DeutschSo-called non-fungible tokens (NFTs) were initially mainly for crypto insiders. Due to the interest of well-known athletes, artists and celebrities from various fields, the tokens are also enjoying increasing popularity in the mainstream. Experts estimated the NFT market volume at the end of 2021 at 15 to 20 billion US dollars. Despite temporary problems on the crypto market, 2022 is likely to further focus NFTs on artists, investors and speculators. Not only is demand rising rapidly. The question of own tokens is also growing. In fact, there have long been some warnings about a veritable speculation bubble, as has been the case in the crypto sector time and again in the past. Most providers will not achieve record prices. Nevertheless, non-fungible tokens are an exciting alternative for increasing sales and awareness.
Digital collectibles from sports clubs or products related to gaming are in demand. The good news is that you don’t need extensive expertise to create NFT products yourself and offer them for sale.
Crypto Wallets and Reserves are Mandatory in Order to be Able to Sell NFTs
In the meantime, there are a number of trading venues that enable renowned, but also unknown artists to create tokens. In many cases, there are not even any fees for the design. However, the sale is subject to a fee at the latest. In the first step, a crypto wallet is required to create an NFT. The basic requirement is still that NFT creators also own the property rights. Finally, cryptocurrencies approved by the platforms are required. These will later be used to pay any sales fees due. A large proportion of the currently active service providers for the creation and trading of non-fungible tokens are currently working on the basis of the Ethereum blockchain. In this respect, it is advisable to have a certain ETH quota at your disposal.
You Can Create NFTs on these Portals and Offer Them for Sale
The big names in the industry include the OpenSea trading venue. But providers such as Rarible, Mintable or Super Rare are also positioning themselves in the competition. The list could undoubtedly be constantly expanded. According to experts, the trading venues mentioned are characterised by the fact that they are used by a particularly large number of providers and buyers. On the other hand, they are considered a good address for beginners due to their high level of user-friendliness. Interested parties should bear in mind that not every marketplace is automatically open to all NFT developers in prospect. In individual cases, an application is required – as in the case of Super Rare. Admission is only granted after examination by a panel of experts.
Possible Waiver of Fees for NFT Creation
We already pointed out above that some platforms do not charge fees for the development of non-fungible tokens. If fees are charged, an objective comparison is worthwhile. However, costs should not be the sole criterion. Marketplaces such as OpenSea, which allow free creation, are correspondingly popular. Although there are many potential buyers there, there are also many competitors who in turn offer NFTs for sale. A double-edged sword. A comparison is also worthwhile for the sales fees. These vary significantly between the trading venues, which is partly due to the technical effort involved in providing them. Percentage fees on the realised selling price are common. To stick with the OpenSea example: Here, NFTs are only minted at the moment of purchase, costs are borne by the buyers as so-called gas fees. Such gas fees are a fixed component of the Ethereum blockchain, for example, as fees for transactions and depend on the current supply and demand (and thus on the computing power required to execute transactions in the network).
Anyone who is already active in the crypto universe and has clear preferences regarding the blockchain used should definitely compare marketplaces for NFT creation with a view to blockchain support. Ethereum is often the first choice, but by no means the only supported blockchain on the platforms. NFT creators also receive support for the following blockchains, depending on the portal:
- Binance Smart Chain
- EOS
- Polkadot
- Solana
- Tezos
- Tron
The integration of further blockchains is progressing rapidly on the trading venues, so that users are becoming increasingly flexible in this respect. However, the Ethereum blockchain is and remains the first choice for NFT minting on many platforms.
This is how the Creation of NFTs Works – an Introduction in Three Points
Step 1 – Selecting the Right Artwork
First of all, you need artwork that is suitable for “tokenisation”. Although the main focus on the market is clearly on digital art, analogue art (such as music, paintings, video, trading cards or films) can also serve as the basis for non-fungible tokens. The creation does not require the use of specially installed software or an app. Existing programmes for editing graphics, images and video and audio content are sufficient. In addition, the portals allow creation via the normal browser as well as via mobile devices.
If you want to make NFTs from analogue art, you can easily scan or photograph content. On special online portals (e.g. fiverr), orders can also be placed with experienced artists and designers for the creation of NFTs. Here, it is important to pay attention to the aspect of property rights again. By the way, NFTs that can be assigned to certain collections are particularly popular and successful at the same time.
Step 2 – the Actual Creation of NFTs
After deciding on promising works, it’s time to choose the marketplace for the sale. You learned about the criteria for the selection process – such as the supported blockchains and the amount of the fees – further up. The exact planning of the “minting”, i.e. the process for creating (the so-called “minting”) of NFTs, is important. The reason: Once NFTs have been created and stored in the blockchain, further editing is impossible. When making your decision, also consider which file formats and file sizes are permitted in the portals! The chances of a quick sale at the desired price increase the more appealingly artists formulate their self-portrayal on the marketplace. Make it as “appetising” as possible for interested parties to buy your NFTs.
Detailed background information on the art, your own history as an artist and, last but not least, a likeable appearance when describing your works increase the chances of success with potential buyers. References to successful exhibitions, good sales figures and other details help to initiate a quick sale. However, the actual sale can only take place after the next step.
Step 3 – Selling Newly Created NFTs
Last but not least, it is important that buyers of non-fungible tokens and the purchase option find out about it. To do this, providers don’t have to do much more than click on “Sell” (on international platforms “Sell”) on the preferred marketplace. This is about the question of which of the cryptocurrencies available on the platform should be approved as a payment method. Furthermore, the decision must be made for an NFT sale at a fixed price or an auction. Especially at the beginning, an auction can be useful – also to find out your own market value, so to speak. If you opt for an auction, defining a minimum bid can ensure a secure basic turnover. Important: Anyone who resells NFT art can also stipulate a possible participation of the respective artist after a change of ownership. As soon as the three steps of the sales process mentioned have been completed, marketplace participants have access to the NFTs. And ideally advertise new offers promptly.
Our Conclusion on the Topic of NFT Creation
The process from the selection of supposedly profitable artwork to the final sale is much easier than many laypersons think. Anyone who takes the previous tips to heart can create their own non-fungible tokens with minimal effort and quickly complete initial sales. Provided there is interest.
