How to Become an NFT Creator – A Beginner’s Guide [2022 Edition]
You can’t go 10 minutes in the virtual or physical world without coming across at least one reference to NFTs, cryptocurrencies, or blockchains. You may have come across people in your social circle or extended family who have gotten into the NFT space, either by creating an NFT or investing in some of the top NFTs.
It is natural for questions like – can anyone create an NFT, or can I make NFT arise in your head as well. The short answer is, yes, you can! With Appy Pie’s no-code platform, you can easily create an NFT in minutes, that too without any coding! Let’s do it now!
Now, let us get into the detailed answer to –
Can anyone create an NFT?
Like I said before, yes, anyone can create an NFT. There are a few prerequisites for anyone to create an NFT. For example, you need to own an item to turn into an NFT and a digital wallet that is connected to the NFT marketplace. Here are a few basic terms that you should know if you want to become an NFT creator.
What is minting?
Quite like the physical currency, minting is the process of creating currency and NFTs on a blockchain. The minting process ensures that the data is recorded in a public ledger that is unchangeable and tamper-proof. The ledger also tracks and follows all the activities related to the NFT and keeps a record of it.
What is a blockchain?
Technically, a blockchain is “a distributed database that is shared among the nodes of a computer network.”(Investopedia)
The reason for the success and popularity of the blockchain is the guarantee of trust and security it offers without depending on or involving a third party. This trait is responsible for speeding up data transactions significantly.
Another critical trait of the blockchain is that all the data entry is irreversible, which means the NFT creators can keep tabs on all future sales of their NFT and track their royalties.
Can anything be an NFT?
Yes, you can convert any digital file into an NFT. Though most of the NFT marketplaces are attuned to digital artwork, many new marketplaces are compatible with all forms of digital content including videos, sports memorabilia, game assets, and more. In fact, even physical items are also being stored on the blockchain as NFTs (Proof-of-ownership).
How to become an NFT creator?
- Choose the item
Pick the unique item you want to turn into an NFT. It could be anything from physical paintings to memes, video game collectibles to music. You can even convert an image into an NFT. One point to remember here is that you must possess the intellectual rights to the item you want to turn into an NFT. Creating an NFT for a digital asset you don’t own may land you in legal trouble.
- Choose the blockchain
Now is the time to start the minting process. It begins with selecting the blockchain technology you intend to use. Ethereum is the most popular among NFT creators and artists. There are some more popular options you can think of – IBM Blockchain, Hyperledger Fabric, Hyperledger Sawtooth, R3 Corda, Cosmos, Tezos, EOSIO, Stellar, and more.
- Set up your digital wallet
The next step is to set up your digital wallet (if you don’t have one already). This step is critical because, to even start creating your NFT, you would need some cryptocurrency as your initial investment. The wallet also gives you a channel to access your digital assets. Some of the most popular digital wallets include Metamask, Trust Wallet, Math Wallet, Enjin Wallet, and Coinbase. After setting up your digital wallet, it is time to buy some cryptocurrency. Most of the NFT marketplaces accept Ether, the cryptocurrency of one of the most popular blockchain platforms – Ethereum.
If, however, you already have cryptocurrency of your own somewhere else, it is time to connect it to your digital wallet so that you can use it to create an NFT and sell it.
- Pick the right NFT marketplace
Now that you have set your digital wallet up and have some cryptocurrency to spare, you are equipped to start making your NFT and list it up for sale on all the popular NFT marketplaces. At this stage, you would need to find the right NFT marketplace. Some of the top NFT marketplaces include OpenSea, Rarible, Solanart, Nifty Gateway, Binance, SuperRare, Foundation, Mintable, Async Art, Makersplace, and KnownOrigin.
Different NFT marketplaces have different traits, and you need to research them well before choosing one for yourself. Certain types of NFTs do better on certain specific marketplaces. Another thing to remember here is that certain marketplaces require you to use their own cryptocurrencies, for example, RARI for Rarible.
OpenSea is a great marketplace for most beginners and lets you mint your own NFTs. OpenSea is the leading NFT marketplace and sold NFTs worth $3.4 billion only in one month (August 2021).
Of course, you also have the option to build your own NFT marketplace as per your own requirements.
Once you have finalized the NFT marketplace you want to use to create and sell your NFT, you need to connect your digital wallet with it. Doing this will let you pay the fee for minting your NFT and receiving any sale funds.
All your groundwork is done now, and you are ready to mint your NFTs. The process of uploading your digital files varies from one marketplace to another. It is usually explained in a detailed manner in the marketplace itself – mainly in helpful videos, tutorials, and FAQs. At the end of the process, you would be able to convert your PNG, GIF, MP3, or any other type of file into a marketable NFT.
- Set up your NFT sales process
Finally, you need to work out and set up your NFT sales process and decide how you will monetize your NFTs. The NFT sales process also depends heavily on the marketplace you have chosen.
The question we are trying to address here is how do NFT creators make money?
- Set a fixed price for your NFT
When you set a fixed price for your NFT, you sell your NFT to the first person who is willing to pay the money for which you listed your NFT.
- Hold a timed auction
A timed auction is where you set a time limit for all interested bidders to place their bids. At the end of the time limit, the highest bidder wins the auction and buys the NFT.
- Hold an unlimited auction
As the name suggests, there is no time limit on the auction. As the NFT creator, you have control over when to end the auction and accept the highest bid.
For each of the monetization methods, there are certain figures you would need to work on.
- Minimum price – this is the minimum amount you would be willing to let your NFT go for, in an auction. While setting this price, you need to account for the platform fee. If you set the minimum price too low, you may end up losing money on the sale.
- Royalties – In case you want to continue cashing in on your NFT, even after selling it off, you can decide your royalty amount and work it into your smart contract so that you can earn from each secondary sale of your NFT.
- Time duration – If you are holding a timed auction, you would have to decide the duration of time you want to hold the auction.
The fees for selling and minting NFTs can be confusing to understand, not to mention steep. You may have to pay a listing fee, an NFT minting fee, a sales commission, and a transaction fee for transferring money from the buyer’s wallet to yours. The fee can also vary due to fluctuations in cryptocurrency pricing or valuation. Hence, it is prudent to calculate the cost of making and selling your NFT before listing it on a marketplace.
Anyone can become an NFT creator. Creating an NFT can be a little intimidating when you are new to the world of blockchain, but Appy Pie has made it super easy. You can create an NFT in only a few clicks and even build your own NFT marketplace.
Do you think I missed something important here? Leave a comment below with your input. I’d love to hear from you!
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