The complete guide to creating an NFT: everything you need to know

Non-fungible tokens (NFTs) can be created through specialized platforms that let you mint and list your artwork on a blockchain. This guide covers in detail what it takes to produce your first NFT, from uploading your work to choosing the right blockchain and listing it on a marketplace.

What are NFTs and how do you create them?

Non-fungible tokens (NFTs) are unique cryptographic items on a blockchain, with distinct token IDs and metadata that make each one unique.

While cryptocurrencies such as Bitcoin can be exchanged one for another with no difference in value, an NFT is non-fungible because it is unique.

NFTs are usually linked to digital art forms such as graphics, videos and audio recordings. They can be bought or sold on dedicated digital marketplaces, usually with cryptocurrency.

To create an NFT, there are platforms and exchanges that support the process, and it often takes just six basic steps.

Step 1: Think about what you want to create

NFTs make it possible to sell digital artworks such as images, audio recordings or even short videos. The goal is to create a unique piece of digital art that can be sold, just as you would sell a painting in an art gallery.

Creators see value in NFTs because they are unique and cannot be copied. It is crucial to secure the rights to the digital assets you use, since creating an NFT from unauthorized material (e.g. a photo you found on the internet) can lead to legal trouble.

Step 2: Choose a blockchain network

While there are several blockchain platforms that can host your NFTs, it is very important to choose one that fits your needs.

Ethereum

At the top of the list is Ethereum, the most popular blockchain for NFTs. Using the ERC-721 standard, Ethereum provides a secure and transparent way to store NFT metadata.

The ERC-721 standard was shaped by the same developers who designed ERC-20, and it defines the basics, such as ownership, security and metadata, needed to trade and manage NFTs.

It is worth noting that Ethereum has moved to a more environmentally friendly model, proof of stake (PoS), but transaction fees remain high.

Solana

A serious Ethereum competitor, Solana offers a faster and cheaper option for NFT enthusiasts. With fees below 1 cent, this blockchain is especially popular and supports a growing range of applications.

Solana uses both proof of history (PoH) and PoS, which delivers high transaction speeds and efficiency.

Flow

The Flow platform, aimed at the NFT and online gaming market, is home to well-known collections such as NBA Top Shot. Many sports teams have also opened their own marketplaces on the platform, making it ideal for sports fans.

There are also many other blockchains covering a wide range of needs, offering a variety of applications and opportunities for NFT holders and creators.

Step 3: Set up an NFT wallet

Once you have chosen the blockchain you’re interested in, you’ll need to set up a digital wallet compatible with that chain to hold your NFT. To create a wallet, download a wallet app, choose a username and password, and make sure you store your private keys and seed phrase (recovery phrase) in a safe place.

There are several well-known wallet apps that support various blockchains:

• MetaMask: MetaMask is a reliable wallet that supports a wide range of cryptocurrencies, including the Ethereum and Solana chains. It is available both as a smartphone app and as a browser extension.
• Coinbase Wallet: Coinbase offers a digital wallet that supports ERC-721 NFT tokens and Solana NFTs. You can use it on your phone or as a browser extension.
• SafePal: If you prefer a hardware wallet for extra security, the SafePal S1 supports NFTs on both the Ethereum and Solana chains.

Step 4: Choose an NFT platform

There are many NFT platforms that let you create your own NFT, and the more advanced ones offer a full marketplace for listing and selling your NFTs. Let’s look at some of the best known:

• OpenSea: OpenSea is without doubt the most successful NFT platform. With more than $20 billion in trades since 2017 and over two million NFT collections available, OpenSea has established itself as the leading platform for Ethereum-based NFTs. More recently, in 2022, it also began supporting Solana-based NFTs.
• Solanart: Specializing in the Solana network, Solanart offers an attractive, easy-to-use space that hosts some of the most talked-about Solana NFT collections.
• Crypto exchanges: Many crypto exchanges, such as Binance, support NFT creation. On the platform itself, you can choose which blockchain your NFT will be based on and create it, or mint it, right there.

Step 5: Create your NFT

Once you have chosen a platform, creating an NFT is fairly simple. Here is an example of creating an NFT on OpenSea:

1. Connect your digital wallet to OpenSea by clicking the wallet icon in the menu. You will need to confirm the connection in your wallet app.
2. Select the “Create” option to open the NFT creation wizard, which has sections for uploading files, features, properties and choosing a blockchain.
3. Upload the image or other media file you want to turn into an NFT. You can use both locally stored and externally hosted files.
4. Give the NFT a name and add a description. You can also add custom properties and extra perks, such as access to private Discord channels or discounts on products.
5. Choose the blockchain that will host your NFT. This choice is final.
6. Once you have filled in all the details, click the “Create” button.

Note: The process is complete once the file is uploaded and the NFT is recorded on the blockchain. However, the NFT won’t be available for sale until you publish it, and the metadata stays temporarily editable until you do.

Below is a video that shows you the process step by step.

Step 6: List the NFT for sale

Selling an NFT is quite easy, since most NFT platforms let you list for free. Once you have created the NFT and it is in your digital wallet, select the “Sell” button on the platform of your choice. There, you can set the sale price and the duration of the sale.

Once you have filled in the sale details, you need to approve a few transactions in your digital wallet. These transactions may cost money, depending on the blockchain you use. For example, transaction fees on Solana are usually extremely low, generally under $0.01, while on Ethereum fees can be much higher, depending on network conditions at the time of listing.

How much does it cost to sell an NFT?

Once your NFT is listed, it gets a unique URL you can share. On NFT marketplaces, platforms take a commission on every sale. For example, Binance charges a 1% fee, while OpenSea charges a 2.5% fee on the sale price.

When you create the NFT, you can add a royalty clause that gives you a percentage of every future sale of the NFT. Creators can receive up to 10% of each resale.

Can I create a non-fungible token (NFT) for free?

On most NFT platforms, you can create and list your non-fungible tokens for free. Costs kick in, however, when you go on to sell the NFT, in the form of various transaction fees. In addition, some blockchains such as Ethereum charge special fees, known as “gas fees,” which depend on the level of activity on the network.

By contrast, the Polygon blockchain doesn’t charge for creating an NFT, but may charge a small amount for minting NFTs in bulk.

How can I create an NFT image?

Image NFTs are digital files hosted on dedicated NFT platforms. These platforms often support various file formats, such as JPEG, PNG and even GIFs. You can create your images with any tool you like, but you must make sure the platform you choose supports the file format you will upload your image in.

Are NFTs protected by copyright?

Certainly. Unless there are restrictions under fair use laws, copyright arises automatically when a new work is created for an NFT, such as a photo, an audio clip, a video or a text. The creator is the legal copyright holder. Acquiring an NFT does not mean you acquire the copyright, which remains with the creator. However, since July 2022, there have been discussions in the US Congress about how copyright protection should be interpreted in relation to NFTs.