We’ll discuss starting an NFT cryptocurrency.
Creating your own NFT artwork is a relatively straightforward process that doesn’t require extensive knowledge of the crypto
industry.
Before you start, you’ll need to decide on which blockchain you want to issue your NFTs.
Ethereum is currently the leading blockchain service for NFTs, however, there are other blockchains that are becoming increasingly popular.
These include Binance Smart Chain, Flow by Dapper Labs, Iron, EOS, Polkadot, Tezos, Cosmos, and WAX.
Each blockchain has its own separate NFT token standard, compatible wallet services, and marketplaces.
This means, for example, if you create NFTs on top of the Binance Smart Chain, you’ll only be able to sell them on platforms that support Binance Smart Chain assets.
You won’t be able to use OpenSea (an Ethereum-based NFT marketplace) or VIV3 (a Flow blockchain-based marketplace).
Since Ethereum has the largest NFT ecosystem, let’s look at minting your own NFT artwork, music, or video on the Ethereum blockchain.
You’ll need an Ethereum wallet that supports ERC-721, which is the Ethereum-based NFT token standard.
You can find such wallets on MetaMask, Trust Wallet, or Coinbase Wallet.
You’ll also need around $50 to $100 in ether (ETH).
If you’re using Coinbase’s wallet, you can buy from the platform with fiat currencies such as US dollars or British pounds sterling. Otherwise, you’ll have to go through a cryptocurrency exchange.
Once you have your ether in your wallet, there are a number of NRT-centric platforms that will allow you to connect your wallet and upload your chosen image or file you’re planning to turn into an NFT.
The main marketplaces include OpenSea, Variable, and Mintable.
Makersplace also lets you create your own NFTs but you have to register to become a listed artist on the platform before you do.
Once you create your NFT on OpenSea and many other marketplaces, you have the option to include special traits and attributes to increase the uniqueness and scarcity of your NFT.
Creators can even include unlockable content that can only be viewed by the purchaser. These can be passwords that allow access to certain services or even discount codes and contact information.
Once you have your collection of NFTs, you’ll need to click on each one and find the “sell” button.
This will take you to a pricing page where you can define conditions of the sale, including whether to run an auction or sell at a fixed price.
You can even program in royalties to allow you a commission whenever the NFT is resold.