Many new entrants in the booming non-fungible token (NFT) industry are always looking for ways to buy and sell these digital assets. Very few beginners know that it is possible to create your own NFT.
The process of creating an NFT is simple and accessible to beginners. The best part is that you do not need in-depth knowledge of blockchain technology to create your own NFT and generate income through this innovation.
This step-by-step guide will teach you how to start an NFT project. The guide will cover everything an NFT creator needs to know, from creating to finally listing these NFTs on a marketplace.
How to Start an NFT Project
Before looking at how to start an NFT project, we should first explore the basics of creating your own NFT. The NFT space is vast because you can do many projects, including digital art, video, and music. The basics to consider when starting your project include the following:
Step 1: Set the Concept for Your Project
The first step in starting an NFT project is to develop a concept for your NFT project that you will create based on initial data. You will be drawn towards tokenized pieces of your work if you are an artist. If you are a musician, then music NFTs might be ideal.
When discovering the concept, you should also consider the use cases for your NFTs. Such use cases include the metaverse, Web3, and decentralized finance (DeFi).
When developing the concept for the item you plan on tokenizing as an NFT, one thing to note is that you should own the intellectual property rights. Over the years, several lawsuits have involved people tokenizing items to which they did not have IP rights.
Once you have the concept of your NFTs in mind, you will easily select your target audience. Defining your target audience makes it easy to market the NFT. It might also draw early investors to your project.
When defining the concept for your project, you can then make a statement on the mission of the NFT. The mission includes the goals of the NFT project and the story you want to tell.
In most cases, NFT creators preserve the mission and goal of the NFT project in the code, which will help make the project even more unique and appeal to collectors.
Step 2: Choose the NFT Platform
The next step is to choose the NFT platform you will use to buy and sell the NFTs. Many NFT marketplaces exist in the industry, with the most popular ones being OpenSea, Blur, Rarible, Magic Eden, etc.
When exploring how to start an NFT project, consider several factors before settling on an NFT marketplace. These factors include the fees charged on the platform and the overall user interface. The popularity of an NFT marketplace will also give your collection more market reach.
The other factor to consider when selecting an NFT marketplace is the blockchain where the NFT is created. The most popular chains for creating NFTs include Ethereum, Solana, Avalanche, BNB Chain, Polygon, Arbitrum, and Optimism.
Step 3: Set Up Your Web3 Wallet
The third step is to set up a Web3 wallet with your chosen NFT marketplace. Many crypto wallets exist that you can use to buy NFTs. You can use MetaMask, WalletConnect, Phantom Wallet, and the Coinbase Wallet.
However, many wallet providers exist, and you must choose from the different wallet options provided.
After you have chosen a wallet, follow the steps provided on the NFT marketplace to confirm the wallet connection.
Step 4: Mint an NFT
The best thing about creating an NFT on a marketplace is that you will usually get a guide with instructions you should follow. The first step of this instruction is to upload the digital file you need to create the NFT you want.
The process of creating an NFT is known as minting. During the minting process, the digital artwork you make on a marketplace is transformed into an NFT that can later be sold. NFT minting will convert a digital file into a digital asset running on the blockchain.
Once a digital asset is created on the blockchain, it benefits from the perks of blockchain technology, such as immutability. An NFT cannot be altered or deleted from the blockchain. Moreover, each asset is unique, allowing the owners to hold more value than digital files that can be modified easily.
If you are looking for how to start an NFT business without money, you should note that in most marketplaces, you will not pay a fee to create an NFT. NFT platforms will not store data on the blockchain immediately after the NFT is created. Instead, the asset will be minted on purchase. A buyer will pay the gas fee needed to purchase the NFT.
Some marketplaces where the NFT creation process is free include Mintable, OpenSea, and Rarible. An NFT creator can mint assets on these platforms without paying upfront gas fees. However, the NFT will only be transferred to the blockchain after the first purchase or transfer.
After linking your crypto wallet and loading the digital item you want to create as an NFT, you are a step closer to launching your digital asset on marketplaces.
Step 5: List Your NFT
After creating your NFT, the next step is to list it on the marketplace. While making an NFT is free, listing one for purchase on the market will require an upfront fee.
The upfront fee paid to list an NFT is usually in the form of a cryptocurrency. Therefore, before listing your NFT, you should buy some cryptocurrency.
The fee can be paid in cryptocurrencies such as Ether (ETH), Solana (SOL), and Avalanche (AVAX), among others. In most cases, you will pay a fee using the native token of the blockchain where you created the NFT.
Step 6: Begin the Sale Process
The next step in how to start an NFT project is to make it available for sale on the marketplace. This process will differ from one exchange to the other. However, you will likely find it in your account section, which shows your collections.
Once you select the collection you want to sell, the next option is to list it for sale. To do this, you can choose from three types of sale options available. If you are using OpenSea, you have the option to select from the following methods:
- Fixed cost: The first type of sale is the fixed cost. This process involves setting a fixed price for the NFTs you plan on selling. If you put a fixed-cost sale, the NFT will be sold to the first buyer who makes the purchase.
- Timed auction: You can also sell your NFT through a timed auction. This type of sale involves setting bids within a given timeframe.
- Unlimited auction: If you choose to use an unlimited auction, there will be no time limit on how long the auction will last. You can decide to end the auction at any time.
You must set the minimum price if you choose to sell the NFT through an auction. You can also set the royalties for receiving payments and determine the auction duration. When setting the minimum price, factor in the fee paid to the marketplace to avoid making losses.
While easy, the entire process of creating an NFT can sometimes be expensive. Besides paying an upfront fee to list the NFT, you will also have to pay a commission for the sale and transaction fees. Therefore, to profit from your NFT, sell it at a price that will cater to all the fees.
Once you are done with this process, your NFT will be listed on a marketplace. Collectors can also purchase assets from your collections, giving you more value for money.
The Bottom Line
Creating your own NFT is an easy process, even for beginners. When looking for how to start the NFT project, the marketplace where you will list your NFTs is the first thing to consider. The marketplace will influence many things, including the fees payable and the blockchain where you will create the NFTs.
The first step to creating the NFT is coming up with the concept. Many NFTs exist in the market, and you need to develop the niche and concept around which your NFT will be created. This will help in developing your target audience.
The process of creating an NFT can be accessible in some marketplaces. However, you must still pay gas fees before your NFT is listed on the market. Marketplaces also charge commissions and transaction fees, which you should consider when setting the NFT’s sale price.
FAQs
Can I create my own NFT?
Yes, it is possible to create your own NFT. You will only need a marketplace to create and list the NFT. You must also choose between creating images, videos, or music NFTs.
How can I create my own NFT?
Create your own NFT on an NFT marketplace. To do so, you must connect your wallet and later upload the digital file you want to be minted as an NFT.
Can I start an NFT business with no money?
Yes, one can start an NFT business with no money. You do not have to pay an upfront fee to create an NFT on marketplaces such as OpenSea. However, you must pay listing fees, which cater to the gas fees needed to mint the NFT on a blockchain.
Which is the best blockchain to mint an NFT?
You can mint an NFT on many blockchains, including Ethereum, Solana, Avalanche, Optimism, etc.
