In our last newsletter about NFTs, we explained what they are and why they are popular. But there’s a lot more to NFTs. Today, we’ll delve into how to create and sell them.
What should you know before creating your first NFT?
Creating an NFT can be rewarding. Here are some quick tips to get you started
- NFTs grant ownership of an item and not copyright. A creator may sell you their NFTs but they still retain the copyright. This means that they can reproduce more NFTs based on the one you own without facing legal consequences. This is one of the biggest issues that NFT critics point out.
- There are several blockchains to create your NFT and they all have their strengths (we’ll discuss this further in the next section)
- Creating NFTs can cost money. Each blockchain or NFT platform requires different transaction fees.
- There must be some value in the NFT for it to sell. Just because you create an NFT does not guarantee it will sell.
- Don’t create someone else’s work as an NFT, many platforms take it seriously and you could be sued for copyright infringement.
Choosing the right blockchain
A blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack or cheat. Cryptocurrencies and digital assets like NFTs are built on the blockchain, and there are different types out there like Bitcoin, Ethereum, Binance Smart Chain, Solana and Cardano.
Let’s look at some of the popular blockchains that can be used to create NFTs.
Ethereum is the most popular blockchain used to build NFTs. The first NFT was created on Ethereum in 2014 and is called ‘’Quantum’’. Since then, Ethereum has developed into the biggest NFT blockchain and houses most of the popular NFTs.
What makes Ethereum popular among NFT creators is the well established NFT community. You can easily create an NFT and sell it faster on Ethereum compared to other blockchains. However, creating an NFT on Ethereum can be very costly due to the high transaction fees. It is usually somewhere between $50 to $100 to create an NFT on Ethereum.
Binance Smart Chain or BSC is a blockchain platform launched in 2020 as a competitor to Ethereum. Binance Smart Chain is faster and has lower transaction fees than Ethereum.
It also has similar features to Ethereum, and many creators have turned to BSC to create their NFTs. Creating NFTs on Binance Smart Chain is easy, and you can expect to pay less than $10 on transaction fees.
Solana is the new kid in the block and has emerged as a popular choice for creating NFTs. Many have called it the ultimate ‘’Ethereum Killer’’ due to its unique features. Creating NFTs on Solana is super fast and very cheap. By cheap, we mean that you can create an NFT on Solana for less than $1.
Solana is still new and doesn’t have as many users as Ethereum and Binance Smart Chain, so it might be harder to sell NFTs built on Solana’s blockchain.
In summary:
Ethereum has the largest NFT ecosystem but is very costly to create NFTs
Binance Smart Chain is the second-largest NFT blockchain and cheaper than Ethereum.
Solana is significantly cheaper than Ethereum and Binance Smart Chain to create NFTs but has fewer markets.
Best platforms to trade NFTs
We have highlighted the importance of choosing the right blockchain to create your NFTs. So, let’s explore some of the best marketplaces that allow you to create, auction and trade NFTs.
OpenSea: It is considered the first and largest NFT marketplace. OpenSea is built on Ethereum and has a monthly trading volume of $1 billion. It is the primary place for selling NFTs on the Ethereum blockchain.
Rarible: This is another NFT marketplace for the Ethereum blockchain and allows anyone to create and sell NFTs easily.
BakerySwap: BakerySwap is the biggest NFT marketplace on Binance Smart Chain and allows users to create and auction NFTs. It is the primary place for selling NFTs on Binance Smart Chain.
Solanart: Solanart is a relatively new NFT marketplace dedicated to the Solana blockchain. Unlike other platforms on the list, Solanart offers a limited selection of NFTs for users.
Taking the mental jump into a whole new world
NFTs are relatively new, and you must do your research before buying or creating an NFT. The different blockchain options also offer opportunities for anyone to get into the NFT market. If you don’t have much money, you can always try Solana and Binance Smart Chain. If you’ve got a decent budget, Ethereum is the right blockchain for you.
You can also look up these recommended resources below to learn more about NFTs:
How NFTs work and where they get their value
A beginner’s guide on how to mint your first NFT
How to Buy and Sell NFTs For Profit
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