The latest term that has taken the creator world by storm – Non Fungible Tokens (NFTs), has created a lot of buzz among interested communities. NFTs have drastically altered how people deal with digital arts, be it art, music, or other articles. What struck the attention of many artists was Beeple’s artwork, Everydays: The First 5000 Days, sold for $69 million at Christie’s Online Auction. Since then, it has been considered a get-rich-quick scheme for many artists and creators eager to monetize their network.
The popularity of cryptocurrencies have only propelled the NFT buzz to new heights in the past year. Today, the use of NFTs has been widespread and they have become a legitimate path to authenticate your digital masterpieces. They are garnering immense popularity for things that can scarcely be taken as a masterpiece.
Now that must get you thinking, can you mint your own NFT? Technically yes, anyone can mint NFTs.
If you are serious about minting your very own NFTs and are potentially ready to explore this space, this guide is all about it.
How Do NFTs Get Their Value?
NFTs are unique digital assets, and uniqueness plays a significant part in determining their value. In most cases, there will only be a single copy of an NFT, making it an individual item. For instance, there is only one Mona Lisa but thousands of reproductions and copies. Similarly in digital art space, there will only be one original work of art.
You can decide on the number of copies of the NFT, as you permit. But then also each minting is different. The first printing of an ebook is called the first edition, likewise, the first minting of an NFT is a Digital First Edition.
NFTs are sold at different prices, and some have marginally enormous differences. That reflects their comparative scarcity and level of interest in the “creations.” A specific NFT will not have the same value forever. It will modulate deepening on perceived shortage and the demand for the creation.
7 Crucial Steps To Mint An NFT
NFT is a digital certificate built on a blockchain, primarily Ethereum. Blockchain technology is such that guarantees the uniqueness of the digital asset. Crafting an NFT is called NFT minting. Minting NFTs is a way to capitalize on your artwork with the innovative use of NFT.
When you mint your NFT, the steps might differ depending on the NFT minting websites you choose to use. But for the sake of simplicity, the usual process that you can follow is:
1. Choose your content
Before minting NFTs, take your pick on deciding the content to be converted into NFT. If the artwork is not digital, you must transform it into a digital format. Digital art is acceptable in GIF or PNG files, while a digital book is fine in PDF.
Picking your content and how you want to sell it also has a different approach. For instance, Async Art is a platform selling programmable art split into “Layers.” The artists take the authority to program the layer to change depending on specific triggers, which change the Master’s appearance. Buyers have the option to pick the individual layers or the Master.
2. Consider NFTs’ quantity
The perceived value of most NFTs come from their uniqueness. While creators can generate multiple copies of the NFT, they must remember that its value could drop.
For instance, you might want different versions when selling a collectible. In the campaign by NBA Top Shot “owning your favorite moments,” the cards came at four rarity levels: Common, Rare, Legendary, and Ultimate. Every Top Shot had a unique edition number and size, but there were multiple copies of each card within an edition. Similarly, that’s your calling to figure out how many identical copies of a particular NFT you will permit. That needs to be included in the relevant blockchain, and the specific number then becomes fixed.
3. Decide your NFT platform/marketplace
NFT platform acts as your gateway to purchase and sell your digital assets. Today, there are a dozen marketplaces, backed mainly by Ethereum, but a few use other blockchain standards.
- There are self-service platforms where anybody can create NFT. Brands are often present on this platform to collaborate with relevant NFT influencers. Best examples are OpenSea and Rarible. OpenSea is the leader in NFT sales. NFT minting on OpenSea is free to sign up and has extensive offerings.
- Other platforms are more selective to use the site as a creator. Examples are — Foundation, Zora, SuperRare, and Nifty Gateway. You can’t expect to sell on such platforms without applying for an artist on the platform.
When narrowing down your interest in an NFT marketplace, opt for an Open platform even if you have applied for a closed platform to accept your account. An open platform is the best way to get started with minting NFTs.
4. Connect your Crypto wallet
To begin your NFT journey, having a well-funded crypto wallet is the prime asset.
- First, you need to get your crypto account and create a secure wallet. Crypto wallets must match with high-level security because it is where you will store your digital asset.
- Another thing to consider is the crypto wallet must leverage the cryptocurrency you intend to use in the chosen marketplace. For instance, if you are minting NFT on marketplaces like OpenSea, Rarible, Foundation, and SuperRare, you need a crypto wallet that stores Ether. Currently most NFT marketplaces operate on the Ethereum blockchain.
Pro tip: As suggested by experts, you must download a crypto wallet on both the mobile and computer to have easy access while checking receipts and minting NFTs.
5. Create your first item
Creating your first NFT is very exciting, and the steps to follow are easy.
- Click on the “Create” button in the upper right corner from the marketplace’s home page.
- You receive a prompt to upload a digital file and name your NFT.
- There are optional fields, too, including a description for your work, an external link to more info (like your website), and the preferred blockchain to set up a base.
- In case your NFT gets sold again, later on, this is where you can set how much you’ll be paid in royalties.
- After filling in the details, click “Complete,” and now your first NFT has been Minted!
6. List your NFT for sale
- After successfully minting the NFT, you are now ready to sell on the Open market. Click on the “Sell” button in the upper right corner of your NFT’s description page.
- You can now specify the details of your sale. Decide your sale type — whether you are looking for a field price based on your preferred cryptocurrency or a timed auction.
- Then, click on “Complete listing.” The marketplace calculates the gas fees based on the cryptocurrency network’s activity level at the time of listing and may ask for it from your crypto wallet.
Remember, each platform operates differently. But marketplaces will also disclose any related fees for selling. For instance, OpenSea charges a service fee (for handling the listing) of 2.5% of the NFT selling price.
7. Promote your NFT
Once your NFT is listed for sale, it’s time to build engagement with the potential patrons. As these things are online, it comes with the gift of online promotions of the NFT. You can start promoting on the website and social media accounts. It’s easier to share the link of NFT in the marketplace with your social handles and promote it multiple times.
As the goal is to reach a wider audience of relevance, you can also connect with fellow influencers and market it. Consider well-structured promotional activities to tap into the target buyers.
Building and engaging with users and collectors on NFT marketplaces can also help build rapport and the brand image your fresh NFT needs.
NFT Is A Step Ahead For Digital Revolution
NFT minting is not as complex a project as it may sound. The digital-first economy has bridged the gap between creators and monetizing their artwork. Today, NFT is the new offering that serves as a turning point in the growing digital economy. And with this guide, now you can be a part of the NFT army and create your very own NFTs.
The most significant advantage of the NFT is how they cut the intermediary and offer the merit of listing your offerings and getting the price you asked for, with no commissions to the intermediaries (the marketplace fees is a given). If this is not a step towards the digital revolution, what is? The future of NFTs is speculative, but it doesn’t seem to be a fleeting trend and is very much here to stay.
Find the right path to establish yourself as a top NFT influencer. And as you figure out minting your own NFTs, choose Atisfyre to navigate your successful influencer journey. Join hands for the best brand deals, at Atisfyre – an end-to-end AI-based influencer marketing platform.
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