NFTs have been a cultural phenomenon throughout 2021, constantly making headlines as celebrities dabble in the space and as shenanigans, scams, and legal fights ensue. Here’s how to create an NFT using two of the most popular marketplaces, and the decisions you may have to make before deciding to sell one.
Step 1: Figure out what an NFT is
Before going through the process of creating and selling one, it is probably best to have some idea about what you’re doing
- Understanding what NFTs are and how they work helps you navigate the process
Do I have to use a marketplace site to create an NFT?
No, you can create your own smart contract, deploy it to the blockchain of your choice, and then mint your own tokens using it.
- Most people will want to use one of the platforms discussed above.
Connect your wallet
OpenSea and Rarible make this easy
- Connecting an account with MetaMask is simple if you have the browser extension installed
- A word of caution for the future: be careful if you see a request to connect to your wallet when you don’t expect it
Listing an NFT on OpenSea
To start, click the box with an image icon in it which will let you upload the file you’ll be selling as NFT.
- Give it a name, or title, and optionally, an External Link field to add a URL pointing to your website or Twitter account
- Underneath those fields, you can choose a collection for your NFT, as well as add properties, levels, or stats that can basically act as metadata
- OpenSea lets you change the metadata afterward as long as you haven’t put it up for sale, but it’s good practice to make sure everything’s shipshape before doing anything blockchain-related.
The climate controversy swirling around NFTs
There are blockchains that use alternate systems that don’t use as much energy
Listing an NFT on Rarible
Create a single- or multiple-edition NFT
- Upload the digital file you want to sell and click the Choose File button
- Name and description will help you stand out
- Set your selling options
- Open for bids
- Timed auction
- Fixed price
- Choose which currency you’d like to receive
- Customize your collection
- Free minting option
- Advanced settings
- Add properties to your NFT
Choose a platform to sell your NFT on
There are dozens of platforms that let you sell NFTs across a wide variety of blockchains, so it’s almost impossible for any single guide to cover them all, much less tell you which one is the right one for your project.
- Lazy minting lets you create an NFT and put it up for sale without it actually being written to the blockchain, thus avoiding any fees. When someone actually buys it, the fees for writing your nFT will be bundled with the fees to transfer it to the buyer.
Set up a wallet
Once you have the browser extension or app installed, click or tap the “Create new wallet” button.
- Coinbase will ask you for a username and password
- MetaMask will give you a “seed phrase” which is 12 random words
- If you lose your password and/or security phrase, you’ll be out of luck with both MetaMask and Coinbase Wallet
Non-fungible tokens (NFTs) are digital tokens stored on the blockchain
Unlike cryptocurrencies, where each coin is the same, each NFT is unique and can be sold as a way to prove ownership over some sort of digital file.
- There’s no rule saying that two or more NFTs can’t exist for the same file, but there are restrictions on what formats they support.
Step 2: Make sure you actually want to sell an NFT
While the platforms that we’ll cover today will let you create NFTs for free, selling them could be a different matter
- You can end up sinking a lot of money into the business before selling a single NFT
Create an NFT
Create a collection
- OpenSea will automatically place the NFT you create into an unnamed collection if you don’t specify one.
- Rarible lets you sell NFTs as a RARible Single without a collection.
