What is an NFT?
An NFT is a non-fungible token. They are unique, verifiable and tradeable digital assets.
NFTs are not interchangeable; each one has specific properties attached to it that make it different from others, such as its scarcity or who owns it. NFTs can be traded for other NFTs or for cryptocurrency (like Bitcoin, Ethereum or Dogecoin).
NFTs are scarce because they exist digitally on the blockchain where they can only be created by the owner of their digital originals, making them special and collectible.
How do I create an NFT?
The process of creating an NFT can vary slightly depending on the platform and blockchain you’re using, but there are some basic steps you’ll take in any case. In general, the steps for creating NFTs in these platforms includes:
- Picking your item to turn into a digital collectible or artwork.
- Choosing the blockchain on which you want to operate and create your NFTs (and setting up a digital wallet if you don’t already have one).
- Selecting your marketplace where you will sell your NFTs (like OpenSea or Mintable).
- Uploading an image of the physical item that will be linked to its corresponding NFT (or uploading an image or GIF of a piece of art if that’s what you’re selling). This image is what people see when they look at your listing page on their platform of choice. It is also often called a “front-end” to differentiate it from the underlying code that makes up your “back-end” (which is where the smart contract information explaining how this asset came into existence lives).
- Setting up terms for how much someone will pay for it, and making sure everything operates smoothly once people start buying things from you! The more complicated step here is actually choosing how much money buyers will spend per unit—NFT prices vary widely, so do careful research when setting pricing tiers for what could potentially become very profitable investments.
Is OpenSea the best place to start?
The first place most people look for NFTs is OpenSea. It’s the largest marketplace dedicated to non-fungible tokens, and it has the largest variety of items available. You can find everything from random collectibles to digital artworks and even rare Pokémon cards. If you’re looking for something that’s out of the ordinary, this might be where you want to start your search.
But OpenSea isn’t your only option if you’re looking for an online marketplace for crypto collectibles. There are other options like Rarible and Mintbase, which generally appeal more to those who are seeking unique digital artwork or content created by artists and creators directly on their respective platforms. Then there’s SuperRare, which specializes in curated collections of digital artwork made by artists all over the world.
Each platform has its own benefits and drawbacks depending on what type of content you’re interested in purchasing or selling, so we recommend taking some time to browse each one before making a decision about where you’ll do business.
Is Metamask the best wallet to start?
If you’re looking for a wallet that’s easy to use and set up, Metamask is a good place to start. It’s also one of the most popular wallets around, so it’s easy to find tutorials and additional help when you’re learning. Metamask works as a browser extension for both Chrome and Firefox on your desktop computer, as well as an app for Android and iOS devices.
That said, Metamask isn’t the only option out there. If you’d prefer not to use it, just make sure that whatever wallet you choose works with Ethereum (the network that NFTs are built on) and has support for ERC-721 tokens—which is what makes NFTs unique from other types of cryptocurrency transactions. You can find more information about specific wallets through the OpenSea community or by searching online.
Your first steps to creating an NFT
- Create a wallet. The first requirement for NFT sales is having a wallet that supports those (Ethereum wallets). Popular options include Metamask, MEW, and Coinbase Wallet.
- Create a token. Many companies develop software for creating NFTs. These are called minting platforms. Consider taking some time to research your options before you pick one. Some popular ones include Mintable, Wave, Rarible and SuperRare.
- Create a contract on the Ethereum blockchain (Ethereum blockchain manages smart contracts). Most tokens use the ERC-721 standard, which governs token rules and information transparency requirements among other things.
- Pick a marketplace that accepts listings of NFTs in your chosen format and that suits your needs when it comes to fees, overall liquidity, and security of transactions processed through it. Among the most popular marketplaces are OpenSea, Zora, and Foundation; they will support all common major cryptocurrencies including ETH, as well as some fiat payment methods such as credit card payments or PayPal deposits via payment processors like Wyre or MoonPay
- Pick a price. How much do you want your NFT to be worth? If it’s your first time selling an NFT, it’s best to start small, as there is no guarantee that the buyer will come through. It could be anywhere from $5 a pop or higher, depending on your skill level. Many people have sold paintings at a high price point; however, some of these pieces were done by famous artists and their work already comes with an established value.
- Go to your chosen marketplace. Once you know what you want to sell as an NFT and how much you want it to go for, head over to the marketplace of your choice. Each marketplace has its own rules and standards for selling NFTs so make sure that your piece fits in with those guidelines before getting started.
- Create a listing. Next up: Creating a listing! This means filling out all necessary fields (description, tags, etc). Try not to think too hard about what should go into each one because they can always be changed later down the line if needed—just get something down on paper so that people know what they’re looking at when they browse listings on sites like OpenSea or Rarible. As with any type of creative work ever made available online: quality matters—so make sure it looks good!
- List your NFT on the marketplace. Once you’re ready to put up for sale as an NFT on one of these popular marketplaces such as OpenSea or Rarible, all you need do is upload whichever file format(s) corresponds with where someone would like them delivered once purchased—that way everything stays organized from the beginning until end; no loss along the way — then set prices accordingly so customers know how much they are paying upfront before any transactions happen between
Your first 5 steps to selling your first NFT
To sell your first NFT, you’ll need to do the following. It may sound complex but if you just take one step at a time, you can complete it in less than an hour at no cost. Once you understand how to create an NFT you can shop around and decide which marketplace and which wallet to use.
The basic steps are:
- Identify digital photo on your computer that you own.
- Create Metamask wallet and open it.
- Go to Opensea.io and select create.
- In Opensea.io, you can upload the photo that you own.
- Select sell. Your first NFT has been created.
It is so easy. In detail, the 5 steps that can you set up an NFT without any cost and within an hour are:
- Grab a photograph that you would be happy to sell. Alternatively, go to Canva.com and quickly create a piece of digital art.
- Go to http://opensea.io/ in your browser. This is is your marketplace. Select Create at the top. (I found it easier to go to opensea.io first)
- You will be asked to create an Ethereum wallet. To get started you can choose Metamask. You will be asked to install Metamask in your browser. Select “Install Metamask for xxx browser.” Once installed, you can create your Metamask wallet. Select “Let’s get started”, Create New Wallet, and enter a password. Ensure you select “Secret Recovery Phase” and store the phrase where you won’t lose it. It’s the only way to recover access to your wallet if you lose your password. On confirm “Your confirm Your secret recovery phase” make sure you enter words in the correct order – if make a mistake select go back and reselect.
- Now enter opensea.io and then select the wallet icon in the top right-hand corner. Then connect. Ignore the request to add funds. You are now in Opensea. It should have “Unnamed” in the circle circle. Select “Create” menu at top. You can then upload your photograph. Add a name and description and Create.
- You should see your photograph with “Edit” and “Sell” buttons. Select “Sell”. Add price and duration. Then “Complete listing. ”
You have created your first NFT.
Promote your NFT by sharing it with friends and family on social media or in community groups you are a part of (like Reddit or Telegram). You can even promote the NFT in advance of creating it if you want to start building buzz before it’s ready for sale.
Set a price for your work by editing its listing information in the marketplace where you’ve listed it for sale. Be sure to set the “reserve price,” which is the minimum amount at which you are willing to sell; anything less than this amount will result in your piece being returned unsold after the auction closes. You can also set an “ask price”; this is what people will see as being listed at, but they may bid higher at auction (this is different from setting a “buy now” price). Your reserve price can be any amount you choose but should probably be greater than $0 so that no one bids $1 on it (some artists use this strategy).