Along with yield farming in the DeFi segment, non-fungible tokens (NFTs) have become one of the hottest trends in the crypto industry. Digital assets with highly subjective and sometimes questionable value are traded on a variety of platforms. Some tokens cost millions of dollars.
NFT token allows to record rights to digital assets, which can be sold or transferred in the future. Thanks to special platforms, a person who is not versed in programming and blockchain technologies can create their own non-fungible token. Let’s find out how to make an NFT and where to sell it!
How to Get into NFT: Determine What to Create
As mentioned before, NFT is a digital asset, the ownership of which is recorded on the blockchain. Currently, there are the following types of NFT tokens:
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- Images: regular pictures, 3D animation, gifs. It is the most common type due to its simple creation.
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- Audio: soundtracks, songs, poetry recitation, etc.
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- Video: music videos, cartoons, interviews, and more.
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- Games: cards, heroes, weapons, armor, land plots, gems, and other objects that can be used in blockchain games.
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- Text: books, film scripts, documents.
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- WWW: rare domain names.
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- Metaverse: virtual worlds that are created, managed, and sold by users.
Combined NFTs appear more and more often, where several types are mixed at once. For example, each dragon from the Baby Polymons game has its own small video. In addition, in the Big Fat Sexy Mystery Box, audio recordings of Lewis Capaldi’s discourses on sausages and fast food are accompanied by computer graphics.
For beginners, the easiest way is to take a self-made picture or collage as a basis for NFT creation. Using other people’s work will not lead to anything good. Such NFT simply will not pass moderation on popular marketplaces, and the author will gain a reputation as a plagiarist.
How to Create an NFT: Choosing a Blockchain
Before creating an NFT, it’s important to choose a blockchain that will best suit your needs. The choice of the network usually depends on:
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- the amount of fees for minting and sale;
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- the number of available marketplaces, their popularity;
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- pricing (including break-even sale price).
Let’s take a look at the top 5 platforms.
Ethereum
All famous and expensive projects, such as CryptoPunks, Bored Ape Yacht Club, Art Blocks, are based on the Ethereum network. The author must pay a $50-$90 commission for creating a token, which is the absolute maximum among blockchains. It is simply unprofitable to set a price of less than 0.03 ETH. However, it is difficult to sell most handcrafted NFTs, even for such a low price.
Binance Smart Chain
It is an inexpensive and popular analogue of Ethereum. Here one can find cheap transactions and mints, affordable prices, fast confirmations. This platform is suitable for beginner artists and game projects. Free posting is available on the main Binance NFT marketplace after administration approval. The average price threshold is 2-3 times lower, and the upper one is ten times lower.
Polygon
The network is based on Ethereum. Still, it is nine times inferior to it in terms of the number of issued tokens. The average cost of art and the number of users is also several times less. The platform differs in increased scalability, a high level of security, and reduced commissions. Suitable for launching gaming projects with a more efficient economic model than Ethereum.
Klaytn
The South Korean blockchain integrated into the OpenSea marketplace in June 2021 and made the Asian market available to European artists. All payments are made in the native KLAY token. The platform is suitable for launching games and Asian-style art.
OKExChain
NFT trading was launched on the own blockchain of the OKEx cryptocurrency exchange in September 2021. Authors can assign royalties for their arts themselves, and no commission is charged for operations. There are no celebrity artists and famous projects here yet, so beginner artists can try their luck.
You should also pay attention to Tron, Tezos, Polkadot platforms.
How to Make NFT Art: Where to Sell Your Token?
Once we have briefly considered how to create an NFT, let’s find out where you can sell your newly created tokens. There are many platforms as well!
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- Universal: Rarible, OpenSea, Nftstars, Mintable. Here you can put for sale photos, videos, arts, music, metaverses, games, domains, and more. Any NFT can be sold here, even if the owner cannot clearly indicate its type. Due to a large number of users, artists, and works of art, it is difficult to attract attention here in case you don’t have well-promoted social networks or your own group of fans.
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- Closed access arts: Foundation, SuperRare, Async Art, Binance, Nifty Gateway. Only recognized professionals and talented beginners who have received a personal invitation can access these sites. Only wealthy collectors who can afford expensive purchases buy arts here.
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- Gaming: Axie Infinity, Waves Ducks, ZOO Crypto World. Marketplaces from the GameFi niche have an active audience that constantly spends money to improve their gaming stats. As a rule, only branded NFTs are allowed for sale here.
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- DeFi sites: Bakery Swap, Treasureland, Juggernaut. These are decentralized platforms for free creation and sale. There is no strict control over the authors — no need to pass the selection.
Where Can I Create NFTs for Free?
It is risky to spend $90 to create an NFT art when you are not sure whether the investment will pay off. The following projects have provided a low entry threshold for beginner digital artists:
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- OpenSea. The service allows you to shift the minting commission to the buyer, but you still have to pay for the wallet activation once (the same $50-$90). Investments can be dispensed with by listing a token on the Polygon blockchain.
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- Binance NFT. Initially, 100 selected artists and well-known digital groups such as NFKings were given access to the site. Further, new authors had to fill in personal applications to join the platform. In the fall of 2021, Binance developers promised to open the marketplace for everyone. The buyer pays 2% of the commission, while the seller does not spend money at all.
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- NFT Stars. The Australian platform operates under the OpenSea scheme. The collector pays for the mint, and the artist is exempt from any fees.
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- Mintable. The same conditions apply to the Ethereum and Zilliqa blockchains.
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- Treasureland. Free mint.
The Creation Process in OpenSea
To make an NFT, you need a wallet configured for the Ethereum or Polygon Matic network. Here are step-by-step instructions on how to create NFT art.
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- Go to the opensea.io home page and click the ‘Create’ button.
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- Accept the OpenSea terms of service and click the ‘Sign’ button.
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- First, you need to create a collection, a folder that will store your art. Click ‘Create a collection’ in the ‘My Collections’ section.
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- Choose a picture for the logo, a banner for a personal page, the collection’s name, a description of the album, a category, and links to social networks.
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- Set a royalty, desired blockchain, and tokens accepted as payment.
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- In the finished collection, click on the ‘Add item’ button.
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- Drag a file or browse art on your device.
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- Indicate the name of the future token, add a link to your website with a detailed description of the lot.
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- Come up with a short description, choose a collection, number of copies, network (Ethereum or Polygon), and click the ‘Create’ button.
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- And you are done! Once you have the first NFT in your collection, you can now list it on the marketplace.
Conclusion: How to Determine the Price?
Once you have found out how to make NFT art, let’s talk about price. It’s quite irrational to set a price randomly. Most likely, you will choose too high cost, keeping in mind the wave of hype and easy money in the NFT field. But, firstly, the wave of excitement has subsided by the fall of 2021, and a strong correction is observed. Trading volume on OpenSea dropped 300 times. Secondly, even a talented beginner finds it difficult to interest picky collectors.
It is necessary to conduct a comparative analysis specifically for this site. Go to the section corresponding to your direction and monitor prices for similar arts.
You can set the average market price. If this does not work, try the floor price. It is crucial to have a promoted Instagram or Twitter and share your progress with the audience there. It’s difficult to promote art without a fan community.
A beginner artist earns no more than $50-$100 per month. Having gained the minimum recognition, you can expect a $300-$500 monthly income. It is important to understand that art sales are completely unpredictable. An artist can make no money for two months but then earn $5,000 for an art. At the initial stage, it is important to have a main source of income and gradually move on to a life of creativity.
How to make an NFT? What other tips and tricks do you know? Feel free to share them in the comments below!
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