NFTs are ruling the crypto market and this trend seems to penetrate every mainstream market. But what exactly are NFTs?. NFT refer to “Non-fungible Token”, which are digital collectibles meant to be purchased and traded in the online marketplaces. These tokens use blockchain technology and cannot be exchanged for assets having a similar value.
These one-of-a-kind tokens have risen to immense heights within a short period and people are turning their creations into NFTs to target a bigger market. This article is all about how you can create an NFT project and jump into the NFT bandwagon to score millions and display your work digitally for auctions.
Creating An NFT Project
If you are willing to turn your creations into a digitalized token, you need to follow some steps to complete creating your first NFT project,
1. Identifying An Item To Mint
To start your NFT journey, you need to select an item or any product that you want to mint. This will be your first step in creating an NFT project so should go for a very unique and creative item to present a captivating project for the market. this step is important as there is a lot of competition and creators should come up with something creative to set their work apart from others.
2. Creating A Non-Custodial Crypto Wallet
Your second step will include setting up a crypto wallet on Ethereum Blockchain. This step is to ensure you get paid for your creations along with paying all the fees that are required to pay during the minting process.
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The wallet is an essential key to having access to the “seed phrase” which aids the wallet in being compatible with different platforms and devices. This phrase will include a 12-word code and in case you forget the 12-digit code you can permanently lose your access to all the funds in your wallet.
3. Purchasing Crypto
Thirdly, you need to purchase some Ether as most of the NFT marketplaces operate on Ethereum Blockchain and demand Ether as gas fees. Purchase Ether and transfer it into your created crypto wallet.
You should go for $200 of Ether if you are a beginner and by the time you will start minting more and more of your creations you will finally understand the complete details of how much gas fee you should keep aside on regular basis.
4. Selecting NFT Marketplace
The last step in creating your first NFT project is to select an NFT marketplace to display your creation for auction. You can choose the most popular ones in the crypto sphere that are somewhat easy for newcomers. Although each platform has its fees and regulations.
Why Should You Create?
Once you create your NFT project, you receive a percentage every time it is sold or purchased. It is similar to the feature of royalties that is available for musicians and artists. This will increase your earnings from that specific project doubling up your profits.
Secondly, creating NFTs can be taken as an investment. They are a good way to generate value and profit for your work. It is understood that the crypto market thrives on the demand and supply rule, the NFTs that are limited in number score well than the others that are available randomly.
Creating your first project in the NFT sphere will give you enough profit and fame before your work gets random in the eyes of the crypto community.
Cost Of Creating NFT Project
NFTs cost from $100 to $1000 to be created initially. This is the price of all the gas fees, royalties, and resale fees. Plus includes the various commissions of all the platforms where people usually display their projects.
Creating NFTs can pay you for a long time. your work will have enough value in the digital sphere. It might initially seem like a simple endeavor but has a strong impact on creators globally. Many are inspired daily to create and display their work when they see this market booming.
If you are interested in making your first NFT project. Make sure you consult it before investing your time and money. Visit trustable platforms online like NFT Studio 24 to see what’s trending in the market. This will give you an insight into what the public demands. You can also explore the latest NFT collections and upcoming NFT projects to see what’s trending in the NFT world.