Non-fungible tokens NFT

So now you have a wallet connected with ETH for payment, you’re ready to make and sell an NFT. On the Rarible site, click the blue ‘Create’ button at the top right. You’ll then be given options to create a single, one-off work, or to sell the same item multiple times. If you already own some ETH you’ll need to make sure you have it in a digital wallet, which you’ll need to connect to your chosen NFT platform to make (and receive) payments. Now that you have an account, you can log in and buy the cryptocurrency.

Now you need to upload the digital file that you want to make into an NFT. Rarible accepts PNG, GIF, WEBP, MP4 and MP3 files, up to 30MB in size. Before you learn how to make and sell an NFT, it’s important to be clear about what they are, so you might want to read our explainer, what are NFTs? You’ll also find answers to some of the most common questions in the FAQ section at the bottom of this article. As a quick plug – Kapwing has a number of tools well suited to helping you create and get more from your existing NFTs. Our free studio editor makes it easy to create videos and GIFs, resize images and videos, make memes, and more.

Who Can Create NFTs?

Doing so allows video creators to reach a global audience and monetize their work. The process of creating an NFT is simple, so let’s look at the most common methods. Besides being coined “word of the year” in 2021, the NFT market exploded from a value of $100 million in 2020 to $40+ billion in 2021. Some of the most expensive individual NFT sales topped $30 million.

1. It was minted as a JPG file and sold for a record $69.3 million at a major auction house in 2021.
2. If you already own some ETH you’ll need to make sure you have it in a digital wallet, which you’ll need to connect to your chosen NFT platform to make (and receive) payments.
3. These contracts follow certain rules, like the ERC-721 or ERC-1155 standards, which determine what the contract can do.
4. If you make an NFT with IP that you don’t legally own, this could land you into trouble.

This can surprise many creators who believe they can enter the market without any costs. While many platforms allow you to pass fees onto the purchaser, it’s important to be cognizant of them. OpenSea was one of the earliest NFT marketplaces established and features a massive library of content with prices across the board. The site deals in all kinds of NFTs ranging from digital art to 3D collectibles and items used in video games.

Is Creating an NFT Still Profitable?

If you prefer to use another service, or if you already have a digital wallet and know how it works, jump straight to step 4. Otherwise, we’ll talk you through how to set up your wallet and buy ETH in the next step. If you decide to make a simple NFT, you won’t necessarily need a developer. But if your NFT is a more complicated item, like a game, or has a complicated smart contract (conditions for the sale), then you may need the help of a developer. Smart contracts are pieces of software code that allow blockchain to store information in a secure and transparent way. Ultimately, these codes are what manage the ownership and transferability of NFTs.

Creating NFTs requires a basic understanding of minting, blockchain, crypto wallets, marketplaces, and gas fees. Once you understand how NFTs work, getting started with them is easy because most of the process is automated—except for deciding what to turn into an NFT. However, all users will ultimately be obliged to pay a charge in bitcoin for listing the digital asset and selling NFTs. This means that you must first acquire some cryptocurrency before earning any.

In the crypto world, this token creation process is referred to as minting. Typically, to mint NFTs, you have to pay for creating smart contracts using cryptocurrency. Using the Ethereum network to mint your NFTs comes with a “gas fee” for the energy and effort that goes into that computation.

Step 5: List your NFT for sale

Anyone can create an NFT on their own, they just have to open a crypto wallet and create an account. Platforms like OpenSea, Coinbase and Rarible can facilitate this process. Regardless of the format, an NFT creator needs to choose one that’s easy for an NFT marketplace to support. For example, some marketplaces limit the size of the NFTs on their platforms. The NFT that changed it all, Beeple’s Everydays, The First 5,000 Days was the first NFT sold by a major auction house. Beeple, also known as Mike Winkelman, made the unique digital collage by combining 5,000 pictures which he created and posted, day-by-day, since 2007.

Each NFT has different properties (non-fungible) and is provably scarce. This is different from tokens such as ETH or other Ethereum based tokens like USDC where every token is identical and has the same properties (‘fungible’). You don’t care which specific dollar bill (or ETH) you have in your wallet, because they are all identical and worth the same. However, you do care which specific NFT you own, because they all have individual properties that distinguish them from others (‘non-fungible’). The chances of your listing being found vary a lot between the major marketplaces, so you’ll likely have to promote it yourself. Most NFT marketplaces (like Rare, Zora, SuperRare, and so on) have a large Discord or community that can help you with your search.

Oddly, Sundaresan only obtained exhibition rights to the artwork, but not the digital copyright. He currently makes the artwork available to the public via a web browser in a digital museum “the metaverse.” Read more on this most Expensive NFT ever sold. Each of these other blockchains has its own advantages and disadvantages over Ethereum. Usually—not always—their main advantage is that they’ll be cheaper to get into than their main competitor. This is because Ethereum requires you to simple cryptonight/lite profit calculator buy something called “gas” in each and every transaction.

The ‘Unlimited Auction’ option will allow people to carry on making bids until you accept one. Finally, ‘Timed auction’ is an auction that only lasts for a set time. As we’re using a desktop computer, we’ll choose the option to install the browser extension, but there’s also a mobile app. Essentially non-fungible means non-replaceable or one of a kind.

Add a name, description and royalty fee

Metamask is a wallet used by more than one million crypto enthusiasts across the world. The wallet connects easily with most crypto apps and NFT marketplaces, and is available as both a browser extensions and mobile app on iOS and Android. Metamask also simplifies the process of purchasing crypto so you don’t have to use other apps to buy coins. NFTs provide value to creators by being unique, something that cannot be owned by someone else.

The cost of minting an NFT often varies depending on gas and site fees. On the Ethereum blockchain, for instance, you can expect to pay around $70 to secure the token. Site fees average around $300, though some sites allow you to list NFTs for free. In the same way collectors pay huge sums for cult toys and rare merchandise, the Doge NFT shows how digital scarcity can make iconic creations valuable. In June 2021, the cult meme of a smirking Shiba Inu dog named Kabosu sold for $4 million.

Finally, there’s an optional field to add your file’s properties. To illustrate, we’ve created an ironically awful piece of art, inspired by David Hockney’s controversial London Underground art. Upload your (hopefully much better) digital file, and on the right, you’ll see a preview of what your NFT post will look like.

No upfront gas expenses are required for NFT artists to develop the assets. However, until the initial transfer or sale, the NFT is not transferred on-chain. The ERC-1155 standard, which is used to create NFTs, enables users to avoid gas expenses when minting NFTs using the Collection Manager on OpenSea. OpenSea allows users to connect most of the most popular crypto wallets, like MetaMask, Coinbase Wallet, Fortmatic, WalletConnect, and more, to each other. It’s time to choose a wallet and then follow the steps to connect your wallet.