A beginner's guide on how to make an NFT in 2023
How to make an NFT continues to dominate the search trends due to the booming digital art market. Despite what has been described by the financial media as the extension of crypto winter into 2023, the non-fungible token market remains the only real profitable sector in the industry percentage gains-wise.
As of 16:00 UTC on 2 June, NFTs led by Yuga Labs’ the Bored Ape Yacht Club (BAYC) and Otherdeed from the Otherside Metaverse alongside others such as Nakamigos have brought approximately $4.6 billion in global market sales to collectors of digital art in 2023, data from NFT aggregator CryptoSlam showed.
Within the same period, the average sale value was $111. This means that newbies who have not created any form of unique art that can be sold digitally before can stand a chance of seeing a $100 profit within a short period.
With the potential upside of this market visible, this guide for beginners will take you through the needed steps to make your first NFT. It includes the selection of blockchain, uploading of your material, and choosing the right marketplace for the sale of your product.
How to make an NFT
Before we zoom straight into the making of your first digital art, you should understand what an NFT is.
Many articles across the internet define NFTs as cryptographic assets housed in blockchain with unique metadata and identification codes.
Simply put, they are pieces of digital art (songs, short video clips, or, the most popular, an image) that are stored using the possibilities of blockchain technology.
To understand NFTs, consider fungible tokens. Fungible tokens have characteristics such as being divisible. A great example of fungible tokens or assets is currency money (fiat currencies such as the US dollar, the Euro, the GB pound, the Japanese yen, and the South African rand).
While unique in their own ways, a $100, £100, ¥100, or €100 bill found anywhere would have the same features.
This is not the case for non-fungibles. NFTs are indivisible, indestructible, non-interoperable, and verifiable (a trait they share with currency money, which serial codes or numbers can trace).
While £100 can be exchanged for two £50 notes and hold the same purchasing value as the other denomination, NFTs are unique and cannot be directly interchanged for one another.
Here is a step-by-step guide about how to make an NFT for someone with no knowledge.
Firstly, Decide On What You Want to Make. After its buzz in 2021, NFTs currently play an instrumental role in many facets of the global economy, such as music, fashion, Metaverse, ticket sales, and supply chain management. So decide what you want to make.
While the most popular forms are images, audio (songs), and short video clips (with Flow Network's NBA Top Shot as the highlight), you must make a unique piece of digital media that is sellable. Successful projects such as BAYC, Mutant Ape Yacht Club (MAYC), Moonbirds, and others attract new buyers daily because of their distinctiveness.
Secondly, Select a Blockchain. As of June 2023, the biggest NFT blockchains by sales volume were Ethereum, Zilliqa, Loom, Waves, Algorand, Fantom, OKC, Panini, Cronos, Tezos, Palm, Arbitrum, Mythos, Binance Chain, Avalanche, Bitcoin, ImmutableX, Polygon, WAX, Cardano, Ronin, Flow, and Solana. Out of these, Ethereum leads the pack with more than $40 billion in all-time sales, with nine of the top ten collections stored on the blockchain.
While we would not recommend Ethereum, more than 80% of collections are stored on the blockchain. If you opt for another chain, you have more than ten from the aforementioned list to choose from.
Thirdly, Create a Wallet for the NFTs. Paintings are held at galleries. Digital art, like physical, needs a place they can call home.
Wallets facilitate access to blockchains and play a vital role in transferring, storing, and securing cryptocurrencies.
There are several wallets out there, but the ones for NFTs are MetaMask, Coinbase Wallet, Rainbow, TrustWallet, and Ledger Nano X, among others. To create a wallet, download the app from the relevant website or store.
Once app installation is complete, you will be given passcodes or private keys. You have to write them down (they normally range from 12 to 24 characters). These are the direct keys to your wallets. As a result, the wallet companies do not control access to your accounts.
So in most crypto circles, crypto/NFT wallets are called non-custodial, while wallets held under centralized platforms such as cryptocurrency exchanges are called custodial since you have a password but the company holds the private keys to those wallets.
Fourthly, Select an NFT Platform. Physical art is sold at auction houses such as Christie's, Sotheby's, Bonhams, and Heritage Auctions. The same holds for NFTs, so you need to find a platform with a huge audience (reflected in periodical trading volume) to help you sell your art.
Others, such as X2Y2, Rarible, SuperRare, Known Origin, Foundation, and Magic Eden, are among the best places to buy NFT.
If you are unsure of independent marketplaces, exchanges such as Crypto.com and Binance have marketplaces where you can sell your NFTs.
Lastly, Create the NFT. On the marketplace of your choice, connect your "already created" wallet. Locate the "create" option. Under this, navigate to the "upload" section.
Move on and upload the media file (audio, video, or image) you want to convert to an NFT. Input the necessary wording that describes your digital art, including the blockchain of your choice.
Once this has been completed, you move on to the last and most important part, making the NFT.
Simply navigate to “create”.
Conclusion: How to make an NFT
This article has made how to make an NFT easy for you. However, the onus falls on you to operationalize the beginner's guide you have gone through.
The market will only get better due to the transition from Web2 to Web3, artificial intelligence (AI), gaming, and the Metaverse.
So do not let the unique digital art go to waste, make an NFT, and see whether your collection could rival already-existing projects.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.