How To Create An NFT: A Step-by-Step Guide
NFTs can be created in Ethereum in a manner that is similar to how one creates an ERC-20 token. However, the process of creating NFTs is not hard to understand, and the benefits of creating your own NFTs is significant. If you want to create your own NFTs, this guide will explain how you can do it.
NFTs are not new, but the market is still growing. NFTs are a great way to build a token economy. You can use NFTs to create tokens that represent a company, a product, or an idea. You can also use them to represent “collectibles” (NFTs that represent an asset that has a fair market value).
NFTs can represent a variety of things, but let’s start with a simple example. You want to sell a token representing a piece of art. You could sell this token on an exchange, or you could create your own decentralized exchange on the Ethereum blockchain. If the art is unique, you could use a colored coin to represent it. If the art is not unique, you could use a token with a fixed supply.
The process for creating an NFT is simple, but it does require some technical knowledge. Let’s walk through the creation of an NFT.
Define the Asset
The first step is to define what your NFT is going to be. In this case, you’re creating an NFT to represent a piece of art. For the purposes of this NFT, let’s say that you want it to represent a painting that you own.
Create a Contract
First, create a contract on the Ethereum blockchain. This is important because it gives you full control of your business and makes your NFTs more secure.
For our example, let’s say we want to sell a token for an artwork. We’re going to sell the token for 0.01 ETH. The following code can be used as a starting point for creating an NFT contract:
var Token = web3 . eth . contract ( “Token” , function (){
token . name = “Sample Token” ;
token . symbol = “SAMPLE” ;
token . decimals = 18 ;
token . totalSupply = 100000000 ;
});
Buy Tokens
First, you will need to buy some coins. This could be any coin on the Ethereum blockchain, but in this example, let’s use ERC-20 tokens. You will need to make a purchase on an exchange (or from another individual) that supports ERC-20 compliant coins.
Once you have your tokens, it is time to create an NFT!
Burn Tokens
The first step in creating an NFT is to burn tokens. What does this mean? It means that the owner of the NFT destroys their tokens. If you want to create a token with a fixed supply, like a collectible token, then you can destroy some tokens. If you want to sell your token on exchanges (token markets), then you will also need to destroy some coins.
Set the Token’s Public Address
First, you need to set the token’s public address. This is an Ether wallet address that can be used to send and receive tokens from.
You will also need to set a “token name” for your NFT. This name has to be unique, but it doesn’t have to be an actual word from English dictionary. You can make up your own name if you want.
The last thing you need to do before creating your NFT is create a “token contract” and provide it with some basic information about the token that includes its symbol, name, supply (number of tokens), decimals, and total supply (the number of tokens sold).
Decide on an NFT Contract Type
The first step in creating an NFT is deciding on a type of NFT contract. There are three types of contracts:
- A Token Contract
- An Asset Contract
- A Colored Coin
For this guide, we’ll use a Token Contract, as it is the simplest type of contract and will help us understand how to create an NFT.
Use NFT Contracts
This is the first step. You need to write a contract that defines what NFTs are, how they work, and the features they have. This will be an ERC-721 contract, which stands for “Ethereum Request for Comments 721.”
Summary
The NFT Creation Process
Here is a summary of what you will need to create an NFT:
- A Ethereum wallet with some Ether.
- A smart contract that matches your NFT.
- The existing ERC20 token as the starting point for your new NFT.
An idea for what you want your new token to do, how it will be distributed, and how it will interact with other tokens.
Once you have these items, you can follow this step-by-step guide to create an NFT.