If you ever wanted to start your collection of non-fungible tokens, here is a beginner's guide on how to build your NFT collection.
Well, now you don't have to worry about that! This article will give you a step-by-step breakdown of how to create your first original NFT collection. If you're looking for a solid tutorial on this topic so you can get a better understanding as a new investor, I invite you to read on.
What are NFTs?
First of all, you need to understand the concept of Non-Fungible Token (NFT). In short, they are unique digital assets stored on the blockchain (just like any other ERC-721), but they have a built-in authenticity check that ensures each one is unique to the owner (hence, "non-fungible"). Owners can create their own "identities" and assign permissions to their respective identities and other attributes.
How do I collect NFTs?
To start, you will need to acquire the tokens you want to purchase. There are many ways to do this, and some of them include buying them on decentralized exchanges, using popular cryptocurrency trading platforms, or even through an exchange website directly.
Once you've acquired the desired NFTs, you'll want to create an "identity" for them. Then, you'll use your newly created identities to apply for a collection of 3 or more NFTs. After that, create a collection contract with the name you've given your collection and proceed to facilitate it on the blockchain.
Alternatively, you can also mint your own NFTs. This process is a bit more complicated, but it allows you to create the kind of artistic representations that the NFT ecosystem relies so heavily upon. Plus, there's an excellent opportunity to make money here.
How to create an NFT
With the start of this article and the increased amount of attention NFTs have received in recent weeks, there has been a massive increase in the number of people interested in creating their own.
Choose and design your artwork
The first step in creating your NFT is to decide what kind of artwork you have in mind. If you can create your digital artwork, this process is much simpler. However, if you are not interested in designing your artwork, you can start by talking to an artist to create the artwork for you.
Next, you will want to design your artwork. Here, you or the artist you are working with will need a program to create the digital artwork. Some programs used for this purpose are Adobe Photoshop, Adobe Illustrator, and Blender.
Mint your NFT
Once you have your digital artwork, you will need to program it. The process is named 'minting,' and you need to use the Ethereum command line. However, you may want to use your favorite cryptocurrency exchange platform if it allows NFT minting.
Keep in mind that some platforms charge a hefty fee for minting new NFT. That means you'll need to have some crypto on hand. It's good to look for exchanges that allow you to mint NFT for free. However, it would help if you always read the fine print. While some platforms allow you to mint NFTs for free, they may ask for a hefty fee once someone buys your NFTs.
Repeat the process
Once you have your NFTs, it's time to repeat the process and make more. The idea behind NFTs is that they are limited in number - this means you'll want to build up an extensive collection of them to make millions of dollars from potential investors!
Remember that making a lot of money with NFTs can take a bit of time, so don't lose hope. As long as you find the suitable artwork, make sure it provides value to its audience, and do your part in marketing your NFTs, you should be good to go.
You now have everything you need to start your NFT collection. If you follow these steps and create a collection of NFTs with unique, high-quality artwork that people want, you could become a millionaire. NFTs aren't going anywhere anytime soon. They continue to grow in popularity, and there are no signs of their explosive growth slowing down anytime soon.