How To Create Your First NFT

There is a common misconception about NFTs that you need to be a technical expert to create them. Some people believe that you need to be a programming expert to create an NFT. This is not true at all. Anyone can create an NFT without any technical knowledge at all.

 

In this article, we will explain what you need in order to create your first NFT. There are 6 simple steps that you need to follow to create and list an NFT for sale. We will explain them all here.

 

1. Decide on an NFT Marketplace

 

You will need to use an NFT marketplace to create and sell your NFTs. There are a number of NFT marketplaces available now and more will be available in the near future. Some marketplaces cater to specific audiences and others require that NFT creators are approved before they can mint and list.

 

At the time of writing this article, the largest NFT marketplace is OpenSea.io. This website gets nearly 40 million visitors every month and this is increasing. There are millions of NFTs on the OpenSea marketplace. It is one of the easiest marketplaces to use for the creation and listing of your NFTs.

 

2. Get a Crypto Wallet

 

A crypto wallet is necessary for the creation of your NFTs. It is also necessary to hold the necessary cryptocurrency that you will need to pay listing and gas fees. Most NFTs are found on the Ethereum blockchain, so it is a good idea to have some Ether crypto available in your crypto wallet.

You can setup a crypto wallet for free. The OpenSea marketplace recommends that you go for a MetaMask wallet which is available as a Chrome browser extension. When you create your NFT, you will store details of it in your crypto wallet.

 

3. Convert your Item into an NFT

 

NFT marketplaces such as OpenSea will allow you to use a number of different file formats to create an NFT. If you are creating a digital art NFT then you can use a JPG, GIF or PNG file. For movies you can usually upload an mp4 file and for music you can use an mp3 or WAV file.

 

If you need to convert your item into one of the supported file formats then you need to do this before you create your NFT. You may have a video clip that is in another format than mp4 for example. 

 

4. Collection Creation

 

The next step is to create a collection on the NFT marketplace. Give your collection a name and provide a description that will encourage users of the marketplace to check out your NFTs. You can add an image to your collection as well to make it more appealing.

 

5. Digital Token Creation

 

With your collection created you are now ready to create or “mint” your NFT. You can only create one NFT at a time. Check to see what file formats are supported and also not any upload limits (on OpenSea this is 100 MB). 

 

Upload your item from your computer and add all of the associated metadata. You have now created your first NFT!

 

6. List your NFT 

 

The final step is to list your NFT for sale. Some NFT marketplaces charge a listing fee so you need to check this. You will need to have your NFT verified and approved but usually this is a formality.

 

How Do NFTs Work?

Anyone that wants to venture into the world of NFTs to make money needs to know how they work. A lot of people make costly mistakes with NFTs because they do not really understand how they work. In this article, we will provide you with an overview of how NFTs work.

 

Public Keys and Private Keys for Identification and Security

 

We will use layman’s terms as much as possible in this article to describe how NFTs work but there are some technical elements that you need to understand. An NFT must be on a blockchain network and we will explain more about this below.

 

Security for NFTs comes from the use of cryptography. This means that all NFTs must be modified in a unique way. The recipients of the NFTs are able to view them in detail but to others they will just seem like a lot of randomly used characters.

 

A public key and a private key are used to provide the cryptography with NFTs. All blockchain users will have a public key that they can share with any other users. An NFT is encrypted and the only way to unlock this encryption is through the use of the public and private keys that are associated with it.

 

You will create a unique digital signature by using both your public and private keys. This is a fundamental element in blockchain technology. It ensures that all records are immutable and that transactions are anonymous, authentic and secure.

 

NFTs must use a Blockchain Network

 

It is only possible to create NFTs on a blockchain network. Blockchain technology deploys cryptography to form chains of data blocks which will grow into a list of verifiable records. Each block is linked to the previous one using a cryptographic string or hash.

All of this means that a blockchain network user can identify unique sets of data within blocks. There is a special structure used for the data known as the Merkle tree. This is used because it allows retrieval of records from a blockchain to happen fast.

 

Blockchain networks such as Ethereum can be used to support both non-fungible assets (NFTs) and fungible assets such as units of Ether. The use of blockchain technology provides the necessary verification that an NFT is really unique. All NFTs are tokens store in a blockchain network.

 

You need a Crypto (Digital) Wallet to store and trade NFTs

 

When you create an NFT on a blockchain network you need to be able to store information about it for later retrieval. This is achieved through the use of a crypto wallet. There are online and offline versions of digital wallets available. Some of these are free while others are available at a premium.

 

People use crypto wallets for exchanging fiat currencies like the USD dollar for cryptocurrencies such as Bitcoin and Ether. You can use your crypto wallet for storing the details of the NFTs you have created and any that you have purchased and now own.

 

If someone purchase one of your NFTs then you will release the token for it to the buyer after receiving payment. This provides proof of ownership. Any NFT trade will require the use of a crypto wallet to store the relevant tokens. 

Non-Fungible Tokens (NFTs) 101

In this Non-Fungible Tokens (NFTs) 101 we will share with you the basics that you need to know about the NFT world. You can then use this knowledge to explore the world of NFTs more and even get involved in the creation, buying and selling of them.

 

A Unique Digital Certificate

 

An NFT is a digital certificate that is unique and stored on a blockchain such as the Ethereum network. This digital certificate details certain ownership rights for the digital asset. An example of an NFT could be a piece of digital art.

 

The digital world is renowned for copying. It is essential to have something like an NFT which cannot be copied to prove ownership of an asset. Only one person can own an NFT at a time. They can sell their NFTs to other people and they become the sole owner. This does not stop an NFT being copied but it will never be the genuine article.

 

Non-Fungible Versus Fungible

 

An NFT is a non-fungible asset. This means that everyone is unique and has a different value. Cryptocurrencies such as Ether and Bitcoin are fungible. You can hold many units of these currencies and they have the same value. It is the same in the fiat currency world with the $1 bill for example.

 

NFTs created with Smart Contracts

 

The correct term for creating NFTs is “minting”. All NFTs are minted in association with a smart contract. Smart contracts are programs that are store on blockchain networks. You can use a smart contract to define things about an NFT.

 

One of the major benefits of NFTs is that the creators can retain the original contract and add royalties for additional income. A buyer that purchases an NFT may want to resell this in the future. When the resale transaction occurs, the original NFT creator can receive a commission on the sale. This is all in the smart contract of the NFT.

 

You need a Crypto Wallet (Digital Wallet) for NFTs

 

If you want to create your own NFTs, buy them or sell them, you will need a crypto wallet to do this. NFT creators can store the token information in their crypto wallet. When someone purchases an NFT, the token will pass to their crypto wallet.

 

The blockchain network where the NFT is stored is used to enact any transactions. What is happening here is that the ownership of an NFT is transferred from one crypto wallet to another. Crypto wallets are also used to store cryptocurrency such as Bitcoin and Ether.

 

NFTs are usually Scarce

 

One of the most attractive things about NFTs is their scarcity. Buyers know that an NFT is unique and that it is easy to prove provenance and authenticity. A lot of people create NFTs for art and collectors understand that there can only be one owner.

 

It is possible for an NFT creator to provide a limited number of their NFTs for the same item through the smart contract. Potential buyers can easily see how many NFTs are part of the limited edition and base their purchasing decision on this.

 

All NFTs use Blockchain

 

An NFT cannot exist without a blockchain network. All NFTs have to be minted on a blockchain network such as Ethereum. This creates a unique token that all users can access to confirm ownership and other essential metadata.