With people spending huge wads of cash on non-fungible tokens, the popularity of these unique crypto assets is booming. The possibility of making big money with NFTs is encouraging more people to create an NFT Collection in the hope of milking this cash cow and profiting from this trend.
So, how do you create an NFT? Do you have to be a skilled artist or a super-clued-up non-fungible tokens nerd to make that magic happen?
Ah, negative.
Anyone can create a non-fungible tokens… and no, you don’t have to be super smart or a Crypto Bro! Don’t believe us? Find our step-by-step guide below, and be amazed!
WHY ARTISTS SHOULD CONSIDER CREATING NFTS
Artists have always had trouble making more money from their work, even when the value of each piece appreciates. But what happens in the art world isn’t necessarily the same in non-fungible token art.
So, basically, what we’re trying to say here is that if you’re an artist (or anyone interested in getting creative and making some moola), you really should be thinking about turning your art into non-fungible tokens for three main reasons:
- Lifetime royalties: Creators can earn money, not only once but also for the rest of their lives. You can integrate royalties into your non-fungible tokens to collect a share of the sales proceeds whenever they’re sold to a new user. The proportion programmed into the artworks can range from 2.5% to 10%, ensuring that you get interest on lifetime resales of the non-fungible token art.
- Cheaper to set up: Since the non-fungible token sale is conducted online via various peer-to-peer marketplaces to a global audience, you don’t have to spend money on auction houses and art galleries. This permits you to pocket a substantial piece of the $$$ pie.
- Verifiable and authentic: Although anybody may see, connect to, or download your non-fungible token, it is only held by one person at a time. Once artwork is added to the blockchain, it possesses irrefutable proof of its validity since its creator, purchase price, future owners, and acquisition prices are visible and travel with it. This results in an unprecedented level of commercial accessibility in the art industry.
HOW TO CREATE AN NFT OR DIGITAL ART TOKEN
Follow these steps:
STEP 1: CHOOSE AN NON-FUNGIBLE TOKEN MARKETPLACE
This is the first step toward making your non-fungible token artwork. In this peer-to-peer marketplace, you can choose from two categories:
- Curated Platforms:
Only approved artists can mint or generate digital art tokens in this marketplace category. Only high-quality digital art tokens are allowed. For example, SuperRare is a curated non-fungible token platform. It charges greater transaction costs and offers less flexibility in terms of royalty rates.
- Self-Service Platforms:
This peer-to-peer NFT marketplace category allows anyone to establish their non-fungible token. You can create yours using a photo, a video, or an audio clip. It also lets you choose the royalty percentage you want to charge for each token sale.
This category includes platforms such as OpenSea and Rarible. Be warned, though, that one problem with this type of marketplace is the presence of many imitators and scammers.
After you’ve decided on a marketplace and created an account with them, it’s time to go on to the next stage. For simplicity’s sake, we will utilize the marketplace OpenSea as an example of how to establish your digital arts token.
STEP 2: CREATE A DIGITAL WALLET
The next step is setting up a digital wallet to store your coins and non-fungible tokens. Yes, cryptocurrencies (notably Ether) are required in the non-fungible token creation process.
It would be beneficial if you held Ether, as numerous non-fungible tokens are generated on the Ethereum blockchain. Before listing any coin, you must pay the gas price, which is the Ethereum blockchain transaction cost.
OpenSea often recommends utilizing the MetaMask cryptocurrency wallet’s Google Chrome plugin to purchase ETH.
However, suppose you already have ETH in another cryptocurrency wallet. If that’s the case, create a Metamask wallet and move the ETH from your other wallet to the MetaMask wallet.
It can cost between $10 and $200 in ETH to pay for gas expenses when creating an NFT. So, if you have funds available, proceed to the next step.
STEP 3: CREATE YOUR COLLECTION
On the interface of your OpenSea account, “My Collections” will appear—click it. It functions as a digital art store or gallery.
You’ll now need to personalize your collection by giving it a name, creating a description, and uploading a display image. This forms the foundation for displaying your artwork once you’ve created it.
STEP 4: NOW, GO FORTH AND GET CREATIVE
To create your first NFT, you’ll need to:
- Use materials and tools you already have
- Think about how you can grow your knowledge or invest in new technology
- Find other creators to collaborate with and learn from.
- Consider your audience and what they’ll like—keep them in mind as you create
- Determine if your non-fungible tokens will have visual, audio, or written components, or all three.
- Choose a file type. PNG, GIF, JPG, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF are supported by OpenSea.
- Remember the file size. The OpenSea maximum is 100 MB.
Give yourself permission to experiment and try not to categorize yourself too fast or to limit your ideas of what’s possible. Unless you have a distinct aesthetic, like Abidi, consider non-fungible tokens an opportunity to experiment. Because non-fungible tokens are a new art form, customize your message for the new medium.
STEP 5: MINT AND SHARE
The minting process in OpenSea is as simple as uploading your files, calculating your royalties (for when your work sells on a secondary market), and finishing your listing.
STEP 6: SELLING YOUR NFT
After you’ve finished creating your non-fungible token, the next step is to sell it. You may either select a fixed-price listing or an auction and establish your price. You’ll need to pay a gas fee before listing your artwork if this is your first time making and selling an non-fungible token.
Use social media to promote your work
You will need to acquire a large audience to increase your chances of selling your work. As a result, you may share your direct link with potential purchasers and market your artwork to fans on social media.
FINAL THOUGHTS
The non-fungible token market is still in its infancy, with several expansion opportunities. A few years ago, the market was valued at less than $30 million.
However, with the excitement around non-fungible tokens increasing in recent months and notable personalities and organizations like the NBA, Puma, Dolce & Gabbana, Mark Cuban, and many more adopting the trend, the market is now worth more than $11.3 billion. Getting on board with this trend can give you an edge over other artists.
If you’re keen to learn more about non-fungible tokens (or perhaps you’re already knee-deep in the exciting world of NFTs/Web3 and are thinking of launching a project)—give us a shout!
Our NFT gurus here at Kadima Digital have extensive hands-on knowledge and experience helping non-fungible token projects run effective marketing campaigns from pre-launch to mint and post. We know what it takes and how to build a successful NFT project.