The kind of attention NFTs are getting off-late isn't surprising, given that top NFTs are selling for millions of dollars. Digital artist Pak's creation Merge, the most expensive NFT to date, was sold for a whopping $91.8 million.
The NFT market is poised to reach an $80 billion market valuation by 2025. Are you looking to create your own NFT to generate a passive income? In this blog, we discuss the step-by-step process of creating an NFT.
Step 1: Decide on the type of NFT you want to create
NFTs can be in any form, e.g. a PNG or JPEG image, or an MP4 or MOV video. First of all, decide which artwork you want to turn into an NFT and in which format. Anything deemed rare could be turned into an NFT. If you are a singer, you can turn a unique concert video into an NFT. If you are a business, you can turn a royalty card into an NFT.
Step 2: Select the right blockchain
The second step is to select the right blockchain for your NFT. There are many factors, such as transaction fees, speed, and reliability, to consider while selecting a blockchain. However, most NFTs are sold on the Ethereum blockchain. There are other popular blockchains like Solana, Binance, and Flow to choose from.
Step 3: Choose an NFT marketplace
NFT marketplaces are platforms where you can mint your NFTs and sell them during auctions. Whether you are a new creator or an expert, you must look at the pros and cons of the different NFT marketplaces before selecting one. OpenSea, Rarible, and SolSea are some of the most popular NFT marketplaces.
Different NFT marketplaces charge different fees for minting NFTs. You must take that into consideration before selecting a marketplace.
Step 4: Set up a crypto wallet
You need a crypto wallet to pay the gas fees and receive the amount after selling your NFTs. When choosing a wallet, make sure it is compatible with the blockchain and the NFT marketplace you are choosing.
For example, if you have selected the Ethereum blockchain, make sure the wallet ensures the ERC-20 token standard. MetaMask and TrustWallet are two popular crypto wallets.
Step 5: Connect your wallet to the NFT marketplace
Once you have set up a crypto wallet, connect it to the NFT marketplace to mint your NFT. Do not forget to top up your wallet with the cryptocurrency you will use to pay the gas fees.
Step 6: Mint your NFT
Minting means publishing your NFT on the blockchain. After connecting your wallet to the marketplace, go to the marketplace and start creating. You can choose between creating a single copy or multiple copies of the same artwork. Once minted, you can list your NFT on the marketplace for sale.
Anyone can create an NFT within hours using the guide. However, you must do your due diligence before selecting a blockchain or an NFT marketplace. You can also promote your NFT through community engagement and sell it to generate income. Register with Blaze and manage your audience from different platforms in one place!
