Non-Fungible tokens a.k.a NFTs have exploded and become a big deal in the crypto market. Other than connecting sellers with a broader audience, NFTs are attracting ordinary people aside from crypto enthusiasts. In this article, we will help you understand what NFTs are and how you can create your own NFT project and how to mint an NFT on Ethereum. A deep understanding of technology and basic tools and computer skills are necessary when creating your NFT project.
What are NFTs?
An NFT (Non-Fungible token) is a unit of data or a digital asset representing objects like art, music, videos, photos and other types of digital files stored on a blockchain (a digital ledger).
These tokens give certification to a digital asset making it unique and therefore not interchangeable. A Fungible asset on the other hand,is interchangeable for example money.
Examples or NFTs include: an essay, a domain name, a unique sneaker in a limited-time fashion line, a ticket giving you access to an event or a coupon and so much more.
The Non-Fungible tokens are encoded with similar software as many currencies.
An NFT can be traced to its original creator and current possessor. Creators earn a fair share from NFT projects than in conventional methods because they access the global market directly.
Should You Create an NFT?
Creating an NFT comes with benefits including more control over your intellectual property and an access to a global art network and other digital item collectors.
Anyone can create an NFT project but before you do, you need to understand and consider the value an NFT will bring to you.
How to Create an NFT
Since you have an idea of what you are getting yourself into, here is a step by step guide to help you create an NFT.
How to Mint an NFT on Ethereum
Creating an NFT on the Ethereum blockchain is easy.
1. Choose a Blockchain
To support your NFT token, you will need to select a blockchain.
A blockchain is a system of recording information in a way that makes it impossible to change or hack the system.
Most of the Non-Fungible tokens exist on the Ethereum blockchain although they can be supported on other digital ledgers. NFTs can be bought and sold online with Ether and Bitcoin currencies being the most used currencies during NFT transactions.
Examples of other blockchains include;
- Flow By Dapper Labs
2. Create and set up a Wallet
Ethereum wallets like Metamask, Trust Wallet or Coinbase are necessary to support your NFT and an account on the Ether platform.
To set up your Metamask wallet, click on the create a wallet button and follow the instructions given. After setting your password, you will copy your seed phrase and store it in a place that can be retrieved. You need to be careful as losing the seed phrase can lead to loss of funds.
3. Transfer Cryptocurrency to the Wallet
To initiate the transfer of Ether to Metamask, you need a wallet address. The wallet address is the account number you use to send and receive cryptocurrency from different wallets.
4. Select a Marketplace to Mint Your NFT
The choice of Blockchain you make determines the NFT marketplaces you can choose. Ethereum, gives you access to Opensea, Mintable and Rarible. Binance gives you access to Juggerworld, BakerySwap and Treasureland.
After minting, your NFT goes to your Wallet and you can freely choose the platforms you want to sell them.
5. Create Your NFT
After connecting your wallet to Opensea, your creative journey can begin. Click on create button on the platform, fill in the information required and save.
Then, click on the new item section, load your work and give detailed information about it. After minting, open the project and click the sell button. Then select the tokens you’ll take as payment.
Remember, uniqueness is key in the creation of your NFTs project.
After minting your NFT, you can now decide to sell or transfer them to other blockchains. Ethereum and Binance are the most affordable platforms.
If you have an Ethereum address or wallet on Metamask, you can head to Opensea and mint your NFT token with the guideline provided on the platform.