A Step-by-step Tutorial for Beginners to Launch Your First NFT Collection

With the growing popularity of NFTs, everyone wants to know how to launch an NFT to earn money. Starting the first NFT collection can be scary and challenging. However, the whole process of making these digital assets is actually easy and accessible. In this article, we will dive into the beginners guide for creating NFT step by step.

How to Mint Your First NFT?

Step 1: Decide the Type of Your NFT

Before minting an NFT, you need to figure out the type of Non-Fungible Token you want to create. Your NFT can be anything, as it is a digital version of a real-world, tangible item stored on the blockchain. Thus, there is a variety of NFTs you can create:

Digital art and images
Audio
Meme
GIF
Video file ( JPG, PNG, MP4, MOV)
Game items
Collectables and trading cards
Sports moments
Domain names
Virtual fashion items

You won’t need a developer if you want to make a simple digital asset. But in case your NFT is a more complicated item or has a complicated start contract (conditions for the sale), then you may need the help of a developer.

In addition, it’s important to make sure that you own the intellectual property right for the item you’re turning into an NFT. So, if you make an NFT with IP that you don’t legally own, it could land you into trouble.

You can go to rarity.tools to see what new NFT projects are out there. Also, there is a site, called DataBase, which has a list of new NFT projects, so you can check when the best and the newest ones are coming up.

Step 2: Pick a Marketplace

Before picking a marketplace, make sure to do research on each of them. There are a lot of NFT marketplaces you can choose from. The most popular are:

OpenSea
Rarible
SolSea
Holaplex
Object
Mintable
Brownie

Each market has a different set of features and a different price for listing them. Thus, after deciding the type of your digital artwork, it’s time to find a blockchain platform where you can create and sell your first NFT.

The most important consideration for beginners is fees, which are referred to as “gas”. Each NFT marketplace has its fees depending on how you will mint and sell your NFTs. For example, to open an account on OpenSea it requires a fee in order to initialize your account, which could cost up to $100 in some cases.

Step 3: Create Your Crypto Wallet

Once you have chosen a marketplace, it’s time to create a crypto wallet where you’ll store your cryptocurrencies and NFTs. While selecting a wallet, please pay attention to whether it is compatible with the blockchain and NFT marketplace you will use for minting your NFTs.

Let’s see an example of how to set up your wallet on OpenSea. Firstly, click on the user icon and then click on Profile. To connect your Ethereum wallet to the NFT market, you should go to “Connect”. page and click.

OpenSea lets users connect to the most popular crypto wallets, including MetaMask, Coinbase Wallet, Fortmatic, WalletConect, and others. Therefore, you should choose a wallet and then follow the steps to connect your wallet.

Step 4: Buy Crypto Through an Exchange

Now buy some cryptocurrency in order to pay gas to mint your NFTs. You can create an account with a popular exchange, like Binance, Kraken, or Crypto.com. It’s pretty simple to do and can be complicated on a smartphone.

Finally, you can log in and buy the cryptocurrency after creating an account. You should buy Ethereum or Solana coins, depending on which blockchain you plan to mint. Then transfer your coins to the wallet you created in the previous step.

Here is an explanation of how to transfer from an exchange to your crypto wallet :

Firstly, log in to the exchange.
Then open the Wallets tab in the top or bottom navigation.
Tap Withdraw and choose the relevant currency.
You should enter your wallet address in the Address field.
Pick the right network (Solana for SO

Step 5: Connect Wallet and Start Minting NFTs

The next step is to connect your wallet to the NFT platform you will use to create your digital asset. Here are the steps you will need to take on the Rarible marketplace as an example :

Head over to Rarible.com, and click the Connect wallet button in the top right corner of the screen.
Once you have picked a digital wallet, give Rarible permission to view your accounts.
Click the Connect button to accept the platform’s terms of service and age confirmation.
Go back to Rarible’s homepage and then click the blue Create button at the top right.
Now, it’s time to choose between making one digital copy of your NFT or creating multiple copies to sell the same item several times.
Download the digital file you wish to mint as an NFT.

Next, choose how you want to sell your NFT file. It’s not necessary to put the asset on sale while creating it. Also, you can put it on sale and set minimum pricing after minting it. Decide whether you want to offer a full high-resolution version of your NFT or add unlockable content through a secret download link or webpage. As the collection for the NFT, you should choose Rarible .

You should add the title and description for your NFT art.
Specify the percentage of royalties you want to receive for secondary sales.
Specify your file’s properties, like size or color in pixels.
Click Create item.
Confirm the transaction in your crypto wallet (pay the gas fees).
Click the Confirm button and upload the file and Mint token.
You should also confirm contract integration in your wallet (a small gas fee will be charged for creating the smart contract).
Click Sign in your wallet to sign a sell order.

Thus, your NFT is minted. If you want to find the created NFT, click on Profile > My Items. Your NFT collectibles appear on your screen.

Step 6: Create Your Art

To create your art, you need to think about how it will translate digitally. You can play around and keep experimenting. Don’t limit your notions of what’s possible. Just think about how your NFTs will convey the message you have created to the new medium.

Thus, you can follow the guidelines below to create your first NFT :

Use materials and tools you already have.
Invest in new technology or knowledge if necessary.
Find other creators so you can learn from each other.
Think about the audience that will like your work and keep them in mind as you create.
Decide whether you want your NFTs to have audio, visual, or written components – or all three.
Pick a file type.
Think about the file size. OpenSea’s limit is 100 MB.

Step 7: Get ETH for Listing NFTs

All NFT markets require an upfront deposit to list your NFT. They may differ per platform; that’s why each NFT artist should research each platform to find the best suitable for their needs.

However, all users are obliged to pay a cryptocurrency fee for listing the digital asset and making NFTs sales. It means you need to acquire some cryptocurrency before earning any. Some of the NFT marketplaces, like OpenSea, charge fees in Ether (ETH), Ethereum’s native cryptocurrency: you mint an NFT on the Ethereum blockchain.

That’s how complete the listing for your NFT sales looks. Thus, the platform will charge a one-time gas fee to initialize your wallet.

Step 8: Set up the Sale Process

Now that you have learned how to create an NFT. It’s time to set up the sale process.

On OpenSea, click on the account icon and navigate to My collections. There you will see the NFTs you’ve recently made. Click on the selected collection, then on the particular NFT. You’ll have the option to click on Sale, on the top right.

You can select from the following options, based on the platform you use :

Fixed cost: Setting a fixed price to be delivered on a first-come, first-served basis.
Timed auction: The asset will accept bids for a specified period.
Unlimited auction: No time limit. Instead, you can stop the auction at any time.

You will need to establish a minimum bid price if you set up an auction. Moreover, you need to structure your royalties so that you can receive payments in perpetuity. In addition, establish the duration of a timed auction (if necessary). When setting the minimum price for your NFT, you should consider fees. If you set the pricing too low, you risk losing money on sales.

The fees required to mint or sell an NFT are frequently expensive and challenging. Furthermore, there may be a commission for the sale and a transaction fee that allow money to be transferred from the buyer’s wallet into yours. Fees can change due to the volatility of cryptocurrency values. To ensure that you can sell your NFT at a price that will cover all the expenses, you need to pay attention to the cost of minting and selling it.

When you complete this process, your NFT will be listed, and other collectors may start buying assets from your collections. If your asset is somehow unique, you will be able to sell your NFT.

Step 9: Promote Your NFT Art

Promoting your NFT is the most important thing. Usually, every successful NFT project spends a lot of time and effort on it. So, if you want to differentiate yourself from other projects, you must be very intentional about your promotion strategy.

A clear online marketing campaign with individual goals can do wonders for your NFT project. It doesn’t matter how great your art is: you’ll need a solid promotional tactic. You can use the power of digital advertising to promote your NFT collection and gain the attention of potential investors and the NFT community. The more they learn about your project and the benefits it brings, the more likely they will invest in it.

In addition to Discord and Twitter, you can use Instagram, Medium, and Reddit. To promote your NFT art, it’s even better to register your project in NFTCalendar and DISBOARD.

Some creators are worried that if they promote their project before it starts, someone will copy it. Some projects have suffered such damage. But you can avoid it by following some simple rules :

Under no circumstances publish all the information about your project too early.
Release the information little by little.
You should create such artworks that no one can easily copy.

What is the Cost of Producing an NFT?

Most NFT marketplaces do not charge a fee to mint NFTs. But they charge a percentage service fee for listing the NFT on the marketplace.

Additionally, the cost of minting can often vary depending on gas and site fees. For example, on the Ethereum blockchain, you may pay around $70 to secure the token. The average price of the site is about $300, though some sites let you list your NFTs for free.

How Much Does It Cost to Create an NFT Project?

The price will vary depending on your platform to make an NFT, how rare the asset is, and when you want to mint it.

Sometimes, the NFT creator won’t need to pay a ‘gas’ fee if the chosen marketplace uses the lazy minting process.

In addition, you should be aware that other fees could be involved depending on the marketplace you select to create and sell your NFT.

Another thing to pay attention to is the price of Ethereum. Cryptocurrency is volatile. That’s why it can be hard to predict how much in fiat currency you will be charged during the minting process.

Can You Mint an NFT for Free?

It is possible to mint an NFT for free on the most popular NFT marketplaces. However, listing NFTs for sale requires a fee.

If you want to overcome the higher gas fees, you can leverage lazy minting, so an NFT is available outside the blockchain and is only minted after a sale. It means you don’t need to pay gas fees because they are borne by the buyers instead.

Some of the most preferred NFT marketplaces for making NFTs for free include OpenSea and Rarible. As a less popular platform, Mintable also allows you to create NFTs for free with an Easy option that creates gasless NFTs.

Why Is It So Expensive to Create NFTs?

Making content from an NFT requires a new digital coin to be minted on the blockchain.

Creating this coin requires a relatively complex computational task involving the entire network of computers.

Using the Ethereum blockchain to mint your NFTs comes with a ‘’gas fee” for the energy and effort put into those calculations. This metaphorical “gas fee” fluctuates every day and in some cases, will be worth it more than the selling price of your work itself.

Moreover, some marketplaces require a small amount to be paid to list your work on their website. Although there are some NFT marketplaces that don’t ask for minting fees, you should pay the listing fee upfront or at the time of sale.

FAQ

How Do NFTs Work?

NFTs require the use of cryptography to create digital tokens. The creation process of this token is referred to as minting. Usually, when minting NFTs, you should pay for creating smart contracts using cryptocurrency.

Smart Contracts contain some sort of data, which generally consists of

the name of the NFT
a description
an image URL which points to the data representing
random data
this data is referred to as Metadata

Smart contracts are pieces of software code. They enable the creation of trustless systems that eliminate the need for human intermediaries. Thus, Smart contracts enhance the autonomy of the system. They also allow blockchain to store information securely and transparently. Eventually, these codes are what manage the ownership and transferability of NFTs.

Can I Design My NFT?

Anyone with a modest amount of money to spend can create an NFT. So you can create a piece of art, turn it into an NFT on the blockchain, and put it up for sale on a marketplace of choice.

NFT platforms offer tools that make it possible to mint all sorts of NFTs. Also, you can attach a commission to the file, which will be paid to you every time someone buys an art through a resale.

Whether you are an artist, collector, musician, entrepreneur, or even a company, you can create your NFT by simply using easy minting tools available on NFT marketplaces. However, make sure that you possess legal rights over the NFT.

How Do You Make NFT from Scratch?

To create an NFT on a marketplace, you must upload your asset and other relevant information. This includes videos, images, audio, and the name and description. Once you have completed it, your NFT will be created and listed.

How Long Does NFT Take to Mint?

Minting an NFT doesn’t take much time, as it is instantaneous. Of course, it can vary depending on the platform, but it could be between a few seconds and a few minutes. Essentially, it takes more time to create the digital asset than to mint it.

Although the process of creating the NFT is quick, don’t get carried away by its simplicity. Make sure your digital art is in pristine condition, as you won’t be able to tamper with it later.

Can My Content be an NFT?

Yes, almost anything can be listed for sale on the NFT marketplace, from digital art, and recipes to entire startups. There are very few restrictions on what kind of content can be turned into an NFT. The only rule is to avoid turning copyrighted content or assets into NFTs.

How Lucrative are NFTs?

An NFT can be a significant source of income if done correctly. For example, Everydays: the First 5000 Days digital artwork sold for $69.3 million at the moment of its first release.

However, NFTs can increase and decrease in value. In other words, not all NFT projects can make you money. Moreover, even if a piece of art has been tokenized, it doesn’t necessarily mean it will be valuable.

Are Your NFTs Secured?

Yes. The NFT ecosystem protects digital and physical assets, so it can also help establish clear traceability. Creative industry models often lack the flexibility digital producers need to make money from their art. Using NFTs on the blockchain makes it secure and simple to trade digital assets online.

Artists and collectors can create NFTs worldwide so that they can fund them indefinitely.

Moreover, NFT marketplaces such as OpenSea and Rarible have seen significant user growth over the past few years.

What Can be Characterized as an NFT?

A Non-Fungible Token is a digital asset with a unique identity kept and verified on a blockchain.

Each NFT is non-fungible, which means it can’t be exchanged for another asset of similar value.

Digital art, accomplishment in academics, title deeds, or employment contracts can all be an example of NFTs. There are few restrictions on the type of content that can be tokenized and turned into an NFT.

NFTs hold value as there is only one version of the assets made. Therefore, there can be only one owner of an NFT at a time. No one can alter its ownership or mint the same NFT on the blockchain. Given this scarcity, NFT creators and owners can set their rates for the assets.

What Does it Mean to Mint an NFT?

Minting an NFT means turning a digital file into a digital asset that can be stored on the blockchain. When it becomes a digital asset, you can put your NFT into circulation and sell it via smart contract.

As a creator, you can mint an NFT to make it available to sell to others. As a consumer, you may mint an NFT from a contract revealed as soon as you mint it.

A digital asset can be any file that is created electronically. It can be an image, video, article, etc. Thus, converting it into an NFT, known as minting, is where the digital asset is added to a blockchain. The blockchain is a decentralized digital ledger; it can’t be edited, modified, or deleted when an asset is added. Once the asset is officially an NFT, it can be sold at an NFT marketplace.

Conclusion

With this guide to launching your NFT collection, you will significantly improve your chances.

Now let’s wrap up to ensure we have covered all the points you need to know:

The art of your NFT is an important consideration and needs to appeal to your target market.
Always research each NFT platform to find the most suitable for your needs.
Choosing an appropriate blockchain is the most crucial step because it can affect the cost of minting an NFT and the security.
As a beginner, you need to worry about a wallet compatible with your blockchain.

Making NFTs is easier than ever because they are increasing in popularity daily. Before becoming successful in the industry, you should understand the underlying work that needs to be done.

Greg B.F.

Greg is passionate about the financial industry following the latest changes, news and predicting the future) He uses his background in finance to write informative articles. His latest interests include NFTs. DeFi, blockchain, Metaverse and funny memes!