Non-Fungible Token(NFT) is a new trend that can revolutionize the way we use crypto collectibles. As an example, this type of token has the potential to be used to represent virtual shares of a company. In the same way, NFT can also be represented by smart digital assets such as loyalty points or in-game items.
NFT has the potential to be the latest transformative use case for blockchain technology. Some of the biggest companies in the world are looking to tokenize their products and services, including Facebook and Nike. The potential for NFT rests in what they can do now to better connect people and brands.
If you’re looking to learn how to make NFTs (Non-Fungible Tokens) for free, you’ve come to the right place! We’re going to show you what you’ll need to make your own decentralized crypto-token, step-by-step.
Are you wondering how to make NFTs for free? In this blog, I’ll show you exactly how to do it and provide you with some great resources!
What is NFT?
A nonfungible Token(NFT) is a token where each token is different from another. Let me explain this with a simple example.
Fungible: refers to a thing or a commodity that can be interchanged with another eg. A bottle of mineral water, a kilogram of sugar, or a 10-gram gold bar; the word nonfungible refers to those things that can’t be interchanged, unique and valuable in their own way. For example, a piece of art or the deed to a house can’t be interchanged for anything else but itself.
How Does NFT Work?
Non-fungible tokens are a special kind of coin that exists in the crypto digital world. Here’s a brief run-through of how they work and the potential of their applications.
In the simplest terms, a non-fungible token is a unique digital asset that can exist on a blockchain. Possessing a non-fungible token means you are not just trading a token that represents a share of something, but you are receiving a token that predates equity ownership.
All digital assets are created equal. They may have similar characteristics but they are not the same. The non-fungible token lets you move through a virtual world while enjoying the benefits of your own identity. Learn more about the solution here.
NFTs, or Non-Fungible Tokens, come in many shapes and sizes and are uniquely identifiable. Tokens are used in a variety of industries, including gaming, digital marketing, and the sharing economy. Tokens built on the Ethereum platform, like Opensea, provide the unique selling point that users who want to collect the scarce, unique, and non-fungible tokens may purchase.
How To Create And Sell Your NFT
There are many different platforms and blockchains where you can mint NFTs but some of them have advantages as well as disadvantages. In this article, I will talk about OpenSea platform and polygon (Matic) blockchain. I am choosing this because it is the easiest way you can create and sell NFT without any gas fee (which is necessary, and potentially a quite high price, if you mint an NFT on the Ethereum blockchain, for example).
What is gas fee?
Gas Fee is the Ethereum network transaction fee that senders must pay for every Ethereum transaction. It is paid to the miners as an incentive to include transactions in their blocks. This keeps things running smoothly and reasonably quickly.
The Gas Fee changes over time, based on the level of transactions currently being processed by the Ethereum Network and can increase or decrease at any given time depending on the volume of transactions seen in the last 24 hours.
If you need to pay gas fees when creating an NFT, you might have to sell the token for a very high price to account for the gas fees paid. This is not easy to do…, especially for most artists.
So Without Further ado, let’s get into it
Connect an ETH Wallet to OpenSea
First, you need to connect an Ethereum wallet with OpenSea. It can be quite empty, you don’t actually need to own any cryptocurrency if you haven’t created any crypto wallet then use one of the common web wallets, you can use MetaMask or Coinbase Wallet. Both are popular, easy to use and work well.
You need to make sure to backup your wallet’s recovery phrase or other ways to recover your wallet otherwise you will lose it, I suggest you note it done in your notes or save it in notepad.
Create an Account on OpenSea
NFTs on OpenSea are created within a collection. This means that you need to first create a collection before creating an NFT within a collection. To create a collection, click on the person’s profile icon in the top right, click My Collections, and then click create.
Every activity you will do would be shown up here.
Set up your OpenSea Account
To create your very first OpenSea collection, you need to set up your first collection, including images, name of your collection, add a description, and customize its URL and logo of your choice.
You can decide to charge a royalty fee here. This is the percentage that will be paid out each time the NFT is sold on the platform and subsequently transferred out again. For example, if you sell your NFT for $X then you will initially earn $X but if the buyer then resells your NFT to someone then you will make some percentage of money isn’t it amazing this means that you will earn passive income if your NFT is being sold out there for multiple times. Personally, I would recommend choosing 10% as your royalty fee.
Select Polygon Blockchain
There are two options on the OpenSea platform i.e polygon blockchain and Ethereum blockchain. Please carefully select the polygon blockchain option on opensea if you want to avoid the gas fee as I already mentioned earlier in this blog.
Finally, click Create. You will need to confirm the actions you take with your Ethereum wallet while setting up the collection.
Mint Your NFTs
After you have created a collection, you can start minting Non-fungible Tokens (NFTs). By clicking on the Add item icon you can upload art (pictures, music, and whatever), and then you can choose how many copies you want to mint. If there is a certain amount of unlockable content when you purchase the token, you can also specify those things on this page.
Once Your NFT is minted. You can click on the collection page and click on sell to select the price on it. The price should be a minimum of $2 on OpenSea this price depends on which platform you are using and which blockchain as well. One more thing is that you can also choose how many copies of the NFT you would like to sell (if there is more than one copy).
Ready To Sell!
Hurray! Finally, our first NFT is created for free without any gas fee. Our NFT is ready to sell on the marketplace.
Minting an NFT is much easier than actually selling one. You either need to have a following already or have a different way to get people’s attention.
Reddit is one way you can advertise your collection: it can be easily done and you can make a lot of extra money in advertising items for sale on Reddit.
If you don’t know how to create art or use adobe or any other software to make unique art, image, logo, or any other non-fungible thing then this one is for you. Just go to hotpot and then type what kind of NFT artwork you want. It will give the bulk of Ai-generated NFT artworks. You can select the one you like the most. But I don’t prefer it as I don’t think that this will help you to make money through NFT. I like to do research and find something that will help you guys. This website is just for testing purposes.
The Non-Fungible token is a really interesting innovation in the world of crypto assets. This is an example of how you can create your own NFT and sell it for free on the OpenSea platform.
Making NFT is not a difficult task. If you have some graphic design skills, your imagination to create a piece of art, and a little bit of time – even you can do it. And selling it on an auction is no rocket science – just read this guide and you will know how to sell your digital art to millions of audiences, and earn money with it!
Thanking you for reading this article. Now, I think you have got the idea of how to create and sell NFT for free. If you love reading this article then don’t forget to comment your thoughts on NFT below.
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Thanks for this amazing post