Thousands of non-fungible tokens, or NFTs, are available on the market today. Part of what makes this possible is that it’s relatively easy to create these NFTs.
Anyone can create an NFT, but it requires work. Thanks to the magic of blockchain technology and its permanent digital ledger, creating (also called “minting”) an NFT allows creators to always receive historical credit for its creation. That allows any NFT creator to set a fee or royalty when someone sells that asset.
The process of creating an NFT is simple, so let’s look at the most common methods.
How to Create an NFT
- Choose the NFT format.
- Figure out the content and availability of your NFT.
- Find a place where you can create NFTs.
- Open a crypto wallet and add cryptocurrency.
- Create your account and link your wallet.
- Follow the necessary instructions for producing the NFT.
- Publish the NFT and choose how to sell it.
Choose the NFT Format
The first step in creating any NFT is deciding which format to use. NFT creators frequently choose to mint their creations from audio files, videos, images, and other digital documents.
It’s worth giving this thought because an NFT’s format dictates how people can use it. Some of the most popular formats include:
What Format Can I Use for My NFT?
- The PNG file format. This option is an image format that is useful for art. People can look at PNG files on any browser, and they’re usually higher-quality than JPEG files.
- The TIFF or Tagged Image File Format. This choice is best for printable items. Including a TIFF in an NFT can make it more valuable. The TIFF can be printed and displayed in art galleries or public spaces. It could also be displayed on mobile and desktop screens, as it supports both lossy and lossless compression.
- The MP4 format. MP4s are popular as a video format because they’re easier to compress, making them smaller and, therefore, more portable.
- The MP3 format. If you’ve ever owned an iPod or listened to digital music, then you’re already familiar with MP3s. It’s a very popular format for audio files because, like MP4s, they’re smaller and more portable. By comparison, the FLAC and WAV formats are higher-fidelity audio formats and, therefore, larger in file size.
Regardless of the format, an NFT creator needs to choose one that’s easy for an NFT marketplace to support. So, you need to understand the limitations. For example, some marketplaces limit the size of the NFTs on their platforms. OpenSea marketplace, for example, limits NFTs to 100 MB, while Rarible has a maximum size of 30 MB.
Figure Out the Content and Availability of Your NFT
After choosing a format, creators must consider the content of their NFTs. Serious artists will want to consider what the public might desire or find valuable in a digital work of art. They might also consider making only a limited number of NFTs to make their product offering rare. Just like in the world of tangible art, content, messaging, limited editions, historical significance, and intent all matter in digital art.
Find a Place Where You Can Create NFTs
Part of how to create an NFT involves finding a suitable platform where it can be made. The same websites that sell and highlight NFTs also allow creators to mint those NFTs. These marketplaces have the technology necessary to add media to a blockchain — like Ethereum and others — which is an essential step when minting any NFT.
Finding and using a reputable NFT marketplace doesn’t require technical knowledge. OpenSea is one of the most popular of all NFT marketplaces based on trading volume, so it’s an excellent place to begin. There are many other marketplaces to explore, like Axie Marketplace, Rarible, and Mintable.
NFT marketplaces operate with different standards, including:
- Which blockchain it supports. Ethereum is the most popular for NFTs, although Polkadot and Cosmos are also supported on some sites.
- Which file format is supported. Not all NFT markets will support all file formats.
- What the costs are to mint your NFT. Assume a budget of $50 to $500 to mint an NFT.
Open a Crypto Wallet and Add Cryptocurrency
Digital money requires a digital wallet. Therefore, once an NFT has been created, opening a crypto wallet is the next step. The process for opening and using a crypto wallet varies, but in most cases, users can download and install wallet software for free. Any website that offers a wallet should provide the necessary instructions for use.
For users requiring additional security, a hardware wallet should work. This is a device that physically connects to a computer, similar to a hard drive, that is used to store cryptocurrencies offline.
Like regular wallets, crypto wallets also require funds. Users can add currencies by linking them to a crypto exchange and selecting how much they want to purchase. A bank transfer or credit card purchase is necessary. The currency required for NFT creation will vary by NFT platform.
There should be enough currency in your wallet to cover NFT fees. Each NFT transaction on the Ethereum platform, for example, will incur a gas fee. This is the charge that Ethereum levies to users to help pay for the computation required to add a transaction to the blockchain. These fees can change based on the size of the transaction, how complex it is, and the amount of network traffic involved. Gas fees can run higher and take longer to compute than expected, so users should be patient and have enough money in their crypto wallets to cover their fees.
Create Your Account and Link Your Wallet
The next step is to create an account with an NFT marketplace. The account can include links to a personal website or to a social media page with details on the kinds of currencies that are accepted for payment.
Lastly, NFT creators must link their crypto wallets to the NFT platform. Although websites can generally read desktop computer-based and mobile wallets alike, users of mobile wallets are often asked to scan a QR code in order to connect it.
Follow the Necessary Instructions For Producing the NFT
Once you’ve taken all of these steps, you can now mint an NFT by uploading the files and coming up with creative names. For his first-ever NFT, Kevin McCoy chose the name “Quantum.”
Next, list the royalties for future NFT sales. Most royalty fees are 5 to 10 percent.
Publish the NFT and Choose How To Sell It
After minting, the final step that NFT creators must take is to set initial prices. NFTs can be sold either at a fixed price or through an auction. Timed auctions allow prospective buyers to bid on NFTs for a limited time, with the highest bidder getting the NFT and paying the final bid.
A Final Word on NFTs
The process for creating or minting an NFT is not complicated. It requires some money, artistic vision, an investment of time, and a willingness to learn a few key tools in the digital realm. Anyone can learn how to do it. The challenge with digital art is no different than in the world of tangible art: trying to figure out what will sell for millions of dollars.