For some time now, what are called non-fungible tokens ( NFTs ) have become coveted objects of desire for digital collectors. In another article we told you which are the best sites to exchange them, but do you know how to create and sell your own NFTs safely? That’s exactly what we want to talk to you about.
But why create an NFT?
Having the soul of a digital artist, wanting to protect the intellectual property of your work or generating income from the sales of your works are three of the main reasons for creating an NFT.
An item is fungible when it can be exchanged for other equivalents. For example, a $10 bill can be exchanged for two $5 bills or 10 $1 bills. Instead, NFTs are unique items, so there will only be one – or a limited number – of them.
The simplest way to understand them is to think of them as if they were trading cards, paintings, works of art or films with the particularity that they are autographed. This is what gives it its unique and exclusive feature.
The “autograph”, “seal of authenticity” or token is contained in the chain of blocks ( blockchain ) of the platform in which it was created. In this way, although there are millions of copies on the web, only one has the seal of authenticity.
The token also represents ownership and allows objects to be tracked, something like the certificate of authenticity of works of art.
But one of the most powerful aspects is that the creator of the NFT receives income every time the token changes ownership, as part of the royalties that are established at the time of its creation.
What do you need to create an NFT?
Although there are multiple alternatives to convert a digital item into a non-fungible token , and you can even mint them yourself, the simplest and most convenient way is through some of the established platforms.
The reason? They are faster for the vendor and give items greater visibility. On the buyer side, they are more reliable than independent platforms, considering the multiple scams that exist around cryptocurrencies.
Most major platforms transact with ether (ETH), the cryptocurrency on the Ethereum blockchain. In this way, if you want to start creating your own NFTs, you need to have the following elements.
- An account on an NFT platform.
- A wallet enabled to operate with ether.
- An amount of ether in your wallet, which you can purchase on exchanges.
- A digital object that you want to convert into NFT.
How to create your NFT
Although most platforms offer the ability to create your own non-fungible tokens , we will cover the process for doing so on OpenSea. This platform is considered the main NFT marketplace, but it also does not charge additional fees for minting your tokens .
Step 1: Create your collection
From your Opensea.io account, go to your profile icon and click the Create button, located in the upper right corner.
Step 2 – Upload your file
On the next page you will have to upload the digital file that you want to convert into NFT. You must assign a name, a description and an external link of the work so that potential buyers know more about the object.
You will be able to upload image files, videos, 3D models, music files or basically any digital content. Accepted formats include JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF.
Although the maximum file size is 100 MB, the platform recommends uploading files smaller than 40 MB to speed up the upload process.
Step 3: customize your NFT
After completing those fields, you will be able to customize your NFT, such as placing it in an existing collection or adding properties, levels, stats, or unlockable content.
In this section you can also define how many units of the object you can mint, although at the moment OpenSea only allows the creation of a single file.
Another option is that you choose which blockchain you want to mint your NFT on. Although the most recommended network is Ethereum, it is also compatible with Polygon (Matic) and Klatyn (Klay)
When you’re done, hit the Create button and you’re done. You will now be in a position to sell your NFT.
How to sell your NFT
NFTs on Ethereum are based on open source standards and you keep them in your wallet. This way, when you mint an NFT, you are not tied to any platform, so you can create them on OpenSea and sell them on the Mint or Foundation, for example.
If you want to sell it on OpenSea, you must carry out the following process:
- From your Opensea account, select your profile image and click Profile .
- Select the NFT you want to sell.
- Select Sell at the top right.
- On the next page you must set a price and define the type of sale : fixed price or scheduled auction.
- You can also set a duration (1 or 3 days or 1 week), although you can also customize it with the calendar.
- If you want, you can reserve the item for a specific buyer. Just paste their email address into the Reserve for a specific buyer field .
In all options, you’ll see the sale fees at the bottom: a 2.5 percent OpenSea service fee and the creator royalty (10 percent is the maximum OpenSea offers).
You should consider that if you did not stamp the item in OpenSea, you need additional approval and a signature before the platform authorizes the sale of the item with your name.
You will then need to confirm your sale by signing a transaction. And that’s it. You will now be able to sell your first NFT.