NFT will still be “crazy hot” that there is continuously hundreds of thousands of dollars worth of collections for sale on exchanges. So how to generate NFTs?
What is NFT?
NFT stands for Irreplaceable Token (non-fungible asset). This is a type of cryptographic token on the blockchain, representing a single asset. NFTs can be digital assets or tokenized versions of real-world assets.
What is NFT used for?
NFT is widely applied in many fields, from digital drawing to collectibles, in-game items, and sports NFT.
Thanks to NFT, players can easily own in-game items or characters by loading money into the game to make purchases. However, actual ownership belongs to the manufacturer, so your items may be lost if the server crashes or the account is hacked.
Additionally, your item is tied to a data token. As a result, you can easily exchange them with anyone who owns the underlying blockchain coins. The entire activity of that item is recorded and stored on the blockchain, so no one can influence or change it.
NFT has been widely applied in all areas of life; it helps to encrypt assets and has the ability to digitize intellectual property rights. In addition, there are other items that can be encrypted for exchange and transactions, such as domain names, e-tickets, etc.
Why is NFT so valuable?
Each item is unique, so the NFT has great collectible value. When trading, transactions in the form of NFT do not need to go through an intermediary or third party. It is this that helps artists save a significant portion of profits, and each time the work is handed over to a new owner, they receive royalties.
Properties of NFT
Recognized by analysts as well as many investors as a potential development trend in 2023, NFT includes the following salient features:
- Cannot be destroyed or copied.
What to prepare before generating NFT?
Before minting your own NFT, you need to prepare three things:
- Songs, artwork, in-game items, or anything else you feel that it is worth minting into NFT
- Some cryptocurrencies to pay the minting fee
- Cryptocurrency wallet – where to store your “money”
Remember, NFT is an exclusive digital item that can only have a particular owner at any time. As a result, you could get into legal trouble if you create an NFT from assets that you don’t have legal intellectual property rights to.
Which blockchain should we choose to mint NFTs?
Technically the NFTs will be the same no matter which platform. If you want to trade your tokens easily, it is better to choose a platform with an existing marketplace that you are familiar with.
Ethereum was the first major blockchain to maintain tokens as we know it today. Along with the development of technology, the list of blockchains compatible with NFT now includes Binance Smart Chain, Polkadot, Tron, Tezos, and more.
Most NFTs are created on Ethereum or BSC. However, gas fees on Ethereum have made NFT minting and processing quite expensive. Binance Smart Chain is a cheaper and faster alternative.
Bakery Swap has the largest NFT market so it is a suitable option for anyone looking to sell their NFT for a good price. If you want to save money, you can mint NFT for free with Treasureland. If you are looking to use Ethereum then OpeaSea or Rarible are two of the most popular platforms.
How to mint an NFT?
Step 1: Buy a Cryptocurrency
The first important thing is that you will need to pay a cost to create the NFT. Most platforms pay with Ether.
Be aware that, like bitcoin and many other cryptocurrencies, the value of Ether (ETH for short) can fluctuate wildly. In 2021, the price of 1 ETH has increased from less than $1,000 to $4,800, with many values fluctuating continuously.
To buy Ethereum, you need a ‘wallet’ and connect it to the NFT platform of your choice. There are many e-wallet services, but for illustrative purposes, we will use MetaMask.
Step 2: Create an e-wallet
To create a digital wallet with MetaMask, you need to visit that website and click on the blue ‘Download’ button. Since we are using a desktop, we choose to install a browser extension, but also have a mobile app.
You will be asked to confirm ‘create new wallet and code’. Don’t worry too much about what ‘new code’ means (it’s basically a list of words that store information about user information). Click ‘yes’, then you just have to agree to the terms, create a password and take some security measures, and you’ll have your account set up.
Step 3: Top up your wallet
Once you have set up your MetaMask wallet or any other digital wallet, you will need to add a bit of ETH currency to it. It’s pretty easy: just click the ‘Buy’ button and select the ‘Buy ETH with Wyre’ option. You will be taken to a screen where you can buy ETH with Apple Pay or a credit card.
Step 4: Connect your wallet to the NFT platform
Most e-wallets work in a similar way. Regardless of your choice, once you have some ETH in your wallet ready to pay, you can go to the NFT platform that you will use to generate your NFT.
Step 5: Upload your item file
Digital assets registered on the blockchain cannot be modified, deleted or edited. Please double-check the item you want to upload for NFT minting because it may not be cheap.
Here we have an example of NFT creation on the Open Sea. Now you need to upload the digital file that you want to make into NFT. The format of the files can be: PNG, GIF, WEBP, MP4, MP3, etc and the maximum size is 100MB.
NFT artists can create assets without paying gas fees upfront. However, NFTs are not transferred on-chain until the first assignment or purchase. If you are the creator of the work, you can cut gas fees when minting NFT. This cost will be paid by the buyer.
Step 6: Describe your NFT
You can now add a title and description to your NFT. To maximize your chances of selling your NFT, you need to take some time to think about it more carefully. You have to consider the percentage of royalties you would like to have on any future resale of your work.
Once again, this is a balancing act, as a higher percentage will give you more money per sale in the long run, but it will also prevent people from reselling your work because they will be less likely to make a profit than the artist. Finally, there is an optional case to add your file attributes.
Step 7: Set up an auction
Now we come to the more difficult part: setting the minimum price. Set it excessively low, and hefty fees will swallow your profits and possibly even put you at a loss after selling the work. We will set our price at the hopeful 1 ETH and give everyone seven days to bid.
Next, you will have the option to ‘Unlock after purchase’. This gives you the opportunity to offer your end buyers a full, high-resolution version of your artwork or “exclusive” portions of it through a confidential website. password or a download link.
How to mint NFTs on specific blockchains?
Now that you have mastered the basics of NFT minting, each platform has its own way of minting. What are those steps?
How to mint NFT on Featured By Binance
1. Go to the Featured By Binance homepage and click [Create]. You need to connect to your crypto wallet to continue.
2. Then you just need to upload your digital files (images, audio, video, etc.).
3. Remember to add a description (metadata) to your NFT. You also have to choose between individual NFTs or a collection (a group of NFTs).
How to mint NFT on OpenSea
OpenSea supports a wide range of NFTs such as collectibles, in-game items (GameFi), domains (ENS name), or digital works. OpenSea NFTs are currently supported on blockchains such as Ethereum, Polygon, Klatyn, and Solana.
- Access the OpenSea website by following the link: https://opensea.io/
- At the main interface screen, select the wallet icon in the right corner.
These will be the supported wallets on OpenSea, for example, we use the MetaMask wallet.
- After a successful connection, select the icon in the right corner of the screen and select “My Collections” → Select “Create a Collection”.
- Choose a profile picture and name your NFT collection.
Choose an image to represent the NFT collection
Select chain Polygon and “Create”.
- Select “Add items” to start creating NFTs for your collection.
- In this step, you will upload the file that you want to convert into NFT and fill in additional information such as name, description, and collection, …
Here are two parts you need to pay attention to:
- Copyright: you can set an additional royalty percentage for anyone who wants to own your NFT. Accordingly, not only can you make money from selling NFT, the source of income from royalties is also a novelty that attracts the attention of artists who want to release their products in the form of NFT.
- You should switch to the Polygon network to get free gas when casting, which is a list of NFTs for sale.
- You can store it in your wallet or list it on the exchange for sale depending on your purpose.
Note: When the NFT is successfully sold, OpenSea will charge a platform fee of 2.5% on the value of the NFT.
How to mint NFT on BakerySwap
You only need 5 minutes to create NFT on BakerySwap from start to finish. Just make sure you have some BNB available to pay the minting fee (0.01 BNB at the time of writing) and a crypto wallet to store BNB.
Note that minting fees may vary based on the price of BNB. If you don’t have a wallet, we suggest that mobile users can use Trust Wallet and desktop users can use MetaMask.
- First, go to the BakerySwap NFT Marketplace and connect to your wallet by clicking the button in the upper right corner of the screen.
- Once you have connected your wallet, click [Mint Artworks] to start creating your NFT.
- Fill in all required fields.
- Below the info, click the [+] icon to upload your file. You can also see the minting fee at that time, below is a statement against counterfeiting and plagiarism.
- After checking that the information entered is correct and upload your image, choose to agree to the anti-counterfeiting statement before clicking [Mint].
- If you use MetaMask, a window will pop up asking you to confirm payment of your NFT minting fee.
- Once you have paid, you can view your NFT on the blockchain with BscScan. Now, your NFT is available and you can transfer or trade it.
How to mint an NFT on Treasureland
Treasureland is an NFT market that is part of the BSC Dego Finance project. Treasureland owns a protocol that combines decentralized finance (DeFi) and the NFT ecosystem. Minting of NFTs with Treasureland is free to the creator, as NFT buyers will have to pay a fee.
Treasureland currently only allows users to create photos and GIFs, but you can choose to create a single NFT or create a handle and set royalties to the creator.
- Go to the Treasureland Create section and connect your crypto wallet to get started.
- Next, you go to the NFT creation page, fill in all the information about the NFT, then upload your photo or gif.
- Note, Treasureland has royalties locked at 10% before you create your NFT.
- You can now view your NFT or sell it. If you want to transfer it, you will have to pay the minting fee.
Trade NFT in the market
If you only have a vague idea that you want to create an NFT because everyone seems to be doing it, do your research and think carefully because you will lose all your investment.
While there are plenty of platforms out there that you can create NFTs for free, however, selling them can be another matter. It will be easier for you to trade if you sell on the platform that pays for the initial asset creation.
Trading an NFT is like doing business in real life, you have to invest initial capital, not just a computer. For example, on Ethereum, every transaction has to pay a fee to the miners. These fees are called “gas” and the amount of gas you need for a transaction can fluctuate considerably.
Almost everything you do on the blockchain, from minting the NFT to trading it on to others by auction, costs gas.
It is also important that paying for gas is not a 100% guarantee that your earning will be successful. You can pay more to give yourself a better chance, but nothing is ever 100% certain.
Don’t worry too much as most trades are likely to be done. However, if the unfortunate happens and your transaction is not completed, you will not get the gas fee you paid back.
The irreplaceable token ecosystem is growing rapidly and becoming easy to use for many people. If you want to mint your own NFTs, the process is pretty straightforward. Whether you want to create, buy or sell NFTs, there are platforms available to help you do this. Try creating your own NFT!