How to create NFT?

How to create NFT? - R1Investing

Elements required to create NFT

You do not have to be famous or rich to make your NFTs. Everyone can do it without spending any money. For this article, let us assume that this is your first time dealing with NFTs or cryptocurrencies of any kind. All you need is the following three fundamental elements:

  1. Content that you are going to transform into a token;
  2. Crypto wallet;
  3. Marketplace

Content

Before even getting started, you need to come up with the concept of your NFT. As the world has demonstrated, there are all different kinds of NFTs, including twits, sports highlights, elements of video games, art both digital and physical, and, many more extraordinary examples. Technically you can take any digital piece of information and turn it into NFT. To give you ideas of what it can be, these are some of the most popular NFTs as of early 2022:

  • Art
  • Collectibles
  • Sport moments
  • Music
  • Gaming
  • Domain names
  • Metaverse land
  • Real estate
  • Fashion
  • Financial NFTs

So if you still wonder whether a simple rock or a cat can become an NFT, the answer is yes.

JPEG of rock sold for 1.7 Million USD

JPEG of rock sold for 1.7 Million USD

At the same time, NFT is not always exclusively digital. If you have your own collection of stamps, sculptures, or paintings, you can turn those into NFT collections.

Crypto Wallet

Dealing with NFTs is closely related to the world of crypto coins. Therefore creating NFT would be impossible without setting up a crypto wallet. At this point, you do not necessarily have to purchase coins if you choose a platform that enables you to create NFTs for free as long as you do not sell them.

Marketplace

NFT as part of the blockchain

To see how everything is managed, we need to understand what the blockchain is. Blockchain is basically a public ledger represented by a list of records or so-called blocks. Every block carries timestamp and transaction details as well as crypto information of the block previous to it. And every record is published publicly online, making any fraud impossible. Related blocks form chains within which newer blocks reinforce the previous ones. Mechanically blockchain is backed up by thousands of computers doing millions of little calculations every single minute. For this purpose, NFT is, at the same time, a public record within the blockchain system about the transaction and a product traded for coins. 

Choice of blockchain and marketplace

Initially, the Ethereum blockchain was the main pioneer platform to manage all the transactions with non-fungible tokens. Since then, we have seen the emergence of alternative blockchains such as Tron, Binance Smart Chain, EOS, Cosmos, Wax, etc. Any blockchain has related NFT marketplaces and wallet services. However, Ethereum is still the leading one.

These are just a few NFT marketplaces helping people to invest and trade works of art and collectibles:

  1. OpenSea
  2. Juggerworld
  3. Treasureland
  4. BakerySwap

Despite major differences in the payment requirements on these platforms, the very process of creating NFT is identical and differs only in the interface provided by crypto wallets.

Process of creating NFT

Since OpenSea seems to be more accessible to people getting started, let us take it as an example for the purpose of this article. At this point, you may look through the NFTs available for sale on OpenSea to understand what sort of assets it attracts. 

Registration

To create any NFT, you complete a simple registration signing with your crypto wallet. Just follow the instructions on your computer. Then you jump to your collections page, which is empty at the moment. Then click to create a new collection. Upload a logo and give your collection a name. You may add a description or change the name now or any time later. Then you upload any file that you want to turn into NFT. Add a description or external links as suggested and click Create. Now you can push Visit and see how the world will see your NFT as it exists on OpenSea. 

Congratulations on your first ever NFT living on the marketplace, proving that NFT belongs to you. You can also go to your wallet and see all the collectibles you own if this is as far as you want to go. Great! At this stage, you can get a link to let anybody see what you have made. But the original work is all yours!

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