NFT | A quick guide on how to build your own non-fungible token project

Non-fungible tokens (NFTs) have come a long way since they were first introduced in 2014 by digital artist Kevin McCoy, who is best known for minting the first ever NFT. Nine years later, NFT managed to build. It’s a fast-growing market that attracts sought-after angel investors, trust funds, and even celebrities.

If you’re looking to launch a project and capitalize on the hype surrounding NFTs, you’re in the right place. This article outlines a step-by-step guide to help you on your journey.

What are NFTs?

There is no precise definition of what an NFT should look like. Technically speaking, NFTs are unique crypto assets that live on the blockchain and cannot be copied. In practice, however, this definition pales in comparison to what NFTs represent. NFTs are like art. Digital expressions such as music, pictures, letters, and images.

But to be successful, your creations need to resonate not only with yourself, but with others in your community. That’s why it’s important to fully conceptualize your project before getting to the heart of it. This brings us to the first point of building your own NFT project.

create an interesting backstory

Some of the major NFT projects have been born from humble beginnings and simple ideas.

For example, consider the Boad Ape Yacht Club (BAYC). The NFT collection made several headlines last year, attracting celebrities such as Stephen Curry and Eminem. Its creators said the main motivation for the project was to create a “dope ape” and try to build something “silly”. The result was his 10,000 apes, each with stunning artwork. The BAYC collection has evolved into the world’s most valuable NFT project, surpassing $2.2 billion in all-time transaction volume last month.

Sounds easy to do, right? Hold your horse. Sometimes simple things can be hard at the same time. NFTs are not just pictures on the blockchain. So, in addition to having compelling artwork, NFTs should have a purpose, provide value to community members, and tell a compelling story to survive over time.

With all these points in mind, try creating a clear roadmap outlining your plans.

Choose a blockchain platform

After deciding what your NFT project will represent, you need to choose a blockchain platform that will keep a permanent record of your tokens. Several options can be considered, including Ethereum, Solana, and Binance Smart Chain. Each has its own characteristics and advantages. Key points to keep in mind when choosing a network are pricing, security measures, and scalability.

Similarly, you must select a marketplace to publish your NFT collection. OpenSea, LooksRare and NFTally are among the most popular marketplaces available to NFT owners and buyers. Read the benefits of each again before making your choice.

Set up NFT wallet

NFT wallets store NFTs on a specific blockchain. Download a cryptocurrency wallet app, register a username, and store your private key and recovery phrase securely offline. Examples of popular crypto wallets for storing NFTs include MetaMask, Coinbase Wallet and Ledger Nano X. The important thing to remember here is that the wallet you download must be compatible with the blockchain you chose in the previous step.

Create NFTs

This process is very easy and can be done on various platforms. However, for convenience, we will take OpenSea as an example, as it is the most widely used NFT platform.

In the OpenSea main menu, click the wallet icon to link your registered crypto wallet. This will bring up a menu for the NFT creation process. In this step, you need to enter details such as the NFT’s features, properties, preferred blockchain, etc. Then upload your media files (photos, music, videos), enter a description for your NFT,[作成]Click.

If you’re good at coding, you can even create smart contracts. A smart contract stipulates ownership and assigns data to his NFT. Briefly explained here, smart contracts are programs stored on the blockchain that perform certain functions when certain conditions are met. NFT works like a tool for fulfilling sales contracts. Remember. Well-written code protects users from potential exploits.

Once you’ve designed your smart contract, you can deploy it to your development platform of choice. This will make his NFT available to users on that blockchain to trade and sell digital works.

List NFTs for sale

Finally, the final step is to list your NFTs for sale. This can be done by simply pressing the “Sell” button on the platform of your choice. From there, you can choose a price for your NFT and choose how long you want the sale to continue.

Also, you will need to sign some transactions in your digital wallet. This may include paying transaction fees on your chosen blockchain.

Hard work should never stop

Getting your NFT up and running is just the preparatory work needed to make your project a success. We need to put in the hard work of continuously building a community around the NFT project through innovative ideas, marketing campaigns, and interactive events. Keep your social media handles active and keep the community updated with the latest developments about the project. Conducting AMA sessions and reaching out to social media influencers are other ways to engage with your community.

Conclusion

Achieving a successful NFT project may not be as easy as it seems. It requires careful planning and research. There are also several components to consider when designing your own digital asset. I hope this quick guide has given him the motivation he needs to jump on the NFT bandwagon and launch his own NFT project.