How to make NFT? To get answer first we must know what is NFT? As we know non-Fungible token (NFTs) is digital assets that are both rare and unique. A product or service is fungible once it can be easily interchange for commonly accepted equivalents. For example, a Rs 1 bill can be exchanged for another Rs 1 bill or else for 4 quarters or a hundred pennies. NFTs can be rare items or things, meaning there will only ever be one of them to ever exist. They can also be rare or scarce, meaning only a limited number of them will ever exist. There is no limit to what an NFT can represent. The NBA has used NFTs to represent video clips of highlights from basketball games with NBA Top Shots.
You probably get know about the NFT by reading NFT News or Stories in Internet that people are making thousands of Dollars by selling NFT. these are rare exceptions. And even if you replicate that success, most of the money won’t go to you. That’s because numerous fees are charged to NFT artists, both upfront and after the sale, by the cryptocurrency companies that enable the transactions and the platforms that generate and maintain the NFT.
Often, the full sort of these fees won’t become clear until you’ve already split with some money. And it’s very probable you’ll end up losing money instead than making it. For information take one Case, Alan Gannett clarifies in this post on OneZero.com how he create & designed four Non-Fungible Tokens (NFTs), sold one, and spent more than $1,000 in the process. That caution aside, read on to learn how to make and sell and NFT.
Here are List you’ll need before start
- Digital wallet
- Add money to your wallet
- Connect your wallet to the NFT platform
- Upload your file
- Set up an auction
- Describe your NFT
- Pay the fee (but be warned)
1. Digital wallet
The huge majority of Non-Fungible Token NFT activity by independent makers is taking place on the Ethereum blockchain. To interact with Ethereum, you will require a Web3-permitted wallet like MetaMask, which has both a cell phone application and a Desktop browser extension. To make transactions on Ethereum, you will require some Ethereum in your digital wallet, the native cryptocurrency of Ethereum to pay for blockchain network or “gas” fees. You can acquire ETH on an exchange like Coinbase.
To make a digital wallet with MetaMask, go to the site https://metamask.io and click on the blue ‘Download’ button in the top-right or bottom of website. After clicking the download button, you will get the three option IOS, Android or Chrome. As we’re using a desktop computer, we choose the option to install the browser extension.
Next, you’re requested to verify that you wish to ‘create a new digital wallet on Metamask and seed phrase’. It’s not very significant to understand what ‘seed phrase’ means, but basically, it’s a list of words that keeps the blockchain data.
Say yes to that. Then it’s just a matter of agreeing to the terms, creating a password, working through some tedious security stuff, and you’ll have an account set up. NFTs on Ethereum are based on open-source standards and you hold them or “custody” them in your own wallet. This means when you mint an NFT you are not tied to any specific platform and can use any tool or platform of your choosing to create your NFT. For example, you can mint an NFT on Mintbase and then display and sell it on OpenSea without the NFT ever leaving your wallet.
2. Add Ethereum to your wallet
After getting MetaMask digital wallet, now add some ETH to it. This bit is pretty simple method: click on the ‘Buy’ button, and then select the option ‘Buy ETH with Wyre’. You’ll then be taken to a screen where you can buy ETH with either Apple Pay or a debit card.
3. Connect your wallet to the NFT platform
Other wallets tend to work in a similar way. Whichever wallet you’ve chosen, once you have some ETH deposited, it’s time to head to the NFT platform itself and spend some of it. For illustrative purposes, we’ll use Rarible and Opensea but as we mentioned earlier, other NFT platforms are available.
Go to Rarible.com (shown above). In the right-hand corner of the screen, you’ll see a button titled ‘Connect wallet’. Click that, and the next screen asks for your wallet provider, which is our case is MetaMask.
A popup box now appears, giving you the option to connect your wallet with Rarible. Click on ‘Next’, then ‘Connect’, accept the terms of service and confirm you’re over 13 years of age.
Let’s connect your wallet to OpenSea, edit your profile, and begin interacting in the space. When you arrive to opensea.io, head to the top right profile icon, select “My Profile”.
You will then be prompted to connect your wallet. You will continue through multiple prompts, finishing with the connection screen. When you see “Connecting…” OpenSea to your wallet, you’re almost done.
Your account will default to “Unnamed”, showing only your wallet address below. To personalize your account, select the gear icon on the right side of the screen. You will receive an extra security prompt, select “Sign” and you can begin updating your profile.
Now you can customize your profile, including username, bio, and email address. Your profile photo and cover banner can be customized on your account as well.
4. Upload your file
Hooray! You’re ready to create your NFT. First, click the blue ‘Create’ button at the top right of Rarible.com. You’re then given the options of creating a single, one-off work, or selling the same item multiple times. In this example, we’ll opt for ‘Single’.
You can now upload the digital file you wish to turn into an NFT. On Rarible, this can be a PNG, GIF, WEBP, MP4 or MP3 file, and up to 30MB in size.
From opensea.io, select your profile image in the top right and then My Profile.
Select the NFT you would like to sell from your wallet. If you don’t have an NFT available to sell, check out our create an NFT tutorial to get started.
Select Sell on the top right.
Choose the price, type of auction, and other preferences.
When you are finished select Post Your Listing.
You’ll then be asked to complete your listing.
Please note, if you’ve never sold on OpenSea before you’ll need to initialize your wallet. Also, if the item you are listing was not minted on OpenSea but through a custom contract, there may be an additional approval step required to allow OpenSea to trade the item on your behalf.
To see the items you have listed to sell, from your profile page select the Activity tab.
You will see the item you just listed labeled with the transaction List.
5. Set up an auction
In the next part of the form, you’ll need to choose how you wish to sell your NFT artwork. You have three options here. ‘Fixed price’ allows you to set a price and sell it to someone instantly (like ‘Buy it now’ on eBay). With an ‘Unlimited Auction’, people carry on making bids until you accept one. Finally, ‘Timed auction’ is an auction that only takes place for a certain time. That’s the option we’ll choose for our example.
Now comes the tricky part: setting a minimum price. If it’s too low, the enormous fees will swallow up your profit and may leave you losing money. We’ll set our price at an ambitious 1 ETH and give people seven days in which to make their bids.
Next on the form, you get an option to ‘Unlock once purchased’. This gives you the chance to provide your eventual buyer with a full, high-resolution version of your art, and/or additional material through a secret web page or download link.
Below that lies the most confusing option on the form, titled ‘Choose Collection’. This is a very technical question about how the block chain is set up. The default option here is ‘Rarible’, and we’d advise leaving it like that.
6. Describe your NFT
Next, you get to add a title and description for your listing. To maximise your chances of selling your NFT, you’ll need to spend some time perfecting this.
You’re then asked to consider what percentage of royalties you wish to claim on any resale of your art in the future. Again, this is a balancing act, as a higher percentage will net you more money per sale, but it will also deter people from reselling your art in the first place as they’ll be less likely to make a profit for themselves.
Finally, there’s an optional field to add your file’s properties. And then you’re almost done.
7. Pay the fee (but be warned)
Click ‘Create Item’, and you’ll be invited to connect with your wallet to pay the listing fee. If you don’t have sufficient funds in your wallet, don’t worry you won’t have to start again. Just click on the wallet icon in the top-right corner of the screen, and you’ll be given the option to add funds directly within Rarible.
Before you do so, though: be warned. The listing fee may seem low: in our case it was just $5.91. But this is only the beginning of the fees you’ll be charged. Before you can go any further, you have to agree to a further fee to actually generate your NFT, which in our case would have been $42.99. Then if someone buys your NFT, there’ll be a commission fee on the sale, and a transaction fee for transferring the money from the buyer’s wallet to your own. As far as we could tell, none of this seemed to be made very clear on Rarible’s website at the time we tried it.
We’d love to be able to explain, clearly and simply, how to calculate the cost of creating and selling an NFT, but the confusing nature of block chain technology, the wild fluctuations in crypto currency values and the lack of transparency on the platforms themselves make that an impossible task. So really, you must have to wait and see how much you get charged overall if you make a sale.