Have you ever heard how artists can create an NFT, generate buzz around it, and start attracting unbelievable sums of money? If so, then the story should inspire you to start thinking about how to create your own NFT. Suppose you’re at a point of searching for information on how to create NFT art. In that case, then you’ve come to the right platform. Here, we explore the key steps to follow to create an NFT.
Why do you need to create an NFT?
The acronym NFT stands for non-fungible tokens, unique digital assets in the blockchain ecosystem. Because of its uniqueness, exchanging an NFT with an equivalent is impossible, the way you trade 1ETH with its correspondent in USDT.
But why would one want to buy an expensive digital collection staying on a distributed ledger? The answer is simple: proof of ownership. When purchasing an NFT, you access a private key that gives you absolute ownership rights.
Another reason to create an NFT is that digital collections are rare. So, it offers a buyer a chance to own something exclusive worldwide. And this gives you bragging rights because you possess a rare thing.
Steps to follow in NFT development
Now that you understand the importance of NFTs, let’s focus on the steps you should follow to create an NFT token:
Determine the concept
Before you create an NFT, it’s critical to think about what you want to represent in your creation. You can get inspiration from the available NFTs, like Bored Apes Yacht Club, representing individuals who wish to be rich quickly by aping.
Decide the platform
Once you find a concept, you proceed to the next step of identifying the right NFT marketplace to create NFT art. A marketplace is a virtual store that facilitates trading, displaying, and storing your collections. It is equivalent to a digital e-commerce store, save that it keeps digital assets.
There are multiple marketplaces to create an NFT game and other collections. However, each has its attributes, demands, and sometimes a decentralized ledger. Regarding blockchain technology, most of them use the Ethereum network. Here are the popular marketplaces:
- OpenSea: this marketplace is simple to use and accepts all forms of NFTs. If the high gas fee is a problem, you can use a lazy mint alternative. Through the choice, you can create an NFT and upload it, mint it on your profile, and list it free. This means that when a collector purchases your NFT, they’ll pay the gas fees.
- Rarible: it accepts various blockchains, including Ethereum, Flow, and Tezos. With this platform, your NFT token enjoys multiple features, such as a sneak peek. Rarible markets itself as an NFT community, allowing members to be owners of the Rarible project.
- Holaplex: Holaplex uses the Solana network, and many artists and creators prefer Solana over Ethereum. The former has high speed and reduced network fees. Furthermore, the ultrafast network is famous for being eco-friendly as it consumes minimal energy.
- Objkt: It’s built on the Tezos network and lets artists create an nft and mint it directly on the platform’s spine.
Select a wallet and purchase digital currencies
Once you identify a crypto wallet, you must download it, register, and load it with crypto. The money you deposit in it is used for gas fees. The money is used to compensate for the energy used for settlements.
Develop your NFT
You’ll need to incorporate primary data, such as the name of your NFT, its symbol, and its total supply. Also, you need to add essential functions like the ability to trade and store it.
Mint and share
In most marketplaces, the minting process is pretty straightforward. You only need to upload your files and provide a description of your collections. Also, you need to provide your royalties and finish the listing process.
Connect and create a community
Once you’re through with the process of NFT development, you need to build an NFT community. A community boosts your NFT marketing efforts as it creates hype around your collections. Remember, without NFT marketing; your digital artworks won’t have any value. You can create your community on various platforms like Discord, Telegram, Twitter, and Facebook.
How much does it cost to create an NFT?
Up to this point, you have a rough idea of how to create your own NFT. But making your NFT attracts various costs. So, it’s essential to know ‘how much does it cost to create an NFT?’ The NFT creation fee depends on the marketplace you’re developing your collections. It ranges from $0.01 to $150. Here are the various costs associated with NFT creation:
- Marketplace fees: These are the transaction fees that each marketplace charges. The costs cater for the services that a specific platform offers you. NFT marketplace fees range from 2.5% to 5%.
- Gas fee: this fee compensates for the energy needed to process your transaction on the blockchain. In most cases, gas fees affect transactions on the Ethereum blockchain. The network uses Proof-of-Work (PoW) consensus mechanism that requires much energy.
- Listing fee: this is the fee a marketplace requires to display your collections for sale.
- Account fees: Although creating an account on a marketplace is free; you pay fees to initialize it. The amount ranges from $70 to $300 depending on the marketplace you create your NFTs.
NFTs have high demand, and creators can make a killing out of them. So, understanding how to create an NFT game gives you an added advantage. Here, we’ve explored the key steps to follow when creating your collections. You can also get help from experienced developers if you lack time or experience in the field.