What Is an NFT?
An NFT is an abbreviation from Non-Fungible Token, which stands for a digital asset that can be bought, sold, and traded on the Blockchain. NFTs are unique assets and cannot be replaced. There are different ways to create NFTs, but some basic steps are common for every case.
Why Are NFTs So Popular?
NFTs are scarce, so they have a limited supply of copies in circulation. These attributes make them attractive for many who want to invest in something more than a regular stock or bond.
To create an NFT, you must first understand a few concepts, such as Blockchain, crypto wallet, NFT marketplace, minting and listing, and gas fees.
Blockchain is a public ledger storing data which makes it challenging or impossible to update, hack, or defraud the system. It is a digital record of transactions replicated and distributed throughout the systems.
A cryptocurrency wallet is a device or program enabling you to send, receive and store Cryptocurrency. The critical aspect of crypto wallets is how private the key is stored there. These wallets come in various types, such as digital, hardware, and software wallets.
NFT Marketplaces are the platforms through which the process of storing, browsing, selling and buying NFTs happen. There are many marketplaces out there that bring NFT enthusiasts together to one place. For example, OpenSea, Binance, ftNFT, and more are some of the most popular NFT marketplaces now.
OpenSea is the largest NFT marketplace, with more than 1 million registered users and more than 120 million people visiting the page each month.
Binance is a cryptocurrency exchange that is the biggest in the world in terms of daily crypto trading volume. The platform launched its NFT marketplace in 2021.
ftNFT is another NFT Marketplace launched in 2022. Unlike the mentioned marketplaces, ftNFT is a Raffle-based, RNG-regulated marketplace. This means that it enables the users to buy NFT, generate an entry to ftNFT Drop, and also earn cash prizes. The marketplace also opened the first phygital NFT stores in Dubai's luxury malls - Dubai Mall and Mall of the Emirates.
The process of creating an NFT token is referred to as minting. Minting an NFT requires using a blockchain to record and verify transactions. In other words, minting is when digital art is stored on a blockchain and becomes a digital asset.
Gas fees are the transaction costs you pay on the blockchain network for their service. Gas fees provide Blockchain with the needed fuel to function.
As you are already aware of some must-needed terms, here are the essential steps you must go through to create the NFT.
Understand What You Want to Create
As we already know, NFTs come in different forms: Music, tweets, memes, art, domains, etc. Understanding what you want to create is the first and the most crucial step in your NFT-creation process. Bear in mind how valuable and unique your NFT is. You should understand that creating an NFT just for the sake of creation is not the best option and wouldn't benefit you.
Understand Where You Want to Create: Blockchain
If you have already figured out which type of NFT you want to create, the next step would be to choose the Blockchain. There are dozens of blockchains in the market that have their own NFT ecosystem, including Ethereum, Solana, Ripple, Cardano, and more.
Each of these blockchains has its advantages, rewards, etc. However, the NFT platform you would later choose might not support your chosen Blockchain in its platform, so you need to look at that aspect as well.
For example, OpenSea supports the following blockchains: Ethereum, Klaytn, Polygon, and Solana. ftNFT, on the other hand, as a new platform, still supports only Ethereum. The marketplace will, however, add more blockchains in the future and will even have its Blockchain.
Your final choice would be the result of your personal preferences.
Once you've decided which Blockchain to use, you'll need a digital wallet supporting the chosen Blockchain. There are several famous crypto wallets, including Metamask, Coinbase, Trust Wallet, etc.
Metamask is a Decentralized crypto wallet that also makes it simple to create several addresses so that you may keep your NFTs separate from your Cryptocurrency, or you can create a single address for each NFT you buy. Metemask is supported by almost every existing NFT Marketplace.
Coinbase is another digital wallet that is completely free and has an easy-to-use interface. The Coinbase wallet supports most cryptocurrencies.
Some NFT Marketplaces, mostly Centralized ones specifically, have their own Wallet, making the users' jobs even more accessible, as you will not need to download any applications or browser extensions.
Choose the Platform
After understanding what you want to create and choosing the Blockchain, the next step is to select the platform, the NFT marketplace. As we discussed earlier, there are many NFT marketplaces out there, so you would have a broad choice.
Almost all NFT platforms give you a chance to create your own NFT. However, when choosing the right platform, you should narrow down your choices and understand if the platform will let you create your desired NFT, as some platforms only can host a specific type of NFT.
For example, some of the very niche NFT marketplaces are Sloika.xyz and SuperRare. Sloika.xyz presents only photography NFTs so if you are into photography this may be your next gem. SuperRare is mostly art focused and very picky about choosing artists.
When choosing the NFT platform, make sure to look at the following features:
Pick an NFT marketplace with comprehensive security measures to protect you from fraudulent operations. Two-factor authentication (2FA) and strong encryption are required. Additionally, a marketplace should require you to create a strong and trustworthy password (seed phrase), ideally saved in physical form.
The official page shouldn’t be confusing or hard to navigate. You will need help looking for some information. So, take this into confederation as well.
Every transaction on the Blockchain, including the writing process, requires gas fees. So, when choosing the NFT platform, learn about supported Blockchain, gas fees, or whether they have additional service fees.
As a newcomer to the field, there would undoubtedly be some things you wouldn't first understand. So it’s vital to understand how the marketplace treats its community. For example, do they provide 24/7 support?
You can find very useful NFT-related information in Discord and on Twitter as well.
Now, let's go step by step and introduce you to the process of creating an NFT.
How to Create an NFT?
Creating an NFT is somewhat simple once you've decided on a platform. Here are the steps on how to create an NFT on ftNFT.
- Go to your ftNFT Account
- Hover over the Account Icon
- Click on Go to My Account
- Click on Creator above your profile cover photo
- Fill out the Required Personal information
- Go to My NFTs
- Click on Create New Collection in the top-right corner
- Fill out the Required fields
Here, you should provide your NFT a name and description and put it under the corresponding category. Try to be as creative as possible.
- Click on Create Collection button
- Click on the Created Collection under My Collections
- Click on Create New NFT in the top-right corner
- Upload the file (PNG, GIF, WEBP, MP4, or MP3. Max 100MB)
This file will be the future NFT, so if you want to make some changes, make sure to do them before the upload.
- Edit Properties for the uploaded file
- Choose the Minting method
- Fill out the Required information
- You Are All Done
The next step will be the listing process if you have created the NFT to put it for sale. It is usually pretty simple to list an NFT for purchase, and most NFT platforms enable you to do so for free. Once your NFT is ready and in your Wallet, just click the "sell" button, enter the price you want to list it at, and the sale duration.
Here you will need to sign a few transactions in your digital Wallet, which may involve paying transaction fees on the Blockchain of your choice. Depending on the choice of your NFT platform, these fees would differ.
This article summarized all the must-needed steps and terms you need to be aware of to create an NFT.
If you still have questions, feel free to drop us a line.
NFTs are still emerging and evolving assets. Any insights provided in the above material should not be perceived as investment or financial pieces of advice. Do your in-depth research to make informed decisions on performing any action with NFTs.