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How To Create And Mint Your Own NFTs On The Ethereum Network

The allure of creating your own NFTs and BRC-20 tokens is undeniable. For artists, owning and monetizing their digital creations through NFTs offers a new level of control and potential financial reward. Beyond the realm of art, NFTs can foster passionate communities, grant exclusive access to events, and even act as fundraising tools. 

However, stepping into the world of token creation isn’t without its challenges. It demands both a technical understanding of blockchain technology and smart contracts, along with a careful consideration of financial risks and potential regulatory implications. Before diving in, it’s crucial to assess your goals, resources, and risk tolerance. While the possibilities are vast and exciting, responsible and informed action is key to navigating this rapidly evolving landscape.

NFTs, or Non-Fungible Tokens, are digital assets that represent ownership or proof of authenticity for specific items or content. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, NFTs cannot be exchanged on a one-to-one basis due to their unique nature.

NFTs are typically created and traded on blockchain platforms such as Ethereum, Binance Smart Chain, and decentralized marketplaces like OpenSea. These platforms utilize smart contracts to establish ownership and enable transparent and immutable transactions for NFTs.

NFTs can represent a wide range of digital items, including artwork, music, videos, virtual real estate, and collectibles. Each NFT has metadata describing the item it represents and a unique identifier that sets it apart from other NFTs

Creating NFTs On The Ethereum Network

The primary stage in the creation of NFTs involves identifying the content you wish to associate with your NFT. Consider the specific representation you desire for your NFT, whether it be digital artwork, collectibles, virtual real estate, or any other distinct digital item.

In this article, we will use illustrations from OpenSea to guide you on the steps you need to create your own NFTs. OpenSea stands as a leading decentralized marketplace built on the Ethereum blockchain, dedicated to NFTs. It creates a space where users can engage in buying, selling, and discovering an extensive array of digital assets, encompassing artwork, virtual real estate, collectibles, and more.

OpenSea delivers a user-friendly interface, showcasing a vast selection of NFT listings curated from diverse creators and projects. Through OpenSea, users gain the ability to explore the NFT community, partake in auctions, and securely manage their digital assets. With a commitment to fostering the expansion and accessibility of the NFT market, OpenSea ensures a seamless experience for enthusiasts and collectors alike.

This step-by-step guide covers how to create an NFT collection and mint directly to your wallet. 

First, visit the original OpenSea website, and click on the “Login” button at the top to connect your preffered wallet.

To figure out the best wallet to use on the Ethereum network, check here.

NFTs

Next,  click on your “Profile Icon” at the top right of your OpenSea interface in order to deploy a smart contract and select “Studio” through the pop-up options.

NFT OpenSea

To initiate the creation of a fresh NFT, simply click the “Create” button located at the top right corner.

OpenSea

When you explore the options, you will find the choice to either Drop a collection or Create/Mint an NFT. Selecting “Create an NFT”. This will enable you to mint an NFT directly into your wallet.

NFTs

Once you proceed, a fresh “Create an NFT” screen will be presented. If you are using OpenSea Studio tools for the first time to create an NFT, select “Create a new collection.” You will be able to add one NFT to this collection initially, with the option to include more NFTs at a later stage.

NFT

After selecting “Create a new collection,” you will be guided through the steps on your screen to deploy a smart contract. This process will enable you to create NFTs for your newly created collection.

To customize your contract, you need to add a logo image, choose a contract name, and designate a token symbol. Additionally, you will need to choose an EVM blockchain. It’s important to note that deploying a smart contract incurs gas fees, and the estimated fees for each blockchain will be displayed. If the fees are higher than anticipated, you can revisit the process at a later time, as they are subject to change based on network activity.

NFTs 

When you are prepared, proceed by clicking on “Continue”. This action will prompt a transaction signature request in your wallet, which will necessitate gas.

NFTs

Once the process is finalized, you will receive a confirmation message. Proceed to the next step by selecting “Create an NFT” as shown below.                                  :

NFT OpenSea

Having successfully created a smart contract, you are now prepared to generate an NFT. It is important to note that once your item is minted, further editing becomes impossible as it permanently resides on the blockchain. In this case, you will be creating an ERC-1155 NFT, which allows for the creation of multiple copies of the same item.

To begin this phase, upload the media for your NFT, which represents the artwork associated with it. Next, choose the collection in which you wish to mint your NFT.

Subsequently, provide a name for your item and set the desired item supply. The item supply determines the number of copies you wish to mint for the NFT. If you choose 1, then the item will be a one-of-one. 

NFT name

Next, click on the “Create” button at the bottom right, as shown in the above image.  A loading message will appear as the item is being minted. To proceed with the minting process, you will need to approve the transaction using your wallet.   

NFTs

Congratulations! You have successfully minted your very first NFT!

NFT OpenSea

Conclusion

Although NFTs and BRC-20 tokens have distinct functions and operate on separate blockchains, they both contribute to the growing realm of blockchain-based digital assets. NFTs have captured widespread interest for their exceptional nature and capacity to represent ownership of digital assets. 

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Decentraland (MANA) Sheds 90% In 2022 Despite Solid NFT Volume Performance

Decentraland (MANA), the cryptocurrency launched in 2020 by Ariel Meilich and Esteban Ordano, failed to take advantage of some of the positive developments that happened within its ecosystem this year as it closes 2022 in a “beaten” state.

Over the last 12 months, the digital coin has shed 91% of its value, failing to recover from the massive price dumps it experienced triggered by the a series of unfortunate events that plagued the crypto space and the growing uncertainty in the market.

According to latest tracking from Coingecko, at the time of writing, the digital token is changing hands at $0.2941 and has lost 10.3% of its value during the past seven days.

The last 30 days have been rocky for Decentraland as well, as the altcoin ended up depreciating in value by 27.3%.

This really is unfortunate, considering the crypto’s ecosystem has been making impressive progress in the NFT realm.

Decentraland: 440% Growth In Minted NFTs

The metaverse-based gaming platform seemed to have focused most of its attention to the non-fungible token (NFT) space this year, as evidenced by its incredible performance pertaining to the industry.

In its yearend performance report, Decentraland disclosed that for the year 2022, there were 2.7 million unique NFTs that have been released on its platform.

With such a figure, on a year-over-year (YoY) basis, the project enjoyed a 440% increase in the volume of NFT assets minted on its network.

Decentraland was also proud to announce that it will end 2022 with a unique active user count of 1 million after it tallied a 13% jump in that particular department over the last 12 months.

Moreover, the project also managed to grow its sales volume by 510% during the same time period after it sold 143,900 wearable NFTs.

However, even with this superlative showing, Decentraland’s MANA failed to catch a break from its bearish streak.

What MANA Holders Can Expect In 2023

There’s a bit of good news for holders of the Decentraland altcoin as Coincodex predicts a possible increase in value in the coming days.

According to the online cryptocurrency information provider, over the next five days, the digital asset’s trading price is expected to rise by more than 2% and will change hands at a value of $0.2977.

Meanwhile, 30 days from now, the crypto is expected to hit and surpass the $0.30 mark once again as it is expected to trade at $0.3305.

If these forecasts translate into reality, MANA holders and investors could finally find a little breathing room to take a break from the challenging landscape of crypto industry today.

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Featured Image: Lumiere Children’s Therapy