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Since the NFT market exploded in 2021, digital artists have made millions of dollars through their NFT art. The most famous example is probably Pak’s The Merge, which earned a staggering total profit of $91.8 million between 2nd and 4th December 2021.
Beeple’s Everydays: The First 5,000 Days is another jaw-dropping multi-million dollar NFT. Sold for $69.3 million in March last year, the artwork is often considered the trigger of the NFT boom.
NFTs have undeniably made digital art more lucrative than ever before. Why not seize the opportunity to mint an NFT? Chances are you may be able to cash in on the mania. Read on for our simple guide on how to create your first NFT.
1. Choose Your Unique Digital Asset
The first step to minting an NFT is to decide on your unique digital asset, be it a meme, a gif, an image or a custom painting.
While you can be pretty flexible in choosing your digital asset, don’t forget to ensure that you own its intellectual property rights. The last thing you want is to get into legal trouble for minting an NFT using someone else’s intellectual property.
2. Apply for a Crypto Exchange Account
If you haven’t already, get yourself a crypto exchange account. Many NFT marketplaces charge a one-time fee for minting NFTs and require users to pay in cryptocurrencies.
As Ethereum powers most existing NFT marketplaces, it’ll be rather handy to get yourself some Ether to fund your first NFT.
The strong association between NFTs and Ethereum have generated plenty of opportunities for traders to speculate on the price movements of Ether. Ether is available for trading at Exness, where you can trade a variety of cryptocurrencies through popular MetaTrader Mobile.
Most of the popular cryptos can be traded on Exness MT4 accounts, with some exceptions.
3. Create a Crypto Wallet
A crypto wallet is a must-have for buying and selling NFTs. You’ll need to set up a crypto wallet that’s compatible with the blockchain powering the NFT marketplace of your choice.
MetaMask, Coinbase Wallet, Phantom Wallet, Arconnect Wallet, AlphaWallet and Trust Wallet are some of today’s most popular NFT wallets.
3. Choose Your NFT Marketplace
After setting up your digital wallet, it’s time to choose and create an account on your NFT marketplace.
When searching for an NFT marketplace, remember to find one that suits your NFT. For example, if your NFT is basketball related, NBA Top Shot may be your ideal marketplace.
If you are after a reliable, easy-to-use platform suitable for all types of NFTs, you can’t go wrong with OpenSea. A market leader in NFT sales, OpenSea enables you to mint an NFT without paying gas fees.
After you’ve decided which NFT marketplace to go for, connect your crypto wallet with your marketplace and prepare yourself for minting.
5. Mint Your NFT
You can finally start minting your first NFT. Upload your digital file in a format compatible with the NFT marketplace you’ve chosen. Your NFT platform will then turn your artwork into a salable NFT.
6. List Your NFT for Sale
Now that your first NFT is ready to be sold, you can start thinking about how to monetise your NFT.
Different NFT platforms offer various options for you to sell your NFT. Generally speaking, you can auction your NFT or sell it at a fixed price.
If you wish to auction your NFT, you’ll have to set the minimum price and time limit for your auction. Decide how much your NFT will cost if you want to sell it at a fixed price.
Also, don’t forget to determine your royalties so that you can keep cashing in whenever your NFT is sold in a secondary marketplace.
While minting NFTs is fun and potentially profitable, it is noteworthy that the fees involved with creating and selling NFTs mean you may end up losing money if you fail to find a buyer for your NFT.
It is therefore important to give your NFT a price that will offset the costs.
