NFTs have been on a rise in the world of cryptocurrency and blockchain, and many are looking to see if they can make one themselves. For those still wondering what it is, NFT stands for non-fungible token, which is a digital collector’s item.
According to HowToGeek, an NFT is a unique token on a blockchain and non-fungible — it cannot replace or be replaced by anything else. NFTs have been around since 2015 but surged in popularity in 2021.
Beeple, a digital artist, sold an NFT of his work for $69 million in March 2021. By October 2021, one of the biggest NFT marketplaces, OpenSea, had $2.6 billion sales which is approximately 500 times more than the previous year, according to Reuters.
What is Bitcoin? Cryptocurrency?:A glossary to help you make sense of Biden's executive order.
How to make an NFT?
Whether you want to sell your work or dream of making millions in the world of NFTs, here’s how to make an NFT, according to HowToGeek.
- Step 1: The first step is to have or make something that can be turned into a non-fungible token. From digital art to memes to video game items, almost any asset can be turned into an NFT if it’s available in a digital format.
- Step 2: Make sure to have a crypto wallet with some crypto bucks in it. This will be used to pay any fees associated with putting an NFT up for sale. The same wallet can be used to receive funds once your NFT is sold.
- Step 3: Pick a platform to sell your NFT on. Different platforms charge different fees and have different terms and specializations. Most importantly, they offer different blockchains to host your NFT on. Choosing the right blockchain is important since they affect security and usability for different people. Two big NFT platforms are OpenSea and Rarible.
- Step 4: “Mint” your NFT by uploading it to your wallet. The wallet depends on the platform and blockchain you’ve chosen. When you’re uploading, you can add various features to your NFT to make it attractive such as adding levels or concealing some parts of it to make the buyers curious.
- Step 5: Selling your NFT is as simple as hitting “sell” on the platform you have your NFT on. You can sell it for a fixed price, have a timed auction or an unlimited auction (“open for bids”). The buyer pays the NFT’s price plus some fees, which might go to the platform, to receive the digital collectible.
Can I create my own NFT for free?
Yes, indeed, you can create your NFT for free on some platforms.
According to The Verge, platforms OpenSea and Rarible let you create NFTs on Ethereum without paying any fees. This is called “lazy minting” as it lets you create an NFT and put it for sale without being written to the blockchain. When a buyer is interested, the fees for writing the NFT to the blockchain will be bundled with the fees to transfer it to the buyer.
Both the platforms take a percentage fee from any sales you make. OpenSea also requires you to initialize your account at a cost before listing your first Ethereum NFT, The Verge says.
How much does it cost to make an NFT?
According to Slate, the process of creating and then selling an NFT can cost anywhere from a dollar to more than $1,000.
Some platforms like Rarible have up-front fees for sellers while others take a cut from the sale proceeds, Slate says. Two economic professors from George Mason University think this is cheaper than the cut art galleries take for displaying and selling your collectible.
How to sell something on eBay:A quick step-by-step guide.
Can I create an NFT without coding?
To know if you can create an NFT without coding, you will need to know where exactly coding is required in the process of creating and selling an NFT. According to Poster Grind, coding is required in the creation and minting process of an NFT when you’re not using an NFT platform.
So, yes, you can create NFTs without coding by utilizing available marketplaces like OpenSea, Rarible, NBA Top Shots and Binance. These NFT marketplaces are decentralized, digital platforms for buying and selling NFTs, Forbes says. Some platforms allow you to mint your own NFTs too.