What is NFT?
NFT stands for "non-fungible token," which is a sort of digital certificate generated on a blockchain, most commonly Ethereum, that ensures ownership of a single digital asset. Artists can monetize their work by minting digital assets (anything from art to music to essays) as an NFT. Selling digital files isn't new, of course. However, one of the more novel applications of NFTs is the ability to prove your identity as the original author. The originator of the NFT is documented on the public ledger since NFTs are recorded on a blockchain. As a result, if your work is sold on the secondary market, you can establish a fee for whenever that digital asset is sold in the future (known in the business world as royalty) and receive passive revenue over time.
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How to mint NFT?
Here's how to get started minting them. Each NFT marketplace has its own system, so for the sake of simplicity, we are taking the example of OpenSea, which claims to have the largest NFT marketplace.
Link your crypto wallet to OpenSea
Step 1. - To unlock MetaMask, first click on the small fox logo on your browser and input your password.
Step 2. - Then go to OpenSea to get started (use the same browser where your MetaMask is installed). Click "Profile" in the top-right corner of the website once you've arrived.
Step 3. - You'll be asked to connect your cryptocurrency wallet, so pick one.
Step 3. - OpenSea will ask you for some terms & conditions to accept on Metamask. after accepting the T&A Click sign.
Step 4. - Your crypto wallet is now connected, and your marketplace profile has been generated. Make sure you fill out your profile completely. Tell the NFT community about yourself, include links to your website or social media sites, and indicate which cryptos you'll accept as payment for your NFTs.
Create your First NFT
Step 1. - Click the "Create" button in the upper right corner of the marketplace's home page.
Step 2. - You'll be asked to upload a digital file and give your NFT a name after that.
Step 3. - Optional entries include a description of your work, an external link to more information (such as your website), and the blockchain on which the NFT should be built (for example, Ethereum or the Ethereum-based protocol Polygon if you're using OpenSea). This is also where you can specify how much royalties you'll receive if your NFT is resold in the future. A standard royalty distribution ranges from 5% to 10% of the secondary sales price. After clicking "Complete," your first NFT will be created.
Fund your wallet
Selling an NFT (recording a transaction between two parties on a blockchain) necessitates some compute on the network's part. There will be a charge for this transaction, which is known as a "gas fee." To perform your first sale, make sure you've purchased Ethereum (or another cryptocurrency) and deposited it into your wallet using a crypto trading app. You can then transfer the crypto from your wallet to your NFT marketplace account, depending on the marketplace. Some marketplaces, such as OpenSea, allow you to buy crypto right from your profile by setting up a payment mechanism like a credit card. If you're not sure how much crypto you'll need, the next step will automatically compute it for you.
List your NFT for sale
Step 1. - click the "Sell" button in the upper right corner
Step 2. - Now is the time to spell out the specifics of your transaction. Choose between a fixed price depending on your preferred cryptocurrency and a timed auction. On OpenSea, you set the royalty distributions for ongoing passive monetization of your work overtime on step two, although other markets may allow you to do so at this stage. Any associated selling costs will also be disclosed by the marketplace. The service fee (cost of handling the listing) on OpenSea is 2.5 percent of the NFT selling price.
Step 3. - Then select "Complete listing." OpenSea will ask you to sign a few things through your MetaMask wallet before listing it for sale. You'll need to initialize your wallet because this is your first time selling on OpenSea. This is where you may put the Ethereum you purchased and deposited into your wallet to good use!
Step 4. - MetaMask will calculate a gas cost for you during wallet setup. The "confirm" button will not appear if you do not have enough money in your wallet (as is the case here). If there is sufficient money, simply click "confirm," and your account will be activated in a matter of minutes. OpenSea will also request that you approve the item for sale and confirm the price that you want to list it for. All you have to do now is sign them off using MetaMask. That's all there is to it – congrats on your first NFT!
Manage your NFT business
It's time to start communicating with your potential patrons after your NFT has been established and posted for sale. You can also build more NFTs and add them to a collection to draw the attention of art collectors or speculators. NFTs created on one marketplace can be transferred and sold on another, albeit there may be fees associated with this.
As a result, you can see how simple it is to create NFT. The first requirements or prerequisites must be carefully considered, mostly for planning and preparation purposes. NFTs are popular, although developing them can be challenging. At the same time, the millions of people engaging in NFT trading raise concerns about the expense of minting NFTs.