Forward-looking brands are now using NFTs as part of their marketing strategies and the results are impressive.
In March 2021, Charmin, the American toilet paper brand, posted several toilet paper NFTs on Rarible, an NFT marketplace. The highest bidder offered more than $2000 for one of the arts in the same month.
Taco Bell, the fast-food chain, also sold its entire ‘Transformative Taco’ NFT collection on Rarible within half an hour.
With other big brands like Asics, Adidas, Team GB, Coca-Cola, and Nike having dived into the NFT space, knowing how to make an NFT is becoming a necessity rather than a nice-to-have for the modern business.
Most Popular NFTs in 2021
NFTs are not new. The first-ever NFT, Quantum, was created in 2014. The NFT trend shot up in 2021, with Quantum finally selling for $1.4 million in June 2021.
The largest NFT sale yet was in December 2021, where renowned artist Pak made a mind-bending $91.8 million on his artwork, ‘The Merge.’
Beeple, another established artist, also broke the headlines in March 2021 after he scooped $69 million at Christie’s auction for his collection of 5000 digital images.
Bored Ape Yacht Club, The Sandbox, and CryptoPunks topped the list of most popular NFTs by sales volumes in the first week of December 2021.
What is an NFT and Why Spend Millions on NFTs?
NFT is an acronym for Non-Fungible Token, meaning that an NFT is unique and not interchangeable with other tokens, unlike other cryptocurrencies.
NFTs are digital assets that you can sell on a blockchain. Common NFT assets include images, music, audio, videos, and collectibles.
Buyers use the crypto supported on a blockchain to buy NFTs. For instance, on the Ethereum blockchain, buyers can use Ethereum tokens to make a purchase.
Some NFT buyers are motivated to spend millions to enjoy the prestige of owning original works created by people and brands they admire. Others are holding on to items they believe will be worth more in the future.
Why should you learn how to make an NFT?
NFTs can protect your business from business losses like the infamous $31 million coupon fraud. These tokens have unique identifying codes, making them counterfeit-proof. Brands are now shifting to NFT loyalty cards and promotional and discount codes in place of traditional ones.
You can also create NFTs and use the proceeds to:
- Raise funds for charity
- Create brand awareness and increase customer engagement
- Secure funding for expansion instead of taking an expensive bank loan
How to create an NFT art
You don’t need extensive crypto knowledge. Here’s how to create NFT art:
1. Decide what you want to create and your business goal
If you don’t know where to start, you can begin by creating an NFT loyalty card or even a promotional code for your customers. You can also borrow a few NFT art ideas for inspiration.
Focus on providing real benefits to your audience. A good example is giving those who own your NFT access rights to an exclusive club or a premium service.
If you can’t make your own art, hire a freelancer to create a piece of art for you.
2. Choose a blockchain for your NFT
The most common Blockchain for NFTs is Ethereum. Other popular blockchains that hold NFTs are Binance Smart Chain, Tron, Tezos, Polkadot, EOS, Litecoin, and Cosmos.
Some factors to consider before choosing a blockchain are:
- Transaction fees on a blockchain
- The types of cryptocurrencies your audience own since they’re your target buyers
3. Sign up for a crypto wallet
Each blockchain comes with a different NFT token standard which determines which wallet will be compatible. The Ethereum NFT token standard is ETH-721, while Binance Smart Chain’s is BEP-721.
With ETH-721, you can sign up for several wallets, including Coinbase, MetaMask, and Trust Wallets. For Binance Smart Chain, you can use wallets such as MetaMask and Binance Chain Wallet.
4. Top up your crypto wallet
When you’re creating an NFT, you may have to pay transaction fees, commonly known as ‘gas’ on the Ethereum blockchain. Load your wallet with supported crypto to cover these fees.
If you are using the Coinbase wallet, you can buy crypto on Coinbase. Otherwise, purchase crypto on exchange platforms such as Binance.US, Kraken, and Gemini.
At OpenSea, one of the biggest NFT marketplaces, you’ll pay one-time registration and contract approval fees. The platform doesn’t charge you to create an NFT collection and list it for sale.
Transaction costs will depend on your NFT blockchain. Fees on the Ethereum blockchain are usually high due to the number of people making transactions. Transact during weekends or choose a less-congested blockchain like Polkadot to save on gas.
5. Choose an appropriate NFT marketplace
There are various marketplaces where you can upload your art and create an NFT.
Polkadot, for instance, powers the Xeno NFT hub marketplace.
Tezos works on different marketplaces, including Rarible, Bazaar market, and OneOf.
Ethereum NFT marketplaces include OpenSea, Mintable, and Rarible.
- Connect your wallet on your NFT marketplace and upload your art
Using the OpenSea marketplace as an example, here’s how to create NFT art:
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Visit the OpenSea website and click on the ‘profile’ icon as shown below:
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Choose your wallet and connect it
After you click on the profile icon, you’ll get a prompt to connect your wallet as shown in the image below:
Choose your wallet from the list and connect it.
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Sign in and customize your profile
Once you’ve connected your wallet, your default name ‘unnamed’ will appear to the left of your screen with your wallet address below it as shown below:
Click ‘sign in’ on your right to update your profile by editing your username, email, image, and bio.
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Create a new collection
Once you’ve signed in, it’s time to add your NFT to the marketplace. Click the ‘create’ button to add a new collection.
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Upload a file, name it, and add a description
Once you click ‘create,’ you’ll get to a page where you can upload a file, name it, and add a description. OpenSea requires you to upload format-specific NFTs.
Source: OpenSea support
You can control various aspects of your NFT, such as the number of copies you can mint, your preferred blockchain, and whether to sell at a fixed price or go for an auction.
After you’ve customized your NFT, click ‘create,’ and your NFT will go live.
Source: OpenSea support
You’re then ready to start the process of selling your NFT!
NFTs are the future for growth-seeking small businesses
Creating NFT art opens your business up to growth opportunities.
You can make money infinitely from your art through NFT royalties and raise funds for causes that are important to your business.
NFTs also protect your enterprise from cash losses through avenues such as counterfeit coupons.
The world of NFTs is only limited by your creativity.
Follow these above steps on how to create an NFT and start making winning NFTs today!
Image: Depositphotos
This article, “How to Make an NFT: A Simple Step by Step Guide” was first published on Small Business Trends
From SmallBizTrends.com at https://smallbiztrends.com/2022/01/how-to-make-an-nft.html