How to make your own NFT and sell it for free.
If you are interested in cryptocurrency and blockchain technology and want to make money from it, you have probably heard of NFTs. They allow you to turn artworks and digital works into NFT tokens, and then sell the tokens on the NFT marketplace.
In this step by step guide, we will show you how to create your own NFT image and how to sell it online for the first time.
Whatâ€™s an NFT?
NFTs or non-fungible tokens are pieces of unique data stored on the blockchain. An NFT can be a video, image, GIF, or any form of digital art. NFTs represent digital ownership of art, music, and many other types of files.
The â€œnon-fungibleâ€ part is what distinguishes NFTs from fungible assets such as gold, silver, fiat money, and cryptocurrencies. Their fungibility means that, for example, you can exchange $100 for any other $100, or that one ounce of gold has the same value as any other ounce of gold.
All NFTs as digital assets are unique. You cannot trade one NFT for another NFT, making them non-fungible.
It’s important to remember that an NFT is not an object, but a string of characters that you can use as proof of ownership. NFT can also publicly verify that your digital file is genuine and not a copy.
How Do NFTs Work?
NFTs require the creation of digital tokens through a technique called cryptography. In the crypto world, this process of creating a token is called minting. As a rule, to create an NFT, you need to pay for the creation of smart contracts.
Smart contracts are pieces of software code that allow the blockchain to store information in a secure and transparent way. Ultimately, these codes govern the ownership and transferability of the NFT.
How Much Does Selling NFTs Cost?
When you sell NFTs, you should also expect to spend some money on it. Most NFTs rely on the Ethereum blockchain to validate transactions, and even creating an NFT can cost you money.
The exact amount of money you will have to pay to sell NFTs depends on Ethereum’s “gas fee”, which varies by time of day and from one platform to another. While you can’t avoid gas bills, you can keep them to a minimum by waiting for gas prices to drop. You can use websites like Etherscan to find out the current price of Ethereum gas. Another reason for not having a fixed price for creating and selling your NFT is that the NFT gas fee also depends on the size of your digital asset and the complexity of the transaction.
On some NFT platforms, buyers pay a gas fee to validate a transaction on the blockchain through their digital wallet. On other platforms, you, as a merchant, must pay a gas fee in order to mint and sell NFTs. Although there are no exact figures on how much it costs to mint and sell NFTs, here are the average estimates:
$70 to produce (mint) one NFT
$15 to sell an NFT$50 at the NFT auction
If at any point you decide to give up on the idea of â€‹â€‹selling your NFT, you will also have to pay a couple of dollars to destroy your token.
There are many different platforms and blockchains on which you can create and sell your NFTs, and they all have their own advantages and disadvantages for NFT creators. Some of the most popular platforms are Rarible, Opensea and Superrare.
Before choosing a platform that suits your needs, you need to research gas prices and transaction fees beforehand. While Ethereum is a popular blockchain among NFT creators, other popular options include Polkadot, Tezos, Polygon, Binance Smart Chain, and Cosmos.
If you are just diving into the NFT business, follow our instructions for using the OpenSea platform and the Polygon blockchain as this combination allows you to create and host your NFTs for free (no gas fees).
How to Create Your First NFT
Before you can create your first NFT and sell it on the OpenSea platform, you need to connect your crypto wallet to OpenSea. Don’t have a crypto wallet yet? No problem. There are many services that you can use to create a wallet. Metamask and Coinbase are among the most popular. They are also beginner-friendly and allow you to prepare a Metamask wallet or Coinbase wallet in just a few minutes.
How to create a cryptocurrency wallet with Coinbase
In this tutorial, we will use Coinbase as an example. Follow these steps to create a Coinbase crypto wallet.
Open the Coinbase website. In the top right corner, select Get Started. Fill out the form to create a Coinbase account. When you’re done, select Create an account at the bottom of the screen.
You will be asked to verify your account by email. After this step, you can start using your Coinbase account and transfer cryptocurrency to it.Go back to the Coinbase website and log in to your account.In the Assets section, select Get Wallet.< /li>
You will be prompted to install the Coinbase Wallet browser extension. If you’re using Chrome, select “Add to Chrome” to continue.
When you open the browser extension, select “Create a new wallet”.
Be sure to back up your wallet and store your recovery phrase in your password manager or somewhere else where you can access it if needed. This phrase is the only way to recover your crypto wallet if you later forget your password details. Then follow the on-screen instructions to initialize and complete the creation of your Coinbase wallet.
You can now access your Coinbase crypto wallet from the list of browser extensions. You can use it to quickly view your cryptocurrency balance as well as view NFTs and transaction lists.
How to create your first NFT collection in OpenSea
The next step is to connect your Ethereum (ETH) wallet to the OpenSea platform. Please note that you do not need to have cryptocurrency in your wallet, you can use this method even if your balance is zero.
After connecting your wallet to OpenSea, follow these steps to create your first NFT.
In OpenSea, you first need to create an NFT collection. To do this, select “My Collections” from the site menu and select “Create Collection”.
On the next page, you will need to fill in all the important details of your NFT image. You need to upload a logo image, a featured image, and a banner image for your collection, come up with a name and description for your NFTs, all of which are important in capturing the attention of your potential buyers. You can also come up with a custom URL for your OpenSea collection, making link sharing easier. You can also choose a category for your collection (art, collectibles, music, photography, etc.) and even add your personal links as an NFT artist.
Further down the page, you will find an important option for adding authors income. This is the percentage fee you will receive when a buyer resells your NFT. You can set it to anything or leave it at zero. If you decide to add a fee, you will also need to provide a payout wallet address.
The next step is to select Blockchain.Select Polygon to pay no gas fees. Then select payment tokens that can be used to purchase NFTs.
Finally, click the “Create” button at the bottom of the page to complete the collection setup.
How to create an NFT
Now that you have your NFT collection ready, you can create your first NFT in OpenSea.
Go to the OpenSea website and open your collection.In the upper right corner, select Add item.
On the Create New Item page, upload an image, video, audio, or 3D model to mint as NFT. Supported file types include JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF. The maximum file size is 100 MB.
You can fill in more details about your NFT on the same page. You can add a description of the item, a link to a web page with more information about the item, and any unlockable content that can only be shown to the owner of the item.After you fill in all the details. , scroll down and select New.
That’s it, your NFT will be minted in just a few seconds. After creating an NFT, you can edit it by changing the description or any other information.
How to Sell Your NFT
When you release an NFT, you can list it on OpenSea and wait for the first sale. To sell your NFT, open it from your collection and click the blue “Sell” button in the upper right corner of the screen.
Select the price of your item in ETH and the duration. On OpenSea, the minimum price you can set is $2. If you do not want your NFT to be available immediately, you can set any day in the future as the start date for your sale. OpenSea also allows you to reserve NFTs for a specific buyer. If you choose this option, you need to provide the address of the buyer’s cryptocurrency wallet.
We have set an ambitious price of 1 ETH for our work of art. The price and duration of the sale are two things that you won’t be able to change later, so you shouldn’t rush through this step. We recommend taking a look around to see how many other users are asking for similar artwork before you decide to make your choice.
How to make your own NFT and sell it for free
To complete the NFT transfer, select Complete transfer. OpenSea will ask you to send an e-signature through your crypto wallet.
That’s it, you’ve successfully listed your first NFT on OpenSea! However, minting and listing your NFT is much easier than selling it. In Opensea, you can only choose the duration of the sale. On other platforms, such as Rarible, you can also set up a timed auction or an unlimited auction to improve your chances of selling the token.
Another way to increase your chances is to have social media followers that you can use to promote your art. For example, you can advertise your NFTs on your Instagram account, on your Facebook page, or on dedicated subreddits. You can run small giveaways to promote your collections and get the attention of potential buyers.
A Pro Tip for Selling Your NFTs
NFTs sell well, mostly from established artists (see Beeple and his collection for example) and social media influencers with large followings.
However, for those who are new to the NFT sale, there is also a way to profit from selling your tokens. When you create your NFTs, you need to consider how the buyer can use them in more than one area. In other words, what value does your NFT have other than being a digital asset stored on a blockchain?
If it can be used in one way or another in real life, it is an NFT that has the potential to become popular among buyers and sell. A good example is the STCs that illustrate and raise awareness of the conflict in Ukraine. They are also used to raise funds for charity.
How to make your own NFT and sell it for free
How to make your own NFT and sell it for free