Non-fungible tokens (NFTs) have exploded in popularity over the past few years, with prices for these tokens skyrocketing as collectors scramble to obtain rare and unique collectibles for their digital wallets.
NFTs differ from traditional cryptocurrencies like Bitcoin because NFTs are tied directly to unique digital assets. While anyone can use cryptocurrencies to transfer - or trade - any fungible asset (one that has no differentiation), NFTs can only be used for trading one-of-a-kind assets.
This means that nearly anyone can create their own NFTs to represent unique digital assets, whether they are games, collectibles, or something else entirely.
If you are lucky, it can also mean that your NFTs will be worth a significant amount of money if the asset they represent becomes popular.
Are you ready to start trading? Here's how to get started:
Step 1: Choose Your Asset
The first step to making your own NFT is to pick an asset. The asset that you turn into an NFT can be nearly anything: a digital music album, a 3D model of a character, an access pass to an event, or even real-world items like stocks or gold bars. Below is the value share of each category, you could also have a basic overview of different categories.
As you brainstorm possible NFTs that your project could represent, remember that the best collectibles are unique and rare.
If your asset is too common, it won't be valuable because anyone can easily create an NFT to represent it, and no one will want to buy yours.
Step 2: Determine Your Token's Function
The next step is to decide how you want your NFT to function within its network. To do this, you'll need to think about:
- How people will interact with the NFT (what functions it will be able to perform).
- How other projects can interact with it (how your NFT can interact with others).
Much of this will depend on the blockchain network you want to host your NFT on.
For example, if you'd like your token to be used within a decentralized game, it's important that users can use the NFT to generate and store in-game currency. Otherwise, players won't have a way to purchase or collect resources.
Step 3: Set Up Your Wallet
You will need to have a digital wallet to store your NFTs once you start trading. You can quickly set up a wallet and load it with cryptocurrency on a number of different platforms, including:
Once you set up your wallet, make a note of your wallet address. You'll need this later to create your NFTs.
Step 4: Register As An Owner Of The Asset
To create an NFT, you will need the private key for the wallet that represents the asset you want to tokenize.
You can then head to an NFT marketplace to “mint” your NFT on the blockchain. You will need to register your wallet and then follow the steps to register your NFT properly.
Ethereum and Ethereum-based NFTs are widely available, but if you're working with a different blockchain platform, you may need to do some research on the best marketplace for your asset.
Some of today's top NFT marketplaces include:
Each marketplace appeals to different buyers and sellers, and as such, you will want to choose one that has a strong track record and meets your requirements.
Step 5: Set Up Your NFT
When you register with an NFT marketplace, you will be asked to enter some information about your NFT function, the numbers, and the dates.
You'll also need the address of your wallet (which you made in Step 3) and the private key for that wallet (which you made in Step 4).
Updating your NFT is as simple as visiting the marketplace, uploading your NFT’s information, and updating its metadata. You can then list it on your marketplace of choice to start trading immediately!
Step 6: Put Your NFT Up For Bid
Some makers simply want to create and display their NFTs without trading, but if you want to start buying and selling your NFTs as quickly as possible, you can list them on an auction.
These blockchain auctions work in a similar way to real-world auctions. When you put your NFT up for bid, it will be sold to the highest bidder when the auction ends. You will then receive the winning purchase price in cryptocurrency minus the marketplace's transaction fees.
Step 7: Celebrate Your New NFT Success!
Congrats, you are now a creator of NFTs!
Once you set up the process the first time, creating and minting new NFTs is simple. You can create as many as you want, and you can use your project to explore new business models, test out existing ones, or even create games with blockchain-powered currencies.
Now that you know how to create NFTs, you can add them to your digital wallet. Get started today, and learn how to create NFTs that can benefit you and your business in the new digital marketplace.
https://nftgo.io/research/_lBLJzbk9qy1t_YHuX8GgRvueRx8ScMWEom3sjvv4AA