CoinSpot NFT Marketplace
Making an NFT sounds complicated, but anyone can create an NFT with an internet connection, digital file, crypto wallet and access to a marketplace that allows minting. Here's what you need and how to make your first NFT.
Every NFT is a digital file, and you need to have a file in an acceptable format. As long as they're under 100MB, these formats are typically accepted among marketplaces and blockchains:
Many NFTs are static art pieces, but they can be videos or GIFs. Creators can pair music and art, creating an audiovisual NFT. Pixel art, memes, video game characters and trading cards are all genres to consider.
When designing the NFT, know that copyright and intellectual property rights apply. If you take someone else's artwork and mint it with the intention to sell it, you could run into legal trouble.
If you're not an artist or don't have the capability to create your own unique digital file, then you can commission someone to create an art NFT for you.
One of the most important steps in creating an NFT is choosing a marketplace. Check that it sells your preferred NFT category, has a reputable blockchain and offers the royalty percentage you want.
When you're involved in cryptocurrency and digital assets, you need a crypto wallet. A crypto wallet is software or hardware designed to hold, send or display cryptocurrency and NFTs, and most are free to use.
When you make an NFT, there's a transaction fee for putting the digital file on the blockchain, so you'll need some crypto in the wallet to cover that fee. In terms of what cryptocurrency you need, it depends on the blockchain. For example, Ethereum transaction fees (called gas fees) are paid in ETH.
There are many different wallets to choose from. However, the marketplace you choose to mint your file on may require a specific wallet. Some popular wallets include MetaMask, Trust Wallet, Ledger, Atomic Wallet and Exodus.
There are also different types of wallets:
Our complete guide to crypto wallets
To tokenise a digital file and put it on a blockchain, you have to pay a gas fee to finalise the transaction.
Depending on the marketplace you choose, you need some type of cryptocurrency to cover the gas fees. These fees vary by the second.
Buying cryptocurrency starts with having a wallet and finding an exchange. Exchanges vary in what coins they offer, but you can count on almost every one having Bitcoin (BTC) and Ether (ETH). Once you're signed up with the exchange and connect your digital wallet, simply deposit funds in the approved methods and select the currency you want.
Once you have a wallet and connect it to the marketplace of your choice, you can start the process of minting your NFT.
Most marketplaces are clear on where to go to mint an NFT, with clear buttons like Create NFT or Mint NFT. Common steps in minting an NFT include:
Once the file is minted, the NFT is either held in your account with the marketplace or sent directly to your crypto wallet.
Now that you've gone all this way to make your NFT, the next step is to figure out what to do with it.
Many NFT creators get into the space to earn money from selling their NFTs. The simplest way to do that is by minting the NFT on a blockchain with smart contract functionality so you can earn royalties on subsequent sales. Before you choose a marketplace, compare royalty percentages so you can get the most bang for your buck.
However, try not to set the royalty percentage too high — such as higher than 40% — so that buyers and sellers see resale value in your NFTs.
Consider these use-cases for NFTs:
Know that there's no guarantee that you'll be able to earn from your NFT, or even successfully sell it.
Making an NFT means paying transaction fees for interacting with the blockchain. When you're dealing with NFTs, expect to pay a gas when buying, selling, minting or listing an NFT. This is fee is paid in the blockchain's native cryptocurrency.
A gas fee is like a processing fee. The fee is used to power the blockchain and keep things moving. Processing transactions on blockchains requires power, so those interacting with the blockchain pay a fee.
Gas fees can vary depending on the time of day, the complexity of the transaction, congestion of the network and the processing speed. A single transaction could cost you anywhere from $1 to $1,000, depending on which blockchain you choose and the previously mentioned factors.
And if you pay someone to create the digital file that's going to be made into an NFT, that's another cost to keep in mind.
Keep these tips in mind when making NFTs:
Cryptocurrency and NFTs are high-risk investments, so keep your wits about you and don't invest more than you're willing to lose.
Gas fees are specific to the Ethernet network. You’ll pay one when minting, buying or selling an NFT. Here’s how they work.
7 nonfungible token scams and how to avoid them.
Need to put an NFT on another blockchain? Here’s how.
How to sell NFTs in 4 steps.
Step-by-step guide on minting an NFT.
NFTs take many forms, and NFT art makes up a large portion of the market.
The definitive ranking of the NFT adoption across 26 countries.
Read our step-by-step guide to buying NFTs, including what you need to get started and which marketplaces you can use in Australia.
Discover the most expensive non-fungible tokens (NFTs) that have ever been sold, who bought them and what makes them special.