How to Create NFTs: Step-by-Step Guide for Beginners
Lately, the concept of non-fungible tokens (NFTs) has been widely discussed in the world of cryptocurrency and art. NFTs are unique digital assets that can be bought, traded, or stored using blockchain technology. Artists, musicians, video game developers, and even real estate owners are successfully applying NFT technology today. The times of getting acquainted with NFTs are in the past, my friends. The era of non-fungible tokens is in full swing. And the best part is that NFTs are available to everyone, regardless of age, country of residence, or financial capabilities. You can also create your own NFT by following the simple steps outlined in this article.
What Can be Turned into an NFT?
NFTs can represent digital objects of almost any kind: paintings, photographs, videos, audio recordings, music, virtual items from video games, and much more.
The main idea behind NFTs is that each token is unique in its own way. For example, Leonardo da Vinci’s “Mona Lisa” could become an NFT if the author assigned it a smart contract on the blockchain. By the way, in this case, forgery of the masterpiece would be excluded. On the other hand, a $100 bill cannot be an NFT because it is not the only one in the world and is equivalent to any other $100 bill, meaning it is fungible.
Examples of the Most Successful NFTs in History
Several significant NFTs have already been created to date, generating immense interest and having been sold for considerable sums of money. Here are some examples:
Most expensive collection
The First 5000 Days by Beeple is an NFT consisting of 5000 digital artworks. It was sold at a Christie’s auction for $69.3 million.
Fastest sale
WarNymph is the singer Grimes’ collection of her musical works. It earned $5.8 million in less than 20 minutes by selling a as NFT.
Most popular game characters
Axie Infinity is a game based on NFTs, where players collect cute creatures called Axies. Each Axie is an NFT and can be sold or traded on the market. With an average price of $6.83 for one Axie, the 24-hour trading volume reaches $34,368,672.
Example of Creating an NFT on OpenSea
OpenSea is a platform for creating and trading NFTs. Here are the simple steps to help you create an NFT on OpenSea.
Step 1: Sign up for OpenSea
Go to the OpenSea website and create an account by following the on-screen instructions.
Step 2: Connect your wallet
To create and sell NFTs, you will need a crypto wallet. OpenSea supports various wallets, with MetaMask being one of the most popular. Create a wallet if you don’t have one already and connect it to your OpenSea account.
Step 3: Upload your digital asset
Select the digital asset you want to turn into an NFT and upload it to the OpenSea platform. It can be an image, video, audio file, or any other format supported by OpenSea.
Step 4: Customize your NFT
Provide a name, description, and other characteristics for your NFT. You can also add additional files or metadata to provide more information about your digital asset.
Step 5: Set the price and publish your NFT
Choose the price at which you want to sell your NFT and publish it on OpenSea. You can also select the auction option if you want to sell your NFT through bidding.
The role of smart contracts in creating NFTs
Smart contracts are a crucial element in the creation and functioning of NFTs. A smart contract is a piece of software code deployed on the blockchain that defines the rules of ownership, transfer, and trading of NFTs. It ensures that each NFT is unique and immutable, while also providing security and automated transaction execution.
When creating an NFT using a platform like OpenSea, the smart contract is automatically generated and linked to your digital asset. This smart contract defines the rules of ownership and trading for your NFT, as well as enables the verification of its authenticity and ownership history.
NFT collections
NFTs are often released in collections, a trend commonly seen among creators in NFT-based metaverses. To illustrate this, let’s consider a specific example.
In 2022, GrabCoinClub created MetaMind, a gaming metaverse. The developers plan to add a series of games to MetaMind where the characters, in-game items, and objects are native NFTs from GrabCoinClub.
GrabCoinClub released two major NFT collections. The non-fungible tokens from these collections serve as access to games within the MetaMind Metaverse.
The first collection, GrabCoinClub Avatars, brings together 15,555 FiHunters which are players’ avatars in the metaverse. According to the legend, FiHunters are alien tigers and dragons who came from FiToria, the planet of crypto-knowledge, to Earth with an important mission of helping humanity understand the secrets of blockchain and learn to manage a decentralized economy.
To provide a rich selection of game scenarios with FiHunters, developers created pets and artifacts for them, which players interact with in the gameplay. The NFTs of planets, buildings, ammo, spaceships, and more from the GrabCoinClub Artifacts collection bring diversity to the digital landscape of the metaverse and give a unique touch to the world that emerges with the presence of NFTs chosen by players to complete gaming missions in the vastness of MetaMind.
Creating NFTs is an exciting way to turn your digital assets into unique and tradable items. Platforms like OpenSea offer a straightforward process for creating and selling NFTs. Keep in mind that the success of an NFT depends on demand and the uniqueness of your digital asset, so be creative and don’t be afraid to make experiments!
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