NFTs are a trend-making phenomenon in 2021 that gained enormous growth and popularity since its inception. They have been abruptly making a huge appearance in the form of tweets and social media posts throughout the internet. The tremendous rise in its popularity is the result of the worth of $69 million jaw-dropping NFT sold by an artist Beeple.
Non Fungible Tokens (NFT) usually are a cryptographic asset on the blockchain that represents intangible and unique digital item. For instance, a piece of art, a photo, an in-game collectible, or a tweet that has a unique identity. We cannot replace assets because of their exceptional properties. An NFT is not interchangeable due to its unique ownership property. Its basis is on the functions of authenticity and ownership.
They primarily work based on metadata where the information of the NFT is stored. Metadata is the basic component to distinguish between different NFTs. Metadata can be the unique barcode of the NFT. Metadata is the determinant of facilitating users to buy or sell objects based on their metadata rather than the entire object.
Creating an NFT is a simple process in which different steps involves. First of all, users have to pick their idea to start the process of NFT creation. Then, they have to choose the NFT marketplace where they want to display their NFT. If you have an idea or are in the search of an idea, contact us to turn your idea into reality. Hashglogics has a team of experienced developers to help you how to create NFT art.
Let’s take a deep dive into the NFT development process.
GET INTO THE IDEA OF NFT DEVELOPMENT
Before starting your journey of NFT development, you must have a complete understanding of what NFT is. It can leverage you throughout the process of NFT creation.
If you want to become an NFT artist, the first important thing that you have to take into account is the great level of creativity and innovative ideas. It is somewhat necessary to have a goal in mind. Creating an NFT is undoubtedly worth trying business ideas. Moreover, an artist is known for his creativity and design. Beeple-like artworks prove to be a shift for working on the unique idea.
There is no doubt that an unknown person’s innovative and appealing digital art piece will not reach the level of craze as celebrities’ but can be more than crazy for some fans.
- Design of the Nft or creative idea
- Picking up the right format or type of NFT
- Minting of the NFT
- Go to blockchain for creating your wallet
- Exploring the right platform to post your NFT
- Attach your wallet to the NFT platform
- Implementing the Idea of NFT into reality
- Display your NFT on the NFT marketplace
DESIGN OF THE NFT
You can start from the basics by exploring different ideas of NFT. The market is flooded with gossip about NFT and its leading trends on social media. So, start with exploring the market and picking up the type of NFT. You can select a custom painting, picture, music, video game collectible, meme, GIF, or even a tweet.
An NFT is a unique digital item that has sole ownership. Thus, you have to make sure that you are not copying someone’s item. Because the real value of NFT lies in its rarity and uniqueness of the NFT. You must have all rights reserved to post your NFT on the marketplace. Without owning the digital asset, you can get into legal trouble.
PICKING UP THE RIGHT FORMAT OR TYPE OF THE NFT
After analyzing NFT deeply, now you have to select the next process from where you have to kick off your journey with the next step. The basis of the right format of the NFT is on your interest or market research.
This step can leave with the craziest NFT file whether it is an image, a media file, a song, any video, or a meme. But while making the final decision about NFT type you must consider a few things in advance, likethe gas fees of the Nft. The fee that costs to sell your NFT is known as the gas fee. If you are pitching up NFT for the sole purpose of buying you may have to consider these things in advance.
Keep in mind that after deciding what content and in which format you want to follow for creating an NFT, you have to convert it to an appropriate file type, to make it a digital asset. There are certain mediums to store different types of files based on their type, such as a music file stored in the MP3 and MP4 mediums. Images and graphics tend to be saved in portable network graphics (PNG) or graphics interchange format (GIF) files.
MINTING OF THE NFT
Minting is a common term widely associated with NFT. Minting is the process of creating a non-fungible token. Shifting a digital item into an asset is known as minting. After going through the minting process, the digital items become valuable, secure, and reliable assets ready to sell in the NFT marketplace. Then to be purchased and traded, the digital asset becomes legal with the track when it is resold or collected again in the future.
An NFT is known for its uniqueness. The more uniqueness it has, the more costly it could be. If you are planning to create different versions of your NFT to bring more variety to the NFT, in this situation, you need to define the number of identical copies of your specific NFT.
You have to decide this before creating your NFT on the blockchain because once you have done with the creation on the blockchain you cannot make any variations in the NFT. You need to introduce some of your NFT versions as more inclusive and specific. This process of prior planning refers to as minting. You can only mint NFTs once you have created them. After minting the digital item, it becomes more secure, reliable, and challenging to manipulate.
GO TO BLOCKCHAIN FOR CREATING YOUR WALLET
To make your digital assets, you have to post them on the blockchain. Minting happens through blockchain. There are various popular platforms to post NFT like Ethereum, Tezos, Polkadot, Cosmos, and Binance Smart Chain.
Once done with the minting process on the blockchain, start creating your wallet. If you don’t already have a digital wallet you must have to create one to start further proceedings of NFT, as initially, you need to invest in some cryptocurrencies for the funding of your NFT thus, creating a wallet is a prerequisite. The wallets help you get easy access to your digital assets. The Well known NFT wallets in the market are Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet.
After creating your digital wallet, you have to buy some cryptocurrency. Most NFT platforms accept the currency based on the Ethereum blockchain platform.
EXPLORING THE RIGHT PLATFORM TO POST YOUR NFT
After ending up your NFT minting, the next thing is exploring the right platform to post your NFT for display. There are a lot of platforms out there to display your NFT for selling and buying.
Picking up the right platform is an essential part of the process of minting NFTs, and the right choice here depends on various factors including certain blockchain types, supported standards and formats, accessibility, and a price to mint an NFT.
Open sea and Rarible are the famous marketplaces to sell and buy NFTs. Both marketplaces let you create NFTs based on the Ethereum platform free of cost.
Lazy minting is also a platform that allows you to create your NFT written on the blockchain which can save your fees. This means you do not require paying any fee for posting your NFT on it to sell. But when someone buys the NFT the fee of NFT is attached to the total fee of the buyer. That process can save your amount in case your NFT does not sell.
IMPLEMENTING THE IDEA OF NFT INTO REALITY
Now, you have all the required things in your hand to go make your NFT live so that people can buy your art piece. At this stage, all you need to do is upload your file on the Marketplace.
The best market for your NFT could be the Open sea. At Opensea marketplace you can have a better experience. And more chances to sell your NFT faster. Whatever marketplace you choose has a different procedure to follow while posting the NFT file. This will turn your digital file into a digital asset ready to sell.
DISPLAY YOUR NFT ON THE NFT MARKETPLACE
The right choice while selecting the marketplace demands a few considerations, because there are various factors to assess the right platform which includes certain blockchain types, supported standards and formats, accessibility, and the gas fees to mint an NFT. Ethereum is the well-known platform on the blockchain which uses notable standards given below:
The ERC-721 is the first standard for representing non-fungible digital assets on Ethereum. The ERC-721 standard also supports semi-fungibility. ERC-1155 standard purely supports fungible assets. ERC-998 is based on the templates Components support both non-fungible or fungible assets.
Thus, the majority of the platforms to post NFTs are based on Ethereum. Other non-Ethereum marketplaces belong to ecosystems of blockchains like Cosmos, Polkadot, or Binance Smart Chain, to name a few.
How to create a nonfungible token is not a difficult process. It requires following a smooth step-by-step guide. The huge popularity of NFTs is causing higher sale prices of NFTs.Therefore, you can make a lot of money by working keenly on a single idea. Well, there are certain risks associated with creating and selling NFTs. But these losses can be reversed or avoided by following the right guidelines suggested by Hashlogics.
Create a nonfungible token with Hashlogics and start your digital assets-making journey right away. Of course, getting involved with any new frontier is a big decision when it comes to digital asset-making. But, at Hashlogics we will take care of your digital assets. Hashlogics is flooded with an award-winning team of analysts to guide you throughout this journey. If you are really worried about how can create NFT art contact us. We will help you solve this riddle.