Your new NFT will not be minted on the blockchain until after it is sold. To finish up, click the blue "create" button at the bottom of the page. Then you can upload the file you prepared, add a name and description, and choose whether you want it to be minted on Ethereum or Polygon, the latter being a related but cheaper alternative to Ethereum. A pop-up will appear for you to complete the connection. We will use OpenSea and MetaMask as examples.įrom the menu options at the top of the OpenSea page, click "create" and proceed to connect your MetaMask wallet with the platform. Once you have a crypto wallet ready, you can start creating. Photo: Handout> Step four: Upload and mint Photo: Handout alt=The Guardians of Fashion (GOF) project will mint 6,888 NFTs for two-dimensional avatars based on human characteristics, according to its creator, Singapore-based start-up Ownft World. The Guardians of Fashion (GOF) project will mint 6,888 NFTs for two-dimensional avatars based on human characteristics, according to its creator, Singapore-based start-up Ownft World. In that case, you will lose access to your crypto assets. It is important to not lose the login password to your wallet and what is called the "seek phrase", a series of simple words that give you access to your wallet, as platforms cannot help you recover them. Later, you can buy cryptocurrencies from a crypto exchange or use services that allow you to buy them directly with credit cards, such as MoonPay. You can set up a wallet - typically done through an online platform, browser extension or app - without owning any cryptocurrencies. ![]() MetaMask and Coinbase Wallet are popular choices for marketplaces based on Ethereum, whereas Phantom and Solflare are among wallets that work for Solana-based platforms. Crypto wallets hold the private keys to your crypto assets, including cryptocurrencies and NFTs, and let you receive and send crypto with your wallet address. Set up a crypto wallet that is compatible with your marketplace and blockchain of choice. 'The art never matters': why the NFT art market is full of stolen work Step three: Create a crypto wallet and get crypto Other popular marketplaces such as Magic Eden and Solanart, which are based on the Solana blockchain that boasts lower costs and higher speeds, only allow secondary transactions at this stage.Ī secondary NFT transaction is when a collection of NFTs is already sold through its own project website and is further traded among buyers. Some platforms, such as Foundation and SuperRare, only let you join and create your own NFTs if you have received an invitation. Other fees also apply, as will be explained later. In these cases, the buyer pays the "gas fee", or the transaction amount required to write data on a blockchain network, after the first sale of a specific NFT collection. OpenSea and Rarible both offer the option to create and list your NFT for free, in which case it will only be minted on the blockchain once it is sold. Photo: Handout alt=OpenSea, based on the Ethereum blockchain, currently boasts the biggest user base and trading volume. OpenSea, based on the Ethereum blockchain, currently boasts the biggest user base and trading volume. ![]() ![]() For creators who want to start dabbling in the world of digital assets, here is a quick beginner's guide for minting an NFT, which means adding the data of a digital file to a blockchain.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. ![]() Months into the NFT boom, some are already complaining of NFT fatigue, and it is becoming increasingly difficult for new projects to stand out from the crowd, especially if they lack a good story or marketing prowess.īut NFTs are more than get-rich-quick schemes. Non-fungible tokens (NFTs), data stored on a blockchain that guarantees a digital item's ownership and uniqueness, exploded into the mainstream last year, driven by the belief that people want to own, showcase and trade their digital assets in the virtual world.Ĭartoon profile pictures took over social media platforms, major brands and celebrities snapped up virtual property in virtual worlds, and digital artworks sold for tens of millions of dollars.
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