Mike Winkelmann, better known as Beeple, is officially one of the highest-paid artists in the world after selling a digital work for $69.3 million dollars. “Everyday: The First 5000 Days,” a collage of 5,000 digital images created over 5,000 days, today became the third most valuable sale by a living artist amid the NFT boom.

Table of Content: · Hold on…What’s an NFT?· How To Create an NFT
∘ NFT Marketplace
∘ Connect Your Wallet
∘ Create Collectible
∘ InterPlanetary File Service
∘ Make your own token
∘ Start Minting
∘ Gas Fee· Check Your NFT on OpenSea

A non-fungible token (NFT) is a type of cryptographic token on a blockchain that represents a single asset. These can be fully digital assets or tokenized versions of real-world assets. Since NFTs are not interchangeable with each other, they can function as proof of authenticity and ownership within the digital realm.

Fungibility means that the individual units of an asset are interchangeable and essentially indistinguishable from one another. For example, fiat currencies are fungible, because each unit is exchangeable for any other equivalent individual unit. A ten-dollar bill is interchangeable with any other ten-dollar bill that is authentic. This is an imperative feature for any asset that claims to act as a medium of exchange.

Fungibility is a desirable property for money because it allows free exchanges, and, theoretically, there is no way to know the history of each individual unit. However, this is not a beneficial attribute for collectibles.

But what if we could create digital assets similar to Bitcoin, but adding a unique identifier to each unit? This would make each of the units different from the rest (i.e. non-expendable). Basically, that is an NFT. And if you want to know more details about it, I leave here my story where I explain it very well.

First of all, if you want to turn a piece of art into an NFT it’s very important that you are the creator and owner of the piece. Creating your own NFT artwork is a relatively simple process and doesn’t require complex knowledge of the crypto industry.

Before you start, you will need to decide on which blockchain you want to issue your NFTs to. Ethereum is currently the leading blockchain service for NFT issuance.

NFT Marketplace

Here’s how the process works on Rarible, the first community-owned NFT marketplace.

First, you need to go to Rarible and connect your wallet to login. You simply need to connect your wallet by clicking the highlighted button above.

Then, four different options will show them to choose from. In this example, we will go with Coinbase Wallet.

Connect Your Wallet

In case you don’t know what Coinbase Wallet is, don’t worry, I explain you. So… Coinbase Wallet is an exchange wallet that’s available as an app for the chrome and safari browser and you can charge it with Ether.

Ether is a cryptocurrency that runs on the Ethereum Blockchain. You have two ways to buy Ether. You can use your credit card or debit card, and deposit the cryptocurrency directly into your Coinbase Wallet, or you can deposit Ether by using Meta Mask or BigPanda. Either way, you have to have some Ether in your wallet to come up with the transaction fees that will occur later on when we turn your art into an NFT.

So… let’s do that.

Create Collectible

After logging in, it’s time to start creating your NFT. Hit “Create” on the top-right-hand side; you can choose between a single edition or multiple editions. The second one means that you can create an edition consisting of several different pieces of one and the same artwork. So… let’s leave it for now. We are going to focus on the first one. Let’s click on “Single”.

We can upload our file and here we can choose between a png, a gif, a web picture, an mp4, or an mp3 file. You can also choose a jpeg file. I personally suggest you use a png file.

When you turn an image into an NFT you must know that the artwork itself does not get stored in the Ethereum Blockchain. What does it mean? It means that the entry in the blockchain that gets created with the help of smart contracts only consists of few lines of code and in this code, we have metadata that contains the name of the image a short description, and something as simple as a link that refers to a place in the web where the image is stored, and in case of a variable, they take care of this storage and probably compress the image, and for my taste, this does not go far enough.

Because when I sell an artwork I also want the buyer to get a higher resolution version of the image, and for this, we have the option to check “Unlock once purchased” and if you do this you can add an additional link or a digital key to a file that you store somewhere and you can then host it on your own server or for instance on a cloud service like Google Drive, and because this is not secure and long-lasting enough I usually save the high-res version of the image in the interplanetary file system — such a fancy name, don’t you think? — But… let me explain what that is.

InterPlanetary File Service

Let’s open up the Piñata website. Like you see in the description, they offer “The Easiest Way to Use Inter-Planetary File System”. In other words, an IPFS is a protocol and peer-to-peer network for storing and sharing data in a distributed file system, and even if the file system is distributed, it’s not a blockchain, but it relies on cryptographic hashes that can be easily stored on a blockchain.

The IPFS network allows you to address content based on the content itself. So this means that a name or a hash gets assigned to the content and in case an image changes also the hash changes.

So… it’s not like having a classic. URL that points to the place where an image is stored. So in case you change the image or you delete the image, the URL always remains the same, and it’s the exact opposite with the IPFS network.

Let’s go to Piñata upload and then let’s browse for the TIFF file and then hit the “upload” button. Now, let’s go to the “Pin Explorer”. This the unique IPFS hash that was created in the network. It means that this one always points to the file no matter what. Now, right-click on the name, copy the link address, go back to Rarible website. Check “Unlock Once Purchased” and paste the piñata link. Then you can establish an “Instant sale price”. Type the price you want to sell your product. These kinds of services like Rarible takes a service fee, approximately 2 percent.

Make your own token

When you scroll down, you can choose a collection. I keep it on the Rarible token. You could create your own token, according to ERC-271 standard. This only makes sense if you’re planning to release a collection of similar artworks. Then you can enter your own token name, token symbol, description, and short URL.

Like I mentioned before, I’m using Rarible Token. So… I copied and pasted the name of the artwork with a short description. You can also set some properties such as “The Artist” and “The Edition”. There are also “Royalties”. Those are the percentage value that defines the amount that you get every time your artwork is resold.

That means you sell it once to the first buyer then you get 100% minus the percent of the service fee, and from this point on you get 10% of every future sale. Ten percent is the standard.

Start Minting

All that’s left to do now is to make sure that your wallet is still connected and then you can click on create the item. This uploads your file and prepares them for minting. Once it is done uploading the files you can then start minting a token.

Now, when you interact with wearable for the first time you need to confirm the interaction with the app. This means that you also interact with the blockchain, and every time you do something on the blockchain it cost gas fees. Therefore in this case wearable does not charge any fees for the confirmation.

When the interaction contract is confirmed you can finally start minting so this brings up the metamask wallet or Coinbase wallet. As you can see the “Contract Interaction” costs zero Ether because the variable does not charge anything to the mint token but as you can see we have really high gas fees here.

Gas Fee

There are a few options to lower the gas fee. The first one can be found under “Edit”. You can set it to slow instead of fast or average so this means that the transaction goes through quite slowly. It takes a few minutes or even up to an hour, so you could pick “Slow” here. You could also set the gas price yourself so if you enter something low like 60, the price goes down quite a bit. But if this value is too low then the transaction probably does not go through, be careful with these values.

Once completed that process the NFT would be already in your wallet and it also would be “On sale”.

From here we can directly move on to OpenSea by clicking on the icon. As we did it before on Rarible, we must connect OpenSea with our wallet. When you list your artwork not only on wearable but also on OpenSea you have to go through the confirmation process. It means that there are some setup fees, it’s free. But, remember, when you interact with the blockchain it always costs gas fees.

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Source: https://medium.com/geekculture/how-to-transform-your-art-into-a-nft-b02a4aee6fd4?source=rss——-8—————–cryptocurrency