Toggle Dark Mode
The world of NFTs is a complex one, especially when you’re just starting out. You need to know many things even before you start buying or selling.
If you want to buy NFTs, things are pretty straightforward. Once you have the right platform and cryptocurrency, you’re pretty much good to go. If you want to publish an NFT, on the other hand, things are a bit more complicated. You might need to invest some money before you make money, for starters. Plus, you need to use the right wallet and platform to get things going.
If you’re looking to get into the world of NFTs and publish your own, I salute you! Not only are you taking a step into what many call the future, but you might even make quite a lot of money, albeit it won’t be easy at first.
With all that said, once you get the hang of it, you’ll be minting your NFTs in no time. Here’s everything you need to know before you publish your first NFT.
First things first, you’ll need to know a few terms. There are actually a ton of NFT terms out there, so we can’t cover all of them. Luckily, when all you want to do is publish your first NFT, you’ll only need to know a few.
I know what you’re thinking, but it’s important that you understand what you’re getting into and what an NFT is. NFT stands for non-fungible token, and it’s basically a form of cryptocurrency that’s unique in its kind. NFTs can be pretty much anything, from awesome drawings to 3D renders, to Tweets and more.
(To) Mint an NFT
Minting an NFT is how your piece of art turns into an NFT – i.e. this is how an NFT becomes part of the blockchain. When you upload and publish an NFT, you’re actually minting it so anyone can buy it and use it as a form of cryptocurrency.
When you hear gas in the NFT world, it basically means fees. Gas fees are all the payments you’ll need to make when you’re making a transaction. Gas fees can be tricky, but we’ll touch on that in just a moment.
(To) Burn an NFT
Burning an NFT basically means that you delete it from the blockchain. If you don’t like your NFT, or no one’s buying it, you can burn—delete`— it and upload a new one.
A rug pull is something you should never do as a creator, and something hopefully would never happen to you as an investor. Rug pulling is a scam where the creator of an NFT basically takes the money and runs without delivering. You might see people saying they “got rug pulled” or “rugged,” which is never a good thing.
Being ready to start is only the first step. You’ll still need a few things under your belt before you get going. First, you’ll need the piece of art you want to turn into an NFT—or mint. After that, you’ll need to get the following:
An NFT wallet is basically a cryptocurrency wallet that you’ll use to pay your gas fees and get paid as well. The most popular NFT platforms use Ethereum, so you’ll need one that supports that cryptocurrency.
Next, you’ll want to set up an NFT platform where you’ll actually publish your NFT. Just like with wallets, there are many platforms to choose from.
Unfortunately, you’ll need to spend money to make money. Most NFT platforms have gas fees that you’ll need to pay upfront if you want to mint your NFT.
If you’re don’t have enough cash (or crypto) at the moment, you can try OpenSea. You can use this platform to upload your NFTs for free, which is great if you’re just getting started.
If you want to invest some money, remember that you need to get some Ethereum, the most commonly used form of cryptocurrency.
Now onto the fun part: turning your regular art into money-making NFTs (hopefully). As you know by now, there are a ton of platforms to use to publish your NFT, but the process is fairly similar in most of them.
These Incredible Apps Help You Save Money, Earn Cash, Cancel Unwanted Subscriptions, and Much More
The App Store has become completely oversaturated with all the same repetitive junk. Cut out the clutter: These are the only 6 iPhone apps you’ll ever need...Find Out More
- First, you’ll need to create your wallet and put some Ethereum, also known as ETH, in it. This will help you cover the gas fees.
- Next, you want to go to the NFT platform of your choice. You’ll need to set up your account and connect your wallet. It would be best to choose your NFT platform and then see which wallets are supported. But if you’re already using a popular wallet, there shouldn’t be any issues.
- Now is where things get interesting. You’ll need to upload your NFT. Most platforms will let you upload a single NFT or several at once. Uploading several files is also known as a collection on some platforms.
- Whether you upload one file or a collection, you’ll need to enter the basic information for your NFT. Depending on the platform, you’ll need to set up an auction or just set up the price you want for your piece of art.
- Last but not least, if you decide you want to invest some money, you’ll need to pay the gas fees. After you’re done with that, you can create your item and publish it for the whole world to see. And that’s pretty much it.
Be Careful with Fees
One big issue with publishing your own NFT is the fees. There are a lot of fees you need to cover, and not just when you upload your file. You may need to agree to another fee for generating your NFT. Not only that, but you’ll have to pay a fee if and when someone buys your NFT too.
All in all, it could be pretty expensive. The biggest problem is that cryptocurrency changes in value faster than any other type of currency most of the time, so you might need to invest more or less money depending on the day. If you’re working on a budget, you’ll need to be careful with the gas fees.
So you took the plunge. Congratulations! Now it’s time to try and sell your piece of art. Unfortunately, there isn’t an exact science of selling NFTs, and selling them isn’t as easy as selling something like a smartphone.
If you have a following on social media, make sure to let them know you’re selling your own NFTs. If not, find ways online to make yourself known. Otherwise, no one will notice your NFTs. But that’s just part of the risk—and the fun.
Good luck! It’s an “ape-eat-ape” world out there, but we’re sure you can make it.