How to Create and sell an NFT

Making and selling an NFT

A step-by-step guide to making and selling an NFT so you can make some money with your art.

Many artists and designers are looking into how to produce and sell NFTs as a potential new source of income. However, NFTs can be used to safeguard ownership of digital goods, provide access to new communities, and even be used to register ownership of real-world items.

Non-fungible tokens, or NFTs, are a fancy way of expressing non-replaceable or unique. They make digital goods scarce and rare, hence increasing their value. On a blockchain, an NFT signifies ownership of a specific file or item, such as artwork, films, in-game assets, and even real estate.

If you're still unsure what a non-fungible token is, we recommend reading our explanation on what they are. We also go over what NFT drops are and how to recognise a false NFT. Alternatively, you can skip to our FAQ area, where we answer the most frequently asked questions.

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Non-fungible tokens are here to stay and are growing increasingly vital to artists, despite recent incidents of work being stolen and mis-issued and NFT exchanges being hacked. Galleries are starting to recognise the importance of displaying NFT collections in person, and the best NFT displays are being designed to make your digital art look stunning.

It should also be noted that artists like Beeple, who sold his NFT collection for $69 million, are quite rare. The majority of NFT art sells for around the same amount as good art; the significant difference is that now digital artists can earn royalties on future sales.

There are numerous fees associated with creating, maintaining, and selling an NFT. Though certain NFT marketplaces now allow for fee-free NFT minting, where the buyer bears the expense rather than the inventor. We have a lesson that will teach you how to make an NFT for free.

However, more artists, illustrators, and designers are profiting from the sale of NFTs than ever before. Nonfungible.com estimates that the Ethereum blockchain will generate over $15 billion in primary and secondary sales in 2021, up from $67 million the year before.

With so much to gain from NFTs, mastering the fundamentals of how to produce and sell them is worthwhile. We'll walk you through the process step by step and explain NFT marketplaces, NFT crypto, and anything else you need to know.

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How to make and sell an NFT; Marketplaces

You must first prepare, or'mint,' your NFT. To create an NFT of your artwork, you'll need to select an NFT platform and a payment wallet, the latter of which you'll use to pay fees – and to collect any payments if your NFT is sold.

You can make and sell an NFT on a variety of internet venues. OpenSea, Rarible, SuperRare, Nifty Gateway, Foundation, VIV3, BakerySwap, Axie Marketplace, and NFT ShowRoom are some of the most popular NFT auction platforms. For a comparison of some of the most popular NFT marketplaces, see our guide to NFT marketplaces.

Coinbase, MetaMask, Torus, Portis, WalletConnect, MyEtherWallet, and Fortmatic are among the most well-known NFT payment platforms. We'll demonstrate the process of creating and selling an NFT using the NFT platform Rarible and the cryptocurrency payment platform MetaMask for demonstration purposes.

You can use any of the platforms listed above, as well as many more, and the process will be comparable in most situations. Before making a decision, we recommend double-checking the fees involved (we'll get to that later).

01. Buying cryptocurrency to fund your wallet

You'll need cryptocurrency to create and sell an NFT. All of the aforementioned NFT auction platforms will require payment in advance to'mint' an NFT, which is the process of converting your artwork into a non-fungible token that you may sell.

Payment must be made in cryptocurrency in most circumstances, which means that before you can sell an NFT of your work and earn any cryptocurrency, you'll need to acquire some to cover the fees.

Since Ether (abbreviated as ETH) is the native cryptocurrency of the open-source blockchain platform Ethereum, where NFTs initially debuted, it is the most widely accepted currency. However, some platforms are beginning to accept a range of payment types and creating NFTs utilising several blockchains, some of which are more environmentally friendly. See our guide to NFT crypto for additional information on whether one is right for you.

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If you already have any ETH, make sure it's in a digital wallet that you can connect to your preferred NFT platform to make (and receive) payments. If you don't have any money, there are several cryptocurrency exchanges where you can buy ETH or other currencies, however buying ETH directly with your digital wallet of choice is usually the quickest and easiest alternative.

As previously stated, there are numerous solutions for this, but we'll utilise MetaMask, which is available as a browser extension and a mobile app to demonstrate the process. If you'd rather use another service or already have a digital wallet and are familiar with how it works, skip to step 4. Otherwise, we'll walk you through the following steps of setting up your wallet and purchasing ETH.

02. Make a digital wallet to pay for your NFT.

To construct a MetaMask digital wallet, which is required to create and sell an NFT, go to its website and click the blue 'Download' button in the top-right corner. We'll install the browser extension because we're using a desktop computer, but there's also a mobile app.

You'll be asked if you want to 'create a new wallet and seed phrase.' Don't get too worked up over what a "seed phrase" is (it's essentially a list of words that saves blockchain data). If you say yes, all you have to do now is agree to the terms, create a password, and go through certain security precautions to have your account set up.

03. Adding cryptocurrency to your wallet

After you've created your MetaMask wallet (or any other digital wallet), you'll need to fund it with ETH. If you don't have any ETH, you'll need to buy some right now, so click the 'Buy' button and choose 'Buy ETH with Wyre'.

You'll be directed to a screen where you can purchase ETH with Apple Pay or a debit card. You can skip this step if you don't want to spend any money just yet; it will just take a bit longer (you'll need to check your selected NFT platform's costs to figure out how much you'll need to buy).

The cryptocurrency jargon can make this phase of learning how to produce and sell an NFT seem intimidating, but purchasing currency is actually pretty simple. Just keep in mind that, like bitcoin and many other cryptocurrencies, Ether's value can vary dramatically.

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With several peaks and troughs along the way, the price of 1 ETH has gone from under $1,000 to about $4,700 at the time of writing in 2021. It's entirely conceivable for the currency's value to fluctuate by hundreds of dollars in only a few hours.

04. Using an NFT platform to connect your wallet

Most digital wallets operate in the same way. You'll need to connect it to the NFT platform you'll use to sell the NFT, whichever one you choose. We'll use Rarible as an example, but there are many other NFT platforms to pick from, and the procedure will be identical to what we've laid out below.

Visit Rarible.com (shown above). A 'Connect wallet' button is located in the right-hand corner of the screen. Click there, and you'll be prompted for your wallet provider, which in our instance is MetaMask, on the next screen. A popup will appear, offering you the option to link your wallet to Rarible. Accept the terms of service and confirm you're over the age of 13 by clicking 'Next', then 'Connect.'

05. Uploading the file to be converted into an NFT

So now that you have an ETH wallet linked to your account, you're ready to learn how to create and sell an NFT. Click the blue 'Create' button in the top right corner of the Rarible site. You'll then be offered the option of creating a one-of-a-kind piece or selling the same item several times.

In this case, we'll go with 'Single.' Now you must submit the digital file that will be converted to an NFT. PNG, GIF, WEBP, MP4 and MP3 files up to 30MB in size are accepted by Rarible.

To demonstrate, we made a humorously bad work of art based on David Hockney's contentious London Underground art. You'll see a preview of your NFT post on the right after you upload your (hopefully much better) digital file.

06. Organizing an auction for your NFT

You'll need to decide how to sell your NFT artwork in the following section of the form. There are three possibilities. 'Fixed price' lets you select a price and sell your NFT right away (similar to eBay's 'Buy it now' option). People can make bids until you accept one if you choose the 'Unlimited Auction' option. Finally, a 'timed auction' is an auction that is limited in duration. As an example, we'll go with that option.

This brings us to the most difficult part: deciding on a minimal price. If you sell your NFT too cheaply, the huge costs will eat into your profit, leaving you out of cash. We'll set the price at 1 ETH (currently $4,700 USD) and give individuals seven days to submit bids.

The option to 'Unlock once purchased' appears next. This allows you to deliver a full, high-resolution version of your art and/or supplementary content to your final customer via a secret web page or download link. The next choice, 'Choose Collection,' is the most perplexing. This is a highly technical question about the blockchain's configuration. The default setting is 'Rarible,' and we recommend keeping it that way.

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07. Adding a description to sell your NFT

You can now give your listing a title and a description. Take some time to consider this if you want your NFT to sell as quickly as possible. After that, you'll be asked to consider what percentage of royalties you want to claim on any future sales of your artwork.

Again, this is a balancing act: a greater percentage will net you more money per sale over time, but it will also discourage people from reselling your art in the first place because they will be less likely to benefit. Finally, there's an optional field where you can put the properties of your file. You're practically done once you've finished it.

08. Paying the listing cost for your NFT to be sold

Click 'Create Item' to finish learning how to produce and sell an NFT, and you'll be prompted to connect with your wallet to pay the listing fee. Don't worry if you don't have enough money in your wallet: you won't have to start over. Simply click the wallet symbol in the top-right corner of the screen to add funds directly to Rarible.

Just one last word of caution before we begin. The listing charge may appear to be low: in our case, it was only $5.91 in US dollars. But this is just the beginning. Before you can move any further, you must agree to pay an additional cost to construct your NFT, which in our case would have been $42.99 in ETH.

If someone buys your NFT, you'll have to pay a commission on the sale as well as a transaction fee for the money to be transferred from the buyer's wallet to yours. None of this was particularly clear on Rarible's website at the time we tried it, in our opinion.

We'd love to be able to explain how to calculate the potential cost of creating and selling an NFT in a clear and simple manner, but the perplexing nature of blockchain technology, the wild fluctuations in cryptocurrency values, and the lack of transparency on the platforms themselves make this impossible.

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You're left with the option of taking a chance and waiting to see how much you'll be charged overall if you make a sale, and hoping to still make a profit. However, if you do decide to take a chance and invest some money in developing NFT art, we wish you success.

Frequently asked questions about how to create and sell an NFT

NFTs can be perplexing, with a wealth of facts and misinformation to sort through. We're here to help you manufacture and sell an NFT. Some common questions you might be asking yourself before developing your first NFT are listed below.

What exactly is minting?

The process of establishing a currency and NFTs on a blockchain is referred to as "minting," just as it is with physical cash. It's usually Ethereum with NFTs.

The minting procedure records data in an immutable and tamper-proof public ledger that may monitor and trace the NFT as subsequent sales are made. Minting usually comes at a price - the gas expense we mentioned earlier. However, as previously said, some marketplaces are growing more inventive in terms of how, when, and to whom fees are collected.

What is blockchain, exactly?

A blockchain, according to Investopedia, is "a distributed database shared among the nodes of a computer network." The strength of blockchain technology is that it ensures security and trust without the use of a third party, allowing data transactions to be completed faster.

The information entered is permanent since it is irrevocable. In the case of NFTs, this means that the artist can track their NFT and guarantee a share of future sales. For additional details, see our guide to NFT cryptography.

Do I require a cryptocurrency wallet?

Yes, in most circumstances. To mint or buy an NFT, you will almost always need to pay in bitcoin. As a result, to manufacture and trade NFTs, most NFT marketplaces need you to open a crypto wallet.

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MetaMask is a popular crypto wallet, while Coinbase is another safe option. Some newer NFT marketplaces, such as Nifty Gateway, have begun to accept Fiat currency payments (such as US dollars) via credit and debit cards, making NFTs more accessible.

What exactly are gas fees?

This is the fee you must pay to perform a function on the Ethereum blockchain, which includes the scenario of creating (minting) an NFT. Gas prices are measured in gwei and can fluctuate depending on how heavily the blockchain is used.

Each transaction will cost you 0.0042 ETH on average. Early in the morning, between 1am and 3am (UTC), or late at night, between 9pm and 11pm (UTC), you can find lesser fees (UTC).