The technology of blockchain has opened new avenues for the future of art. This is for the very first time that you can own digital assets in the cyber arena with security. This technology is so strong that the ownership of any physical object would seem to be less secure than owning an NFT. An NFT is a non-fungible token that makes this happen. In this article, we will see how to create NFT.
NFTs are cryptographic tokens that add scarcity and uniqueness and strengthen the value of a digital asset. With blockchain, you will only require one computer that is operating with the digital ledger to ensure the digital asset’s ownership like limited edition cards, artworks, virtual reality objects, music, digital land, etc. As Bitcoin increases and as the blockchain technology enters the mainstream market, the hype doesn’t seem to be stopping anytime soon in the future. So without any further delay let us see how to create NFT artwork.
How To Create NFT Digital Art?
In this article, we will be using the example of OpenSea as it is the first decentralized platform for NFTs that came into existence in 2018. There are other websites as well where you can create NFT artworks like Mintable, and Rarible.
OpenSea went through alteration by the end of 2020 that enabled you to create your personal NFT art on their platform. With the previous version of OpenSea, you could only mint your NFTs elsewhere and your collections were uploaded on their platform. However, now they have included a new collection gallery that enables them a simple way to mint NFTs and starts selling them in the marketplace.
Here are the steps on how you can create NFT marketplace in just a few simple steps.
Cost of minting NFTs
Before you dive into the steps you should be knowing the cost that is required for the minting of NFTs. For this watch out for “gas fees”, and treat them as your transaction fees. NFTs on OpenSea and on many other platforms, function on the Ethereum blockchain. With the increase in popularity of the NFTs, the gas fees have also increased. So how do you save on the gas fees? You should select times of the week that performs the least activity. Reports have shown that early weekend mornings are the best time that will help you to save on gas fees. Beware of the time when the activity on the Ethereum blockchain increases.
Other than that you can also save gas fees by using the new blockchain that is arriving. Zilliqa is a protocol with the latest technology compared to Ethereum. Mintable offers options for Ethereum and Zilliqa blockchain. The gas fees offered by Zilliqa are a lot cheaper compared to Ethereum.
If you are a beginner, to open an account on varied platforms, you should use the Metamask wallet. Even though there is an array of wallets from which you can choose, Metamask is the simplest way to initiate minting NFTs on a network that is Ethereum based.
To download Metamask, go to metamask.io and select “download now” and it will direct you to the chrome web store. Then you will have to set your password, and they will generate a seed phrase for you. Write down or save this seed phrase. It is very important. Now when you go to your Metamask wallet, you will see there is no Ethereum, so you will have to buy Ethereum and transfer that to your Metamask wallet.
Creating a collection
So after you are done setting your wallet, you can clock to “My Profile” and connect your wallet with OpenSea. After which you can choose the “create your own collection” option. Once you have reached there you can select an image for your collection and provide it a name and a description.
Once you have successfully set up your collection page, you can initiate the creation of items by clicking on “add new items”. You will be directed to a page where you can add new media with names and descriptions.
Selling it to the general marketplace
After you have completed mining your artwork, you can set the value for that, as an auction to the highest bidder, or even as a bundle. Even though the usual currency is Ethereum that is used for placing the bids, you also have the option to bid for dai or USDC. you can also insert the ending price if you wish to. And when your product is out, OpenSea would be taking 2.5% of the cut.
One thing that you should note regarding the benefit of tracked transactions on the blockchain network is setting the royalties for your artwork. They enable the owner of the artwork to gain a percentage of money every time there’s a sale of the NFT on that platform. To enable this feature you will have to go back to your collections. You should see all your new collections and your edit button. Scroll down from there and click on “commission”, there you can set your rate.
After you have done, you can view how your product looks in the marketplace. You can see all the details that your customers will be able to see.
Presently it is easier to create NFT compared to earlier days when it first arrived. Even though you still have the liberty to code and program an NFT which is the old fashioned way, people without any knowledge of coding can now be a part of NFT. NFT offers space for every type of creative skill.
Frequently Asked Question On How To Create NFT
Everything depends on the volume of work needed. For example, if you plan to use a ready-made solution that is ready to be used, the cost will be lower.
You will require some digital currency. Then you will have to create a digital wallet. Add money to your wallet and connect your wallet to the NFT channel, now upload your file, arrange an auction describing your digital product and then pay the fee.
To create NFT free, get Metamask for access to OpenSea. Then create an account on OpenSea. Upload your art piece and then finally mint and sell your art piece.