In the last few months the non-fungible token (NFT) art space has exploded and data shows that there’s been over 4.9 million sales worth well over $128 million to-date. This week I decided to create an Ethereum-based NFT leveraging the application rarible.com, in order to show our readers how to issue an NFT collectible or a series of rare pieces.
Non-fungible tokens (NFT) are very popular right now and one particular NFT called “Block 21” shattered records at a public auction at Christie’s New York. The NFT sold for a world record fee of $131,250 at the prestigious auction house.
In order to show our readers how to create a world-famous NFT masterpiece, I decided to leverage the application rarible.com to mint a collectible. The following is a step-by-step guide that shows anyone how to create an Ethereum-based NFT digital art piece, but there are also alternative and more complicated methods that can be used as well.
The first thing I did was create a picture with photoshop and when I was satisfied with the art, I went over to the website. Rarible.com is a social community, marketplace, and application and when I accessed the application, I connected it with my Metamask wallet. From here, I pressed the “create collectible” button on the top right side of the screen.
Everything is noncustodial and Rarible explains they don’t hold private keys and “cannot access your funds without your confirmation.” All of the actions are confirmed by the user via the Metamask wallet during the entire creation process.
Rarible offers the user two choices: “Choose ‘single’ if you want your collectible to be one of a kind or ‘multiple’ if you want to sell one collectible multiple times.” Basically this means you can create a single non-fungible asset or a series of collectibles using the application.
I chose the “multiple” option and decided to mint three of my “Tokenize It” pictures for my first series. Rarible’s app lets you choose to upload a .jpg, .png, or .gif, and pictures should be under 10MB in size. Rarible also allows you to create a “collection” or a “RARI” and for this guide, I chose to mint a RARI.
The application will show you a preview of the collectible, as soon as the image finishes uploading. From here you can give the NFT a name, description, and choose the number of copies you want to mint. Additionally, you can add royalties to the picture, so if it sells to another person after the first sale, the original artist gets a royalty commission from all the sales.
Rarible’s app suggests setting royalty amounts at around 10%, 20%, and 30%. Then I set the price to 0.3 ETH per token and decided to mint 3 units from the “Tokenize It” series. You can also set the sale to “unlock once purchased,” which means the content will be unlocked after a successful transaction, but I opted to not do this step.
At the bottom of the screen after all the customization fields are filled out, I then pressed “create.” From here in order to mint the NFT you will interact with the Rarible app and the ETH wallet (in my case, Metamask). First, you are asked to approve the transaction and this will be submitted to the ETH network with a fee.
This task cost me $1.60 in gwei for gas and the transaction failed, so I had to eat the fee and attempt to mint the token again. After pressing the “mint token” button again, Metamask asked me to process another transaction, which cost me 0.017451 ETH or $6.48 for gas.
This transaction was successful and from here, the Rarible app asked me to “sign the sell order,” which means my NFT will be displayed on the Rarible marketplace for sale at my desired price. Rarible takes a small fee for hosting the NFT on the marketplace.
The entire minting process to get to this point where my NFT is available for sale on the marketplace was roughly around 15 minutes total. The Rarible market shows my NFT is now for sale at 0.3 ETH per token and the app details who owns the NFT, and who created it alongside the sale history.
Of course, after 24 hours I didn’t sell any of my art and honestly didn’t expect to, as I only tried the application in order to review the process. The marketplace is saturated with people trying to sell NFTs and people are realizing the importance of this market. Plus there are a number of alternative NFT marketplaces selling non-fungible digital collectibles.
There are lots of great designers out there today creating fantastic digital art pieces via the NFT collectible ecosystem. There’s artists like Bitboy Collectible, Cryptopop! creator Luis Buenaventura, and digital artist Lucho Poletti to name a few. The artist Matt Kane’s “Right Place & Right Time,” an NFT that changes every day with the bitcoin price volatility, sold for a whopping 262 ether or $101,100.
Rarible.com also shows the marketplace stats and which artists have made the most money during the last 24 hours. NFT creations can also be sold on competitor NFT art and collectible markets like Opensea, Nifty Gateway, Knownorigin, and Makersplace.
What do you think about the NFT creation process using Rarible.com’s app? Let us know what you think about this subject in the comments section below.
The post NFT Craftiness: Mint a Non-Fungible Token Art Collectible in Less Than 15 Minutes appeared first on Bitcoin News.