How To Create An NFT – A 2024 Beginners Guide

The popularity of non-fungible tokens (NFTs) has soared over the years. Collections such as the Bored Ape Yacht Club (BAYC) by Yuga Labs drew interest from celebrities.

Former US President Donald Trump is also an NFT enthusiast, having released several NFT collections. 

You can buy an NFT from an NFT marketplace. The buying and selling process is relatively easy. However, very few know it is even easier to create your own NFT and possibly generate an income from it. 

This article will explore one of the most missed aspects of NFTs: “How to create an NFT.” We will include step-by-step details to ensure your NFT collection is listed on a marketplace. 

Understanding NFTs 

Before getting started on how to create NFTs, we should first seek to understand what NFTs are and how they work. 

NFTs are digital assets with unique information embedded in smart contracts. It is this information that ensures no NFT is similar to another. 

NFTs are similar to digital assets in that they are powered by blockchain technology. However, they also have distinct differences. 

Unlike cryptocurrencies, NFTs are non-fungible. This means you cannot divide an NFT to trade a fraction of it. These digital assets differ from cryptocurrencies such as Bitcoin, where you can trade a fraction of a Bitcoin, commonly known as a Satoshi. 

NFTs have many use cases, including gaming, sports, art, and the virtual world. According to Nansen, the NFT industry was worth $11 billion in 2023 and is projected to hit a $231 billion market cap by 2024. 

Given such growth, it is easy to see why many people, including celebrities, fashion houses, politicians, and everyday traders, constantly look for ways to create an NFT and dip their toes into this industry. 

Getting Ready To Create An NFT 

The first step to creating an NFT is choosing the right platform. There are many NFT marketplaces in the market, and when getting one, you should consider factors such as the user interface, fees and commissions, security, and liquidity. 

One of the most popular NFT marketplaces is OpenSea. It is the best peer-to-peer NFT marketplace, with a user-friendly interface that makes it easy for beginners to get started. 

This NFT marketplace boasts high trading volumes, assuring NFT traders of liquidity and more exposure to their collections. It also boasts high security, many payment options, and support for Android and iOS devices. 

As such, in this guide, we will explore how you can easily create your first NFT on OpenSea. 

Step 1: Open An Account on OpenSea 

The first step is to create an account on OpenSea. To do so, you must connect your email or digital wallet, such as MetaMask and Trust Wallet. 

Once you have connected to OpenSea, your account page will load, and you will be able to see the NFTs listed on that platform and an option to create your NFT asset. 

An icon on your account home page, as shown below, leads you to the NFT creation page. 

Step 2: Choose the Type Of NFTs You Want To Create 

The second step is to pick the type of NFT you want to create. You can create many NFTs, including images, videos, and music.

Moreover, OpenSea will require you to pick between creating an NFT Drop or a Collection. 

An NFT drop is a unique type of NFT release that allows buyers to purchase NFTs before they are released to the market. NFT drops are ideal for renowned NFT creators who already have made a name for themselves and have a ready market. 

In the case of an NFT collection or item, you can create an NFT and list it any time you are prepared to showcase your work in the market. 

This guide will look at creating an NFT item that can be part of a broader collection and will be readily available for sale as soon as it is released in the market. 

Step 3: Create Your NFT 

Now, you are ready to create your first NFT on OpenSea. To do so, upload the file you want to be minted as an NFT on OpenSea. The file can be an image, music, or video file. 

After uploading your NFT, you must create a collection to which you will add it. To make a collection, provide the logo of your NFT collection, give it a name and a ticker symbol, and then choose the chain you want to create as shown below: 

To create an NFT collection, you must connect your wallet to OpenSea to pay gas fees on the blockchain where your contract will be deployed. 

After providing all the details needed in this step and paying gas fees, you can now create your NFT. Give it a unique name, and you can also give it certain traits that set it apart from other NFTs. You can also provide a short description. 

After completing this step, create your NFT, which will be listed on the OpenSea marketplace. 

Step 6: Begin the Sale Process 

After creating the NFT, you can begin the sale process. When listing your NFT on OpenSea, you can pick between listing your NFT at a fixed cost or by using an auction. 

In the case of a fixed-cost NFT sale, a trader will set a fixed price for the NFTs they want to sell. The NFT will automatically be sold to the first buyer that completes the purchase. 

The other type is the auction sale. To sell an NFT through an auction, you allow the buyers to set bids for the price at which they want to buy the NFTs. You must also set a minimum price for the NFTs listed for auction. 

Remember that when pricing your NFT, you should consider the gas fees paid to mint the asset and the fees and commission charged by the NFT marketplace. 

It is also essential to market your NFT collection. This can be done quickly through social media platforms such as X (Twitter) or paid advertisements on crypto news publication sites. 

Step 7: Post-Sale Processes 

Now that you have listed your NFT for sale and are awaiting buyers, there are some post-sale processes that you need to consider to ensure you run a lucrative NFT business. 

First, you should learn how to withdraw funds from the OpenSea NFT marketplace to your digital wallet. You should also understand the tax laws in your jurisdiction to avoid hefty penalties if NFT sales are included in the tax bracket. 

The NFT industry is also growing fast, and you must learn ways to create a strong brand around your NFTs. Creating such a brand involves making a series of NFTs and collections. You should also collaborate with other creators and artists to increase awareness around your NFT project. 

In Summary 

The NFT industry has amassed much popularity over the years. This industry has paved the way for many people to generate passive income by creating, buying, and selling NFTs. 

Creating an NFT is a straightforward process. You do not need any technical knowledge on how to do so, as all you need is to create an account with an NFT marketplace, with some of them even having tutorials on how to go about the process. 

When creating an NFT, key factors you need to consider are the choice of an NFT marketplace, the blockchain you will use, and how you will market your NFT to increase awareness. 

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