NFTs – or non-fungible tokens – have become one of the most talked-about phenomena in the digital space. The NFT marketplace has expanded at an incredible speed; trading in NFTs was worth $100million in 2020, and rocketed to $22billion the following year.
So what is all the fuss about? What is the best way to get involved in this new and exciting trend? Let’s explain what is going on – and in the process, give you some guidance in how to create an NFT.
What is an NFT?
An NFT, in essence, is a one-of-a-kind digital asset. NFTs are blockchain technology tokens that each have a unique identifying code.
NFTs are stored on a blockchain as a digital file relating to real-world items such as videos, audio clips, images, pieces of art and any other property that has a value due to its uniqueness. The files themselves are rarely stored on the blockchain. Instead, what is stored is a link to the file, along with the token that constitutes proof of ownership.
The most expensive NFT sold by mid-2022 was The Merge, which was created by digital artist Pak. This was not a single piece of art; it was a collection of “masses” that people could buy, all merged into the same creation. By the time all the investors had purchased masses, the total value of the NFT was $91.8million.
How do NFTs work?
For NFTs to function, their associated digital tokens need to be created. This process is known as minting. To achieve this, you will need to create smart contracts that can be bought only with cryptocurrency.
Any digital file can, technically, be sold as an NFT. The value lies in its uniqueness, its non-fungibility. Even if you sell multiple copies of an image, each copy will have its own unique identifying code. And, naturally, the more copies you sell, the less valuable each becomes.
The main function, or impact, of NFTs is to empower their creators. By linking a rare or unique piece of art to a code, its creator can ensure it stays rare and unique
Step-by-step guide – how to create an NFT
Before we look at the process of creating your own blockchain technology tokens and entering the NFT marketplace, it’s worth asking the question: Who can create an NFT?
The answer is that this particular corner of the metaverse is open to anybody with a small amount of money. If you create something of which you are particularly proud, there is nothing to stop you minting it. There are numerous minting tools available that are easy to use.
- Choose the NFT you want to create
You may be an artist who conjures up amazing images. You may be a sports fan with a rare ticket to an unforgettable historic game. Perhaps you have a unique piece of audio or video that captures an extraordinary moment. You can even engage through play-to-earn games, with in-game NFTs. The range of materials that can be turned into NFTs is exceptionally broad.
- Decide on an NFT marketplace
Do your research at this point, because there are a great many options out there. What matters is that you select a platform that suits you, the type of NFTs you want to create, and your budget. Every NFT marketplace has its own fees, known as “gas”, which vary depending on how you want to mint and sell your NFT.
- Create a crypto wallet account
This is a really important step. It is essential that the wallet you use is compatible with the blockchain and NFT marketplace where you plan to mint your NFTs. Most NFTs have usually been on the Ethereum blockchain, and can be regarded as Ethereum tokens. If you decide to use Ethereum, make sure your wallet can connect to it.
- Buy your cryptocurrency
This is a fairly straightforward step. You will need gas to mint your NFTs. There are numerous reputable exchanges available where you can buy Ethereum or any other crypto that enables you to get minting.
- Mint your NFT
Once you have connected your wallet to your chosen NFT platform and bought the cryptocurrency of your choice, it’s time to take the last step in the creation of your digital asset. You should be guided through the minting process by your chosen NFT marketplace. Decisions will include how many copies of your NFT to create.
- Sell your NFT
As soon as your NFT is minted, it will appear on your profile. Decide on the price you want to ask for; many creators keep this simple by asking for a single crypto coin, or a simple fraction, rather than trying to convert the price tag into conventional currency.
ZirconTech can guide you on your NFT journey
Now you know how to create an NFT. But if you would still prefer to work with a partner steeped in experience of blockchain technology tokens, smart contracts and the metaverse, ZirconTech is the ideal choice.