How to Make an NFT – One Sold for $69.3 Million!
It’s a grear time to make an NFT – They have become one of the hottest crypto assets of 2021. One sold for an incredible price of $69.3 million at Christie’s.
The artist who made this NFT was called Beeple and his NFT is called The first 5000 days. A collection of 5000 pieces of artwork made over 5000 days and placed into one NFL.
What is an NFT?
Non-fungible tokens (NFTs) are unique collectible crypto assets that made an appearance to the world in 2012 just after Bitcoin.
People use NFTs to represent virtually any type of real or intangible item, including:
- Virtual items within digital games
- Proof of copyright
- Collectibles (e.g. digital trading cards)
- Tokenised real-world assets, from property and cars to designer clothing
- Video footage
How to make an NFT
Creating your own NFT artwork, whether it be a gif or mp3, is a relatively straightforward process and doesn’t require extensive knowledge of the crypto industry. NFT artwork can also be used to make collectibles, such as sets of digital cards. I’ve got my hopes on finding some NFT Pokemon cards! 🤞
Gary Vee, who made VeeFriends, produced a very innovative project involving NFT’s. He introduced Tangable items with the collectables. With every purchase you get access to a massive business conference, along with some other experiences and goodies.
Before you start building your collectables, you will need to decide on which blockchain you want to issue your NFTs on. Ethereum is currently the leading cryptocurrency for NFT’s and it is what Gary Vee used for VeeFriends. However, there are a lot of other blockchains that are becoming increasingly popular, some include:
- Binance Smart Chain
Each blockchain has its own separate NFT token standard, compatible wallet services and marketplaces. For instance, if you create NFTs on top of the Binance Smart Chain, you will only be able to sell them on platforms that support Binance assets. This means you wouldn’t be able to sell them on something like OpenSea which is an Ethereum-based NFT marketplace.
If you are using the Coinbase wallet you can buy ether from the platform with U.S. dollars, British pound sterling and a few other fiat currencies. Otherwise, you will need to purchase ether from a cryptocurrency exchange or know someone who could lend/sell you some. Some information on how to buy cryptocurrencies using the most popular exchanges can be found here.
What platforms do I use when creating, buying or selling NFT’s?
Once you have these, there are a number of NFT platforms that allow you to connect your wallet and upload your chosen image or file that you want to turn into an NFT.
The main Ethereum NFT marketplaces where you can buy and sell NFT’s include:
Visit OpenSea, click create and then follow the steps in connecting your wallet.
Upload your asset, mine being the Joblatte.com monogram, and then fill in the details with your price.
Confirm the listing with your wallet.
Your NFT is setup for sale, just like this joblatte.com monogram and website!
How much does it cost to make NFTs?
While it costs nothing to make NFTs on OpenSea, some platforms charge a fee. The Ethereum cost involved is usually called ‘gas.’ Ethereum gas is simply an amount of ether required to perform a certain function on the blockchain. The cost of gas varies depending on how many people are moving value over the network at a given time. It’s worth noting, that with the new update of Ethereum coming out in 2022, gas prices will be cheaper and the network hopefully even faster.
Is now a good time to get into non-fungible tokens?
The NFT craze is far from being over and its an excellent way to variety information, and proof of work/copyright with a time stamp. Your cannot control the price of Ethereum, however you can control the price of your NFT.