How to Create NFTs: the Basics
NFTs, or non-fungible tokens, are created on a blockchain network. A blockchain is essentially a digital ledger that records transactions in a secure and transparent manner. NFTs are unique digital assets that are stored on a blockchain and cannot be replicated or duplicated.
The creation of an NFT involves several different technical steps, but before you worry about those- here are the basics:
Choose a blockchain network: There are several blockchain networks available, such as Ethereum, Cardano, and Solana. Each network has its own pros and cons, so it's important to choose the one that best suits your needs and future outlook.
Choose a wallet: A wallet is a digital storage space where you can store your NFTs, and crypto. You'll need to select a wallet that is compatible with whatever blockchain network you choose. Some wallets support multiple blockchains and others only support one. So when considering wallets, it’s good to do some research and if you feel comfortable- there is no limit on the number of wallets you can own, so you can always temporarily try one out to see if it is the best fit for you. Just make sure that you keep your private keys & passwords securely stored, & organized.
Create your digital asset: Your NFT can be any digital asset, such as an image, a video, a gif, an audio file, and other documents like pdfs. You can create this asset yourself, along with its unique metadata, and authenticate it through a process known as Minting.
Mint your NFT: Minting is the process of creating your NFT on the blockchain network. A good way to look at this is as a process of converting a digital file into a digital asset on the blockchain. You'll need to use something called a smart contract to do this, which will encode the details of your NFT, such as its name, description, and ownership rights, along with the file onto the blockchain. This process varies depending on the blockchain you are using, if you are minting independently, with the help of a developer or minting service, or using a marketplace minting platform.
Set your NFT's price: You can set a price for your NFT in the currency of the blockchain network you've chosen, such as ETH, ADA, or SOL. Often, there is also the option of listing your NFT for Auction and making it open to offers from potential collectors.
There is no “right” or “wrong” price to set for your NFT, but as you continue your Web3 & NFT journey, you will gain an awareness of current market conditions & expectations which will help guide you into a sweet spot for pricing your work.
Much like selling any kind of creative work, it can take some time for your value to be established so just stay involved & be consistent. The NFT ecosystem runs on participation, so the more engaged you are in the community, the more engaged they will likely be with you in return.
List your NFT for sale: Once your NFT is minted, you can list it for sale on a marketplace or auction site that specializes in NFTs.
When someone purchases your NFT, the ownership rights are transferred to them on the blockchain network, and the transaction is recorded in the ledger for everyone to see. The blockchain ensures that the NFT is unique and cannot be duplicated or counterfeited, which makes it valuable to collectors and investors.