The acronym “NFT” skyrocketed and has been heard a lot from the start of 2021 till today. Recently, people started taking an interest in Crypto. However, many barely have an idea about cryptocurrency.
Many artists, especially those working in the top logo designing companies in the USA, find ways to sell an NFT as a new revenue stream. Only a few know that NFT is not a place to sell art, but it provides security of ownership on digital assets with access to many communities.
Let’s start from scratch. You might also be confused about NFT and why it has been thrown around a lot lately. NFTs or non-fungible tokens represent non-replaceable or something one of a kind. They can be games, videos, or pictures.
The sudden attention toward NFTs is not surprising. Especially when NFTs have exploded from $100 million in 2020 and increased to $22 billion in 2021. Moreover, the collective value of the top 100 NFTs is around $16.7 billion.
NFTs and metaverse are starting to conquer the market, and cryptocurrencies as their sidekick. But what exactly is NFT? Let’s go slowly, as the concept might puzzle you. But don’t worry, we’ll go through all the basics.
What is NFT?
NFT stands for “non-fungible tokens”, a unique piece of data secured by blockchain. It can be art, music, videos, pictures, GIFs, and even real estate. The first NFT was created in 2014 but came into recognition in 2018. Since then, there has been quite a fluctuation in the prices which helped people achieve financial success and freedom.
An NFT can only have one owner at a time. No one can create changes or alter the same NFT on the blockchain. It gives leverage to all of the NFT’s owners to set up the rates of their possessions according to their needs and desires.
How to create and mint an NFT
Let’s make things a little interesting. Following are the steps to make your own NFT. The following are general guidelines and can vary depending on your tools.
1. Clear Your NFT’s Concept and Type
NFTs are adaptable. You can make them considering many options. However, you can also create a collectible figure or photographs signed by celebrities. They can be MP4, PNG, or video files.
Let’s talk about creating NFTs.
For creating one, you don’t necessarily require a developer. However, if your NFT is a bit complex like a game or a smart contract, it may require an assistance of a developer. A reminder, when you are developing an NFT think about the ways you can offer value to your audience. Creating promo codes or loyalty cards can be a good move if you already own a corporation.
2. Decide a Marketplace
Upon its gradual increase in its popularity and wide out-burst, there are now tons of places where you can choose to sell your NFTs. Now, keep in mind that every marketplace has its own perks and downfalls. Some of the reputed marketplaces are Rarible, SolSea and OpenSea.
But why choose a suitable market? Such marketplaces provide easier platforms and are specifically designed for beginners. Now they might be different from one another, like in their features or attributes. For example, some may entail writing NFT on the blockchain.
Platforms like OpenSea and Rarible allow “shortcuts” like lazy minting. Allowing the seller to put their NFT for sale without blockchain integration and forwarding it to the buyer, who has purchased. These NFT fees are called “gas”. Every marketplace possesses different fee procedures, depending on how you want to sell your NFT. For example, OpenSea requires a fee of $100 in some cases.
3. Set Up a Crypto Wallet
Technological revolutionization has gifted us with things we termed impossible. Wallets are the storage systems of your cryptocurrencies which you can use to buy or sell your NFTs. However, there are extensive explanations of how wallets work. But the most important thing for a beginner to remember right now is to make sure that your wallet is compatible with the NFT marketplace and can be used for minting.
Is it necessary to have a crypto wallet? Well, yes! It is one of the easiest and most convenient ways to connect with blockchain technology and simplify your creation and trading of NFTs. Some common names of wallets are AlphaWallet, Trust Wallet, and Enjin.
Now when you are good to go, it’s time to purchase some cryptocurrency to play off your gas. The best way for this is to create your account with a reputable exchange like Kraken, Binance, or Crypto.com.
4. Create your NFT
After you are done connecting your wallet and learning with procedures. Get ready to make your own NFT. Start with designing a unique logo and thinking of a name for your NFT.
You can also go for additional features for your NFT like creating a cover photo, a banner, a description and even selecting the royalties. Additionally, don’t forget to choose the criteria and which blockchain your NFT will be on. Once you create and finalize your NFT, you can begin to mint it!
Have problems in designing your NFT? Here are some famous platforms which can come in handy when you are in an urge to create or design a creative NFT. Each of these platforms is easy and if you are passionate about NFT, you will get acquainted in no time.
- Ninja FT
- NFT Art Generator
5. Selling your NFT
Congrats on creating your NFT!
Now it’s time to put it on the market for sale. What increases the chances of NFTs getting sold? A perfect name with a unique title and description will do the thing. As it’s important you should give more time in thinking about this.
After that, you will be asked to choose what percentage of royalties you want to claim on resale. Remember, it is a balancing act.
A high percentage will undoubtedly help you in earning more money but will also deter people from reselling. Other than that, fill in the description of the file’s properties and then you are good to go.
Designing and minting NFT might look daunting at first, but it’s not as difficult as it seems. The above steps will help you in generating your own NFT in no time. However, for your understanding do look at others’ creative work and pieces of the collection.
If you are searching for someone who can guide you or create a perfect piece of art for you or your brand, Infini-Logo Design is the final choice. It is the top logo designing company in the USA that will save your time with the finest output. A team of professionals will help you in getting what you want and provides you with a satisfactory service.