Do you want to make your own NFTs? With this article, you will learn the basics of how to create NFTs and find the right platform for selling them to make money.
Non-fungible tokens or NFTs are becoming more popular these past years, with celebrities buying and selling their own, consequently creating a wider market.
As selling one is becoming more phenomenally lucrative–$91.8 million for Pak’s The Merge!–creators wishing to cash in are also bound to increase.
After exploring why NFTs are so hot nowadays, let’s look at how they are made.
Why Are NFTs Booming?
NFTs have been around for a long time, since 2012. But the field changed in January of 2021. The word NFT started appearing all over social media and on the news. YouTube streamers were talking about it and were wondering what an NFT is. Brands, celebrities, and everyone else seemingly jumped on the bandwagon.
What could be the reason behind this sudden boom? Some factors, such as Elon Musk and his tweets regarding Shiba Inu and Dogecoin, could be responsible.
However, the rise of Bitcoin prices directly affected the flow of the ecosystem.
The masses saw potential in the cryptocurrency market and started to invest heavily in multiple cryptocurrencies. Some even put all their life savings into it, which unfortunately didn’t turn out great.
How NFTs Got Popular?
Following that, the NFT market saw a boom of digital artists putting out cool and exciting artworks like Bored Apes. Then, the final nail in the coffin was the sale of Beeple’s NFT.
The most expensive NFT ever sold went for 69.3 million USD, showing the people the potential that NFTs had. No other reason was needed after that.
NFT marketplaces were flooded with individuals from all walks of life, buying, selling, minting their NFTs, and hoping to score big. That is when NFTs gained much traction and were seen everywhere.
Since then, NFT sales worldwide have reached more than $2 billion. Although some are still skeptical about the legality of NFTs as some lawsuits made the front page, some turned a blind eye to it, focusing on their goal to cash in big time.
How Are NFTs Different From Traditional Art?
The physical aspect is the first and foremost difference between NFTs and traditional art, as traditional art exists in the physical world; you can touch it and hang it in your living room.
NFTs, on the other hand, exist in the virtual world, found in online wallets and blockchain technologies.
Also, NFTs are not fungible. Due to their unique identifying code, all NFTs are one-of-a-kind, i.e., they are not interchangeable like cryptocurrency, the digital currency that you can exchange and end up with the same thing. If you do, it’s like you’d be trading your Mercedes with a Nintendo Switch. They are different products with different attributes.
Other than that, even if you “own” an NFT, it’s available for the whole world to see and download. It might be “rare,” but the exclusivity you get from traditional art is not there.
Traditional art is, in the true sense, exclusive, you can own it and add it to your collection, and that’ll be it. No one other than you has access to it.
Step-By-Step Guide to Making NFTs for Free
Creating NFTs isn’t a challenging or complex process. However, it requires a lot of creativity if you want your NFT to sell at a reasonable price. A unique piece will catch lots of attention and demand, that in turn will increase its value.
Like all digital currencies, such as Bitcoin, Ethereum, or Cardano, multiple online platforms enable you to mint, buy and sell NFTs.
Some are more specific than others, such as NBA Top Shot, dealing with basketball content, whereas others like OpenSea support all types of concepts. Deciding which one suits your best is of utmost importance.
If you’re looking to make NFTs for free, there aren’t many options out there, but all hope is not lost. There is a way to accomplish that goal still while avoiding gas fees and filling your digital wallet with virtual currency.
Without further ado, let’s get right into how to start creating NFTs!
1. Sync an Ethereum Wallet to Your OpenSea Account
Getting started, don’t worry about what an Ethereum wallet is; it’s just a simple online wallet that stores Ether, the Ethereum blockchain digital coins.
You can just create it, and you don’t have to put any electronic currency in it. So leave it as it is and move on to the next step.
2. Open a Collection
The operating procedure on OpenSea is that you have to build your collection to create your NFTs. You’ll find the option of creating a collection in your profile.
So, go ahead and do that.
3. Customize the Collection
This step is important as there are many things you will be setting up. Once your collection has been created, you can assign it a name, a picture, a logo, give it a description or even customize its URL.
Whenever your NFT changes hands, you’ll receive a percentage of every transaction fee. So, you have the option to determine how much royalty you will receive per transaction. The 5% – 10% royalty percentage fee mark is an excellent point.
4. Choose the Blockchain
You have two blockchains—the Ethereum blockchain and the Polygon blockchain. Since we’re focusing on making NFTs for free, we’ll choose the Polygon blockchain. Polygon doesn’t require any gas fee.
Gas fee is what you pay in compensation for using the Ethereum blockchain. The process consumes computational power; basically, you’re paying for it just like you would pay any other energy consumption or utility bill.
5. Create NFTs
Congratulations! You’re ready to start minting NFTs.
How to Mint NFTs
Open your collection and add an item, which could be anything: a video, a picture, etc. You can upload it and select the option to make multiple copies of it should you wish to do that.
OpenSea has a minimum transaction fee limit of $2. Once your NFT has minted, visit its page and click on Sell to put it up for sale. That’s it; from there, it’s just a waiting game.
So, that is one of the ways that you could create NFTs for free and to make money online.
However, there is another way to accomplish the same goal.
The process starts the same way as OpenSea. First, connect and verify your cryptocurrency wallet with the platform. Then, choose the create option and enter the details of your NFT.
Once you’re past that point, select the “free minting” option. This option doesn’t negate the gas fee, but it doesn’t immediately start minting your NFT either. Such is the “Lazy Minting” feature on Rarible.
Now, all there is left to do is select the “Create” option, sign the free minting authorization, and you can now sell it. Due to the Lazy minting feature, your NFT will be minted when someone purchases it. The buyer will pay the gas fee.
Until then, your NFT will remain available and public on the marketplace, with its data securely saved within the decentralized database.
Best Sites for NFT Creators
There is an abundance of websites that enable you to make NFTs and put them up to be sold to monetize your art. Which one is the right fit for you? What advantages do certain websites offer over others? You’ll find all your answers to your question below.
At this point, it shouldn’t surprise you to see OpenSea in the top spot. It’s the most widely known platform for creating, buying, and selling NFTs.
Furthermore, it has no limitations on what type of NFTs can be published. All types of NFTs are accepted. That includes virtual worlds and exclusive assets such as Cryptokitties, ERC721, ERC1155, etc.
OpenSea accepts more than 150 cryptocurrencies and even introduced the Polygon blockchain, which you can use to create NFTs for free. Before that, only the Ethereum blockchain was available; it is notorious for having high gas fees.
Offering close competition to OpenSea, the partially community-owned Rarible takes the second spot. They introduced a native token called RARI. The holders of this native token get a say about the direction the platform is heading in and influence the new policies that the website decides to implement.
Rarible also accepts all types of NFTs but is inclined to focus more on art. It offers the use of three blockchains: Ethereum, Tezos, and Flow.
One more than OpenSea, and that isn’t even the best part.
Their “Lazy Minting” feature allows you to create NFTs for free. While you still get to keep the rights of your NFT, you don’t have to pay the gas fee. Upon purchase, the buyer will pay the gas fee.
Note that your NFT won’t be minted until its purchase.
3. Nifty Gateway
Nifty has a very nifty (ba dum tsss) feature that pulls in many crowds. Fiat currency is allowed on this website. That means people who don’t want to go through the hassle of dipping into crypto-currency can buy NFTs, which is one of the significant aspects of this website that lets it compete with the big guns.
Other than that, its open editions make it an excellent trading platform to make it big. Vast amounts of editions are made and sold at the current base price. After the timer runs out, no more editions are made. Never to return, this boosts their demand significantly and, subsequently, their price.
Nifty Gateway uses the Ethereum block and is owned by The Gemini Exchange.
SuperRare is the perfect fit for you if you’re a hardcore artist, as this website only allows a certain number of individuals among its ranks, giving it the overall feel of a high-end art gallery. Additionally, this website uses Ethereum as its preferred blockchain and payment system.
SuperRare, first and foremost, is an art-based NFT website. Everything else comes second.
If you’re one of the lucky few who makes it into this exclusive community of artists, you’ll find yourself surrounded by original masterpieces. SuperRare allows its members to develop their original, one-of-a-kind NFT, making it a fantastic platform for artists to display their work.
Fellow no-nonsense artists and a constant supply of magnificent art pieces will keep your motivation juices flowing.
What You Should Know about Making NFTs?
As you’ve seen in this article, making NFTs isn’t rocket science, but it requires a lot of creativity and a unique perspective to make your piece the next big thing in this ecosystem.
The NFT game is dependent mainly on luck. If your NFT grabs attention and a lot of demand, it’ll fetch a reasonable price. As long as it changes hands, you’ll keep receiving the royalties.
However, let’s turn the situation around. What if your NFT doesn’t get sold?
There isn’t much to it in that case, and it’ll remain on the marketplace till someone comes along that wants it.
At that point, it might not even fetch that price you initially intended it to go for. So it’s a hit or miss in the NFT world.
It’s recommended to research the decentralized public ledger aka blockchain you want, the website that best suits you, and even cryptocurrency. Then, take help from someone you know who is already dealing with NFTs and cryptocurrencies.
Frequently Asked Questions (FAQs) – How to Create NFTs
Can Anyone Create an NFT?
Yes, anyone can create an NFT. With the help of websites like OpenSea and Rarible, the process has become even easier.
How Do I Turn My Art Into an NFT?
You can simply upload your art to your chosen website, pay the gas fee, and mint it. Voila, you have turned your art into an NFT.
Can I Create NFTs for Free?
Yes, you can create NFTs for free.
After syncing your Ethereum coin wallet to your OpenSea account, you can make a collection to create your NFTs. You can customize your collection according to your preference and needs.
Choosing your blockchain is the last step before you can finally create and sell your NFTs.
Is It Profitable to Make NFTs?
Making a profit from NFTs is a hit or miss. It can catch attention and fetch a good price or remain in the marketplace forever.
Conclusion – How to Create NFTs
For artists who are newbie NFT creators, the prospect of making money–a lot of it if luck will have it–is enough motivation to start digitizing their masterpieces or crafting new ones. Numerous platforms that serve as a creative hub and marketplace now abound for the benefit of NFT makers.
But like what happens to most art, there is no guarantee that it will sell, and most don’t. Given the costs of minting an NFT, artists should be prepared to take a loss on their “investment.” Before jumping on the NFT bandwagon, consider what will make your creation a useful and valuable piece to your potential buyers. Study the market and develop your digital art skills further while you are at it. Then, take the plunge into the NFT world.
Who knows? Yours might turn out to be the next “Everydays” or “The Merge.”