NFT is s the biggest buzz in recent times, from singers to painters to global brands every one finds it to be blending well with their requirements. Evidently, what NFT is, how it works and its ongoing trends have been in discussion for quite some time now. Presently, what needs to be understood is how can one convert their unique artistic idea into this profitable digital asset and enjoy the potential of big money.
Tips To Create Your Own NFT
Begin by selecting the item
Yes, it is the basic step to determine which unique digital asset is desired to be turned into NFT. It can be some pictures, video, custom painting, video game, meme, GIF, and guess what even a tweet too. Turning these unique items into NFT makes you the sole owner of the digital item and brings rarity along with the monetary value. Also, remember to consider only those item(s) for which you own intellectual property rights else it might get you into legal trouble.
Pick the blockchain network
Once the selection for the unique digital asset is done, it’s time to kick start the process of minting the item into NFT. Consider selecting a powerful and reliable blockchain network for this purpose. Ideally, Ethereum (CRYPTO: ETH) is the popular choice of the NFT artists and creators but besides this, there are several other options too. Some alternative options are Tezos, Polkadot, Binance Smart Chain, Cosmos, etc.
Create your digital wallet
Having a digital wallet is mandatory to process NFT minting. In case you do not have any digital wallet ensure setting it up with some cryptocurrency as the initial investment to fund your NFT project. The NFT digital wallets such as Math Wallet, Alpha Wallet, Coinbase Wallet, Metamask, and Trust Wallet allow quick access to your digital asset. As mentioned after creating a digital wallet it is important to buy some cryptocurrency such as Ether on the Ethereum blockchain network. In case you already own cryptocurrency elsewhere it is better to connect them to the NFT digital wallet.
Find your NFT Marketplace
Since by now you are ready with both digital wallet and cryptocurrency, therefore it’s time to start creating the NFT marketplace and selling the asset. Some of the top NFT Marketplaces are Open sea, Axie, Crypto Punks, Rarible, Super Rare, Mintable, NBA top shot marketplace, Nifty Gateway to name a few. All these marketplaces are suitable for distinct project types so research well to find the right NFT Marketplace for you.
For example, NBA Top shot is particularly the basketball-focused NFT marketplace, Axie Infinity is best for the top NFT games. To be noted some of the marketplaces need their own cryptocurrency such as Rarible, so ensure checking the clauses beforehand. Also, the process requires necessary fees which can be paid using the attached digital wallet. According to the report so far Open Sea is considered the best NFT marketplace owing to its performance and is emerging as the leader in NFT sales.
File Upload and Sales Process
Once all the procedural requirements are met with it’s time to upload the digital file (PNG, MP3, GIF, or others) to complete the process of marketable NFT. After the successful uploading of the file, the final stage calls for deciding how to monetize NFT which is highly driven by platform type.
- Fixed Price: Here you as the owner of the digital asset will be allowed to fix the NFT prices and wait for the person willing to pay that price for buying the NFT.
- Time Auction: Here, the interested persons are given a time limit to finalize and submit the auction bid.
- Unlimited Auction: As the name suggests, there exists no time bar here and the owner (you) can end the auction as per convenience.
Things to consider while minting NFT
It is better to determine the minimum price of NFT while setting an auction to avoid losing money. Besides this do not forget to clearly state your royalties while cashing in your NFTs in the secondary market. Furthermore, the associated fees can be quite costly and confusing at the same time. Therefore enquire well before listing on any platform and prepare suitable analysis.
To be noted such fees can also fluctuate due to the cryptocurrency prices. Thus, making NFTs can certainly be a profitable investment but also be prepared for the setbacks in case the NFTs do not sell in the desired time.