In this guide, we will focus on providing you with a comprehensive guide on how to create an NFT – termed minting an NFT. Luckily, the process of making an NFT is not as technical as you would have imagined. With the right tool and basic computer skills, anyone can mint an NFT. But first, it is advisable to have a deep understanding of the technology.
What is Fungibility?
What Is an NFT?
The ongoing campaign for global digitization has somewhat spurred the demand for digitized artwork and collectibles. Since blockchain technology is a proven ownership and authentication enabler, it is not surprising that digitized and rare items are increasingly finding their way to the blockchain terrain.
How do NFTs Work?
An NFT uses token standards that set unique identifiers to establish the uniqueness of a token. In other words, two non-fungible token-based items can’t be used the same as two Bitcoin would, despite the similarities they might share in appearance. Thanks to the immutability and transparency of blockchain, we can trace the creation timestamp of an NFT, the original creator, the current owner and other unique identifiers. All these details are available on a public ledger and cannot be manipulated.
How Are NFTs Used?
In essence, an NFT is ideal for preserving the rarity and establishing the ownership of digital and real-world assets. This is why many artists, celebrities and collectors are increasingly adopting NFTs.
For creators, NFT offers a level of flexibility that is often absent in conventional methods of receiving value from the sale of arts, music, videos, memes and so on. With NFTs, a creator can evade intermediaries and still access the global market directly. By minting the NFT version of your work and putting it up for sale on a reputable NFT marketplace, you can streamline the otherwise fee-and resource-intensive process of marketing via conventional methods. In the end, a fair share of the revenue is yours to keep.
Moreover, NFTs allow the continuous payment of commissions to the original creator whenever the said item or art changes hands. You can program in a royalty clause while minting the token such that the subsequent sales of your art or digital item generate passive income for you.
How Does NFTs Benefit Digital Collectors?
As a digital collector or investor, NFTs provide a tamper-proof system for avoiding counterfeits and preserving the ownership of purchased digital items. While many argue that it is possible to create copies of an item bought as an NFT and in the process dilute the essence of such an expenditure, the fact that the authenticity of the item is preserved in an NFT held in your digital wallet gives you extra bragging rights and ensures that its value is unmistakable.
Just as the excessive counterfeiting of a Louis Vuitton bag does not diminish the value of the original product, the unlicensed copies of an NFT art do not undermine its value.
Should You Create an NFT?
Judging by the explanation above, there are benefits of creating the NFT version of your digital or real-world content or item. Minting an NFT gives you more control over your intellectual property and offers unregulated access to a global network of art and other digital item collectors. Think of NFT as a much-needed gateway to a democratized market for owning, selling and buying rare and unique digital assets.
How to Make an NFT
Now that you are ready to create an NFT, you should get familiar with some factors that could sway your decision on where and how to mint your first NFT. The first thing to have at the back of your mind is that several blockchains support the NFT token standard. The list includes:
- Binance Smart Chain
- Flow by Dapper Labs
Once you mint your NFT on any of the blockchains listed above, it is most likely impossible to transfer them or sell them on other blockchains. Hence, take the time to research the pros and cons of each blockchain’s NFT ecosystem before making a decision. For this guide, we will explore the minting procedure for NFTs on Ethereum.
Currently, Ethereum is the most popular hub for NFTs. Ethereum is followed by Binance Smart Chain, which is more affordable when it comes to transaction fees. In other words, Ethereum and Binance Smart Chain host the biggest marketplaces for NFTs and offer more exposure to NFT buyers.
How to Make NFT Art?
Digital artists, who for a long time produced art and content on social media platforms, often generate traffic and ad revenue for these big tech giants while getting minimal returns. With NFTs, the entire creator economy changes. Artists hold full ownership of the digital art they create, and get compensated for it according to how the art world values it.
How to Mint an NFT on Ethereum
It is quite easy to create an NFT on Ethereum. All you need is an Ethereum wallet that supports NFTs and an account on an Ethereum-focused NFT marketplace. Some examples of wallets that are compatible with NFTs are Metamask, Trust Wallet, and Coinbase.