A Guide to creating NFTs

The Process of Creating NFTs

This is an ArtMakers introduction to the process of creating Non-Fungible Tokens(NFTs) artwork for sale via blockchain technology.

For an overview of NFTs please see our ‘Artist/Makers and NFTs’( which includes definitions of key terms in  Jargon Busters.

For the reasons why to work with NFTs, and possibly why not to see NFTs ’ Pros and Cons’

You can create and mint your own artwork NFT in 8 fairly, straightforward steps. However, please read to the end before starting on this process as there are several points where critical choices will affect the outcome.

1. Pick Your Art Type

The first thing you need to decide when creating your NFT art is what kind of art you’re going to create. You can choose to make NFTs from digital paintings, drawings, music, videos even logos and gifs.

2. You need Cryptocurrency.

You’ll need to pay a platform to ‘mint’ (i.e., generate) an NFT. And most platforms want this paid in Ether(ETH), the native cryptocurrency of the open source blockchain platform Ethereum.

The value of Ether (abbreviated as ETH) can fluctuate wildly. For example, at one point, 1 ETH was worth $2,751.61 / £1,923.66. yet five hours later this had changed to $2,560.92 / £1,807.47. So if you’re expecting to project precise figures for your costs and profit, you need to work with a range rather than a specific price.

To buy Ethereum, you first need to create what’s called a ‘digital wallet’ and then connect that to your NFT platform of choice – several listed below.

Critical Choice: It is worth noting at this point that different NFT platforms work with different currencies, and not all are interchangeable, so check out your possible platform before choosing you wallet and currency.

3. Create a Digital Wallet

This is an app or hardware storage space for your crypto-currency e.g Ethereum or Bitcoin.  There are many digital wallet services in the UK. Here are links to some of them :-

Coinbase

Coinmama

Trezor

Coinjar

Blockchain – yes they do a wallet as well as provide a platform

Electrum

Each wallet has its own way of purchasing currency.  Once you have selected your wallet you need to add money (ETH) to it.  Most wallets will allow you to buy with Apple Pay or a debit card. (Note: if you’d rather not part with any money yet, you can actually leave this stage till later; it just requires a little more work later).

4. Connect your Wallet to the NFT Platform

NFT platforms facilitate the creation, buying, and selling of non-fungible tokens (NFTs). NFT platforms enable artists and creators to mint NFTs, and sell them on an NFT marketplace to buyers who want to own a non-fungible token on the blockchain. Here is a list of some NFT platforms currently available :-

OpenSea.io (The largest open marketplace, good for beginners)

Rarible.com (Good for minting your own collection)

SuperRare.com (High-end marketplace, for experienced artists)

NiftyGateway.com (Premier Marketplace with new selection of artists every 3 weeks)

Mintable.com (Wide variety of various NFT art collections)

Once you have chosen your platform – we recommend you sample more than one to discover the type of artwork which is popular there – click on the connect button to attach your wallet to the platform.

You can experience great success on any of these marketplaces and likely on any blockchain. However, when you are minting your first piece of NFT art, try using the beginner markets first; such as Rarible and OpenSea. These markets are easy to signup to, and even easier to post your first NFT. From here you can progress to more exclusive options like SuperRare and NiftyGateway – sites which require verification of your ‘artist’ status.

5. Mint Your Art

Mint your NFT i.e. upload your digital work to the blockchain via your chosen NFT platform.  This is normally done by clicking the “create” button; then upload your NFT file, fill in required token info including token title, price, description, royalties (where applicable) and properties. Lastly, provide your digital signature and pay the blockchain transaction fee.

After minting your non-fungible token art piece, you can choose to either keep your token collectible in your wallet or post your NFT for sale or auction. Even if you don’t post your NFT for sale, buyers may still put in a bid on your piece, which you can choose to accept or decline.

6. Setting up An Auction

Assuming you wish to sell your NFT artwork. You have three options – on most sites. 

‘Fixed price’ allows you to set a price and sell it to someone instantly (like ‘Buy it now’ on eBay).

An ‘Unlimited Auction’, people carry on making bids until you accept one.

‘Timed auction’ is an auction that only takes place for a certain time.

You then have to set a minimum price.

Critical: If it’s too low, the substantial fees associated with minting and selling an NFT will swallow up your profit and may leave you actually losing money.

Next on the form, you get an option to ‘Unlock once purchased’. This gives you the chance to provide your eventual buyer with a full, high-resolution version of your art, and/or additional material through a secret web page or download link.

You may see a confusing option on the form, titled ‘Choose Collection’. This is a very technical question about how the blockchain is set up. Your Collection will be on your NFT platform.

7. Describe your NFT

Add a title and description for your listing. Like all titling this needs some thought.

Next what percentage of royalties do you wish to claim on any resale of your art in the future. If you set a high percentage it will net you more money per sale, but it may deter people from reselling your art in the first place as they’ll be less likely to make a profit for themselves. 

Finally, there may be an optional field to add your file’s properties.

8. Pay the Fees

Yes, there are fees for using the platforms and wallet etc to sell you NFT. You’ll be invited to connect with your wallet to pay the listing fee. If you don’t have sufficient funds in your wallet, you will be able to add more money from the NFT platform to your wallet.

Warning. The listing fee may seem low: e.g. just £4.30. But this is only the beginning of the fees you’ll be charged. Before you can go any further, you have to agree to a further fee to actually generate your NFT, which could be £31 or more. Then if someone buys your NFT, there’ll be a commission fee on the sale, and a transaction fee for transferring the money from the buyer’s wallet to your own.

The point is not all the fees are obvious when you sign up to a platform. In addition, all crypto currency is subject to substantial fluctuations so what may look like a good sale at one moment may not be an hour later.

For one person’s insights into becoming an NFT artist you might want to read the following article.

‘How I Became a Professional NFT Artist(Well, Sort of)’

https://onezero.medium.com/how-i-became-a-professional-nft-artist-well-sort-of-d1597d2b3ddb

I hope you have found this useful in your journey with NFTs or not NFTs.

Please send us any additional points you think other artists may find useful.

Remember to review ArtMakers’ ‘NFTs – Pros and Cons’.(ADD LINK)

Downloads

NFT Creation Process

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