In Today’s world, Non-fungible tokens, or NFTs, are now very popular. There have been stories of artists making millions of dollars for selling a single NFT. This has made the global NFTs market thrive.
Africa is no exception. African artists and creators are gaining ground in the NFT scene. For instance, Benjamin Aidoo listed a viral video of Ghanaian pallbearers on the NFTs marketplace, and It was sold for 327Eth ($1,047,806).
Similarly, Adisa Olashile (NYSC member) also shared the story of how he listed the portraits of an elderly drummer named Baba Onilu and gave him half of the money he made after selling them as NFT. This and more show that the NFTs scene is thriving in Africa, including Nigeria. This article explores what NFTs are and how they are created.
What are NFTs?
NFTs are digital assets with a unique identifier that is stored and verified on a blockchain (a digital ledger). Non-fungible means they can’t be exchanged with another asset that has similar value. NFTs are valuable and unique because there is only one version of the assets made. In other words, only one person can own an NFT at a time. Examples of NFT assets include images, video, music, GIFs, and collectables.
How to create and mint an NFT
These are the basic steps to creating your own NFTs. Note that these tips are general guidelines.
Decide what type of NFT you want to create: There are many types of NFTs. Thus, you have a lot of options when deciding what to create. For instance, NFTs include artwork, tickets to events, memes, media and music, games, virtual items, and more. Real-life items such as valuables, collectable figures or a photo signed by a celebrity, can also be used to create an NFT. Most importantly, before creating any NFT, think of the value it will give your audience.
Choose an NFT marketplace: An NFT marketplace is used to Mint an NFT. There are many of them but the most popular ones include open sea, Rariable, SolSea and SuperRare. Each of these has its merits and demerits. Hence, It is pertinent to research them before choosing one. These platforms make it easier for new creators to dive into the world of NFTs. Each marketplace has its fees depending on how you plan to mint and sell your NFT. These fees are often referred to as “gas.” While minting NFTs, you may be required to authenticate your NFT on the blockchain or you can use “shortcuts” like lazy minting. Lazy minting helps you avoid some fees by putting up your NFT for sale without writing it on the blockchain, and then passing that fee to your buyer if it’s purchased. For example, Rarible allows lazy minting while OpenSea requires a fee to initialize your account, which could cost up to $100 in some cases.
Set up a crypto wallet: The next step is to create a digital wallet where you’ll store your cryptocurrencies and NFTs.Before choosing a wallet, you have to select one that is compatible with the blockchain and NFT marketplace you intend to use for minting your NFTs. MostNFT creators use the MetaMask browser extension wallet Because it’s easy to set up and connects to most blockchains used to create and trade NFTs, including Ethereum and Binance Smart Chain.
Buy crypto through an exchange: After you have created a wallet, the next step is to buy some cryptocurrency. This is for you to pay gas to mint your NFTs. The best way to buy crypto is to create an account with a reputable exchange, like Binance or Crypto.com. The process is quite simple and can be completed on your smartphone. When your accounts are set, you can log in and buy the cryptocurrency. The crypto you need to buy is Ethereum (ETH) or Solana (SOL). However, this depends on which blockchain you want to mint. Once this is done, transfer your coins to the wallet you set up in the previous step.
Connect your wallet to the NFT platform and mint: Finally, after you have transferred coins to your wallet, you will need to connect it to the NFT platform you’ll use to create your digital asset.
In the beginning, getting into the NFT scene may seem overly complicated or impossible. But with some thorough research, diligence, and creativity, you can attain greater heights. If you play your cards right, one day your payday will come.Featured Image Source: Blockworks
You might also like:
- How FinTech Tools Can Help You Manage Your Money Better
- Azapay Solution: Pioneering Cardless Payments In Nigeria
- From Nigeria To The UK: Kora Expands Its Payments APIs
- Why You Should Invest In NFTs