Even though there is Rock and Roll with Bitcoin and NFT in 2022, we have seen the crypto market booming in 2020 and crashing in 2022. So what do you think is this fall permanent? Is the NFT bubble is been burst? Certainly not! This was evident from many of the brands has entered the market in 2022 and many to follow in the upcoming years. In this article, we are going to discuss the NFT guide for Beginner 2023
What’s an NFT?
A non-Fungible Token, shortened to NFT, is a digital proof of ownership of an asset. It’s a unique digital identifier that can’t be copied, changed, or split up, and it’s recorded permanently on a blockchain. Non-Fungibility is the most important thing that sets NFTs apart from other digital assets like Bitcoin and other cryptocurrencies.
A non-fungible object can’t be swapped out for something else because it is unique. Art is a good example of this. I can’t just make a copy of the Mona Lisa and say it’s as valuable as the original. So, NFTs bring the idea of not being exchangeable, unique, and scarce into the digital world!
Our homes, art, collectibles, and gifts are all non-fungible because they have a special place in our hearts. But before NFTs were made, this could not be shown in a digital way that was good enough. NFTs make this possible by adding a kind of “digital signature” to digital assets like images, audio, and video files that prove they are unique. This is unique because it is written down in an unchangeable blockchain.
What is the cost of producing an NFT?
Technically, it would help if you had to pay a gas fee each time you add a new NFT to the blockchain. However, marketplaces like OpenSea and Rarible let you add as many NFTs as you want for free. At least you don’t have to pay. The person who purchases your NFT will pay for the gas fee. This method is called “lazy minting,” It makes it very easy for creators to make NFTs without putting any money at risk.
How long does it bring to make an NFT?
Anyone can make an NFT in a few minutes. This is a simple thing to do with a marketplace, and we’ll show you how to do it step-by-step. You should know that depending on how busy the blockchain is when your customer buys something, the transaction and the creation of your NFT may be delayed.
A step-by-step guide to creating an NFT
If you must create your first NFT, this guide will tell you everything you need to know to begin on OpenSea, the biggest NFT market. But the process is the same if you want to connect to other markets.
A crypto wallet is needed to sign in to an NFT marketplace and start minting NFTs. Don’t worry if you don’t have one! Also, we’ll prove to you how to create your cryptocurrency wallet. There are many wallet providers, but this guide will focus on MetaMask.
Step 1: Download and install MetaMask.
- Open Google Chrome and look for MetaMask, or click on this link: https://metamask.io/
- You can get the app from this page, install it, and add it to Chrome.
- Once it’s been installed correctly, a MetaMask window will pop up, and we’ll be able to start making our wallet.
Step 2: Make your wallet.
The new MetaMask page will ask you to import an existing wallet or make a new one. We’ll go with the second one. Then you’ll have to make up your password. After that, you’ll watch a video about how to keep your wallet safe.
We think you should watch it and learn why your recovery phase is so important. This is a 12-word secret phrase that only you should know because if someone else knows it, they will be able to get into your wallet. No one, not still the MetaMask group, can assist you in regaining the assets in your wallet if you lose your phrase.
At this point, your recovery phrase will be given to you. Please write it down and keep it very safe. Then you’ll be asked to back up what you said. And, voila, your wallet is fixed and ready to go! You can see and access all the crypto assets you buy or are given here.
Step 3: Integrate your wallet with OpenSea
- You can click on this link to get to the market: https://opensea.io/.
- Click on the wallet symbol in the top right corner of the website’s main page.
- Click on MetaMask when the pop-up window asks which wallet to connect to.
- Then, the MetaMask browser add-on will ask you to confirm that you want to connect to OpenSea. And that’s it! Your wallet is now linked to its first decentralized app, and your OpenSea profile has been set up.
Step 4: Write your NFT
You can now click the “Create” button on the main page of OpenSea. Here, the MetaMask browser extension will once again ask you to confirm. Here, OpenSea will ask you to give some information about your NFT. For example:
- The digital art (picture, video, sound file, or 3D model)
- The title that you desire to provide it
- An external link
- A description
- The collection you desire it to be in Other details
- Unlockable content
- The supply is the amount of NFTs that can be made.
- The chain of blocks
Here is where you have the option to mint your NFT on Ethereum or Polygon. Most NFTs are created on the first platform, but you should use the second to avoid Ethereum’s high gas fees and long wait times for processing transactions.
Step 5: Put your non-fungible token (NFT) up for sale.
This is the final step you must take to list your NFT officially. On this page, you will be questioned to set a price for your art and a timeframe for its auction. You can finally finish your OpenSea listing and sell your NFT.
Please keep in mind that the marketplace will take 2.5% of any money you make in the future. Also, since this is your first sell order, the platform will ask you to pay a one-time initialization fee. This fee can change depending on how busy the network is and how much ETH is worth at the time.
What to Consider at NFT Market in 2023?
- Check out the Marketplace and its authenticity
- Avoid Scams
- Try to reduce the Gas fee
- Do correct calculations and list NFT at the marketplace
- Set your realistic expectations
- Have a patience
Blockchain accepts artists and creators worldwide to share and make money from their work in ways that weren’t possible before NFTs. We’ve shown you that anyone can make a token that can only be used once in a few minutes. The technology is well-developed and easy to use. So, you don’t need to know how to code at all. Set your imagination free and start making as many NFTs as you want right now!