How do you create and list an NFT? You may have heard about the trending technology in the news, or you may have heard about how artists use them to earn a profit. This article will walk you through the process of creating and listing an NFT on the marketplace.
Making and listing an NFT
For this article, we will be listing an NFT on the Raible platform and use the Crypto wallet MetaMask. There are many other NFT platforms on the internet, like OpenSea, SuperRare, Foundation, BakerySwap, Axie Marketplace, VIV3, NFT ShowRoom, Nifty Gateway and others. There are also different payment platforms like Torus, Portis, WalletConnect, Coinbase, MyEtherWallet and Fortmatic.
Step1: Get some crypto
The first step you should follow is to pay a platform to mint (or generate) an NFT. Most venues require you to pay this fee with Ether. Ether is the native crypto of the open-source blockchain platform Ethereum.
Buying Ethereum or ETH requires you to create a ‘digital wallet’ and connect that to your preferred NFT platform. This article will use MetaMask as an example, but there are many other alternatives available. However, you can always choose another platform based on your interests. MetaMask is known as a mobile app and browser extension.
Step 2: Create a digital wallet
Using MetaMask, navigate to the website and select the download button on the top right. You can do this on a web browser and download a browser extension. Next, you should confirm that you want to create a new wallet and seed phrase. A seed phrase is a list of words that stores blockchain information.
After agreeing to the terms and conditions, create a password and follow some security protocols. Follow these few steps, and you have made your account.
Step 3: Add money to the digital wallet
This process requires you to add some ETH to the MetaMask wallet. This process is simple and straightforward. First, select the buy button, then choose the option to buy ETH with Wyre. Following this, you will see a window to buy ETH with Apple Pay or a debit card.
Step 4: Connect the wallet to the NFT listing site
This process works on nearly all other wallets too. Now that you have enough ETH in the digital wallet, time to visit the NFT platform. This article uses Rarible as an example; however, you can use other NFT platforms.
In Rarible, move to the right-hand corner, and you will see an option to connect the wallet. Select that, and a screen will ask you to select the wallet provider, MetaMask, in this case. Now you get a popup box that shows up, and you can connect the wallet with Rarible. Select the following button, then click. Now, you should accept the terms of service and confirm you are older than thirteen.
Step 4: File uploading
Now it is time to create an NFT. To begin with, click the blue start button. You will have the option of creating a single NFT or selling different versions of the same file. In this case, we’ll choose single.
Now, it is time to upload the file. You can convert any digital asset into an NFT. NFTs can be a PNG, GIF, WEBP, MP3 or MP4 file. Do note that the file cannot be larger than 30 MB.
Once you upload the file to the site, you can get a preview post of what the NFT will look like. You can view this preview on the right side of the screen.
Step 5: Auction or sell the NFT
This step involves how you will sell the NFT. Rarible provides you with three options: Fixed price, unlimited auction, and timed auction. Fixed fees are where you can set a non-negotiable expense for the product. The unlimited auction is where people can keep making bids on the product till you finally accept one. The third option is an auction taking place for a specific time. The timed auction usually yields the best results, so we chose that for this article.
Now you should set a price for the NFT. Be warned though, if it is too low, the fees will eat into your profits and you could lose money. In this example, we’ll list the NFT at 1 ETH and give people seven days to place their bids.
Now you can select the option to unlock after purchase. This option is like providing the buyer with exclusive content or additional content through a hidden download link. This option is very beneficial to renowned digital artists and creators.
Step 6: Describe the NFT
Now it is time to provide a title and give a description for your NFT listing. It is essential to spend time perfecting this step. That way, you can maximize your chances of selling the NFT.
Here, the site will ask you to consider the royalties percentage you can claim on any resale of your work in the future. This step is also a balancing act as a high percentage will net more money but deters people from selling the art in the first place.
Lastly is an optional field to add your file’s properties. We’re almost done with the process.
Step 7: Pay the fee
Now select the create item option, and the site will ask you to connect your wallet and pay the listing fee. In case you do not have the required funds in your wallet, no problem. You can select the wallet icon on the top right corner, and Rarible gives you the option to add funds to the site.
The NFT craze is far from over. Every day, we’re seeing major brands and celebrities sign deals to release their NFT and earn a profit. Market analysts anticipate that the market will exceed the 1.3 billion mark by the end of 2021 as more brands, artists and icons flock to the industry. With such fervor surrounding the NFT world, now is a great time to take part in the space and generate your non-fungible token.