NFT - Procedures for NFT Creation

Basic Procedures for NFT Creation

These basic procedures are used to create and sell NFTs.

1. Choose NFT Marketplace

To sell your NFT, you'll need a reliable marketplace. Different blockchains are used by a few markets.

Here's a rundown of the best NFT exchanges and the blockchains they employ.

• OpenSea 
• Rarible 

OpenSea and Rarible use "lazy minting" techniques. That is, you can make NFTs on these platforms for free.

What is the purpose of lazy minting?

It allows you to generate an NFT and sell it on the marketplace without having to write it to the blockchain, saving you gas.

When someone buys your NFT, the gas fee is included with the transfer fees you must pay. So you only pay when you complete a transaction! Your NFT will then be recorded on the blockchain. However, be aware of OpenSea's initiation fees for first-time customers. When you initially list your NFT on OpenSea, you will be charged to set up your account. This one-time price might range from $200 to $400.

2. Set up a wallet to buy/sell NFTs

You must manufacture or buy wallets to store your crypto assets and NFTs. Your crypto assets are kept secure and accessible through a crypto wallet, which houses your private keys. Since you'll need Bitcoin to make your initial investment, if you don't already have one, you'll need one to form an NFT. The wallet will provide you access to your digital goods.

You must buy some cryptocurrencies once you've configured your digital wallet. Most NFT websites accept Ether, a cryptocurrency produced by the Ethereum blockchain technology. You must add your existing coin to your digital wallet to create and exchange NFTs.

You can set up a cryptocurrency wallet at the same time you sign up for a standard product or service. However, keep in mind the 12 random words that MetaMask, Phantom, and other wallets produce for your profile, referred to as “seed phrases.”

When you set up your account on a new device, you'll need to utilize this seed phrase. As a result, saving them safely at a convenient location will be a smart idea. The most common wallets used by most of the NFT creators are Meatamask, Phantom, and Coinbase wallets. 

3. Connect your wallet

After making your wallet, you must connect it to the NFT marketplace you wish to utilize. The majority of online wallets function similarly. Whichever you decide, you must connect it to the NFT platform where you will sell the NFT.

By asking you to link your wallet when you click the Create button in the top left, OpenSea and Rarible make this process straightforward. The linking process will then start once you choose your wallet from a list of eligible wallets.

In the future, take care if you get an unusual request to connect to your wallet since thieves could be trying to get access to your cash or NFTs. You should be okay as long as you're on a reliable website. However, if an unfamiliar site requests access to your wallet, you should generally think carefully before agreeing.

4. Create an NFT

After connecting your wallet, you'll be sent to the page where you can establish an NFT (and if you don't end up there, you can go there by hitting the Create button in the upper right-hand corner of both platforms).

Before we begin generating our NFTs, a word about collections – both systems enable collections, which are exactly what they sound like. If you want to make a succession of NFTs, you can use a collection — on Rarible, you can build one straight from the NFT creation page, to which the NFT you're producing will be added. 

On OpenSea, go to your profile photo in the upper right, then My Collections > Create a collection.

5. Choose your pricing strategy

The next step is to decide how to price your NFT to sell it. There are three pricing approaches:

• Fixed pricing: You set a fixed price for your NFT and sell it.
• Timed Auction: You can put your NFT up for auction with a predetermined price for a set period. You have complete control throughout your auction.
• Bidding: Your NFT will be available for bidding, and anybody can bid to buy it. You can accept or reject their offers based on your preferences.

Choose the currency you'd want to get for your NFT after you've decided on a price plan. The buyer's unlocked content can then be specified. It might be anything from a thank-you message to a request to join your private Discord channel to discuss the deal further.

6. Minting

You'll need to make a one-time transaction to start your Ethereum wallet. When you create an account with OpenSea, you will be charged a gas price. As a result, if you're a new user, you'll have to pay to mint your NFT.

7. List your NFT

After you've finalized your pricing plan, click the Complete Listing button to post your NFT for sale on OpenSea. After you've signed a few transactions with your crypto wallet, you'll be able to list your NFT. You'll now see a screen stating that your NFT has been put up for sale.