Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
How to Make an NFT
How-to-Geek | F | Feb 7, 2022
You can’t escape the NFT craze right now: everybody is talking about these digital assets, or even going so far as putting out their own. As a result, you may find yourself curious about how to get in on the action. Here’s how to make your own.
5 Steps to Creating an NFT
We’ve put together this short guide on how to make an NFT in just a few steps. However, because it’s relatively brief, we’re assuming you already know some basics, like what NFTs are and how they relate to cryptocurrency.
We’re also assuming that you’re aware of criticisms of and problem with NFTs. For example, as an investment, they’re incredibly volatile. Some people are making millions with crypto, but plenty of others have seen their portfolios plummet in value. The art itself isn’t stored on the blockchain.
Step 1: Create a Piece of Art
Step 2: Get a Crypto Wallet and Add Some Crypto
Step 3: Pick a Platform to Sell On
Step 3A: Pick a Blockchain
Step 4: Minting Your NFT
Assuming you’ve picked the platform and blockchain that you think is best for your NFT, it’s time to upload your NFT to your wallet and get it ready for sale—again, the wallet you’re using may change depending on the platform you pick.
Uploading an NFT to the blockchain is known as “minting,” and it’s a pretty simple step overall. Rarible and OpenSea both have roughly the same process here. Following the instructions on your NFT marketplace’s website, you will upload your NFT into your wallet, add details like the description and a number of others—and then that’s pretty much it.
See: Is Open Sea doing enough to combat NFT fraud?
As you’ll see, there are a lot of things you can add to your NFT to make it more attractive, like adding levels or leaving parts of it locked until it’s been purchased. It’s an interesting way to reel curious buyers in.
Step 5: Selling Your NFT
With all that done, it’s time to actually put your NFT out there and hopefully make some money. On most platforms, doing so is as simple as hitting a button that says “sell” on whatever NFT you have in your wallet.
The screenshot below shows how it works on Rarible using the MetaMask wallet. Note the Ethereum gas fees.
In practically all cases, you have a few options on how you want to sell your NFT. These usually fall into one of three categories: fixed price, timed auction, or unlimited auction—which Rarible calls “open for bids.”
A fixed price is simplest to explain: you put your NFT up at a certain price and you wait for somebody to pay that amount. OpenSea lets you put a time limit on this price if you want, but other than that it’s the same.
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