Non-Fungible Tokens are becoming increasingly popular. A large number of individuals, and even large corporations such as Nike and McDonald’s, have started creating and selling their own NFTs. It is almost impossible to imagine the Web3 without these famous chips. To create your own NFTs, all you need is a bit of creativity and access to cryptocurrency.
How to create Non-Fungible Tokens?
Non-fungible tokens are tamper-proof objects disseminated through the blockchain. It is difficult to provide an exact and unique definition of NFTs. In many cases, NFTs are used to sell art online. The field of NFTs is vast: from digital works of art to music and property rights to land available in digital form.
How you create an NFT depends on the type of NFT you want. Most non-fungible tokens created by individuals can be considered NFT art . Often, these NFTs are digital artwork or pixel art . You must own the copyright to the work.
To create your NFT, you need the product, which can, for example, be the artwork you created. Second, you will need to decide on the blockchain through which you will distribute the NFT. The most widely used blockchain for this purpose is Ethereum. Nevertheless, Binance Smart Chain is also recognized for its distribution of NFTs. You will also need a digital wallet for cryptocurrencies in order to pay the fees necessary to publish your Non-Fungible Tokens on a platform.
Choosing an appropriate NFT selling platform will need to match the theme of your NFT. You can create your own NFT platform if needed. Next, convert the file you want to stream to NFT and make it accessible on the blockchain. This process is called “ minting ”. The mintage guarantees the immutability of the non-fungible token. Finally, set a price and accepted payment methods such as bitcoin for your product. If you prefer not to set a fixed price, you can set a temporary or unlimited bid for your NFT.
How much does it cost to create a Non-Fungible Tokens?
There is no set price for creating a non-fungible token. What you will have to pay depends on different aspects. The blockchain is one of the decisions with the most stakes here. Depending on the blockchain and the price of the cryptocurrency used, the transaction costs for mining NFTs can vary widely . Depending on the current exchange rate and the blockchain, these range from a few cents to €100.
Other costs to consider when creating NFTs include the costs of operating the platforms . These are generally low, between 2.5 and 5% of the selling price of the NFT for most platforms. In some cases, the costs are borne by the buyers, which means that you don’t have to pay anything in the end.
Create Non-Fungible Tokens (NFT) for free
It is possible to create NFTs without paying a penny. Admittedly, there will always be fees for mining and making non-fungible tokens available on a marketplace. However, if you create your NFT and then sell it, you can arrange to only pay the fee when the NFT is sold so that it is covered by the sale price.
This is where what is called “ lazy minting ” comes into play. This NFT creation strategy allows you to register your NFT within the blockchain once sold. Minting costs are then included in the sale price.
How and where to sell NFTs?
There is a huge range of NFT platforms where to sell tokens and make money with NFTs. The final choice of platform is up to you. But the process of selling your NFTs is more or less identical on the majority of them.
Once registered on the platform of your choice, upload the file from which you want to create your NFT. You can then mine your NFT directly through the platform. At this point, many platforms allow you to select your preferred blockchain . You can sell your non-fungible token at a set price.
The most essential NFT platform is OpenSea, which has the advantage of not charging any registration fees and is well-suited for beginners. Fees are only due once the corresponding NFT has been sold. OpenSea users can pay via cryptocurrencies, but also via a credit card.
Another well-known NFT trading site is SuperRare. This platform selects Non-Fungible Tokens, including the works of famous creators. She takes a 15% commission from each sale, which is above average. Buyers also pay a service fee on SuperRare when purchasing NFTs.
Rare is another popular NFT platform. Rarible is unique in that it is community-run. Users not only create and sell their own NFTs but also actively contribute to the design and shape of the platform.