Non-Fungible Tokens have increased in popularity lately, with different individuals, brands, and even many governments embracing its functionalities. They are commonly in the form of music, art, book, movies, etc. If the item can be digitized, it can also be tokenized into an NFT. So, how does one go about it? Let’s find out below.
- Choose the item to tokenize
Decide what you want to turn into an NFT- is it a piece of art, a song, or a book?
- Decide on the blockchain
One of the popular blockchains being used to mint NFTs is Ethereum. Though it may be effective, it has been faulted for having high gas fees. As a result, some people prefer to use alternatives like Solana, BSC, Cosmos, Avalanche, etc.
- Choose the wallet
Based on the blockchain that you have decided to mint the NFT on, you need a compatible wallet. Popular wallets are Metamask, Trust Wallet, and Math Wallet. Once you have chosen the wallet, buy the native token of the ecosystem where you have decided to mint the token. For example, if it is on Ethereum, you need to stock your wallet with Ether.
- Choose an NFT marketplace
NFT Marketplace is a platform that allows its users to mint and trade their NFTS. Popular NFT Marketplaces are OpenSea, Rarible, Mintable, Nifty Gateway, and SuperRare. Depending on the marketplace you choose, you may need to buy their native token before you can mint. In Rarible, for instance, the RARI token is needed. As for OpenSea, Ether is needed.
- Upload the file
Different Marketplaces have varying guidelines to follow during the uploading process. The digital file accepted may come in various formats.
- Sell the NFT
Once the NFT is minted, it is time to sell it. You can choose the way you want it sold. It can sell at a fixed price, a timed auction, or an untimed auction. At the fixed price, you add the amount that you want. As for both the timed and untimed auctions, the creator decides on the minimum limit price of their creation.