Do you want to bring your own to life Non-fungible token (NFT)? Whether it’s just to understand how it all works, or because you dream of fame and fortune, here’s how to The Pathfinder in 5 steps.
Impossible to escape NFT craze. Everyone is talking for better or worse about these unique digital assets. So much so that the desire to create one begins to excite many people. Moreover, one might just want to know how to participate in the trend but be put off by the technical hurdle. So we made this short guide to learn how to create an NFT in a few steps.
Before that, let’s review the basics. NFTs, or Non-fungible token, are unique virtual tokens. It is a kind of certificate of authenticity for a unique and non-exchangeable digital asset. This can be a work of art (a drawing, a painting, a photo, a piece of music, a video, etc.) or proof of ownership of a particular asset (a house, for example, with an exact address, a unique architectural plan, etc.). Proof of possession is stored and encrypted in the blockchain.
Step 1: Make a work of art
If NFTs are not limited to this, the artwork is the best known form. So the first step is to make something that can be turned into a non-fungible token. It can be a photo, a drawing, a painting, a video, an accessory for a video game, a meme … Let’s start with the idea that we should make an NFT from a digital photo. It is up to you to take a snapshot or search your archives to select one and put it in PNG format, the most popular digital format for this type of NFT.
Here are our shots selected for the occasion:
Step 2: Get a wallet (and some cryptocurrencies)
To create an NFT, you must “enter” Web3, ie find your place in a blockchain. To do this, you need a Wallet, a virtual wallet, where you can store your NFT – ad vitamin ethernet or while you wait to sell it. It is also thanks to him that you will be able to get your money back from the sale of your NFT.
There are many free wallets that you can download. We can mention MetaMask, ZenGo, eToro, Coinbase, Binance … To choose the one that suits you, it is first important to know which blockchain and which cryptocurrency you want to go for. In this example, we go for MetaMask, simply because it is currently the most popular Web3 Wallet. And for crypto, we choose the Ethereum blockchain and its Ether currency, which after Bitcoin is the second most popular digital currency.
Step 3: Choose a platform on which you want to sell your NFT
In theory, you can completely free yourself from one sales platform, as it is possible to transfer your NFT – and the money from the sale – from your Wallet to another directly. In fact, you still need a platform to showcase your NFT and let people know it exists. Again, for the sake of our example, let’s go for efficiency by choosing OpenSea, the best known NFT platform today. But we could also have chosen Rarible, for example.
Step 4: Tap on your NFT
No violence on the horizon, just calm down! When we talk about “beating his NFT” (minting in English), this refers to the manufacture of coins. It was the act of cutting a piece of metal (most often around) and then “hitting” it with a hammer or press to show its monetary value on it, as well as the person’s face. a king or the arms of a noble family. This action added value to the coins.
We talk about “hit an NFT” when we enter our digital work in the blockchain, thus giving it a unique existence with its specificities (the work itself, but also the name of its owner, its creation date, etc.). It is the creation of a document that proves that you own something. Specifically, after creating your account on OpenSea, click the “Create” button and then follow the instructions. In a few minutes, your NFT comes to life.
Step 5: Sell your NFT
Last step, without a doubt the most important, put your NFT up for sale. For this, a simple button is enough on most OpenSea type platforms. Click “Sell” and then select your options. It is possible to set a fixed price (here 0.03 ether, ie depending on the current price, around 52 euros) and put your NFT up for sale for a certain period (one day, six months, etc.). You can also choose an auction (of variable duration) with a minimum price.
OpenSea will take 2.5% commission of the transaction amount. But there are also the “fuel costs” of integrating the sales of this very first NFT on the chosen blockchain. There are transaction fees for each new block created on the blockchain, which requires many calculations. The more pending transactions there are, the lower the fees will be as they are shared by everyone. These fees must be paid immediately, which is why you need to have some cryptocurrency on Wallet. Be careful, these fees can be high depending on when you want to make the transaction. It may be wise to wait and experiment at different times of the day to find the right slider.
Discover our NFT by clicking this link.
Then the process is almost automatic. The buyer pays for NFT (plus some fees), the creator (you, in this case) gets the money (minus some fees), and NFT changes hands. With a little (much) luck, you are now rich enough to buy an island paradise. Or a Pitch.