Creating an NFT
Updated: Oct 30, 2022
Ever wondered how to make an NFT and jump on the bandwagon, now that the horses have left the stable?
NFT sales - number of sales (red line) and dollar amount (white line)
Although daily sales are far off the hundreds-of-millions of USD per day of late 2021-early 2022, there is still around 10M USD/day going into NFTs. From the seller's perspective, how does it work?
We decided to jump in and find out by putting our new years greeting on an NFT marketplace.
STEP 1 - Choose a marketplace
Opensea is the big one so we went with that. There's no lack of specialized marketplaces however. We found opensea to be painless, with our video up and for sale within about 10 minutes (including setting up a browser wallet extension).
So we surfed to opensea.io , browsed around a bit to marvel at the art as well as prices (100ETH or about $200,000 for the marvelous smoking cryptopunk on the far left)
Step 2 - create art
Ok , impressive enough so far. As it turns out I have enough lo-res Atari video-game style pictures that can be right-clicked to save without buying them (if you have the right-clicker mentality) so I jumped straight to the 'create' button (top right in image below).
which then prompts you to connect a wallet.
Step 3 - connect a wallet
Here things get a bit hairy - the wallet browser extensions all require the rather extreme-sounding permissions 'read and change all data on all websites'.
After reading a bit on these permissions (can the extension read my stored passwords? Not directly. Can it read any password and other data I enter or auto-fill in form fields? Yes!) I decided to use Chrome (not my usual browser) to continue with for this little project, since I don't use if often and it doesn't have any stored autofill info.
Step 4 - Sell
Now I can successfully continue with the 'create' process which is a simple matter of hitting the 'sell' button (upper right) uploading a file (image, animation, sound, 3D file, possibly any file on a computer) .
You then specify some sales terms like auction vs. fixed price, sell period, and so on. Nothing about IP rights, by the way, which is an issue - does the artist keep copyright for a work (s)he created and sold as an NFT?
I uploaded my new years 5783 greeting, which didn't cost anything (somewhat surprising given that I had read that many sites charge artists as much of more for listing as the items sell for). Now its up for grabs on opensea.io.
For those interested in this unique, rare, and provably-yours digital artwork commemorating the new year by the renowned digital artists at Rutman IP, its yours for only 1ETH.
Till now we've not dealt with the IP aspects of this process. Bored Ape Yacht Club (BAYC) was one of the first projects to grant full IP rights to holders. This original utility was just one of the parts of the initial BAYC roadmap or “Roadmap 1.0,” as it’s now called. This roadmap is now complete, and the team has chosen to establish a second version with targets to benefit Bored and Mutant Ape holders, the Mutants having been established as a blockchain-based derivative of the original Bored Apes.
BAYC RoadMap V2 [twitter]