According to estimation, the NFT market is worth 3 billion dollars. The market size rapidly increased by over 20 times between 2020 and 2021. The most expensive NFT was sold for over 90 million dollars. NFT is a legitimate and profitable investment is you understand what NFT is and how it works.

What is an NFT?

NFT stands for non-fungible token. NFTs are digital tokens which are stored on the blockchain. Unlike bitcoins, each NFT is different and can be sold based on its unique characteristics. The files are not stored on the blockchain, a link to the file is stored there and a proof of ownership.

How to Create an NFT?

Any digital file can be made into an NFT and uploaded on a platform to sell. For example, you can be at home doodling a cartoon character of your own and it can be converted into an NFT. Your family recipe for a delicious dessert can be converted into an NFT. Let’s see how to create and upload an NFT in detail.

• Draft Your Digital Art:

When it comes to creating a digital art piece, there are no strict rules. You can be as creative as you want. Various digital tools can be used to create the art. For example, Photoshop, Affinity Pro, Adobe etc. You can also hire freelancers or react native developers to get your work done. While creating the file, you should keep in mind that the marketplace supports that file. The formats supported by most platforms are TXT, PNG, MP4, JPG and GIF.

• Choose a Blockchain:

Once you’ve selected your digital art, the next step is minting it into an NFT. Minting is a process by which a digital file is converted into a digital asset that can be stored on a block chain. Choosing a block chain is a crucial step because it ensures the security and price of your NFT. Some of the best blockchains are

• Ethereum
• Polygon
• Tezos

• Set up Your Wallet:

Before selling your NFTs you will need to pay a small amount as transactional expenses. To do that, you need to first set up a wallet that supports your block chain. Your wallet is your identity in the NFT world because it is used to create accounts on marketplaces.
Some best crypto wallets are as follows

• Coinbase
• Metamask
• Rainbow

• Create an Account on a Marketplace:

The next step is to choose a marketplace to display your digital art in the form of an NFT. Before selecting a marketplace, consider the following points

• Platform should be easily accessible on all devices.
• It should support your wallet
• It should have strong security and verification process
• It should support token fractionalization.

Set up your marketplace properly. Some of the best NFT marketplaces are

• OpenSea
• SuperRare
• Zora
• Nifty Gateway
• Rarible

• List Your NFT:

Now that everything is ready to go, upload your NFT on the marketplace by minting. On Rarible, you can go into the option “create”, sign in your wallet and upload your NFT. Set an appropriate price for your art and sign the request on your mobile that you receive. Congratulations, your first NFT is online and ready to sell.

Source: Plato Data Intelligence: Platodata.ai