How to Create an NFT: NFT Marketplace Guide for 2024

What is an NFT?

NFT stands for non-fungible token. A “token” is a digital asset stored on a blockchain, and “non-fungible” means that it is not possible to duplicate this token. Simply put, NFTs are unique pieces of digital media. They can take the form of art, music, domain names, virtual land, gaming items, and real-world assets. They are both original representations and proof of their own originality.

You can create, store, and manage NFTs using the same technology for cryptocurrencies stored on blockchains. Blockchains are shared databases or digital ledgers, and any data entered on a blockchain is immutable. For this reason, an NFT is irreplaceable and unalterable. The record of ownership and authenticity of that particular digital asset is its physical position on a blockchain framework. This makes NFTs especially appropriate for exchanging digital art objects, but NFTs are also helpful in other instances, like verifying sensitive financial documents. Whatever ways you use an NFT, the main incentive is owning the original copy of a digital work.

How to create an NFT

Anyone can create an NFT, but you’ll need a combination of technical and artistic skills. To start uploading and selling NFTs on an NFT marketplace, you must first create and digitize an original work like an image, sound, video, or GIF. Anything collectible could work well. Then, you need to purchase cryptocurrency and place it in a crypto wallet. This allows you to cover any fees associated with “minting” your NFT.

Minting a digital token registers your asset on a blockchain, attaching the asset to you as its creator via a cryptographic address and other identifying metadata. Minting is pretty straightforward, but you will likely need to pay a minting fee, or a “gas” fee, to process transactions on the blockchain.

Once you’ve digitized your asset, stored it on a blockchain, and opened your crypto wallet, you’ll be ready to select an NFT marketplace to list your token. You’ll simply follow the instructions on the NFT marketplace you choose to upload your asset and create the NFT. Once you’ve made and listed your NFT, you’ll have numerous options, from auction to fixed price. Check out these steps in more detail below.

1. Choose your blockchain.

First, you’ll need to choose your blockchain. Ethereum is one of the oldest and remains a widely used option, but you’ll have much to consider when deciding where to mint your NFT. As you select your blockchain, be sure to investigate transaction speed, transaction costs, security, and whether or not you can set up smart contracts that can automate and process transactions at the time of the sale. 

You may also want to consider the blockchain’s consensus mechanism, which impacts the fees, speed, and functionality of minting and transactions and the environmental impact of processing transactions. Blockchains with the Proof of Work consensus model approve transactions using powerful computers that emit large amounts of greenhouse gases. When choosing your blockchain, you’ll want to consider all these impacts.

2. Join an NFT marketplace.

Different NFT marketplaces support different blockchains, so the blockchain you use to mint your NFT will help you narrow your marketplace search. OpenSea is a popular NFT marketplace supporting Ethereum, Polygon, Klatyn, and Solana blockchains. You can sell various NFTs on OpenSea, including art, collectibles, domain names, music, photography, sports, trading cards, utilities, and virtual worlds. Other platforms specialize in a single type of NFT to get you closer to your target market, such as event tickets and gaming gear. Consider your marketplace in terms of the kind of asset you’ll be selling and the blockchain you plan to store it on.

3. Create a crypto wallet account.

You could create a wallet once you decide where to store and list your NFT. To do this, you can download the crypto wallet app, provide login credentials, and give backup information for recovery. Choose a wallet that can hold the currency accepted by your NFT marketplace and supports the blockchain on which you’ll store your NFT. The profits from selling your NFT will go through your crypto wallet. You may consider Metamask, Coinbase Wallet, and Ledger Nano X, a hardware wallet rather than browser-based. 

4. Add cryptocurrency to your wallet.

When adding cryptocurrency to your wallet, be sure it is compatible with your blockchain. Then, go to an exchange and buy some cryptocurrency. Ether is the cryptocurrency of the Ethereum blockchain, and marketplaces typically accept it.

5. Connect your wallet to the NFT platform.

To connect your crypto wallet, you must verify information through your wallet software. Once you add your wallet to a marketplace, you can cover the gas and minting fees as you upload your asset to the platform. 

6. Upload your art.

Now that you’ve connected your wallet to the platform, you can upload it to the NFT marketplace. You will have to name your NFT and write a description. You can add properties and features to your NFT, such as unlockable content, invites to social media platforms, or discount codes. You may choose to either mint one NFT or to make a collection.

7. Set up the sales process.

Generally, you can offer your NFT for a fixed price or auction style, and each has its own advantages.

Sell it at a fixed price.

Setting a fixed price lets you know exactly how much your artwork will earn once you find a buyer. This route's simplicity is one of its biggest advantages. 

Set a timed auction.

You may also sell your NFT to the highest bidder at auction. In the classic auction, the seller sets a base price and a period, and prospective buyers make bids until the countdown ends. You may also choose a descending price auction, or Dutch, in which you set the initial price high, and the price lowers incrementally until the item sells to the first bidder.

Start an unlimited auction.

A third option on some platforms is an open bid or No-Reserve auction. This type of auction has no minimum price, and people can bid until you accept a price. This may be the highest-risk strategy for the seller, but it allows you to ascertain the true value of your asset. 

NFT marketplaces

Now that you understand the process of creating, minting, and marketing your NFT, discover more about the different NFT marketplaces where you might sell your asset. You have dozens of NFT marketplaces to choose from, but many popular and convenient marketplaces run on the Ethereum blockchain. The following lists some marketplaces to consider:

OpenSea

OpenSea offers art, gaming items, photography, and music. It was originally built on the Ethereum blockchain but now supports nine blockchains: Ethereum, Polygon, Klaytn, Arbitrum, Optimism, Avalanche, Zora Network, Base, and Blast.OpenSea also supports a multitude of wallets, including Bitget, Kaikas, Phantom, and Opera Touch. 

Rarible

Rarible is another marketplace option for selling your assets. It supports the RARI Chain, Ethereum, Polygon, Immutable-X, zkSync Era, Base, Astar zkEvm, and Kroma blockchains.

You can sell your NFTs at a fixed price, at a timed auction, or at an open-for-bids auction, which does not set a time limit on your auction.

SuperRare

SuperRare is an exclusive crypto art market with up-and-coming artists and established NFT creators. An upmarket platform, SuperRare features mostly high-end artwork by prominent NFT creators. It features a wide variety of art styles and handpicked artists. Unlike other marketplaces, SuperRare originally vetted the vendors it would list. Since the introduction of the RARE token, SuperRare spaces can list any artists’ work that the community of RARE token holders agrees on. SuperRare supports the Ethereum blockchain. 

Popular NFT collections

Before creating your first NFT, you might want to investigate some trending NFT collections for inspiration. Check out a few examples: 

Bored Ape Yacht Club

Bored Ape Yacht Club is a collection of 10,000 unique digital apes. Each Bored Ape is colorfully depicted and is part of an overarching fictional narrative. Ownership of these NFTs can gain access to private online groups, merch, and exclusive events.

CryptoPunks

CryptoPunks is a series of 10,000 pixelated profile pic punks, all with unique features and countless varieties. It's the first NFT collection ever on the blockchain. 

Cool Cats

Cool Cats is a collection of 9,999 randomly generated NFT cats, similar to the CryptoPunks and Bored Ape collections. Cool Cats owners also receive raffles, giveaways, and other exclusive offers. 

World of Women

World of Women is an NFT collection featuring 10,000 digital portraits of women from diverse backgrounds. The colorful portrait series draws inspiration from artists like Frida Kahlo and aims to put women at the forefront of the NFT community. World of Women also actively supports women's rights movements around the world. 

Top skills you need to succeed in NFTs

Digital assets are a new and quickly changing industry. One vital skill you’ll need is a desire to learn because staying up-to-date with the latest technologies and trends in the digital world is critical. Researching and exploring are great ways to keep yourself informed on the latest NFT projects, emerging artists and collections, and resources. 

Other valuable skills include:

• Business acumen and knowledge of current regulations

• Ability to identify your token’s value proposition

• Digital artwork and creativity

• Digital storytelling 

• Familiarity with blockchain concepts

• Ability to work with minting platforms

• Network building

• Marketing skills, including identifying the audience and building a brand

Degrees and certifications

Degrees in graphic design, art, marketing, and computer science may help you pursue NFTs as a career, but anyone inclined can create their own assets. The NFT community comprises people from various backgrounds and fields of expertise. 

The Blockchain Council offers several NFT certifications for people who want to grow their NFT knowledge and experience. Options for credentials in this area include the Certified NFT Expert and Certified NFT Developer, which can help you gain a comprehensive overview of industry best practices and tools. The certification courses are self-paced, the exam is online, and the certification does not expire. 

Learn more about NFTs

Learning to create an NFT can allow you to explore a new career path, develop a new hobby, or showcase your current artwork in digital form. Continue learning and exploring this evolving industry through online courses like Duke University's Decentralized Finance (DeFi) Primitives course. You can also find courses in digital design, such as the Graphic Design Specialization from the California Institute of the Arts and the University of Tokyo’s Interactive Computer Graphics course, all available on Coursera.