin for $1, the other bitcoin will be the same price.
NFTs are different; all of them are of different values on an individual level. The one NFT you purchase can not be of the same weight as other NFT in any case. It is like buying antique pieces; you know their worth and still want to pay more because of their value.
If you want to create your own NFT artwork, it’s pretty simple, make a choice want to create a GIF or an image; the process of creating NFTs does not need out-of-the-box or rocket science knowledge. Whether you know the crypto industry or not. After reading this article, you will be able to create your own NFTs.
Once you made your mind now, you have to decide the medium of blockchain on which you want to create the NFTs. Many blockchain-based mediums are present in the market, but Ethereum is currently the most popular and successful one. You can choose from given blockchain bases also.
Since Ethereum is the most popular NFT platform, let us use it as the framework for creating own NFT artwork, music, or video on the Ethereum blockchain:
ERC-721 is the standard Ethereum-based NFT token, and the Ethereum wallet supports MetaMask, Trust Wallet, or Coinbase Wallet.
You can use Coinbase’s wallet to buy ether from the platform against U.S. dollars, British pound sterling, and other real-world currencies. You can also purchase ether from a cryptocurrency exchange.
Once you purchase Ethereum, many NFT-centric platforms are readily available to connect your wallet and upload your image or file that you want to turn into an NFT.
The leading Ethereum NFT marketplaces include:
You must get registration first to create your own NFTs as an artist on the platform. There is a “create” button in the top right corner of all the three platforms OpenSea, Raible, and Mintable.
OpenSea is currently the most considerable Ethereum-based NFT marketplace so let us follow the OpenSea pattern.
Important Note: There is also an option to add unique traits and attributes to increase the scarcity and uniqueness of your NFT On OpenSea and other marketplaces. The creators also can create content that can only be visible to the people who pay the price you decide.
OpenSea does not charge any fee to create NFTs, whereas some platforms charge a fee. Ethereum-based media call it “gas.” Ethereum gas is simply an amount of ether required to perform a specific function on the blockchain – in this instance, and it would be adding a new NFT to the marketplace.
The cost of gas varies depending on network congestion. The higher the number of people transacting value over the network at a given time, the higher the price of gas fees and vice versa.
Top tip: Ethereum gas fees are significantly cheaper on average during the weekend when fewer people are transacting value over the network. This can help keep costs down if you’re listing multiple NFTs for sale.
There is a sell button on your location of collections; you need to click on them. This will direct you to a pricing page where you have two options; first, you can go for auction. And second, you can sell it for a fixed price.
Ether and other ERC-20 tokens are popular because you can sell your NFTs through any other cryptocurrencies. Some other platforms do not support another token of the blockchain. And only accept the native token.
E.g., VIV3 has a Flow blockchain marketplace and only accepts FLOW tokens.
Important Note: Some platforms require the processing fee to complete your NFT but not all of them, so be prepared which one you choose.
Please consider the following essential things and keep in mind when you want to buy the NFTs.
Some NFTs are only available on their platforms, like NBA Top Shot packs are only available at NBA Top Shot. The dapper wallet is only fundable by the USDC stablecoin and supports fiat currency options.
Pack and art drops are like floating shares in the market. They increase the value of NFTs to an audience anxiously waiting to buy them. These drops require upfront prepaid payment in the user fund at the time of sign up. Once you have everything ready, you will not miss out if NFTs drop anytime.