How to Make an NFT?

 A Step-By-Step Guide To Minting Your Own NFT

Non-Fungible Tokens, or NFTs, are becoming increasingly popular these days. People pay a lot of money for unique collectable cryptocurrency assets. One NFT was sold to the digital artist known as Beeple for $69 million in early 2021, while many others brought in multimillion-dollar selling prices.

The possibility of large funds leads more people to create NFTs in the hope of making money from this current madness. Here's a step-by-step guide on how to make (i.e. mint) and sell NFT.

It's important to remember that given the costs of making NFTS, there is a possibility that you will lose money when you create it.

1. Pick Your Item

Let's start with the basics. If you haven't already done so, you'll need to select the unique digital asset you want to convert to NFT. It can be a custom panel, photo, music, collectable video games, meme, GIF, or even a tweet. NFT is a unique digital element for its sole owner. This scarcity gives NFT value. 

Make sure you own the intellectual property rights of the item you want to convert to NFT. Creating an NFT for a digital asset you don't own may cause you to get into a legal problem.

2. Choose Your Blockchain

Once you've identified your unique digital assets, it's time to start the process of minting them in the NFT. This begins with selecting the blockchain technology you intend to use in your NFT. The most popular among artists and creators in NFT is Ethereum (CRYPTO: ETH). Other popular options include Tezos, Polkadot, Cosmos and Binance Smart Chain. 

3. Set Up Your Digital Wallet

If you don't already have a digital wallet, you'll need to set up one to create NFT because you'll need some cryptocurrencies to fund your initial investment. The wallet will give you access to your digital assets. The best portfolios include NFT Metamask, Math Wallet, AlphaWallet, Trust Wallet and Coinbase Wallet.

Once you set up your digital wallet, you'll want to buy some cryptocurrencies. Most NFT platforms accept Ether, the cryptocurrency of the Ethereum blockchain platform. If you already own some cryptocurrencies elsewhere, you'll need to connect them to your digital wallet so you can use them to create and sell NFT.

4. Select Your NFT Market

Once you have a digital wallet and some cryptocurrencies, it's time to start creating (and hopefully selling) your NFT. Therefore, you'll need to choose an NFT market. Some of the best NFT markets include OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable and ThetaDrop.

You'll need to search every NFT market to find a platform suitable for your NFT. For example, Axie Marketplace is the online store for the best NFT Axie Infinity game. Meanwhile, NBA Top Shot is a basketball-focused market. It is also important to note that some markets require their cryptocurrency. Rare, for example, requires Rarible (CRYPTO: RARI).  

OpenSea is usually a good place to start. You are allowed to suk your NFT, a leader in NFT sales. The NFT market sold $3.4 billion worth of NFTs in August 2021 alone. 

After choosing your NFT market, you'll need to connect it to your digital wallet. This will allow you to pay the fees for your NFT instrument and retain any sales revenue.

5. Upload Your File

You are now finally ready for your NFT instrument. Your chosen NFT market must contain a detailed guide to upload your digital file to their platform. This process will enable you to convert your digital file (PNG, GIF, MP3, or any other type of file) into a marketable NFT file.

6. Set Up The Sales Process

The final stage of the NFT process is to determine how you want to liquefy your NFT. Depending on the platform, you can:

• Sell it at a fixed price: By setting a fixed price, you will allow the first person who wishes to meet this price to buy your NFT. 

• Set a timed auction: The time auction will give those interested in your NFT a time limit for their final offer.

• Start an unlimited auction: Unlimited auction does not set a time limit. Instead, you have control over ending the auction whenever you want.

You'll need to set the minimum price (if you set up an auction), set your royalties to continue making money from your NFT if it is resold on the secondary market, and the duration of the auction (if in time). Keep in mind when setting the minimum price because you may lose money selling NFT if you set the price too low.

Unfortunately, the fees for minting and selling NFT can be expensive and confusing. Depending on the platform and pricing, you can pay listing fees, NFT money mint fees, sales commission and transaction fees to transfer funds from the buyer's portfolio to your portfolio. Fees can also fluctuate due to volatility in cryptocurrency prices. For this reason, it is important to take a closer look at the costs you will have to pay to make and sell NFT to make sure it is worth it.

Making NFTs Can Be a Profitable Investment

NFTs selling prices are rising as they gain popularity. Thus, NFT builders can make a lot of money. However, not all NFTs will sell, let alone make any money from their creator, given all the fees involved in selling and selling NFT. Due to costs, you need to prepare for the possibility that you will lose money when creating your NFT. The best way to avoid loss is to make sure you sell NFT that others will find valuable and set a minimum price that will offset any associated fees.

Of course, engaging in any new limits is a big decision - especially if it will cost you money immediately. If you prefer to dip your toes in the water and don't try to create a particular NFT at this time, you can start exploring some real NFT markets and learn how each works.