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31 May 2023

How to Create an NFT Token and Earn on it?

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A 15-year-old artist — Jaden Steppe, created and sold logo designs for his discord clients at 20 to 70 dollars each. One day he decided to mint an NFT of his cartoon and put it for sale. He forgot about the NFT till May last year, when he watched Star Wars and saw that he receives virtual money to account. Firstly, it was 300 dollars, then a few hundred more, and lastly 20 ETH (30 thousand dollars according to that time rate). 

His father said that those are not real money, so they withdrew a part just to prove they are actual funds. Jaden was impressed when he received real money from the bank. Since then, Jaden has sold another four NFTs and made enough money to help his family pay for the house and car mortgage. He has also invested some money in the works of other young and promising NFT artists

Jaden’s NFT named Forever Colored was sold for $30 000. Source

Numerous similar stories prove the straightforwardness and accessibility of the NFT market. Anyone can mint an NFT and earn money if they have an internet connection and an idea. The main thing is understanding how to mint non-fungible tokens and sell them at the best price. 

This article will explain to you how to do it.

Minting your first NFT

Despite the creative part, launching an NFT project is much like selling a product on a marketplace: you pick an item, add it to the platform, set the payment instruments, and get paid when someone purchases the item. Indeed, minting and selling an NFT also has its nuances and pitfalls. 

Step 1: Determine your NFT concept.

First, you must decide what NFT you want to create; a piece of digital art, a collection of sports cards, short videos, photos, 3D models, texts, domain name, an audio file, or other tokenized items can be put up for sale. If your NFT is one of the products above, you will probably manage to create and sell the NFT. It is straightforward and intuitive if you have access to the internet and some free time. 

If you want to launch more complex NFT projects like video games and metaverses, you will not do without a blockchain developer with experience in NFT soluting launch, like Merehead. Since 2015 our company has offered extensive technological support in blockchain, cryptocurrency, NFT, and software development. We will be delighted to help you implement your project in a short time and for a reasonable price.

Step 2: Select a blockchain and an NFT platform.

After you know your NFT concept, you will have to choose a blockchain and an NFT platform for your NFT. In terms of blockchain, perhaps, you will use Ethereum since it is the most popular environment for smart contracts, DApps, and NFTs. Still, considering a blockchain, you must understand that launching an NFT might cost 20 to 100 dollars, depending on the current ETH rate. Since minting an NFT employs smart contracts, they are more expensive than regular transactions. 

Yet, Ethereum is not the single solution; you might also use Solana, Polygon, Tezos, Cardano, etc., to launch an NFT. Here is the comparison of the NFT minting prices on various blockchains.

The selection of NFT platform for minting your NFTs will much depend on the blockchain, since frequently both are integrated within a single network. OpenSea and Rarible are different since they have a connection with several blockchains.

Step 3: Set your cryptocurrency wallet.

Cryptocurrency wallets are mobile, desktop, or web applications for storing and managing NFTs and cryptocurrency. You must have a wallet before minting an NFT since it will help you store the tokens. Choosing an NFT marketplace and a blockchain will determine the wallet since these platforms must be compatible.

For example, MetaMask is one of the most popular cryptocurrency wallets and supports such blockchains as Ethereum, Polygon, Fantom, Avalanche, EOS, Optimistic Ethereum, Arbitrum One, Aurora Network, Cronos, Harmony, and Celo. Numerous platforms, including OpenSea and Foundation, support MetaMask. Coinbase Wallet is a famous solution since the wallet supports almost any common NFT platform and network.

MetaMask and Coinbase Wallet setting processes are almost likewise. You can install MetaMask here or Coinbase Wallet here, then hit the create button. Coinbase will require entering a username, while MetaMask will require a password.

Finally, MetaMask and Coinbase will offer a seed phrase, namely a combination of twelve random words that you must store and keep since they allow restoring access to the account if someone hacks your wallet or you delete the application accidentally. The seed phrase will also allow signing in to your account on an alien device. Therefore, store your seed phrase in a secure place. For instance, you can write it on paper and hide it in a safe or use dedicated password management applications.

When you save the seed phrase, MetaMask will require you to enter it to ensure that you have kept it rather than just hitting the skip button. Coinbase will offer to store an encrypted seed phrase version in a cloud. If you prefer Coinbase and want to hold the seed phrase manually, then the process will be likewise to MetaMask; you will have to enter the seed phrase to prove that you saved it.

So, if you lose the password and the seed phrase, neither MetaMask nor Coinbase can help you. Hence, you will lose all coins and NFTs forever. The support team cannot help you restore the tokens.

Step 4: Sign up on a preferred NFT platform.

After you’ve set the cryptocurrency wallet, you have to connect it to your preferred NFT platform, where you intend to sell your non-fungible tokens. For example, OpenSea and numerous other platforms offer a super easy process, you just tap the create button in the left upper corner, and you will go through the registration and wallet connection process.

The wallets that OpenSea is compatible with.

If you have the Coinbase or MetaMask extension for your browser, the registration will be straightforward. You will hit the create button and see the pop-up window that will offer you to link your wallet in several clicks. If you have the Coinbase Wallet, there is an option to connect your cryptocurrency wallet via a QR code (the button on the main screen of the wallet).

The QR code button at Coinbase Wallet allows employing a QR code for quick access to NFT marketplaces and other applications that require integration with cryptocurrency wallets.

There will be tips and explanations for each step, so you will always know what to do. If you have difficulties connecting a wallet to OpenSea, you can read the support manual on their official website.

 Step 5: Tokenize your digital art.

Once you connect your cryptocurrency wallet to OpenSea, the platform will redirect you to the page for minting NFTs (also accessible by clicking the "Create" icon in the top right corner of the site). Now, finally, we can start creating our first non-fungible tokens.

So next, on this new page, you need to click on the box with the image icon, which will allow you to upload the file that you will link to your NFT. This can be images, GIFs, short videos, or audio files. NFT usually imposes size and format restrictions on these.

After adding a file, you need to give your NFT a name and a short description in the "Description" field. For example, if you want to sell an NFT that acts as an item or character in a video game, you must specify that in this section. You may also want to include a URL in the External Link box, such as your website or social media page, which will allow potential buyers to get to know the author of the NFT.

Some file types like video and music also require a smaller file for the preview.

OpenSea marketplace allows adding text that only your buyer can see. Also, you can add your contact data or an invitation to the Discord server. Furthermore, you can thank your buyer and invite him to participate in new deals.

If you mint an NFT, notice that you create the token on the blockchain you require since you can’t change it later. It will impact the fees you pay and its market price.

Once you fill the fields, a menu will help you choose a blockchain for minting your NFT. After this selection, OpenSea will show a final window with all the characteristics and descriptions of your NFT. Double-check everything, as you won't be able to change many things once you've created your token (alternatively, you'll need to delete the token and create a new one, but this way, you'll spend twice as much on fees for making a non-mutually-exchangeable token).

Now click "Create." Depending on the options you choose and the type of file you are tokenizing, uploading may take some time. When everything is ready, you will see a screen telling you that your NFT has been created.

Remember that the NFT minted on OpenSea will not appear on blockchain until someone buys it.

Congratulations! You have coined your NFT. The last thing is to add it to the platform’s listing. You will have to go to the page of your NFT where you can hit the ‘’Sell’’ button. If you’ve created your NFT on Ethereum, you will have two options: sell it for a fixed price or via an auction. If you make the token on Polygon, you can sell the token on OpenSea only at a fixed price.

To sell your NFT, tap the ‘’Sell’’ button.

In addition to selecting the sales method, you can make your NFTs available only to selected buyers, such as your social media followers. To do this, you need to click "Advanced Settings" and specify the people.

Having done all this, you will need to confirm or sign a few crypto transactions with your wallet. The number depends on the blockchain you choose. So, if this is your first NFT on Ethereum, you will only need to confirm the transaction once to launch your wallet. You must have some Ether in your wallet equalling  $20 to $150.

Minting an NFT on Ethereum with OpenSea might cost a lot.

All money for the transaction covers the gas fee, not the listing on OpenSea; hence the price equals Ethereum’s gas fee. In June 2022, it cost 50 to 60 dollars, yet the prices rapidly change. In December 2021, the price was between 240 and 450 dollars. This website will help you monitor the relevant Ethereum gas fee.

After you sign the transactions, the NFT will appear on sales.

How to increase your NFTs price?

Many people globally know the Leonardo da Vinci Mona Lisa portrait, one of the most famous and expensive art pieces. Yet, not many know that the popularity is due to hyped media, not the famous author’s name or uniqueness.

In the early 20th century, the portrait collected dust in the Louvre basement, and no one ever considered Mona Lisa a unique and significant piece. The picture was stolen on the 21st of August 1991, and the media started writing about it. First, the press wrote about it in the key of da Vinci’s work, then as a significant world heritage and masterpiece; finally, the media named it the theft of the world’s best art piece.

In just one year, the Mona Lisa has gone from being an obscure thing in a basement to the most famous painting in the world (at least according to journalists). And all thanks to increased references to it in the press and people's conversations, as well as mass copying of the painting on stamps, posters, and magazines.

In other words, Mona Lisa’s price grew along with its fame. Hence, if you want to increase your NFTs cost, then increase the mention of the author in the press, on TV, and internet. Here are some tips on it.

Method 1: a page on a social network.

Social networks are the most straightforward method to attract attention to an NFT. You can promote tokens on your page or create a channel for it. You will not need much money and unique skills for it; just some spare time and effort.

A 12-year-old artist Nyla Haye sells NFT collections called Long Neckie Ladies, employing this strategy. She has a social network community where she promotes the NFTs and chats with fans.

Nyla Haye earned about 17000 ETH selling NFTs on social networks.

Method 2: launch an advertising company.

The second option for increasing the value of your NFTs is to advertise them. Run it before the NFTs start selling on marketplaces, media, press, and television, and you'll see how it will generate excitement around your work, allowing you to sell the tokens at a higher price. This is what all creators of "high-end" NFT collections do, including publishers Bored Ape Yacht Club, Meebits, CryptoPunks, Terraforms by Mathcastles, and many others.

Bored Ape Yacht Club success is a result of promotion on Jimmy Fallon’s night show. Source.

 Method 3: ask an influencer to promote your project.

If you've had any interest in NFTs (or metaverses), you've probably heard that Snoop Dogg bought land in the Sandbox metaverse, set up an estate there, and throws parties. Things like that attract people to the project and make its NFTs much more expensive. For example, in The Sandbox, a virtual plot of land next door to rapper Snoop Dogg was sold for $458,000. Whereas similar-sized fields of land cost as little as $500-$10000.

Snoop Dogg promotes The Sandbox on his Twitter. Source.

Method 4: employ popular trends.

Another option is to follow a popular trend and mint topical NFTs. You can create an NFT art in the trend’s style and claim that all and a part of the money will go for charity or other activities related to the trend. For instance, it’s a trend to create NFTs to support Ukraine, which was subjected to an unprovoked large-scale Russian military invasion.
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