Make your own NFT? that’s how it works

Creating an NFT is something that many artists and designers have been exploring a lot lately. It’s a new way to make money by creating digital properties. NFT art has been in the news a lot lately as the prices of various projects are skyrocketing.

Even the biggest auction houses are engaged in offering this kind of art. There are also many brands that work with artists to create NFTs that can become a part of when these companies want to enter the metaverse.

It may all seem a little strange, but what appeared to be a hype for months, there are still no signs of waning in popularity of NFTs. So if this leads us to conclude that NFTs aren’t going away anytime soon, it might be a good choice to see how you can create an NFT yourself and a way to eventually put it up for sale .

Create your own NFT

It is worth pointing out that it is quite rare for NFT collections to yield millions of dollars such as CryptoPunks. Also, the cost of creating, maintaining and flipping NFTs can sometimes be high. The cost may even be so high that you won’t have much left after the sale.

That said, there are also plenty of artists, illustrators, and designers who make money selling NFTs, so you might consider this a good investment for yourself after careful consideration. In this article, we will discuss step-by-step how to best approach this process. We will also provide a number of examples of NFT projects for inspiration.

How exactly does it work?

First you need to think about what kind of NFT you want to make or ‘mint’. What you need to do to make your NFT art is to look for a platform and a crypto wallet, you need to use this to pay the fees that come with it. You will eventually need this to receive payments when your NFT is sold. There are many platforms that you can use to create and sell NFT. Some of the most popular platforms to do this are: OpenSea, Binance NFT, Dmarketand FTX.

Create and sell an NFT

There are more than enough NFT platforms for payments. Once you have chosen which platforms you want to use to create your NFT and for your wallet, we will show you the process to follow to create your NFT.

Step 1: Buy crypto to fill up your wallet

Almost all NFT marketplaces where you can create your NFT will ask you to pay for minting an NFT. Monetization is the process of converting your artwork into an NFT that you can sell. In most cases, this payment will have to be done through cryptocurrency, which means that before you have the chance to earn crypto by selling your NFT, you will first have to pay for the fees yourself.

ETH is the most widely used currency because it was the first to support NFTs on the Ethereum blockchain. But today there are also platforms that accept different forms of payment. If you don’t already own crypto, there are many cryptocurrency exchanges that offer ETH.

Step 2: Create a digital wallet to pay for your NFT

Let’s use MetaMask as an example of a digital wallet. You can choose to use another wallet, but MetaMask is the most common option.

To create a digital wallet at MetaMask, go to the website and press the blue “Download” button. You can choose to do this via the PC and use the browser extension, but there is also a mobile app. You will now be asked a series of security questions. You have now created your MetaMask wallet. Read more about NFT wallets here.

Step 3: Send cryptocurrency to your wallet.

After your MetaMask wallet or other digital wallet is created, add some ETH to your wallet. If you don’t already own ETH, click the “Buy” button and select the “Buy ETH with Wyre” option. You will then be sent to a page where you can pay with Apple Pay or a payment card.

If you are new to cryptocurrency, this process may seem very complicated, but buying cryptocurrency is quite easy. Just keep in mind that the prices of cryptocurrencies can fluctuate a lot, so the price of ETH can be different every day. It is not uncommon for the value of a coin to vary by hundreds of dollars within hours.

Step 4: Connect your wallet to an NFT platform

Most digital wallets work the same way. Once you have created the wallet containing the ETH, connect it to an NFT platform that you will use to sell your NFT on.

Step 5: Upload the file you want to convert to an NFT

Now that your crypto wallet is connected to the NFT platform, you are ready to create your NFT and put it up for sale. You can choose to upload a single file or several at once. You can also choose to sell the same item several times. You can upload the file or files as a PNG, WEBP, MP4 and Mp3 file up to 30 MB.

Once your file has been uploaded, choose how you want to sell your NFT. There are three options for this, you can choose to sell it at a fixed price, an auction without a time limit and an auction with a time limit.

You can set a minimum price when you choose to sell your NFT at auction. Be careful not to sell the NFT at too low a price as this can easily mean you cannot make a profit or even a loss on your NFT.

You can also add a short description of your NFT to increase the chances of selling. You can also choose the percentage of royalties you can earn each time your NFT is resold. This will ensure that you can still make money from your NFT after selling your NFT, but too high a percentage will make people more cautious about selling NFT because they can also lose profits.

Step 6: Pay the listing fee to sell your NFT

The final step in learning how to create and sell an NFT is to put your NFT online for sale. Once you have entered all the information, you can click on the “Create Item” button, you will be redirected to your digital wallet to pay the listing fees.

If it turns out that you don’t have enough crypto in your wallet, you don’t have to worry about having to start over. You can simply buy some extra crypto to quickly and easily proceed with the transaction.

Before you make a transaction, we want to warn you. At first glance, the fees will seem quite low, but they can really add up after each payment.

Due to the large changes in costs, we cannot tell you exactly what the costs are for the whole process, but it is important that you do a good research on the possible costs in the marketplace where you want to sell NFT.

Making NFTs is not always profitable

With all the news about NFTs lately, doing this yourself might sound appealing. If you plan to do this, make sure to create a good project first, when the NFTs also have an actual purpose, it can give the value of the items a big boost. The cost of making an NFT can also be very high.

Therefore, think carefully about the prices you should take for the NFTs in order to ultimately make money from them. Making NFTs can bring in a lot of money, but it’s certainly not a risk-free investment. It often happens that NFT creators end up losing because they sell the NFTs at too low a price.

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