7 steps to create an NFT

The world of NFTs is constantly evolving. These, also known as non-fungible tokens , share the same technology as cryptocurrencies, which has triggered the market and new business models. This has led to many enthusiasts who have addressed it by creating their own system. Do you know how you can do it?

NFTs, on everyone’s lips

We have no doubt that NFTs are one of the most important acronyms and movement generated in recent months. And is not for less. We speak of them as a trend in the crypto ecosystem , which, and based on their numbers, have seen their global sales increase by 55%, going from 250 to 389 million dollars in the last year.

This has made many interested in approaching them. So much so that its creations have also been boosted. So if; it is feasible to create our own non-fungible tokens. As we know, NFTs are unique collectible crypto -assets, and they have been around since 2012, when the concept of so-called Bitcoin ‘color coins’ emerged.

So these (virtual) currencies were simply marked satoshis, or ‘colored’ with distinctive information linking them to real-world assets. However, for the most part, they were used to create and trade. The world of NFTs began to develop little by little and reached the point of exploding and being on everyone’s lips in recent years.

Considerations to follow

For example; In April 2021, the protagonist of the famous Disaster Girl meme pocketed $500,000 from the sale of the original file. In May, Larva Labs sold nine Cryptopunk heads, digital creatures designed in 2017 by the pioneering NFT startup, for $16.9 million.

In July, Berners-Lee made $4.5 million from the sale of the original WWW archive, which he developed in 1991. And already in September, Russia’s leading museum, the Hermitage in St. Petersburg, raised nearly half a million dollars by auction NFT of works from your collection. It’s just data, but it’s there. Creating NFT’s is possible and, in case of selling them, very juicy operations can come out.

These tokens, as such, are held in wallets , which also have their own unique addresses. Token IDs point to wallet addresses on the blockchain, which is a large publicly accessible database, so anyone can verify digital ownership.

What do we have to do to create ours?

In any case, doing so requires a series of steps, some considerations to follow in order to create an NFT in a realistic and accessible way. For this we can do it in two places or markets. Either from Opensea , or from Rarible . Both are the main platforms for this creation.

While Rarible dominates in total sales, OpenSea offers more related services, including the ability to create your own NFT web store powered by the OpenSea exchange. Both platforms allow users to upload their own and create collections without the need for technical blockchain knowledge.

Before you begin, know that there will be some upfront costs. NFTs are powered by blockchain . They usually do it with Ethereum. The use of blockchain has a cost, a network fee that you will have to pay to tokenize your creation.

For Rarible, this requires artists to mint their NFTs on the blockchain (on-chain) during creation. This means that the cost is lower if it is operated on a recurring basis. On the other hand, if you are planning to sell a couple of NFTs at huge prices, Rarible is probably your best option. On the other hand, if you want to create a multitude of cheaper NFTs, you can head over to the OpenSea Collection Manager.

opensea

With this, and in the midst of the growing boom for NFTs and with so many celebrities participating in this curious trend, it is quite normal that we do not want to be left out. It is true that, on this occasion, Opensea can be a great place for our creation

First of all, you will need a wallet from this network that allows you to interact with DApps, since OpenSea works with Ethereum, so MetaMask, Coinbase Wallet or Trust Wallet are some that can help us.
After choosing the wallet and if your purpose is to sell an NFT, you will need some ether (ETH), the Ethereum cryptocurrency.
However, if you just want to try without spending any money, OpenSea is available on various Ethereum testnets, such as Rinkeby.
Regarding the commissions of the platform, it charges 2.5% if you manage to sell your NFT.

rare

Like Opensea, Rarible is another digital marketplace for these non-fungible tokens , where we can both buy, sell, and create our own NFTs. At the same time, Rarible users can also create and mint their own NFTs within the platform, offering the necessary accessibility for those without a great deal of experience in the world of coding.

Something important to mention is that with this type of market, the barriers are extremely low, which is why it has become one of the most popular routes to create, but also to sell NFTs. These are the steps to follow for our creation.