Published in September 2021, this guide outlines the practical steps for creating and listing non-fungible tokens on the OpenSea platform, demonstrating the process through the creation of an NFT artwork.
The Design Phase
Creating an NFT begins with the creative work itself, which can be produced using various tools suited to different skill levels and budgets. Artists can use traditional equipment such as cameras or software including Photoshop, Illustrator, Canva, or even Paint to generate the images, videos, or animated GIFs that will become the NFT. The creative process is entirely free and depends on resources already at hand or accessible at no cost.
Choosing a Platform and Uploading
Once the digital asset is ready, the next step involves selecting a platform aligned with the creator’s needs. OpenSea was chosen for this demonstration as it allows users to create NFT collections and unlimited non-fungible tokens at no charge. The upload and initial creation process on the platform is free of cost.
Blockchain Fees and Resale Royalties
The financial commitment arrives when listing the NFT for sale. Although creation and upload are free, a blockchain transaction fee of 56 dollars is required to place an artwork on the market. A notable feature available to creators is the ability to set a royalty percentage that will be paid to the original creator each time the NFT is resold to a third party. In the example presented, the creator set a 5 percent royalty on all future resales.
Important Disclaimer
This information is provided for educational purposes only and does not constitute investment advice. Cryptocurrencies and NFT markets carry high risk, and individuals should consult with financial professionals before participating in this market to determine an appropriate strategy for their financial situation.
Frequently asked questions
Is creating an NFT free?
The initial creation and upload of an NFT is free, but a blockchain fee of 56 dollars is required when listing it for sale on platforms like OpenSea.
What tools can be used to create NFT artwork?
Digital assets for NFTs can be created using cameras, Photoshop, Illustrator, Canva, Paint, or other design software to produce images, videos, or GIFs.
Can creators earn money when their NFTs are resold?
Yes, creators can set a royalty percentage that they receive each time their NFT is resold to another buyer, such as the 5 percent royalty example mentioned in the guide.