The possibilities to make your own non-fungible tokens are increasing every day. Where NFTs were previously only used for, for example, Cryptokittes or Cryptopunks, there are now many more uses than before. More and more companies are also deciding to get into NFTs because they see opportunities. Not surprising, because there is indeed much more possible with NFTs than just using them for digital cats.
In this article we tell you more about NFTs, and we tell you step by step how you can place an NFT on the blockchain yourself . We do this by also telling you which platforms we think are the best to mint an NFT on the blockchain.
- 1 What can NFTs be used for?
- 2 Which platform can you use to mint an NFT?
- 3 OpenSea
- 4 Binance
- 5 How can you use Foundation?
- 6 How can you use Rarible?
- 7 How can you use SuperRare?
- 8 How can I certify my works?
- 9 Is it important to use a good wallet?
- 10 Can NFTs be stolen from my wallet?
- 11 Examples of wallets for NFTs
- 12 Conclusion
What can NFTs be used for?
Often the first use case when talking about NFTs refers to Cryptokitties or something quite similar. Collecting and pairing crypto cats was something very innovative at the end of 2017, but fortunately the applications are evolving and much more is possible in the meantime. After a great interest in virtual plots ( Decentraland and The Sandbox ) came the possibility of real ownership of objects in video games.
Today, the trend has changed again and it is moving more and more towards the creation of its own online store. However, coding your own smart contract doesn’t seem to be within everyone’s reach and could discourage you from taking the plunge.
Fortunately, there are ‘ready-made’ solutions, but especially low-threshold solutions, to enable you to realize this entrepreneurial adventure.
There are two requirements if you want to create an NFT: having an Ethereum wallet (like Metamask) and owning Ether. This is the Ethereum coin that you use to pay for gas costs. Creating an NFT costs money, which is paid out to the Ethereum network. After all, they are the ones who ensure that your NFT can be stored on the blockchain.
Which platform can you use to mint an NFT?
There are several platforms if you want to create your own NFT. Making an NFT is called ‘minting’ in jargon. In this article we will show you which five platforms we think are the best for minting an NFT. These are OpenSea, Binance , Foundation, Rarible, and SuperRare.
OpenSea’s platform is a major marketplace for NFTs and also offers the option to store your own token. In our view, this is the best platform you could use. And it’s not just us who agree, because in general, OpenSea is the most widely used platform for minting and trading NFTs.
How can you use OpenSea?
First you will have to link a wallet to the OpenSea platform, after which you have the option to create an NFT. Anyone can create and run an NFT using OpenSea.
Once you’ve uploaded the file, it’s time to enter the data. Think of a title, description and the series to which the NFT belongs. You can also set different options for the sale of the NFT. This way you can have this all happen automatically, without having to worry about it.
A big advantage of OpenSea is that you can place NFTs on Ethereum for free here. It is unknown how long this will be possible. That is why it is best to place an NFT on OpenSea as soon as possible!
It is also possible to place an NFT on the Binance Smart Chain. You can do this through Binance. The advantage is that you can do this from the account you already have with Binance. So you do not have to link an extra wallet to Binance. You pay for the minting of the NFT with the cryptocurrency that is already in your Binance account. You will also receive the amount of money after the sale in the Binance wallet.
How can you use Binance?
Make sure you have an account with Binance that contains BNB tokens. You can then upload a file quickly and easily via the interface and enter all the necessary data. With the push of a button, your NFT is then placed on the Binance marketplace, after which buyers have the opportunity to purchase the NFT.
Foundation is an NFT platform that runs on the Ethereum blockchain. You can mint an NFT here yourself, and then sell it to other users. There is a lot of money to be made this way. Something that many artists have done in the past through Foundation.
The platform uses an auction process that is very similar to Christies. This is a very well-known auction house, where many large and well-known works of art are sold.
Anyone can register themselves as a buyer on the Foundation platform. However, it is not possible to simply place an NFT on Foundation. You will need to be invited by an artist who already has the ability to mint on Foundation. Without an invitation, there is no opportunity to sell an NFT on Foundation. That’s why it’s important to make sure you befriend an artist on Foundation.
Foundation has chosen this to ensure that especially great and good artists can make use of Foundation. When everyone has the opportunity to place an NFT, the quality of the NFTs on Foundation deteriorates. According to the makers of Foundation, quality is more important than quantity. As an artist this can be annoying, but as a buyer it has several advantages. It ensures that as a buyer you can mainly buy good quality NFTs on Foundation.
How can you use Foundation?
When you are invited by an artist, you have the option to post an NFT on Foundation. First you will have to link your Ethereum wallet to Foundation. Make sure you have Ether in this because it costs money to mint an NFT. These are the gas costs.
You can upload an image, audio file, video or 3D file to the platform on Foundation, after which you enter all data about the NFT. As an artist you therefore have plenty of options, and you are not limited in your artistic freedom. You also indicate in what way and at what price you want to sell the NFT.
It is important to know that a buyer always pays a 15% fee. This is a fairly high fee, especially when we compare this to the fee that buyers pay on Rarible or OpenSea. There, buyers pay a fee of 2.5%, which is quite low.
When you have entered all the details, it is time to list your NFT on the platform. Foundation then takes care of the sale. Once the NFT has been sold, you will automatically receive the amount of money in your wallet. So make sure that you secure your account and wallet, because otherwise you run the risk of theft.
Without a doubt, Rarible is a place where many people go to mint an NFT. The platform is getting bigger and bigger, although it is still a relatively unknown place for the general public. In our view this is unjustified, because the platform is very useful and we can therefore recommend it without a doubt.
Rarible’s platform is a place where people can create, buy and sell NFTs. If you can’t find what you’re looking for on OpenSea, chances are you’ll find your dream NFT on Rarible. The offer on Rarible is very large, and is growing by the day.
Like OpenSea, Rarible runs on the Ethereum blockchain. This means that all NFTs here work according to the ERC721 token protocol with which an NFT can be created. You will therefore also need to have an Ethereum wallet to be able to store the NFTs. Consider, for example, Metamask, which is a popular wallet to store NFTs.
One downside is that you can’t mint NFTs for free here. This means that you have to pay gas costs, which can sometimes be very high. It’s important to keep this in mind so that you don’t get any surprises when using Rarible. There is a chance that these gas costs will be lower once Ethereum 2.0 is fully rolled out, although of course we can never know for sure.
How can you use Rarible?
As mentioned, to be able to use Rarible, you will need to have an Ethereum wallet. For convenience, we’ll take Metamask in this example. Once you have linked a wallet like Metamask to Rarible, click on ‘Create collectible’ to create an NFT on the platform.
You will then need to upload an image, which should ultimately represent the NFT. You can change various settings and enter data that you want to link to your NFT. Think, for example, of the way in which you want to sell the NFT. It is also possible to add an NFT to a series.
As an artist you can also set that you want to receive a certain percentage when the NFT is sold on. This makes it possible to earn money in the future when someone else manages to sell the NFT for a large amount. And you don’t have to do anything for that yourself. So it can be compared to a passive income.
When you have entered the necessary data, you can mint the NFT. Pay attention to the gas costs that apply at that time. Some days and times these charges are lower than others. It is therefore sometimes cheaper to wait a while before minting an NFT until these costs are lower. This way you can save tens to sometimes a hundred euros.
This platform should not be confused with Rarible because of its name. It is the third most popular NFT minting platform when looking at the number of users. Like most of the platforms we mention in this article, SuperRare also runs on the Ethereum blockchain. This means that you also need an Ethereum wallet for SuperRare.
SuperRare is unique in that it is seen as a kind of social network for the buyers and sellers of NFTs. It was even developed with the idea of serving as a social space for people interested in NFTs.
It is possible for everyone to buy an NFT on SuperRare, although not everyone can just place an NFT on SuperRare. You will need to be invited by an artist who is already active on SuperRare before you can mint and sell an NFT through this platform yourself. So make sure to befriend an artist who uses SuperRare to increase your chances of using SuperRare. This also ensures that SuperRare is a kind of social network. Everyone knows each other through-via.
How can you use SuperRare?
When you have been invited by an artist to use SuperRare, it is not difficult to mint and sell an NFT on this platform. First you will have to link an Ethereum wallet to the platform, after which you can enter the details of your NFT. Think of the image, name, artist name, year of creation, tags and the description. You will then have to enter in what way and at what price you want to put the NFT up for sale.
It is possible to upload different types of files on SuperRare. This way you can place not only images, but also audio, film and 3D files on the platform. As an artist you are therefore not limited in making a work of art, and you can go your own way. This is a big advantage of SuperRare over other platforms, where you can often only post an image.
Also on SuperRare you are dependent on the guest costs that apply at that time. These can sometimes be very high, so in some cases it is more advantageous to wait with minting an NFT until the gas costs are lower. This only ensures that you can eventually sell your NFT with more profit.
How can I certify my works?
If you are an artist, you may be concerned about the risk of people copying your art. You may have even considered hiring a generalist certifier. However, this only creates a trust problem. Hiring an expert quickly becomes unaffordable.
One of the main actors in the works certification sector is the Codex protocol. This project was originally set up to certify artworks for auctions, but the team has opened up its use to a much wider audience.
When you arrive at the Codex Viewer page to register, you will have two choices to create an account:
- Directly from your wallet (like Metamask for example);
- With an email and password.
If you choose the first option, you have full control over the work you have created. You will be responsible for the creation and shipping costs in exchange for some Ether. If you wish to transfer your ownership to someone else, the address of their wallet will be requested. The advantage of this method is that your work can be sold directly on OpenSea.
If you choose the second option, you will receive ERC-20 tokens as a welcome gift. They will allow you to generate what you see in ‘My Collections’. They will also allow you to generate shipments to another user who has registered in the same way. However, make sure that you do not have the private keys of this wallet.
In both cases, to create your NFT certificate, all you need to do is click on ‘Create Record’. Enter a few images (why not one or two showing the creation steps), the high resolution file, a title, a description and press ‘Continue’. You then have a certificate in the form of a non-fungible token!
Is it important to use a good wallet?
Remember that NFTs offer a better improvement than the relatively simple idea of cryptocurrencies. Many new financial systems include other complex trading and lending systems that support multiple asset classes, such as art, real estate, and especially loan contracts. In addition, NFTs essentially provide a huge advantage to reshape the management of financial services around the world.
For example, NFTs have capabilities that enable the digital representation of physical assets. For management of NFTs, the use of a good wallet is recommended. This makes it possible to buy, sell or trade NFTs and also to store them. Also keep in mind that this wallet should be able to manage both NFTs and cryptocurrencies. Finally, it is important to know that depending on the currencies that your wallet has accepted, your wallet should also offer other options, such as buying crypto such as Ether.
Can NFTs be stolen from my wallet?
Like cryptocurrencies, NFTs are stored in a digital wallet. These must be compatible with NFTs. There is no third party for the storage of NFTs, just like with cryptocurrencies. For better NFT storage, it is important to pay attention to the security of your password. It is important not to misplace it. In addition, it is important to keep the seed phrase safe. This is a personal sentence of 12 to 24 words with which you can recover a wallet in case of problems. Note that the password is mainly personal and you should not share it with others. If you do this, NFTs can indeed be stolen from your wallet.
Examples of wallets for NFTs
Below are the most used wallets in which you can store NFTs.
For NFT storage, the Metamask wallet is one of the best possible choices. To enable a direct connection between decentralized application and users, this wallet started as a browser extension. It was in the year 2020 that the founding company ConsenSys introduced the mobile version of the Metamask wallet. This new version has more advanced features. It is a platform with a simple interface for collecting NFTs. In addition, it facilitates interaction with various other dApps.
Similarly, Metamask helps users to set up an Ethereum wallet to connect to platforms based on Ethereum for trading and coining. The most interesting thing about this NFT wallet is its obvious benefits. Please note that the configuration and all synchronizations are easy by using the web and mobile extension. Interestingly, the new mobile version of this wallet offers users a built-in browser to explore DeFi and NFT applications.
We ourselves are a big proponent of Metamask, and can therefore recommend that you use this wallet.
This is a wallet that has a reputation for being particularly user-friendly for beginners. It allows users to send and receive NFTs. To do this, they use usernames instead of public wallet addresses. The platform’s usernames provide more flexibility in NFT transactions. The latter has similarities with a transaction on the PayPal platform. As a result, beginners will have no problem managing NFTs with the Coinbase wallet.
For some users, the best NFT storage is on the Alpha Wallet platform. This is an open source blockchain wallet, which runs on the Ethereum blockchain. In addition, the Alpha Wallet supports various functions for creating and collecting NFTs. Some of the applications supported directly in Alpha Wallet are ChainZ Arena, OpenSea, CryptoKitties and many others.
In this article you learned how to mint an NFT yourself. The platforms we have mentioned in this article are all easy to use. They are ready-made solutions that ensure that you can place an NFT on the blockchain without technical knowledge. Once you’ve done this, you’ll be amazed at how easy it is.
Each of the platforms has its own specificities, but the possibilities of use are only limited by your own imagination. For example, the game Crypto Assault has used OpenSea exclusively for the sale of its assets. Depending on your own decentralization needs, choosing one platform or the other will have its pros and cons (particularly in terms of image hosting).
The NFT market is still very young in the ecosystem, but according to the 2019 report from nonfungible.com, the number of smart contracts using NFTs has shown a steady increase since 2018.
We have mainly talked about projects hosted on Ethereum, although there are other blockchains that offer the possibility to create their NFTs. Think of the Binance Smart Chain, on which you can place an NFT via Binance. However, this blockchain is less popular than that of Ethereum, so we did not go into this in depth.
The aim is not to have a technical debate about which technology is better than the other, but to encourage the use of this new technology among the general public. We wish you every success in creating your own NFT and publishing it on the blockchain!
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com