Creating and selling NFTs has become enticing for digital creatives looking to make a living. However, high embossing fees have proven to be a deterrent and a barrier to entry for artists and creatives who cannot afford them. Fortunately, you can now create an NFT for free and sell it on leading marketplaces. Read on and find out how!
What is an NFT?
An NFT (non-fungible token) is a unique digital asset that “lives” on a blockchain, enabling verifiable digital ownership of a wide variety of objects and assets. Unlike cryptocurrencies, which are divisible and interchangeable, each NFT is unique.
NFTs can be used to represent various digital and physical objects, from digital art to real art, music, collectibles, capital goods and more.
NFTs are created (mined or coined) and stored on a blockchain such as Ethereum, BNB Smart Chain or Solana. This makes it easy to buy, sell or trade on different exchanges or NFT marketplaces.
One of the main advantages of NFTs is that they are unique and non-substitutable, making them ideal for collectibles, games and other use cases where uniqueness is important. NFTs also have the advantage of being stored on a blockchain, making them secure, transparent and easy to trade.
Because NFTs can add value when sold in exchange for cryptocurrencies, they have gained popularity as a source of income. This has allowed creatives around the world to showcase their work, earn royalties from it and avoid exploitation by middlemen. So any artist, even a beginner, can create and sell NFTs online (even for free).
Read on to learn how to create and sell an NFT with Rarible, one of the leading NFT marketplaces.
How to Create an NFT for Free and Sell on Rarible: A Step-by-Step Guide
Creating an NFT on Rarible is easy and only takes a few minutes. Here are the steps you can follow.
When you create an account with a blockchain-based platform, you must connect your crypto wallet. If you are new to this type of platform, it may be different from applications like Facebook and Twitter. These sites use social media or email accounts to log in. Blockchain-based platforms, on the other hand, require you to use your crypto wallet.
Rarible supports a wide variety of wallets, including MetaMask, WalletConnect, Coinbase Wallet, Portis, Torus, and MyEtherWallet.
In this scenario, we will metamask use. To connect your MetaMask wallet, go to Rarible.com and click the “Connect Wallet” tab in the top right corner of the page.
After selecting a wallet like MetaMask, a pop-up window will appear asking you to approve the sign-up request.
Once your wallet is connected, you can create your first NFT!
To do this, click on the avatar* in the upper right corner of the page and then click on the “Create” tab.
On the next page, you can choose which blockchain you want to mint your NFT on.
Rarible supports multiple blockchains including Ethereum, Solana, Tezos, Flow and Polygon.
Next, you need to decide whether you want to mint a single exclusive, non-counterfeit coin, or whether you want to mint multiple coins from the same mint.
Next, select the type of NFT you want to create. In this tutorial we will create an NFT image.
Once you’ve decided on a type of NFT, upload your image. Make sure your image is in PNG, GIF or WEBP format and no larger than 100MB.
In the next few steps, enter the title, description and type of sale you want to offer for your NFT.
Now you set your license price – the amount you get for each resale of your NFT.
You can also add extras like secret links or downloadable content to make your NFT salable and available for sale.
Finally, you have the option to mint your NFT for a fee or issue it for free.
If you release it for free, you pass the gas charges on to the first buyer. This process is known as “lazy minting” and while it may save you costs, the price of your NFTs will be higher for collectors.
Marketplaces that allow royalty-free minting of NFTs
Now let’s look at where you can make your NFTs for free.
Rarable is an NFT marketplace where you can create and sell NFTs. It could be a good choice if you want to sell art or photography focused NFTs. It supports Ethereum, Flow and Tezos blockchains.
On Rarible you can sell individual NFTs or entire collections. Since Tezos is supported, minting fees are low (it costs only $0.5 to mint an NFT). You can also use the lazy minting feature to create an NFT for free and have the buyer pay gas fees upon purchase.
Rarible has its own token called RARI. If you have RARI tokens in your wallet, you can vote on new items that developers want to add to the platform.
OpenSea is a popular NFT marketplace that supports all types of digital assets, from virtual worlds and collectibles to artwork, photos, and audio recordings. Minting an NFT on OpenSea is easy.
OpenSea supports various blockchains including Ethereum, Polygon and Klatyn. You can also trade with more than 150 different cryptocurrencies. Since transactions are usually processed via Ethereum, expect a higher gas fee for transactions. But OpenSea recently launched its free Mint option. However, note that they charge 2.5% on all transactions on the platform for processing.
OpenSea is currently the largest NFT marketplace on the market. Also, content creators can charge a hefty royalty of 10%.
binance is a leading crypto exchange with an NFT marketplace that offers excellent opportunities for anyone who makes a mark on a well-supported platform.
If you are looking for an alternative marketplace with lower fees, Binance NFT may be for you. It only charges 1% per transaction and allows you to withdraw your money in fiat currency. If you already own Binance tokens (BNB), built-in support makes buying and selling on the marketplace even easier.
To trade on Binance NFT exchange you need BNB, BUSD or ETH. And due to its huge size and excellent partnerships with creators of new tokens, Binance NFT is an excellent and suitable place to launch your first NFT.
Binance charges 0.005 BNB to mint an NFT on its platform. However, the first 10 pieces are free to stamp.
Nice gateway is responsible for some of the largest NFT sales in history. For example, Beeple’s CROSSROAD, one of the most expensive NFTs, has sold for millions of dollars on Nifty Gateway.
If you are working on a quality collection, Nifty can be a good place to mine. Unlike other platforms, Nifty works with “open editions”, where an unlimited number of variants of your work are offered for a limited period at a fixed price.
Once the time is up, the creator is no longer allowed to issue any more NFTs. This creates a high level of exclusivity that translates into higher sales for creators. In addition, creators can also choose to receive direct payments from the sale of the collection in fiat currency.
Nifty Gateway does not charge a stamp duty for transactions on the platform. It also lists non-fungible tokens offered for sale on external platforms such as OpenSea.
As you can see, it’s easy to make an NFT for free and sell it on a marketplace like Rarible. You can also make NFTs without paying gas fees on platforms like OpenSea, Rarible and Nifty Gateway.