Non-fungible tokens (NFTs) may have grabbed your attention over the past year, as many celebrities have started dipping their toe into the space.
As people are happy to pay substantial sums for a unique digital asset, you could follow in the footsteps of many creators who have earned millions selling NFTs.
If you want to cash in on the evolving market, you first must brush up on your knowledge of NFTs and cryptocurrency. Get started by finding out how to create an NFT.
Choose An Item To Turn Into An NFT
Before kickstarting the process, you must identify the item you want to turn into a digital asset, such as videos, music, memes, artwork, etc.
You can turn it into an NFT if you own the intellectual property rights.
Pick A Blockchain
Next, pick a blockchain to mint your item into an NFT. You can choose from many popular options, such as:
- Ethereum
- Tezos
- Polkadot
- Binance Smart Chain
- Cosmos
Ethereum is a top pick for NFT artists and creators, but each transaction will cost a fee (known as “gas”), which is then paid to a miner.
The amount of gas you will need to pay per transaction will vary, and every action you perform will come at a price, including minting or transferring.
Create A Digital Wallet
After finding the best blockchain technology for your needs, you will need to create a digital wallet.
Every creator must have cryptocurrency to fund an initial NFT, and the digital wallet will provide direct access to your digital assets.
- Great options for digital wallets include:
- Math Wallet
- Metamask
- AlphaWallet
- Coinbase Wallet
- Trust Wallet
Once your digital wallet is ready, purchase a cryptocurrency, such as Ethereum or Bitcoin, or connect your existing cryptocurrency to your new digital wallet to start creating and selling NFTs.
Select An NFT Marketplace
Once you have added cryptocurrency into your digital wallet, the fun can begin. You must identify the best NFT marketplace to create, sell, and buy NFTs.
Once you have set up an account, you must connect it to your digital wallet to pay any associated fees and process sales.
You can then upload any image, video, or audio file you own to mint your NFT. You will need to give the NFT a unique name before setting its royalty fee for a sale.
Anyone can mint an NFT, and most NFT marketplaces will provide creators with helpful step-by-step guides for uploading a digital file. You can then convert your PNG, MP3, GIF, or another file type into an NFT.
Set Sales Rules
Establishing various sales rules is the last act you must perform to monetize your NFT. For instance, you will need to sell an NFT for a fixed fee.
Also, you may want to run a timed auction to encourage people to buy your NFTs at a quicker rate, as they might not want to miss the deadline. If you prefer, you can sell NFTs without a time limit.
