Today, even people who know incredibly little about cryptocurrency have at least once heard about NFT and the possible earnings associated with this area. This is also a major field of interest for fans of both traditional and digital art. Even with the emergence of arguments about the NFT bubble, interest in such tokens still does not disappear. That is why people are increasingly interested in how to create an NFT and make good money on it. If you want to learn even more about NFTs – check out this ultimate guide to them by our CEO, Mykhailo Sitalo!
Today we will talk about NFT creation, but we will start with the basics. This is to develop the topic consistently and to give newcomers a better insight into the matter. If you are inspired by the success of some NFT collections and are thinking about creating your own non-fungible tokens, but don’t know where to start, our article is for you! We will also mention here another important point about the copyright protection of NFTs. So, if you’re planning to make your own NFT right now, be sure to check out the following material.
What is an NFT and how do you create one?
NFT has a huge impact on all areas of our lives. Because it allows us to digitize interactions with all kinds of virtual and physical goods. We must go into more detail here:
- You may have already heard about tokens. But the whole revolution lies in the other thing. A token is the designation of an entity in blockchain-based systems. This made the decentralization of everything possible.
- Blockchain allows all data about operations to be kept on thousands of computers, so it cannot be destroyed. The first mass usage of blockchain was cryptocurrency.
- The creator of Ethereum expanded the use of blockchain. He invented smart contracts which don’t need a human to control their execution. It’s just executable machine code, and it’s bound to work the way it’s programmed to work. Ethereum made complex operations in all kinds of digital assets possible.
Thus, NFT is a special certificate that displays some kind of singular object. This token will contain all the information about the product. In other words, it is a digital certificate that confirms the possession of a certain asset.
Because NFTs are kept in a blockchain, info about the commodity, its owner, and the history of financial operations with that commodity will always be available and reliable. We can always know who made what item and who currently owns it.
So, NFT crypto potentially enables us to send any digital commodity to the blockchain, and in some cases even physical things. Gaming items or things from virtual universes, digital art, are ideal for such purposes.
Tokenization adds many useful properties to any digital commodity that increases its value. No one will buy something that they are not sure is original. If you can verify the originality of a digital work of art, it’s easier to sell. For example, NFT armor for a character from a crypto game can be sold on any marketplace. It will go to your wallet, which connects to the game, and the system will see that this armor is now yours. Thanks to NFT, the value of such an item becomes greater.
How difficult is it to create your own NFT
To begin, you need to choose an object that you will turn into an NFT. You can choose creations from different artists or your own drawing, create 3D models, and pick up photos or videos. Rarely, the NFT corresponds to an actual object that is sold with the token.
You will also need a marketplace where anyone can easily create an NFT and put it up for sale without any special knowledge. One more thing, you need a wallet with the appropriate cryptocurrency to pay the fee for creating the token and putting it on the NFT marketplace.
When you have chosen your facility, trading platform, and wallet with the necessary crypto, you can begin to create your NFT directly. The steps of this process are pretty much the same on any NFT platform:
- On many popular NFT platforms, registration can be done simply by connecting your wallet. But it’s best not to neglect filling out your profile, adding your logo and social media links, and organizing your NFTs collection.
- Upload a file with your object in one of the supported formats, add its title and some info, and confirm the creation of the first NFT. The fee process varies from NFT marketplace. Some marketplaces charge for the creation of the NFT, others for the trade, and some make the buyer pay a commission.
- Since the NFT market is now crowded with assets of varying quality, you need something that will make your product stand out from the crowd. You can offer unique art, a collection of NFTs memes that will be warmly received by the community, and a thing that fans of a particular franchise will love. The key is to capture the audience’s attention.
List your NFT and make sure that everything is in order. In terms of sales, you can choose a fixed price or put the NFT artwork up for auction and choose the period when bids are accepted. Additional options, such as private or deferred sales, are also available.
As you can see, the process is not as complicated as you might think. It will probably take much longer to create an unusual object of art and attract the attention of the audience to it. This becomes one of the main tasks of enthusiasts who want to create an NFT. Nevertheless, have no fear, because sometimes very strange and unusual things become extremely popular.
Creating an NFT image
As you have already understood, there are several types of NFTs. Despite this, NFT images are becoming the most popular variety because of the ease of minting. If you are just starting your way in this field, it is best to try to create and sell pictures on the NFT marketplace.
So, to turn an ordinary image into an NFT, it must be placed on a special NFT marketplace. There are quite a few of them, but the most popular are OpenSea, Rarible, and SuperRare. All of them work on a similar principle and differ for the most part only in detail. If the goal is to create an NFT and make money by selling your token, it is better to give preference to large and popular services.
Another important tip for beginners – it’s easiest to take your own picture, drawing, or collage as the basis for NFT. Using someone else’s work will not lead to anything good. Such NFTs simply will not pass moderation on the popular NFT marketplace (OpenSea, as an example), and the author will have a reputation as a plagiarist. You can also add different characteristics to the token. You can also add locked content that only the buyer can see.
You can use both Photoshop-type photo editors (ideal if you’re an artist) or special generators and applications that make entire NFT collections. Generative collections in online applications can be created for free by overlaying layers on top of each other.
Also, the programmability of NFT allows you, for example, to make the royalties automatic, which is useful for artists. That is, you can make a profit from each resale of your work. And it won’t depend on the reseller’s willingness or unwillingness to pay you for NFTs. The commission is prescribed in the smart contract and will go to your wallet automatically.
How much will it cost you to sell NFTs?
It is clear that the beginner who wants to create an NFT is very risky to spend a lot of money to place their picture when there is no assurance that the investment will pay off. Lowering the entry threshold for beginner digital artists bothered OpenSea. The service allows you to shift the commission for coinage to the buyer, but once will still have to pay for the activation of the wallet. To avoid paying a commission, choose Polygon.
There are other platforms for selling NFT, which do not charge a commission from you, leave it to the buyer (then the minting is free). Free minting has its disadvantages because you have to undervalue the NFT already at the start. The most important thing – choose a reliable and proven NFT marketplace.
There are closed marketplaces (such as Foundation), where the door is locked without an invitation. But there are also marketplaces where all sellers and buyers are welcome (like Rarible). A novice NFT seller should analyze not one NFT marketplace, but several variants at a time, study the terms and conditions and tariffs, and select the best option.
Are NFTs protected by copyright?
Many people who want to create an NFT are concerned about this question. So, NFT is not an alternative to copyright. Because NFT cannot be duplicated, it retains the same value as the original. Therefore, there is confusion about whether NFT gives copyright to the original.
This misperception is also fostered by the fact that some tokens often coincide with works that are subject to copyright. For example, copyrights apply to music, photos, artwork, and so on. They arise automatically from the moment the work is created. This is why creators do not need to apply for additional protection, but just have proof that they are the author. To do this, all you have to do is put your name on the work.
If you purchase a painting at an auction, the copyright remains with the artist. You become the owner of the work. This is roughly how the NFT works. That is, if you buy an NFT painting, you can still come across it online. But your token shows the right to own the original image. You might be able to sell it at a higher price in the future.
The copy-paste problem
This used to be a problem that made life difficult for those who created digital work. Anyone could keep it and that copy was no different from the original. Now, thanks to the NFT, it’s not. What’s more, with the spread of an author’s work on social media, a lot more people will know about it.
For example, you create an NFT and secure full ownership of the original. Its value will not diminish, but grow as the picture itself is copied and distributed. Copies of the work will be distributed, more and more people will learn about your work, and the cultural value of the picture will grow. People are used to digital images being freely copied, and the copies are no different from each other. But thThe used to assets physically.
So, there is nothing complicated about creating an NFT, you can draw and put your token up for sale in a few minutes. However, for it to be bought, your work of art must stand out from hundreds of thousands of others.