You’ve probably heard of some people making ridiculous money off NFTs, such as Beeple’s NFT selling for $69m in 2021, or pixelated Cryptopunks for $23m.
Perhaps you’ve got a rock-solid idea for a rare collection of NFTs with proper utility, or perhaps you just want bragging rights to say you’ve minted an NFT. Either way, below is a step by step guide on how to create an NFT.
The truth? Despite NFTs being overwhelming for the majority of the population, minting an NFT is nowhere as difficult as you may think. Look no further, we explain exactly how to do it below!
What are NFTs?
Non-Fungible Tokens (NFTs) are digital assets that contain identifying information recorded in smart contacts. Put even more simply, they are tokens that represent ownership of unique items. This information, which is stored in the blockchain, is what makes it valuable and unique. They can be bought or sold like any other piece of property through online marketplaces, such as Rarible or Opensea.
To read our ultimate beginners guide to NFTs, click here.
What does ‘minting’ an NFT mean?
In short, this is the process of converting a digital file into a digital asset or collection on the blockchain. Once it’s there, it cannot be edited, modified or deleted.
Anybody can easily mint an NFT and we will show you exactly how to do so in the below steps. There are many different marketplaces to buy and sell NFTs, we will focus on the largest decentralised platform, OpenSea.
Step 1: Your idea
What is it that you are turning into an NFT? Is it a cool graphic you’ve made on photoshop? A GIF you have created? A tweet of yours from 2015? An image of your pet tortoise?
Remember in our ultimate beginner’s guide we said an NFT can be a number of things, including:
- JPEG (e.g. artwork, collectibles, image of a tweet etc.)
- Video (e.g. sporting memorabilia, video game assets)
- Music (e.g. a pre-release via an NFT and receive profit share once album is released)
- Ticketing (e.g. events)
- Virtual land
- Real world assets (e.g. to verify ownership of a pair of shoes)
Whatever it is, it is extremely important that you own the rights (i.e. the intellectual property) to this asset, else you can face some serious legal consequences.
Step 2: Choosing the blockchain
Alright, so you’ve got your idea (that is legally yours), you now need to mint it. To do so, you need to work out what blockchain technology you want to use. For the purposes of this guide, we will assume you will be minting on the ethereum blockchain, as ETH is the most popular blockchain technology to use. However, there are a number of other blockchains you can use.
Step 3: Deposit some ETH into your crypto exchange account
Next, you’ll need to make sure you have deposited some Ethereum into your digital wallet. Ethereum is the second largest crypto (in terms of market cap) after Bitcoin and as I said above, is the most popular blockchain to use for NFTs. If you need a hand setting up a crypto exchange, you can check out our step by step walkthrough here (link to creating Digital Surge account).
Step 4: Creating a Metamask wallet
Now you need to create a digital wallet. This digital wallet is where you buy, sell and hold your NFTs. It is also where you’ll receive royalties from your NFTs whenever they’re sold. That’s right, even after you sell your NFT, you still receive a royalty every time it is sold to someone else. 5-10% is considered standard. Not bad hey?
We recommend creating a Metamask wallet – it works as a plugin on your Chrome or Brave browser and works well with OpenSea. Click here for a step by step guide on creating a Metamask wallet.
Once you have your Metamask set up, you’ll need to send your ETH from your Crypto exchange (i.e. your Digital Surge account) to your Metamask wallet, as this is the currency you’ll use to buy and sell NFTs and you will need ETH for gas (transaction) fees.
Step 5: Choosing the NFT Marketplace
Just like deciding whether you want to sell your second hand shoes on Ebay, Facebook Marketplace or Gumtree, you need to decide which marketplace you want to sell your NFT.
There’s many marketplaces out there, however the two main ones are Rarible and OpenSea. If this is your first NFT rodeo, I recommend going to OpenSea. They’re the world’s leading marketplace for buying and selling NFTs with over a million transactions each month.
Step 6: Linking your Metamask wallet to Opensea
Once you’re on OpenSea, you’ll need to connect your Metamask digital wallet so you can pay the minting fees and receive revenue from sales. For a short video on how to do this. See the below step.
- Click the Metamask icon (should be in the top right corner with your plugins) and enter your password.
- Head over to the profile tab (in the top right corner of the page) and connect your Metamask wallet (you may need to accept some conditions). Once you do that, you’re ready to mint your NFT!
Step 7: Create a collection
Now time for the exciting part – minting your NFT!
There’s two options here, uploading an individual file or creating a collection. We recommend creating a collection as these seem more visibility and it’s much easier to create a community around (as opposed to just one in the series).
- Go back to your profile and click ‘My Collection’.
- Click ‘Create a collection’. You’ll then need to create a logo image, featured image, banner image as well as a few other pieces of basic information. Click ‘create’ when you’re ready.
Step 8: Minting your NFT
Now it’s time to mint.
- Click on the collection you just made.
- Click ‘Add Item’
- Upload your NFT and name it whatever you like. You’ll also need to complete a few other steps such as the properties of the NFT (e.g. any distinguishing features).
- Click ‘create’ when you’re ready to mint and your NFT should appear in the collection you just made!
Congratulations – you have officially minted an NFT! 9. You are then free to sell your NFT at a pre-specified price or simply to the highest bidder by a certain timeframe.
It’s important to note that OpenSea takes a 2.5% commission on all transactions.
As you can see, whilst a lot of people are so confused about the world of NFTs, anyone in the world with a laptop with internet can mint an NFT within an hour. However, for your NFT to be successful, it needs to have utility. I.e. an NFT that gives someone access to cheap merchandise or exclusive content has a lot more utility than a JPEG image of a cat with no utility.