Non-fungible tokens or NFTs are the latest crypto and blockchain concept that seems to be able to resonate with a broader audience, attracting those beyond just hardcore crypto enthusiasts. The explosive valuation of such tokens continues to interest investors, digital collectors and content creators alike. With the NFT craze still arguably at its peak, it's understandable if you’re raring to join the bandwagon and create your own NFT, or just explore ways of profiting off the NFT craze.
In this guide, we will focus on providing you with a comprehensive guide on how to create an NFT. Luckily, the process of making an NFT is not as technical as you would have imagined. With the right tool and basic computer skills, anyone can mint an NFT. But first, it is advisable to have a deep understanding of the technology.
An NFT uses token standards that set unique identifiers to establish the uniqueness of a token. In other words, two non-fungible token-based items can't be used the same as two Bitcoin would, despite the similarities they might share in appearance. Thanks to the immutability and transparency of blockchain, we can trace the creation timestamp of an NFT, the original creator, the current owner, and other unique identifiers. All these details are available on a public ledger and cannot be manipulated.
For creators, NFT offers a level of flexibility that is often absent in conventional methods of receiving value from the sale of arts, music, videos, memes, and so on. With NFTs, a creator can evade intermediaries and still access the global market directly. By minting the NFT version of your work and putting it up for sale on a reputable NFT marketplace, you can streamline the otherwise fee-and resource-intensive process of marketing via conventional methods. In the end, a fair share of the revenue is yours to keep.
Now that you are ready to create an NFT, you should get familiar with some factors that could sway your decision on where and how to create your first NFT. The first thing to have at the back of your mind is that several blockchains support the NFT token standard. The list includes:
Once you mint your NFT on any of the blockchains listed above, it is most likely impossible to transfer them or sell them on other blockchains. Hence, take the time to research the pros and cons of each blockchain’s NFT ecosystem before making a decision. For this guide, we will explore the minting procedure for NFTs on Ethereum.
Currently, Ethereum is the most popular hub for NFTs. Ethereum is followed by Binance Smart Chain, which is more affordable when it comes to transaction fees. In other words, Ethereum and Binance Smart Chain host the biggest marketplaces for NFTs and offer more exposure to NFT buyers.
Note that the blockchain you choose will determine the array of NFT marketplaces you can choose from. For the Ethereum blockchain, you can access a rich list of NFT platforms including OpenSea, Rarible, and Mintable. On the other hand, the NFT marketplaces particular to Binance Smart Chain are BakerySwap, Juggerworld, and Treasureland.
How to mint a non-fungible token on OpenSea — check off the steps as you mint your NFT!
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