Wondering how to make and sell an NFT? Transforming art into nonfungible tokens is something that many artists are exploring as a potential way to sell their work. NFTs allow art to be sold in a digital form by establishing the secure ownership of an original digital asset.
You most often hear about NFTs of digital art, but all kinds of things can be represented as an NFT, from videos to music and even real estate. Before you learn how to make and sell an NFT, it’s important to be clear about what they are, so you might want to read our previous blog here.
What does It mean to “Mint” an NFT?
Minting is the process of creating an NFT. This is when a digital asset is stored on the blockchain. It’s important to know what is being stored during the minting process. It could be an entire work of art or it could be a reference to information. Regardless of the data being stored, the simplest way to think about minting is as the process of creating an NFT.
Steps to minting your own NFT
In order to mint your NFT, you will have to use an NFT marketplace. OpenSea is currently the most popular NFT marketplace, but you can compare others that may have a better price offering.
Step 1 – Set up your wallet
Before minting an NFT, you must first set up a wallet to store cryptocurrency and NFT assets. OpenSea allows users to select from over a dozen wallet options, the most popular being MetaMask.
To create a MetaMask wallet, follow this link to download the MetaMask Chrome extension and create an account. Once you have entered a password, you will receive a 12-word Secret Recovery Phrase.
MetaMask requires that you store your recovery phrase in a safe place and keep it secret from everyone. If you ever need to recover your wallet, you must provide this phrase, and If anyone ever learns your recovery phrase, they will be able to access your account.
Step 2 – Connect your wallet to OpenSea
After installing the MetaMask chrome extension, you can connect your wallet to OpenSea with a few simple steps:
- Navigate to http://www.opensea.io/ and click the wallet icon in the top-right corner.
- The website will list several wallet options. Select MetaMask.
- Accept the terms and conditions to finish connecting your wallet.
Step 3 – Create your first item
Now it’s time to start minting! Click the create button. At this point, you will be prompted to upload your file to the marketplace. This could be your digital art file, music file, or any other piece of digital media that you would like to offer as an NFT.
In addition to uploading your file as an NFT, you will have the option to add a description of your work which talks about the NFT, the project in general and specific the unique attributes of the NFT. Uploading your NFT will involve certain fees. This charge is called “Gas fees” which you need to pay on the Ethereum blockchain to perform a function, which includes the case of creating (minting) an NFT.
Step 4 – Lift your NFTs for sale
Now that you have successfully minted your NFT, the last step is to list your NFT for sale.
There are two different types of ways that you can sell your NFT:
1. Fixed price – A fixed price is the “buy it now” price where someone can instantly purchase your NFT at a fixed price.
2. Timed auction – With an auction, you set a deadline, and the person who bids the highest price purchases your NFT.
NFTs appear to be here to stay. Which NFTs will stand the test of time and hold their values is another question. Each NFT collection has its own value proposition, but at the end of the day, they are only worth exactly what someone is willing to pay.