A GIF was recently sold for $60,000 at an online auction. If that comes as a shock to you, then you might be flabbergasted to know that Twitter founder Jack Dorsey’s first-ever tweet was sold for $2.9m. Interestingly, the tweet, read, “just setting up my twt”.
Now, it might be time to reconsider the definition of ‘fine art’ and explore the world of Non Fungible Tokens (NFTs). An NFT, is a Blockchain-based tokenisation of a collectible item or an art piece. It is transparent which makes it easy for everyone to see the ‘owner of the token’.
It is worth noting that these pieces of digital art can be modified without losing any information, with full transparency about its transactions. Like any other form of cryptocurrency, NFTs can be bought and sold. This tutorial will explain the step-by-step process for everything you need to create your own NFTs in a collection on NFTically, an NFT marketplace creator and B2B SaaS.
The first step to creating your own NFT is to set up an online wallet that can hold your NFTs. Crypto-assets are stored in something called a ‘wallet’, which can be accessed by using your ‘private key’—the crypto equivalent of a super-secure password — without which the crypto owner cannot access the currency.
This wallet enables you to pay Blockchain gas fees, more about it later on. For now, browse your way over to metamask.io where you can download the app or add the chrome extension. Once Metamask is installed, you can simply proceed by linking it to NFTically.
After linking your wallet to Metamask, you’ll now be able to create your own NFTs. Navigate to nftically.com and click the ‘Create Store’ button in the menu bar. Now you will be redirected to your dashboard, where you will be required to set up the store.
Create a name for your NFT collection, then click the ‘Add New Item’ button. Once you name your store, hit the ‘Create Store’ tab at the bottom right side and voila your store is launched. Then you will be taken to the settings page of your store, where you can customise it as per your preference. Also, you can visit your store by clicking on the highlighted link.
When you click on the highlighted link to your blog, you will be taken to your NFT store, and can thus start building up your creation by clicking on the ‘Create Collection’ tab.
After this, you will be asked to upload an image, video, or audio which can be listed as an NFT. You can provide name, and also detailed description of your art. Now, you will be asked to ‘Set price’ and then ‘Post your listing’.
Selling your first NFT requires a Blockchain transaction, for that you will be asked to pay a gas fee. Send some Ether to your Metamask, and you’re good to go. You’ll only need to pay this fee the first time you create an NFT collection. ‘Gas fees’, are the transactional fees that users pay for minting their smart contracts into the blockchain.
The value of the fee changes according to the demand rate of that specific cryptocurrency in the market. Now that your digital asset is listed on the marketplace, anyone can find it and purchase on the marketplace. You’re done!