The development of blockchain technologies has led to the emergence of the digital art industry. According to the analytical platform Statista, as of August 1, 2024, the capitalization of the NFT market is $5.913 billion. The most expensive works of artists are valued in millions of US dollars. Not everyone knows how to create an NFT for free and sell it using marketplaces. It takes less than 5 minutes to produce such an asset.
What is an NFT token
The technology appeared in 2017, when the Ethereum team presented a standard for their generation. However, the peak of popularity came in 2021. According to the Statista service, the industry was then valued at a maximum of $21 billion. For comparison, in 2024, the price is $5.9 billion.
The acronym stands for Non-Fungible Token, or non-interchangeable token. The technology allows you to formalize ownership of digital objects in the blockchain. These can be pictures, sounds, memes, game items, etc. Decentralized networks ensure their uniqueness and authenticity.
Platforms for creating NFTs
Any user can generate a non-interchangeable token. There are special platforms for this, such as OpenSea. According to the DappRadar service, there are 867 NFT marketplaces as of August 1, 2024. Many of them allow you to produce digital art. A comparison of the best marketplaces is presented in the table.
| Name of marketplaces | Blockchains supported | NFT creation fees, % | Features |
|---|---|---|---|
Blur
This marketplace launched in October 2022 on the Etherium blockchain network, which provides a high level of security and decentralization. It is positioned as a platform for traders who trade non-mutualizable tokens. The Blur service charges from 0.5% to 2.5% commission for various transactions. But creating an NFT token is a free procedure.
The popularity of the marketplace in 2024 is due to the available functionality. It has an option for mass production of crypto-tokens. The service also provides various tools for analyzing the NFT market, comparing individual collections and estimating the value of assets.
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OpenSea
This platform was founded in 2017 on the Ethereum blockchain. However, 7 years later, it supports 9 other decentralized networks including Polygon, BSC, Arbitrum, Avalanche and others. The platform charges a 2.5% commission for buying and selling digital art. But with the help of this service you can make your NFT for free. The site does not charge a fee for this.
According to the DappRadar service, as of August 1, 2024, the OpenSea platform ranks 2nd in the rankings by trading volume.
For users of the marketplace there are tools for launching auctions for NFT tokens and creating collections. OpenSea also supports cross-network transactions, which expands opportunities for traders and investors.
Magic Eden
This platform for trading non-mutualizable crypto-tokens is open since 2021. Its main focus is the Solana blockchain. But the platform also supports other networks such as Bitcoin, Ethereum and Polygon. For trading, the service takes 2% from each user’s transaction. However, token creation is free of charge.
A special feature of the marketplace is the ease of listing digital art objects. In addition, Magic Eden users have access to auctions. They allow artists to sell their works at a fair price. There is also a lunchepad on the platform: customers can explore upcoming launches of new collections in advance.
Guidelines to create an NFT for free
A unique crypto-token can be generated using marketplaces, such as on OpenSea. This is usually a free procedure. You will only have to give a commission if you sell a non-replaceable asset.
Opening a wallet to store the token
Cryptocurrencies work thanks to blockchain technology. At the same time, the generated digital assets never leave the decentralized networks. NFT tokens are no exception. A user needs to have a cryptocurrency wallet to generate them. Popular vaults for connecting to marketplaces:
- MetaMask. Browser and mobile online wallet for working with Ethereum and ERC-20 cryptocurrencies.
- Phantom Wallet. This wallet is an analog of MetaMask, but for storing Solana and tokens issued in the network of the same name.
- Trust Wallet. A mobile multi-currency cryptocurrency wallet that supports more than 100 thousand digital assets, including Non-Fungible Token.
The choice of storage depends on the user’s needs. The main thing is that the wallet should ensure the security of assets. Instructions on how to create a crypto vault using Trust Wallet as an example:
- Download the app to a smartphone. It is available for iOS and Android. You can also install Trust Wallet as a browser extension.
- Open the program.
- Click on the “Create a new wallet” button.
- Create a backup copy of the storage. To do this, you need to write down a mnemonic phrase of 12 words. In the future, the seed key will help to restore the cryptocurrency wallet, if necessary.
- Complete the procedure of creating the vault.
To conduct transactions with NFT tokens, you need to have coins of the chosen network on your wallet to pay for gas. For example, selling and buying cryptocurrencies on the Ethereum blockchain will require some ETH. You can get the digital currency on exchanges, as well as in exchangers.
Creating and uploading a media file to the platform
A wallet is needed to connect to the marketplace, and it will be needed to generate a non-mutualizable token. The cost of creating an NFT is usually free of charge. The price of the service depends on the chosen marketplace.
Many marketplaces do not take commission for token generation. This applies to OpenSea, Blur, Magic Eden, Tensor and other marketplaces.
To issue an NFT token, you need to upload a media file that will become it. The picture must have a high resolution and also pass the platform’s requirements. Universal instruction:
- Open the selected marketplace.
- To interact with the platform, connect a wallet.
- Go to the crypto-token generation page.
- Click on the “Upload media” or other similar button.
- Select a file.
- Follow the further instructions (the algorithm depends on the marketplace).
Almost any media file can be added to the blockchain. You are allowed to use art, photos, pictures, memes, videos, movies, music, sounds, poems, etc.
Customizing NFT settings
Each digital object has unique properties. Some of the parameters can be set manually. The number of available settings depends on the marketplace. Users are given to specify:
- Name. By the name of the crypto token, community members will be able to find it.
- Metadata. You can add information about the creator of the digital item, specify the date of generation, description and other information.
- Attributes. A token often has additional properties that distinguish it from other assets in the collection. Example – strength, dexterity, intelligence, speed, etc.
- Royalties. Artists can get paid from each sale of a crypto asset. They often set royalties in the range of 10%.
Once digital art items are generated, it is impossible to change their parameters. This is a feature of how blockchain networks work.
Tips for building an NFT collection
Making a full-fledged line of cryptotokens is more complicated. You will have to think about the concept of the collection. However, it will make the artist stand out among others. Therefore, developing a collection is worth it.
Many lineups have 10 thousand objects each. Examples are Milady Maker, CryptoPunks, Pubdy Pengium. Artists themselves determine the number of tokens in the collection.
It is recommended to take high-quality media files to create a lineup. If you want, you can hire professional artists. The priority is the uniqueness and beauty of the works.
How to sell NFT
To begin with, you need to create a unique crypto asset that will attract buyers. Then it will be necessary to put it on sale. Marketplaces allow you to do this. But platforms often charge a commission for the service. The last thing that will be needed is promotion. To accelerate the sale of cryptotoken is necessary:
- Tell about the asset in social networks.
- Join thematic communities.
- Use the promotion functions on marketplaces.
Frequently Asked Questions
β Are there airdrops of non-replaceable assets?
Yes, you can get NFT for free by participating in giveaways.
π What is the real benefit of the technology?
It allows you to secure ownership of digital objects in blockchains.
π΅ How do you get NFT into fiat?
First, you’ll have to sell a non-mutualizable token for cryptocurrency. Then the coins can be exchanged for fiat money using exchanges, P2P services, Telegram bots.
π How to destroy an NFT token?
This is allowed to do on many marketplaces.
π Why did the industry grow rapidly in 2021?
Experts believe it’s about investors’ expectations about the future price. The excitement was growing due to the fear of missing out on profits.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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