A Complete Guide to Minting NFTs | The Motley Fool - Deepstash

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NFTs are a promising development

NFTs are a promising development

NFTs have become very popular among some art collectors and investors. While the verdict is still out if this is a legitimate investment class, NFTs are promising for artists and creators.

With this step-by-step guide, artists and creators can turn their work into an NFT.

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How to mint NFTs

NFTs (non-fungible token) is a type of digital certificate that guarantees ownership of a unique digital asset. It is built on a blockchain such as Ethereum.

NFTs is the ability to guarantee yourself as the original creator. You can then set a fee for when that digital asset is sold in the future and earn passive income if your work is sold on the secondary market.

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Connect your wallet

You first need to open a crypto wallet, then connect it to the NFT marketplace. If you're using OpenSea, click either the wallet icon or the "Create" button in the right corner.

Depending on the wallet you want, such as MetaMask or Coinbase, and if you're working from a desktop or mobile, you'll be asked to connect your wallet using a QR code scanner on your smartphone or download your wallet on your computer.

Ensure to complete your marketplace profile, tell the NFT world about yourself, insert links to your website or social media pages, and specify which cryptos you'll accept.

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Create your first item

Create your first item

  • From the marketplace's home page, click the "create" button. You'll be asked to upload a digital file and give your NFT a name. You need to specify which blockchain to base the NFT on, such as Ethereum.
  • Set up how much you'll be paid in royalties if your NFT gets sold again. A standard royalty payout is five to ten per cent of the secondary sales price.
  • Click " complete" to mint your first NFT.

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Ensure your wallet is funded

Selling an NFT requires the network to do some computing, which will cost some money, known as a "gas fee."

To complete your first sale, ensure you've purchased some Ethereum or other crypto you want to use on a crypto trading app and deposit it into your wallet. You can then transfer the crypto from your wallet to your NFT marketplace account.

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List your NFT for sale

List your NFT for sale

Once you've minted your NFT, you can sell it on the open market. Click on the "Sell" button in the upper right corner of your NFT's description page.

  • Pick the type of sale: A fixed price based on your cryptocurrency of choice or a timed auction.
  • The marketplace will disclose any related fees for selling. For example, OpenSea has a service fee of 2.5% of the NFT selling price.
  • Click on "complete listing." The marketplace will calculate the gas fees and request payment from your crypto wallet.
  • When the gas fees are paid, your NFT will list on the marketplace.

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Manage your NFT business

Manage your NFT business

When your NFT is created and listed for sale, you need to engage with potential buyers. You can also create more NFTs as part of a collection, attracting art collectors or speculator attention.

Interacting with users and collectors on NFT marketplaces will build rapport which can help to develop your new NFT business.

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Early days for the NFT movement

While some digital creators make big easy money by creating NFTs, it's still early days. However, the ability to passively monetise work long after the original sale could be a game-changer for artists, musicians, content producers, video game developers, etc.

Turning your digital labour into a blockchain-based asset is promising and could eventually completely change the way creators get paid.

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CURATED BY

braga

Community pharmacist

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