Abstract
Digital assets such as art, collectibles, and in-game items can be converted into non-fungible tokens (NFTs).
Creating NFT is relatively simple and easy to implement. Understanding blockchain technology and the cryptocurrency ecosystem is critical to understanding NFT fees and pricing.
When minting and selling NFTs, users must choose the appropriate blockchain and market.
NFT is a digital asset and can represent the ownership of a unique object in the digital field. They are stored on a publicly verifiable decentralized ledger and therefore cannot be easily edited, counterfeited or copied.
NFT provides new monetization opportunities for creators. As such, they can drive innovation and support the development of creative industries.
As an emerging technology, the potential of NFT It is undergoing continuous exploration and is continuously applied to various industries. Some of the main use cases of NFT are as follows:
Digital artworks such as images, interactive works and even AI works can be tokenized into NFTs. This way artists can create, sell and track their digital works.
Movies , music videos and even sports live broadcast clips and other video content can be presented in the form of NFT. This allows video creators to reach a global audience and monetize their work.
Similarly, musicians and Sound creators can also tokenize their work into NFTs. This allows them to sell songs, albums and even concert tickets directly to fans, bypassing third parties. Additionally, these artists can decide to attribute uniqueness or rarity to these works.
Digital collectibles such as trading cards, virtual pets or in-game items can also be presented in the form of NFTs. For the first time since the advent of NFTs, their scarcity can be easily verified and traded in a manner similar to physical collectibles. Common game NFTs include in-game currencies, characters, and in-game items (such as weapons, armor, skins, etc.).
In fact, anyone can create NFT as long as they have access to the Internet, which exactly reflects the openness of blockchain technology , decentralization and accessibility. Relying on the accessibility and democratization of blockchain technology, artists, musicians, game developers, and almost everyone can create and try NFTs. However, it is important to note that in order to create an NFT, you must first have an understanding of blockchain and the NFT minting process.
Select the blockchain platform on which you wish to create NFTs. Although Ethereum is currently widely used by people, blockchain platforms such as BNB Chain, Cardano, Solana, and EOS are also suitable choices for creating NFTs. Before making your choice, you can research each platform’s specific requirements, fees, and compatible wallets.
The blockchain you choose will retain a permanent record of your minted NFTs, so it’s important to choose the one that best suits your needs important. Please note that once your NFT has been minted, you can no longer change your blockchain platform selection.
To manage your NFTs and cryptocurrencies, you need to create a cryptocurrency wallet that is compatible with the blockchain of your choice. Be sure to store your private keys or mnemonic phrases securely, losing either may result in you losing access to your personal wallet and assets.
In addition, you will need to purchase the native cryptocurrency of your chosen blockchain to cover the gas fees incurred when minting the NFT. You can buy it on a cryptocurrency exchange or through a wallet, depending on how your wallet works.
Choose a platform that can create NFTs and make sure it is compatible with the blockchain and wallet of your choice. In fact, NFT markets are emerging that allow users to easily create NFTs. In addition, some NFT markets can also provide full-service services, covering the entire process of NFT casting, listing and sale.
The specific choices and steps for creating an NFT may vary depending on the NFT marketplace you choose. Therefore, before creating NFT, you must be familiar with the relevant interface. However, creating NFTs on the NFT market still follows these general steps:
Bind wallet :Find the option to bind a digital wallet on the NFT marketplace of your choice.
Find the "Create NFT" option: Find the "Create" or "Mint" section on this marketplace. This section will usually include options such as uploading media files, setting up NFT functions, and providing additional information, and will guide you through the NFT creation process.
Creating media files: NFT creation tools may vary depending on the type of digital asset you wish to create. For example, to create digital artwork, you should look for specialized imaging, illustration, or animation software.
Artists can also use specialized software to create and control 3D objects, add textures and materials, and export the final model in the correct format. Likewise, photographers can use editing software to improve the final image. You can even use AI in the NFT art creation process with text-only prompts.
Please be sure to use the correct media files, for example, digital artwork needs to be provided in JPG and PNG formats, while 3D artwork needs to be provided in GLB format.
Upload media files: Upload media files such as images, audio or video files that you want to tokenize into NFTs.
Fill in NFT details: Give your NFT a name and add a description. You may also want to add additional benefits to this NFT, such as access to exclusive content or benefits (such as tutorial videos or invitations to chat groups that are only open to a few people, etc.). Limiting the number of NFTs that can be created is also a popular option, and whether this option is right for you depends on your individual circumstances.
Create your first NFT: Once you have provided all the necessary information and finalized your settings, including the blockchain of your choice, Click the "Create" or "Cast" button. The relevant platform will process your request and create the NFT for you.
When your NFT is created, it may not automatically be available for sale. If you want to sell it, you'll need to find an NFT listing option on the market and set your desired price and other terms. This step is not required, but it can help you better promote your personal works and realize monetization.
Creating an NFT involves several costs, primarily related to the blockchain network on which the NFT is minted. For example, when you mint an NFT, you must pay a transaction fee to the corresponding blockchain network to process and verify your transaction. This fee is payable in the network's native cryptocurrency and may vary depending on network congestion and demand.
Similarly, some NFT markets also charge fees for the creation of NFTs. The fee can be a fixed amount, or it can be charged based on a certain percentage of the NFT selling price. If you choose to sell your NFT on the market, you may also need to pay platform fees or commissions.
Finally, similar to the storage costs of traditional artworks, NFTs may incur digital storage costs. From the outset of planning to create an NFT, you should factor in the cost of hosting and storing the content using a centralized or decentralized storage service.
The price of NFT depends on scarcity, Factors such as utility, creator reputation, aesthetic appeal, narrative, and community engagement. Here are a few actionable steps you can take to determine the right price for your NFT. First, evaluate your NFT’s uniqueness and utility within the virtual ecosystem.
Second, compare your NFT to similar NFTs and carefully study current market trends. For example, you can use the NFT floor price of similar collections as a benchmark to determine a reasonable starting price for your personal NFT to ensure that it has a price advantage.
However, keep in mind that pricing NFTs is both an art and a science. Therefore, you should leave room to modify your prices based on community feedback and market conditions. Additionally, consulting other NFT creators can also yield valuable insights. After all, cryptocurrencies have a strong community presence, so it’s not hard to find people willing to help you.
Since copyright applies to any creative work , so the same applies to NFTs, and using someone else’s work without permission may have legal consequences. Therefore, to minimize risks, creators should ensure that they have the rights to apply relevant content to NFT creation.
Ensuring you have the rights to apply relevant content to your NFT creation is the best way to protect you and your NFTs. In other words, NFT creators either own the content or need permission from the original creator.
Plagiarizing other people’s works not only requires legal consequences, but also harms the interests of the original creator. Therefore, be sure to respect the work of others and obtain appropriate permissions before creating an NFT using content that is not owned by you.
NFT is revolutionizing digital assets by providing a simple way to express ownership and prove authenticity of various digital assets (such as digital artwork, music and videos, etc.) track.
As the creation of NFT becomes increasingly difficult, more and more creators are beginning to join this movement and explore its underlying technology. However, it’s important to keep in mind that to create a successful NFT, you not only need to consider market demand and use cases, but you also need to understand factors such as the cost and valuation of the NFT.
What is non-identical Qualitative tokens (NFT)?
What is the Metaverse?
What is blockchain technology? See the Ultimate Getting Started Guide
Disclaimer and Risk Warning: The content of this article is factual and is for general information and educational purposes only and does not constitute any representation or warranty. This article should not be construed as financial, legal, or other professional advice and is not a recommendation that you purchase any specific product or service. If you need investment advice, please seek professional advice. If the article is provided by a third-party contributor, please note: these opinions belong to the third-party contributor and do not necessarily reflect the views of Binance Academy. For more information, please clickhereto read our full disclaimer. Digital asset prices may fluctuate. The value of your investment may fall as well as rise and you may not get back the principal invested. You are solely responsible for your own investment decisions and Binance Academy is not responsible for any losses you may suffer. This article should not be construed as financial, legal or other professional advice. For more information, please see ourTerms of UseandRisk Warning.