How to create an NFT without a penny (no fees)!!
The NFT market is expected to reach $1.3 billion by the end of 2021, with over 5.3 million sales to date. The NFT is an economic term to describe items and goods that have unique properties. For example, common goods that are non-fungible in the blockchain industry could be original songs or a unique trading card. These are items that aren’t interchangeable as they have special properties. As such, NFTs are tokens defined by their properties and not their value.
The term nonfungible token (NFT) usually refers to a cryptographic asset on the blockchain that represents an intangible and unique digital item like a piece of art, a photo, an in-game collectible, or a tweet that other assets cannot replace because it has a set of exceptional properties. Each NFT is unique and limited in quantity and not interchangeable; it can function as proof of authenticity and ownership
What kind of property could be an NFT?
NFTs can be used to represent virtually any type of real or intangible item, including:
· Virtual items within video games such as skins, virtual currency, weapons and avatars
· Collectibles (e.g., digital trading cards)
· Tokenized real-world assets, from real estate and cars to racehorses and designer sneakers
· Virtual land
· Video footage of iconic sporting moments
Who can create an NFT?
Therefore, for anyone who wants to become an NFT artist, it is somewhat necessary to have a goal in mind and a great level of creativity. Even for those who are not as skilled as Leonardo da Vinci but have a bunch of ideas, creating an NFT is undoubtedly worth trying. Moreover, for artists by occupation who most likely already have several Beeple-like artworks that are idle in the digital studio and just waiting in the wings to be sold as NFTs, this could be a great point to start.
The process of creating a nonfungible token is called minting. The term refers to the process of turning a digital item into an asset on the blockchain. Similar to how metal coins are created and added into circulation, NFTs are minted once they are created. After the process, the digital item becomes tamper-proof, more secure and difficult to manipulate.
Here’s how to buy, sell and create these assets.
1. Choose your digital art
Keep in mind that after creators decide what content and in which format they want to represent as an NFT, they will need to convert it to an appropriate file type, especially if it is not already digital. Most items tend to be stored as portable network graphics (PNG) or graphics interchange format (GIF) files. Texts would typically be available in portable document format (PDF), while music would likely be stored as MP3 and video kept as MP4.
2. Choose the NFT market place
After the digital item for a future NFT is ready, it is time to choose an NFT marketplace to sell it.
Choosing a platform is an essential part of the process of minting NFTs, and the right choice here depends on various factors including certain blockchain types, supported standards and formats, accessibility and a price to mint an NFT.
Each of the NFT marketplaces operates slightly differently and has its specific instructions, as well as pros and cons. For example, some of the NFTs are curated while others are self-service based. Creating NFTs on some platforms is cheaper than others, while some marketplaces do not support specific file formats. Some platforms are user-friendly, while others have a complex user interface (UI) that could intimidate new users.
Currently, there are plenty of NFT marketplaces in the crypto space. Non-curated platforms have emerged as a viable alternative to curated ones since they provide free access to all. In order to upload NFTs onto them, users only need to register and pay the transaction fee to mint a token. For illustrative purposes, we’ll use Rarible, but as we mentioned earlier, other NFT platforms are available.
Go to Rarible.com. In the right-hand corner of the screen, you’ll see a button titled “Sign in”. Click that, and the next screen asks for your wallet provider, which is our case is MetaMask.
A popup box now appears, giving you the option to connect your wallet with Rarible. Click on ‘Next’, then ‘Connect’, accept the terms of service and confirm you’re over 13 years of age.
Now that you signed in and have a connected wallet to your account, you can start creating an NFT. click the ‘Create’ button at the top right of Rarible.com.
You’re then given the options of creating a single, one-off work, or selling the same item multiple times. In this example, we’ll opt for ‘Single’.
You can now upload the digital file you wish to turn into an NFT. On Rarible, this can be a PNG, GIF, WEBP, MP4 or MP3 file, and up to 30MB in size.
Upload your digital file, and on the right, you’ll see a preview of what your NFT post will look like.
In the next part of the form, you’ll need to choose how you wish to sell your NFT artwork. You have three options here. ‘Fixed price’ allows you to set a price and sell it to someone instantly (like ‘Buy it now’ on eBay). ‘Timed auction’ is an auction that only takes place for a certain time. Finally, by choosing ‘Open for bids’, people carry on making bids until you accept one.
Then you have to pay fee to create your NFT in blockchain that depends on ETH price in this case. this fee is known as “gas.” Ethereum gas is simply an amount of ether required to perform a certain function on the blockchain — in this instance, it would be adding a new NFT to the marketplace. The cost of gas varies depending on network congestion. The higher the number of people transacting value over the network at a given time, the higher the price of gas fees and vice versa.
According to data from Rarible Analytics, the current average gas price on Rarible for minting a single ERC-721 token is 0.022ETH, equivalent to $82.26 at current prices. If you choose create data is stored on the blockchain immediately after minting and you have to pay gas fee.
But the amazing part just appears here. Rarible has introduced a new functionality titled “lazy minting” that promises users the ability to create nonfungible tokens at zero cost! By choosing Rarible instead of Create and turning on Free minting ability, you are no longer asked to pay any fees. Under this option, NFTs are minted not at the moment of creation, but at the moment of purchase. It’s the buyer who pays the gas fees when purchasing the item. In this case, data will be stored on a decentralized peer-to-peer storage system called IPFS.
Next, you get to add a title and description for your listing. To maximize your chances of selling your NFT, you’ll need to spend some time perfecting this.
You’re then asked to consider what percentage of royalties you wish to claim on any resale of your art in the future. Again, this is a balancing act, as a higher percentage will net you more money per sale, but it will also deter people from reselling your art in the first place as they’ll be less likely to make a profit for themselves.
Finally, you are asked to sign and confirm the process in your Metamask wallet that appears in a pop-up window. Follow the steps and then you’re almost done.
That’s it your NFT is created and open for a bid.
This is why the Rarible implementation will be welcomed as a positive initiative by the community, though it is yet unknown as to its potential impact on the wider market but it could be an impact in the future of art works.
you can see the minted NFT in the link below: