Non-fungible token (NFT) is a unit of data that is stored in a blockchain. It certifies that a digital asset is unique. These can be used to represent any type of digital files, photos, audio, etc. It is built using almost the same kind of programming as Bitcoin or other cryptocurrencies but the only difference is these are non-fungible, cannot be traded for each other because they are unique. For example, if you trade one bitcoin for another you’ll have precisely the same thing but in case of NFT, you’ll have something completely different.
NFT’s can be sold and traded and function as a cryptographic token. The market value of NFT tripled in 2020 reaching over $250 million and in 2021 its sales exceeded $2 billion.
How to Create and Buy NFT
Above guide will help you learn everything you need to know about NFTs and how you can make one.
1: How to Create NFT
First, decide on which blockchain you want to issue your NFT. There is a huge range of popular blockchains including:
- Flow by Dapper labs
The leading blockchain service for the issuance of NFT is Ethereum. Since most NFTs are part of Ethereum, here’s how you can generate your NFT artwork, video on the Ethereum blockchain.
- You’ll need an Ethereum wallet such as trust wallet, MetaMask, or Coinbase Wallet that supports ERC721.
- You’ll also need about $50 to $100 in ether (ETH). If you use Coinbase Wallet, you can buy ETH from platform with U.S dollars or other fiat currencies. Otherwise, you’ll have to buy Ether from a cryptocurrency exchange.
Many platforms allow you to connect your wallet and upload the image or file you want to turn into NFT. Marketplaces for Ethereum NFT are:
You have to register yourself then this marketplace will allow you to create your own NFT. Also, you’ll become a listed artist on the platform. All three marketplaces have a ‘Create’ button in the top-right corner.
Here’s the guide about how the process works for OpenSea:
- Once you click the ‘Create’ button, it’ll take you to a screen that will ask you to connect your Ethereum-based wallet. When you enter your password, it will automatically link your wallet to the marketplace. Next, you may need to digitally sign a message in your Ethereum Wallet. There is no charge for digitally signing a message, it is to prove that you own the wallet address.
- Next on OpenSea go to the ‘Create’ in the upper right corner and select ‘my collections’ and then click on the blue ‘create’ button.
- A window will appear and you can upload your artwork, add a name and a description.
- Once you’ve assigned an image to your collection, you’ll then need to add a banner image to the page simply by clicking in the top-right corner on the pencil icon.
- You’re now ready to create your first NFT. Click the ‘Add New Item’ button and using your wallet sign another message.
- A new window will appear where you can upload your NFT image, audio, or any 3D model.
- Once done, click on the ‘Create’ button below and sign message in your wallet. The artwork will then appear in your collection.
On many marketplaces you can include special traits to increase the uniqueness of your NFT.
2: How to Sell NFT:
You will need to locate NFTs in your collection to sell them on the marketplace. Click on NFTs and then find the ‘Sale’ button. When you click this button it will take you to a pricing page where you can set the terms of sale. These terms include whether to run an auction or sell at a fixed price.
ETH and other ERC-20 tokens are the most common cryptocurrencies you’ll be able to sell your NFTs for. But some platforms solely support native token of blockchain such as VIV3.
3: How to Buy NFTs:
Art drops and packs are becoming a more common method to sell rare NFTs. These drops require users to register and fund their accounts in advance. These drops and art packs can be completed in seconds, so you need to have everything ready in advance.
Here is a list of popular marketplaces from where you can buy NFTs:
This is all you need to know to get started in the world of NFTs. If you have any questions, feel free to ask us in the comment section below.