The Complete Guide for Creating and Selling NFTs

4 min readJan 24, 2022

NFTs are constantly making headlines on the News as more and more people continue to pay big money for these Crypto Assets. A few weeks ago, a digital artist Known as PAK sold his NFT "The merge" for $91.8 million, which is the most Expensive NFT sold till now.

The potential of earning big money has motivated a lot of digital artists to create their own NFTs, and if you are one of them, then this article is exactly what you need.

This article provides a step-by-step guide for creating and selling an NFT, so you can also be a part of this growing industry.

What is an NFT?

NFT stands for Non-Fungible Token. The term non-fungible means "irreplaceable" or "limited."

So basically, NFTs are digital assets that hold a value and are extremely limited in numbers. These digital assets are owned by people and can also be transferred to other people.

An NFT can be an image file, GIF, song, video clip, tweet, text posted on a website, or any other digital format.

Why are NFTs so Expensive?

The fact that NFTs are limited makes them so exexpensive. Just take the Mona Lisa painting as an example. There is only one Original Mona Lisa painting painted by Leonardo da Vinci.

Now many people can own a copy of the Mona Lisa painting, but only one person in the whole world can own the original painting. Moreover, only the original painting holds a price tag of 860 million U.S. dollars; all the copied ones are worth no way near the original painting.

How to make your own NFT?

Making an NFT is quite straightforward if you do it the right way. Here are some steps you need to follow to create your own NFT.

Select an Item

The first step in making an NFT is selecting the digital asset you want to convert into an NFT. When you choose your item, make sure that you own its Copyrights. This is compulsory because, according to U.S. copyright law, only the copyright holder has the right to transform the original work into an NFT.

Making an NFT for a digital asset that someone else owns will get you into legal troubles, even if you do it unknowingly.

Note:

Under Section 504 of the Copyright Act, if a person violates someone's copyright, they will be responsible for actual and/or Statutory damage of $750 -$30,000 depending on the violation.

Choose your preferred blockchain

The second step is to select a blockchain for your NFT. There are many popular blockchain technologies from which you can choose. Most artists and creators go for Ethereum as it is the most popular amongst all blockchains. Other popular options that you can consider include Cosmos, Tezos, Polkadot, and Binance Smart Chain.

This is the step where the minting process of an NFT starts. In case you don't know what a minting process is. It's a process in which digital art is made a part of a blockchain.

Create a Digital Wallet and buy some Cryptocurrency

Making an NFT requires some initial investment in the form of Cryptocurrency. But for buying Cryptocurrency, you need to have a digital wallet. So If you don't already possess a digital wallet, you would need to create one. Here are some of the best Digital wallets for Cryptocurrency:

Metamask
Trust Wallet
Coinbase Wallet
Math Wallet
AlphaWallet

After creating a digital wallet, you can now buy some cryptocurrency. If you already own some, you don't need to buy more; just connect the Cryptocurrency to your digital Wallet. It's best to have Ethereum, as almost all NFT platforms accept this Cryptocurrency.

Choose a marketplace and link it to your Wallet

Now that your Wallet is set and you have some cryptocurrency in it, it's time to make the NFT. But before this, you will need to choose a marketplace. There are many marketplaces for NFTs, such as:

Opensea
Rarible
Nifty gateway
Foundation
NBA Top Shot
Axie Infinity Market
SuperRare
Decentraland

Do your research on every marketplace and then decide which will suit best for your NFT. For most people, the best place to start is Opensea, as it is one of the biggest marketplaces for NFTs with a Net worth of $13.3 billion.

After selecting a marketplace, you now need to connect your Wallet to your marketplace. This will enable you to make the investment required to Mint your NFT and receive money if your NFT gets sold.

Upload your file

In the uploading process, your digital file is converted into a Marketable NFT. All Marketplaces have a step-by-step guide for uploading a digital file on their platform. So just follow the guide carefully and upload your NFT.

Monetize your NFT

The final step in the minting process is the monetization of the NFT, and there are three ways of doing it.

Time specified auction: Any person who bids the highest in a given time frame wins the auction.
Unlimited auction: There is no time limit for biding; you get to choose the end of the auction
Fixed price selling: A price is set for the NFT, and the first person to pay that price gets the NFT.

If you place your NFT for auction, you would need to set a minimum price. In the case of a time-specified auction, you would also need to set a time limit according to how long you want to hold the auction.