Want to understand how to create an NFT ? You've landed at the right place! The overnight story of American digital artist Mike Winkelmann aka Beeble, who sold his NFT piece - Everydays: The First 5000 Days - for a whopping $69 million at an auction, shows what NFTs (non-fungible tokens) can perform to the lives.
But NFTs are a whole lot more than the rags to riches stories and digital artwork you see online.
In this blog, we'll discuss everything required to learn about NFT - from the fundamentals to the advanced, from creating an NFT to selling it - and help you obtain a definite understanding of this booming industry on the internet.
What is an NFT?
NFTs are digital assets with an original identity kept and verified on a blockchain (a digital ledger). Each NFT is non-fungible, meaning it can't be readily exchanged for another asset of similar value. Common NFT assets include images, video, music, GIFs, and collectibles.
NFTs hold value because there is only one version of the assets made. Put simply, an NFT can just have one owner at a time—there is no-one to alter its ownership or mint exactly the same NFT on the blockchain. With all this scarcity, creators/owners of NFTs hold the capability to set their very own rates for their assets.
Create the NFT
Once you've connected the ETH Wallet to OpenSea, you can continue and create your first NFT. Select Create in the top menu, and create a collection. Fill in all the information needed, then save. Now you're ready to begin the specific minting procedure for a fresh NFT. Select New Item, load your artwork, and give all the details you need about it. Once you're willing to pull the trigger, click create.
Congratulation, you've successfully created a token! To market it on OpenSea, though, you have to open the newly-minted item in your collection and click on the sell button. On the selling page, you will have the ability to find the Ethereum tokens you'll accept as a payment, if you wish to sell with a fixed price or at an auction, and the royalties you wish to receive from the initial and subsequent sales.
Can you mint an NFT for free?
It's possible if the NFT platform you select supports lazy minting. This method generates metadata for an NFT without actually developing a token of the NFT itself. When someone purchases that NFT, it is then officially minted, and the gas fee incurred is passed onto the buyer. Bear in mind that fees might surprise those who want to purchase your creations. So while you get to avoid minting fees, you could wind up paying with regards to missed sales and portfolio opportunities.
