NFTs are a great tool for designers and can be used to display designs, copyright notices, or any other information that you want to share with your audience. They’re also a great way to solidify a unique branding identity in the marketplace and differentiate yourself from competitors.
NFTs hit the market and mainstream conversation with the unimaginable sale of Beeple’s artwork for $69.3 million. Non-Fungible Token is a topic that continues to gain attention in the Ethereum space and the crypto sphere.
NFTs are simply digital assets on the blockchain that are unique and distinguishable from other digital assets. People want to understand the ways to get into NFTs, which starts with creating one. Following are the 5 steps that will help you understand how to make an NFT:
1. Select The Digital Asset
Figure out the Digital Asset you want to make into an NFT which can be customized paintings, pictures, songs, collectible basketball cards, memes, GIFs, or even a tweet. NFTs are non-fungible because every NFT is a distinct Digital Artifact with only one owner and its value is determined by its rarity(the level of uniqueness among all the Digital Assets present as NFTs).
Legal difficulties are inevitable if you make an NFT for a Digital Asset you don’t own. It’s better to make sure you own the intellectual property rights to the object you wish to make into an NFT before proceeding.
2. Decide Which Blockchain To Use
3. Configure A Digital Wallet
A Digital Wallet is required to fund your initial investment with Cryptocurrency and to create an NFT. Your digital possessions will be accessible through the wallet. Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet are among the most popular NFT wallets.
Once your Digital Wallet has been set up, you can buy Cryptocurrency and link it to the Digital Wallet to create and trade NFTs with it.
You might also be interested in reading:
4. Choose An NFT Marketplace
OpenSea, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Axie Marketplace, Nifty Gateway, Mintable, and ThetaDrop are some popular NFT markets that you can choose from.
Examine each NFT Marketplace to find a good fit for yourself and then link it to your Digital Wallet. This will allow you to pay the fees associated with minting your NFT and store sales revenues.
5. Convert Digital File And Monetize Your NFT
A step-by-step guide for uploading your Digital File to your chosen NFT Marketplace should be available. You’ll be able to convert your Digital File of any type like JPG, PNG, MP4, WEBM, GIF, SVG, MP3 (preferably under 100MB) into a marketable NFT using this method.
After successful conversion of your Digital Asset into an NFT you can monetize it in the following ways:
- Put a fixed price on your NFT.
- Individuals interested in your NFT can submit their final bid within a certain amount of time with a Timed Auction.
- If you are willing to wait for the sale of your NFT to get the highest bid, then you can go for an Unlimited Auction.
NFTs present an exciting new way to collect certain Digital Assets. Non-Fungible Tokens are clearly not a passing fad in the Crypto world. NFTs could even change the way we view legal documents and change the way that people pass on assets. If you have a Will or other legal documents in place, you are already Estate Planning to some extent.
The laws have a long way to go before catching up with the changing technological advancements but with a Digital Estate Plan, you can ensure security and smooth handover of all your Digital Assets to your family members after your demise or incapacitation.