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How to create NFTs

How to create NFTs

The Non-Fungible Token (NFT) industry can be traced back to the early days of the internet. The first NFTs were digital collectibles created on forums and message boards. These tokens were simply images or text used to represent a unique asset.

However, it wasn't until the development of blockchain technology that NFTs really began to take off. Blockchain provided a way to securely and permanently store data on a decentralized ledger. This made NFTs much more secure and trustworthy than traditional digital collectibles.

Since then, the NFT industry has exploded in popularity. Millions of dollars worth of NFTs have been sold, and the market is only getting bigger. With the help of blockchain, the NFT industry is revolutionizing the way we think about digital ownership.

This article discusses NFTs, including where they came from, important milestones, and what to expect in the future.

The Origin of NFTs

The first-ever known non-fungible token (NFT) was created in 2014 by Kevin McCoy and Anil Dash. It was called Quantum and consisted of a video clip of digital art created by McCoy’s wife, Jennifer. Originally, the technology was called “monetized graphics,” and Quantum was registered on the Namecoin blockchain and sold to Dash for $4. Today, it’s on sale for $7M.

In October of 2015, three months after the launch of the Ethereum blockchain, the first NFT project, Ehteria, was launched and demonstrated at DEVCON 1 in London. Most of the 457 NFTs went unsold for more than five years until March 13, 2021, as interest in NFTs was renewed. These remaining pieces sold out in 24 hours for a total of $1.4M. At the time of their launch in 2015, their cost was only $0.43 each.

Increased public awareness began in 2017 when an online game CryptoKitties monetized cat NFTs. During 2020, the value of the NFT market exploded, tripling to $250M. During the first quarter of 2021, more than $200M was spent on NFTs.

Or Was the Origin in 2012?

There is another origin story out there on NFTs worth discussing, known as Colored Coins. Colored Coins, created in 2012-2013, are made of small bitcoin denominations–known as a single satoshi–which can be used to represent a multitude of assets and have multiple uses, including:

  • Coupons
  • Property
  • Issue shares of a company
  • Ability to issue your own cryptocurrency
  • Digital collectibles
  • Access tokens

Unfortunately, the whole Colored Coin system carries several flaws. But, they played a significant role in laying the groundwork for NFTs. You can learn more about them here in the “Overview of Colored Coins.” 

Counterpoint: “Counterparty”

Another early consideration for the creation of NFTs is Counterparty. Counterparty is a peer-to-peer financial platform and distributed, open-source Internet protocol built on top of the Bitcoin blockchain. It allowed asset creation and even included a trading card game and meme trading, where Rare Pepes originated.

Rare Pepes

In October 2016, “rare pepes” were issued along the Counterparty platform. A rare pepe is a meme featuring a frog character that has developed an intense fanbase. Besides being incredibly quirky, the uniqueness of these images makes them such desirable NFTs. 

How the NFT space has evolved

In simple terms, an NFT is a unit of data stored on a variety of digital ledgers called a blockchain, which can be sold and traded. But, what started as a simple video clip has evolved into many use cases across various industries. But, perhaps none is more compelling than the art industry.

The History of NFT Art

Art is perhaps the most common way to use NFTs, as auctions from high-profile NFTs have made the biggest splash in public attention. Currently, the most expensive NFT ever sold was at an auction price of $91.8M–work by artist Pak, entitled The Merge.

The merge

The Merge is both a single piece of artwork and a series of artworks. When it launched, buyers could purchase an NFT, called a mass, for a set amount of money ($575). However, for buyers who purchased more than one mass, instead of receiving another NFT, their current mass actually increased in size. The price of a mass NFT grew throughout the sale, and buyers who bought a lot of mass were rewarded with free mass. 

It sounds a little confusing, but if you can picture a tiny ball of mercury as one mass, then add other tiny balls of mercury to it, you can see how each comes together to get bigger and bigger. That’s what The Merge is and was before the sale was brought to a close. Now, even though the launch is over, buyers and traders can still sell or trade their NFTs to grow their mass bigger, making their NFT more valuable. 

In the end, more than 28,000 buyers spent over $91M on what has been one of the most compelling NFT art concepts to date.

Everydays: The first 5000 days

The second most expensive (at $69M) was a piece of artwork by Michael Winkelmann–known as Beeple–called Everydays: the First 5000 Days.

Beeple is a graphic designer and motion artist from South Carolina who is well-renowned in the digital art world. However, his rise to fame reached a new height with his NFT collage created from 5,000 images created daily for 13 years. The images were put together and formed one NFT unit that sold for almost $70M making it the third-most-expensive piece of art ever sold.

CryptoPunks

Perhaps, the most well-known NFT digital art pieces are the collection of CryptoPunks, which is credited with starting the NFT craze of 2021.  

CryptoPunks is a series of 10,000 unique collectible characters stored on the Ethereum blockchain. Each character is created using an algorithm and no two are identical. The images are 24x24 pixels and feature some combination of guys, girls, apes, zombies, and aliens. While some of the images share attributes, the rarest ones feature the fewest attributes. For example, on the current marketplace, CryptoPunk 5822 is on sale by the owner for $34.89M. It features one attribute–a bandana–which is only shared by 481 punks. 

Perhaps the wildest part of CryptoPunks is that initially, they were all free. One simply had to claim them. Now they sell for hundreds of thousands to multi-millions of dollars.

CryptoKitties

In the 90s, we had Tomagotchi–a handheld digital pet that you could feed, love, and–if neglected–kill. In the 2020s, we have CryptoKitties! CryptoKitties are digitally created breedable and collectible cats. Each is one-of-a-kind and cannot be replicated, taken away, or destroyed.

It turns out that breeding digital pets is big business for at least a short period of time. While CryptoKitties was the first widely recognized blockchain game and featured astronomical growth, the popularity was short-lived. In fact, it reached its peak on December 10th, 2017. But, by the beginning of 2018, the game’s popularity fell by 90% of users. However, for those that were fortunate during that short time. One CryptoKitty fetched $1.3M, another $566,000, and the third most expensive CryptoKitty was sold for $107,000.

Bored Ape Yatch Club

Similar to CryptoPunks, Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique, algorithm-created images. Except instead of aliens, zombies, and humans, BAYC features images of–you guessed it–apes. In March of 2022, sales of BAYC made up more than a third of total NFT sales. In January of 2022, BAYC surpassed $1B in total sales.

Who Can Create & Purchase NFTs?

The easy answer is that anyone can create or purchase NFTs. Some companies help guide you through the process of creation, connecting your content through blockchain, and getting the proper paperwork done to develop your own NFTs. Purchasing is also as easy as connecting with an online marketplace and working with vendors to purchase or acquire the NFTs you want.

You can launch your NFT collection in seconds with Mantial. We assist everyone, from entrepreneurs to celebrities and large companies throughout the whole process of conception, sales, and management of NFT collections.

In Conclusion

The future is wide-open for the NFT industry. As it becomes more and more popular, creators and even NFT experts are still exploring the possibilities of this technology and how it collides with our everyday lives. While the exact future of NFTs is uncertain, the market is expected to continue growing, and NFTs worth millions of dollars today could be worth billions in the future. 

And, when money like that is involved, everyone will want a piece of the action.

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Rick’s NFT

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Michonne’s NFT

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In this comprehensive guide, we'll go over everything you need to know about NFTs, from what they are and how they work, to how you can create your own using Mantial's Launcher platform.

Why You Should Consider Launching an NFT Collection?

Let's start with the basics. An NFT is a digital asset stored on a blockchain - which essentially means that it is unique and cannot be replicated. This feature makes them ideal for artists who want to create limited edition digital works or for those who want to experiment with new ways of distributing and selling their work.

NFTs also open up a whole new world of possibilities when it comes to interactivity and community involvement. For example, you could create an NFT that can only be unlocked by completing a specific task or one that gives the holder exclusive access to exclusive content or opportunities.

The sky really is the limit when it comes to what you can do with NFTs - which is why more and more public figures are starting to explore their potential. With that in mind, here are the steps you need to take to launch your own NFTs.

Note that a facilitator like Mantial makes this process a lot smoother, and things are much more complex if you choose to go it alone.

why you should consider launching an NFT Collection?

Step 1: Decide The Format of Your NFTs

The first step of the journey is to decide what format your NFTs will take. Will they be static images? 3D models? Videos? Audio files? Static images are by far the most popular choice at the moment because they're relatively easy to create. 

So easy, in fact, that anyone can create art in a matter of minutes.

There is also the size of your collection to consider. Most NFT artists release thousands of artworks as part of a single collection because it's more efficient to mint and manage a large number of NFTs at once.

How do they do this? With the help of a service like Mantial!

Generative art

Mantial's Art Gen is a generative art software that enables you to create art with layers and variations, making it easy to mint a large number of NFTs in a short amount of time.

Each layer can be customized, meaning that you can create an infinite number of variations for each composition. This software is perfect for artists who want to release a large collection of NFTs, as it enables you to mint a unique piece of art for each holder.

Step 2: Choose a Blockchain

Now that your masterpiece is complete, it's time to mint your NFT. Minting simply means creating a token on a blockchain that represents your artwork. It's important to choose wisely when deciding on a blockchain or layer, as your NFT will be stored there permanently.

  • Ethereum

Ethereum is the most popular blockchain for NFTs due to its high level of security and proven track record. Ethereum also has a large and active community, which makes it easy to find support and advice when needed.

ERC-721 standard is the most commonly used for NFTs, as it ensures that each token is unique and non-fungible. The main disadvantage of Ethereum is that it can be slower and more expensive to mint NFTs due to the high level of traffic on the network.

  • Solana

Solana is a high-performance blockchain that is well-suited for NFTs. It is fast, scalable, and energy-efficient, making it an ideal choice for artists who want to mint large collections of NFTs. The main disadvantage of Solana is that it is a relatively new blockchain, which means that it doesn't have the same level of support and infrastructure Ethereum has.

  • Polygon

Polygon is a Layer 2 solution that runs on top of Ethereum. It is much faster and cheaper to mint NFTs on Polygon due to the fact that it uses Ethereum's infrastructure but doesn't suffer from the same high level of traffic.

The main disadvantage of Polygon is that it is not as well-known or supported yet, although 2022 could be the year that it takes off.

  • Immutable X

Immutable X is a scaling solution for Ethereum that enables you to mint NFTs at near-instant speeds. It is also very cheap to mint NFTs on Immutable X, as it uses a gasless model.

They also get a nod for 100% carbon neutral NFT minting.

Choose a Blockchain to Create NFTs

Step 3: Deploy A Smart Contract in Minutes With Mantial

Next, you'll need to create a smart contract that will power your NFT collection. A smart contract is a piece of code that runs on a blockchain, and it's what enables you to mint, manage, and transfer your NFTs.

A smart contract is also used to define the rules of your NFT collection, such as how many NFTs can be minted, who can mint them, and how the profits will be distributed. Creating a smart contract can be a complex and time-consuming process, but with Mantial, you can deploy a ready-made smart contract in minutes.

Launcher

Launcher is our no-code solution that enables you to mint your NFTs and deploy a smart contract in just a few clicks. All you need to do is connect your wallet, choose the settings for your collection, and launch it!

You'll be able to display your collection on world-renowned exchanges like OpenSea and Rarible, and start selling your NFTs in no time.

Step 4: Upload Images Properties

After the smart contract is created, you'll need to upload your images and set the properties for each one. For example, you'll need to choose a name, price, and description for your art. 

You can also add extra information, such as the artist's name, the date you created the artwork, and a link to the artist's website. Give some thought to this step, as it will help buyers understand the value of your NFTs.

When uploading your art, it is imperative that it be of the highest quality possible. Your art will be stored on a blockchain permanently, and low-quality images can decrease the value of your NFTs over time.

Even if you choose to go for a pixelated or abstract style, make sure that your art's overall cohesion and quality are top-notch.

Step 5: Build your community and start selling!

The final and most important step to creating your very own NFT collection is community building. NFT drops rely on a community of passionate collectors and buyers to succeed, so it's essential to start building yours early on.

One of the best ways to do this is by using our Bot program. Bot helps you manage your community and reward NFT holders, which will incentivize them to keep buying and holding your NFTs. You can also use Bot to grant special privileges to specific wallets. For example, you could give a 10% discount to buyers who hold one of your NFTs.

Step 6: Reap The Rewards

Now onto the fun part! Once your collection is live and you start selling your NFTs, cryptocurrency will start flowing into your wallet. But what if you're not the only one selling NFTs? What if you're working with a team of artists or selling NFTs on behalf of someone else?

Mantial can help you split the money on-chain with your partners so that everyone gets paid instantly and automatically. We can also help you integrate your collection with marketplaces like OpenSea so that you can start selling your NFTs on secondary markets.

All you need to do is sit back and watch the money roll in!

NFT Rewards

Pros and Cons of NFTs for artists

Pros

 

Cons

Perpetual Royalties: Once you mint an NFT, you can set up the smart contract to pay you royalties every time it's sold. You'll continue to earn money from your art long after being minted.   Speculative market: The NFT market is still in its infancy, which means that it is highly speculative. The prices of NFTs can fluctuate rapidly, and there is no guarantee that you will be able to sell your NFTs for a profit.
Censorship-Resistant: NFTs are stored on a blockchain, a decentralized network that is not controlled by any entity. Your art cannot be censored or taken down without your permission.   High transaction costs: Due to the nature of blockchain technology, the transaction costs of buying and selling NFTs can be high. However, Layer 2 blockchain solutions are being developed to help reduce these costs.
New Revenue Stream: NFTs provide artists with a new revenue stream that is not reliant on advertising, merchandise sales, or live performances.   Lack of understanding from the general public: NFTs are still a relatively new concept, and the general public may not understand them or see their value. You'll have to market your NFTs and convince potential buyers of their worth.
Increased Credibility and Visibility: By minting your art as an NFT, you are legitimizing it as a work of art that has value. They can help improve your credibility as an artist and make your art more visible to potential buyers.    
Fractional Ownership: NFTs can be divided into multiple pieces, which means buyers can purchase a fraction of an NFT. It makes them more accessible and affordable for buyers, which could lead to increased sales.    

What Risks are Associated with launching NFTs on your own?

Now that you've seen how easy it is to launch your own NFT collection with Mantial, you might be interested in exploring this avenue. Some of you might even be thinking about going it alone.

However, we would caution you against this. Here are the challenges that come with going solo.

Getting paid

The most obvious risk is that you will not get paid for your NFTs. This can happen if the platform you're using goes bankrupt or if they simply decide to keep the money for themselves.

They can do this by transferring the cryptocurrency from your sales to their wallets instead of yours. While this is a valid concern, it's important to remember that Mantial is a well-funded and reputable company. We have launched countless NFT collections and have always paid our artists on time.

Doing it all

Another challenge many solo artists face is that they simply don't have the time or resources to effectively create, mint, and market their NFTs. If the above steps to an NFT launch sounded easy, it's because we've streamlined the process for you.

On your own, you would have to learn how to mint your own NFTs, write smart contracts, create a website, and market your collection to buyers. That's a lot of work, and it's easy to get overwhelmed.

Handling developers

Even if you decide to outsource the minting and marketing of your NFTs, you will still need to find a reputable team of developers to work with. This can be a challenge, as few offer an all-encompassing solution. You'll most likely need to hire multiple developers for each task, which can quickly become expensive.

In contrast, Mantial offers a complete end-to-end solution. We launch dozens of collections weekly and have a team of in-house developers who are experts in minting, smart contracts, marketing, and more.

Respecting deadlines

Lastly, respecting deadlines is a big problem in the industry. 'NFT Drops,' as they are called, tend to be very time-sensitive. If your minting or marketing team does not deliver on their promises, you could miss out on a lot of sales. At Mantial, we have a strict policy of respecting deadlines. 

Where can I Buy and Sell NFTs?

Now that you know everything there is to know about NFTs, you're probably wondering where you can buy and sell them. The most popular place to buy and sell NFTs is on secondary marketplaces. These online platforms allow you to buy and sell NFTs that have already been minted.

Users can simply connect their wallets to the marketplace and start buying and selling NFTs. Some of the most popular secondary marketplaces include Opensea and Rarible.

If you're planning on joining the party, it's a good idea to visit one of these marketplaces and get a feel for how they work. Look at what other artists are selling, and see what kind of prices their NFTs are going for. This will give you a good idea of what to expect when launching your own collection.

Get Started Today!

That's it! You are officially ready to capitalize on the hottest new trend in the art world - NFTs.

If you're looking for a complete end-to-end solution, look no further than Mantial. We make it easy for you to launch successful collections with a dedicated smart contract, system for minting, and managing your NFTs.

Choose a plan or get in touch with us today to learn more about what we can do for you!