How to Create an NFT - Dypto Crypto

Occasionally, something from the world of crypto crosses over into the mainstream and becomes widely recognized.

NFTs are a prime example of this. Since they gained popularity in the late 2010s, they’ve grown into a massive industry with a global market cap of $3.58 billion, equivalent to approximately 0.5% of Andorra’s GDP.

There are hundreds of millions of NFTs out there today, and they can sell for enormous sums (the most expensive ever, The Merge by Pak, sold for $91.8 million).

Despite this, many people are unaware of how to create their NFTs, even though the process is fairly accessible and simple. In this guide, we’ll show you how to do that, and we’ll also break down a few other important facts about NFTs and where to trade them.

What Is an NFT and Why Create One?

NFT stands for Non-Fungible Token. They are unique digital tokens, stored on a blockchain, that represent digital files like art, music, or videos.

NFTs are not themselves files. They are like certificates that prove you are the sole owner of a specific file. For example, you can copy and paste digital art, but without the associated NFT, you’ll never be the true owner.

Like other crypto assets, you’ll store your NFTs in a crypto wallet.

So why create an NFT? One reason is to verify your ownership of a specific piece of media, allowing you to trade it with others. NFTs can be bought and sold on special marketplaces, and they allow you to prove and protect your ownership of digital assets that you create.

What Art Type Can Be Used to Create an NFT?

NFTs are most commonly associated with static artworks, like the famous Bored Ape genre.

However, NFTs can take various forms, such as paintings, songs, and videos, and represent a wide range of file types. Remember that NFTs are just representations of other files and objects, stored on the blockchain.

NFTs can even be created for real-world objects, and we’ll discuss this in more detail later in the article.

Things You Need to Create an NFT

Ready to create your own NFT? The process is fairly straightforward, but you’ll need a few things in place before you get started. Here they are.

Your Digital Art

Of course, the first thing you’re going to need is a piece of art or media that you’ve created. Most major NFT platforms support a variety of file types, including PNG, JPG, MP4, GIF, and SVG.

Each file type has its own set of benefits. For example, PNG files can typically support higher resolutions, while JPG files are smaller.

For images, you’ll also need to consider size and resolution. Many platforms, for example, have a size limit of 100MB. In terms of resolution, a good rule of thumb is 1080px, but some artists choose to go much higher so their artwork can be shared across multiple devices without losing quality.

A Digital Wallet

Once you have a piece of art that you’d like to turn into an NFT, the next step is to set up a digital wallet where you’ll store your NFT.

If you already hold crypto, you’ll be familiar with the concept of a wallet. It’s a secure space where you store the unique private keys that allow you to access and use your assets: in this case, your NFT.

Wallets can be online, offline, or physical. They can even be a piece of paper you keep in your drawer. It is a secure space to store the sequence of letters and numbers that make up your private key.

Some Crypto (Usually ETH or SOL)

You don’t need to have mountains of crypto wealth to make an NFT, but you will need some cryptocurrency on hand, usually ETH or SOL, since these are the most popular platforms for NFTs. This is to cover expenses such as gas fees, blockchain fees, and marketplace usage fees. We’ll discuss these costs further later on.

NFT Marketplace Account

Now it’s time to set up an account on an NFT marketplace, such as OpenSea or Rarible. This step is necessary to buy, sell, and trade your NFTs. There are many different marketplaces available, and we’ll explore them in more detail in a later section.

Step-by-Step Guide to Easily Create an NFT

Once you have all the above steps in place, it’s time to create your NFT. This process involves several steps.

Step 1 – Choose Your Blockchain

The first step here is to decide which blockchain you want to use for your NFT. You have several options here.

Ethereum was the first chain to work with NFTs, and has a big and diverse NFT ecosystem. However, it can be slow, and gas fees can get very high.

Cheaper alternatives include Polygon and Solana, which also support significantly more transactions per second than Ethereum. Additionally, there are other chains, such as Flow, Tezos, and BNB Chain. For beginners, it’s better to stick with the more established chains.

Step 2 – Set Up Your Crypto Wallet

Now you’ll need to set up your wallet. This is easier than ever today, and platforms like MetaMask (for Ethereum and EVM) or Coinbase Wallet (for multiple chains) will guide you through the process.

Essentially, your chosen wallet app will generate a private key along with a human-friendly recovery phrase, and then store your key locally. It’s a good idea to write down your seed phrase on a physical piece of paper and store it in a secure, offline location. Remember that without this phrase, you’ll never be able to access your NFTs.

Step 3 – Pick the Right NFT Marketplace

The next step is to decide which NFT marketplace you’re going to use to mint and sell your NFT.

There are quite a few options here, which we’ll explore in more detail later on. OpenSea is the default choice as the biggest NFT market, and it’s also very user-friendly and forgiving for beginners.

Other options include Rarible, Magic Eden, and Binance NFT. Every platform has different fees and its unique community, so take the time to check out a few different ones and see what feels right.

Step 4 – Upload Your Art

Once you’ve settled on a marketplace, it’s time to upload your art. Marketplaces, as we learned earlier, typically support multiple file types, each with its unique benefits and challenges.

Different marketplaces have different rules and restrictions. For example, OpenSea supports JPG, PNG, GIF, and SVG files, has a maximum size of 50MB for each upload, and allows a maximum of 100MB for your total collection.

Before uploading your art, ensure it appears correctly. You should be able to see a preview of how the art will appear on the marketplace, so ensure it isn’t stretched out or of low resolution.

Step 5 – Add Metadata and Details

When you upload your NFT to your chosen marketplace, you’ll need to fill in some information. The main categories here are:

Name: Give your NFT a unique, memorable name
Description: Clearly describe what your NFT is. Tell the story behind its creation, when you made it, what medium it is, and anything else you think is relevant.
Tags/categories: You can add tags like #digitalart, #music, or #video to help buyers find your NFT in the marketplace
Royalties: You’ll earn a cut whenever your NFT is sold in the future. In this section, you can set a percentage, which is usually about 5-10%.

Double check all your fields. Some settings, like your royalty percentage, can’t be changed once your NFT is minted.

Step 6 – Mint the NFT

It’s finally time to mint your NFT. This is where you submit your NFT data to the blockchain in a transaction.

If you’re using a chain like Ethereum, you’ll pay a gas fee here. These fees can fluctuate significantly: according to OpenSea, fees across platforms can range from $2 on quiet days to more than $30 during busier periods with higher transaction volumes.

Your wallet will ask you to confirm the transaction, and once done, your NFT will be on-chain as a token. The entire process will probably take no more than a few minutes.

Step 7 – You Can Now Sell It if You Want

Once your NFT is minted, you can list it for sale on your chosen marketplace. Each marketplace has slightly different listing options, but you usually have some variation of the following:

Fixed price: This is where you set a single “buy now” price so buyers can instantly purchase your NFT
Auction: Where you set a minimum bid and buyers can place bids until the time limit is reached. Ultimately, the highest bidder wins the NFT. This can sometimes drive up the price, but a sale isn’t guaranteed.
Accept Offers: This way buyers can make their offers over time, and you can accept any that you like

Once you have settled on an option that works best for you, double-check all your sales terms like price, auction duration, and reserve price, and then confirm the listing.

How Much Does It Cost to Create an NFT?

Creating and listing an NFT doesn’t have to break the bank, but it also isn’t free. Here are some of the main fees you’ll need to consider:

Gas fees. These vary based on the chain you use. Ethereum’s fees can be expensive, while chains like Solana and Polygon are much cheaper.

Marketplace fees. Most marketplaces take a cut of any sale you make. OpenSea, for example, charges 0.5% per sale, 10% for minting an NFT in a primary drop, and 0.85% for swaps.

Royalties. NFT creators determine the amount of royalties they will charge. Any time you sell someone else’s NFT, you’ll have to account for this fee. It’s usually between 5 and 10%.

Can You Create an NFT for Free?

Some marketplaces, such as OpenSea and Rarible, offer a feature called “lazy minting”. This is where you can create and list an NFT for free, and it’ll only be minted (and you’ll only pay for gas) when someone purchases it.

On some low-fee chains, such as Algorand, minting is extremely cheap, to the point of being effectively free.

How to Convert Real-World Objects into NFTs

NFTs are usually associated with digital art and media, but it’s also possible to convert real-world objects into NFTs.

One way to do this is to take a photo of the object in question and mint that image as a non-fungible token (NFT). You would record all important information about the object in the image’s metadata, including a description. This way, your NFT acts as a certificate of authenticity for the real item.

A more sophisticated approach here is to attach NFC or RFID tags to the real-life object that link to the NFT. Some companies like Seritag offer this service. It’s essential to be extremely clear in the NFT description about what physical item it represents and what rights are transferred with the purchase. Legally, the NFT alone doesn’t automatically grant ownership unless this has been specifically arranged with the buyer.

There’s almost no limit when it comes to the real-world items you can tokenize in this way. Some famous examples include the St. Regis Aspen Resort in Colorado and Picasso’s Fillette au béret.

Top NFT Marketplaces to Consider

One of the biggest decisions you’ll make when it comes to NFTs is which marketplace to use. There are numerous options available today, each with its own pros and cons.

OpenSea

OpenSea is by far the biggest and most well-known NFT marketplace. In 2024, it accounted for 90% of all NFT trading volume. OpenSea supports multiple types of NFT, including art, collectibles, music, and domains, and it’s user-friendly and suitable for beginners.

Magic Eden

Magic Eden is the primary marketplace for Solana NFTs, and it also supports other chains, including Ethereum and Aptos. Magic Eden is fast and low-cost, and is particularly popular for art and gaming collections.

Rarible

Rarible is decentralized and community-driven, and has its governance token (RARI). It’s designed to be creator-friendly and fair, which makes it a popular choice for smaller creators.

Blur

Blur is a relatively new marketplace designed for professional traders. It prides itself on being extremely fast and low cost.

Binance NFT

Built by the renowned Binance exchange, Binance NFT offers low fees and regularly hosts exclusive drops and coupons for its users.

SuperRare

SuperRare is an exclusive digital art gallery that regularly sells pieces for very high prices. If you’re interested in the more prestigious aspects of NFT trading and collecting, this is a great place for you.

Foundation

Foundation is an invite-only platform. If you’re lucky enough to get in, you’ll enjoy a slick user interface and curated drops.

Legal and Copyright Considerations

As with all intellectual property, there are legal considerations to be aware of when minting and trading NFTs.

A crucial point to note is that minting an NFT does not transfer copyright ownership. You are only tokenizing a digital file, and if you didn’t personally create the art or acquire permission for it, you can’t legally sell it as an NFT.

Only mint what you own or have full rights to. You should also be very clear in your listing about the rights that come with your NFT. Buyers get the token and a private copy of the media by default, but they don’t necessarily get the copyright. This is something you’ll have to agree separately, in writing.

Learn More About NFTs and Crypto With Dypto Crypto

If you want to learn more about NFTs and crypto in general, Dypto Crypto has a ton of resources to help you.

On our site, you’ll find how-to guides, a full dictionary of key terms and concepts, and a newsletter delivered to your inbox full of the latest trends and news from the world of crypto.

Frequently Asked Questions (FAQs)

Q: How do I create an NFT for free?

To create an NFT for free, you can use a method called lazy minting, which is available on platforms like OpenSea and Rarible. You’ll only pay gas fees when somebody buys your NFT.

Q: Do I need to know coding to create an NFT?

No, it’s possible to create an NFT without any background coding knowledge using some of the many platforms out there like OpenSea.

Q: Can anyone create an NFT?

Yes, anyone can create an NFT as long as they can pay the marketplace and gas fees, which are fairly affordable.

Q: What is lazy minting?

Lazy minting is a way of creating and listing an NFT on a marketplace like OpenSea or Rarible without paying any fees. You’ll only pay for gas when somebody buys your NFT.

Q: Is NFT creation legal in all countries?

The laws surrounding NFTs vary quite a lot between different countries. In China, for example, the creation and trading of NFTs is strictly regulated.