Non-fungible tokens, better known as NFTs, are digital assets that can be used to represent physical or virtual objects with proof of ownership backed on the blockchain. This makes it easy to prove the authenticity of a piece of art, certificate, music, and so on, and this has given creators power who for years have suffered from piracy and intermediaries. As Web2 evolves into Web3, NFTs promise to play a crucial role, especially in the development of the metaverse, as they will be used to prove ownership of virtual identity, possessions, and so on. This guide will focus on how to make an NFT in a few short steps. If you have a programming background, you can even write and deploy your own NFT smart contract by following this link.
Types Of NFTs You Can Make
Coingecko categorizes the NFT marketplace into eight segments; art, music, collectibles, games, sports, metaverse, utility, and financial. Depending on your specialty, you can base your NFT project on any of the above broad categories.
Pick A Blockchain To Mint Your NFT
When deciding where to mint an NFT, you must pick the right blockchain network as this is the technology your clients will be interacting with. It’s important to consider the technology’s cost, usability, and future support. Also, you need to consider the commissions charged for the minting and who will pay for it. That said, plenty of protocols allow users to mint NFTs today. Some popular options include Ethereum, Solana, Polygon, Cardano, Binance Smart Chain, Tezos, WAX, EOS, Avalanche, Terra, Flow, Polkadot, and Algorand.
How To Create An NFT On A Marketplace
To create an NFT, you will have to visit a marketplace that allows you to design your digital art and then put it on sale. Thanks to the explosive growth of the sector, plenty of options exist today. Below let us explore how you can create NFTs on different marketplaces.
How To Create An NFT On Opensea
Opensea is the largest NFT marketplace, with over 80% of the market share. There are several reasons why you should opt to use this platform to mint your first NFT, as it covers all types of NFTs from art, music, photography, collectibles, sports, virtual worlds, and so on. Also, you can mint through Ethereum, Polygon, Solana, and Klatyn. And most importantly, it accepts over 150 cryptocurrencies.
- To get started, visit the platform’s official website and click on create.
- The next step involves connecting to any of the available wallets. If you don’t have one, you can create. Accept the terms of service and proceed.
- You will be taken to an NFT item creation page where you can upload an image, video, audio, or 3D model, then name it and add a description.
- When you are done with filling in the fields above, you can proceed to further customize your NFT by adding it to an existing collection or adding properties, levels, and stats. It’s also possible to add unlockable content.
- Towards the end, you will notice an option to select the network you would like to mint the NFT on. By default, it’s Ethereum; however, there is Polygon, Klaytn, and Solana. Then complete the process by clicking “create.”
How To Create An NFT On Rarible
This is another Ethereum-based platform that allows users to create, buy and sell NFTs based on things such as photographs, games, and memes. This platform prides itself as a community-centric NFT marketplace that can allow you to turn your products or services into publicly tradable items.
- To mint your first NFT on Rarible, you will have to select a network where you intend to do it. So far, there are four supported; Ethereum, Solana, Flow, and Polygon. Remember, different networks will charge varying minting fees.
- Click on “Connect Wallet” and choose your preferred option.
- Finish setting up your account by entering a display name plus email to be notified whenever your NFT sells or receives an offer. Remember to agree to the terms of service and then click on “Finish sign-up.”
- Proceed to “Create” on the top bar. Then select your network and then choose the type, either single or multiple.
- Now it’s time to upload your file, which can be in PNG, GIF, WEBP, MP4, or MP3 format. Remember to keep it under 100 MB in size.
- Choose a collection for your NFT to make it easier to find, or you can go with the default RARI collection.
- Then give your art an attention-grabbing title and add a compelling description that will make it irresistible to buyers.
- The next step involves choosing the sale type. This can be fixed price, open auction, or timed auction.
- Then select the royalties you want to receive from every secondary sale.
- There is an option to add unlockable content like secret links, vectors or files, and other things.
- Finally, enable free minting to skip gas fees, i.e., if you want to.
After you are done with the above steps, it’s time to bring your NFT to life by clicking on “Create item.” Proceed to sign the transaction with your wallet, and the NFT will be listed on Rarible.
How To Create An NFT On Binance
Binance is a leading crypto exchange that has diversified its offering over the years, allowing various crypto services to take place under the same platform. The latest addition to their long list of offerings is the ability to create and trade NFTs.
The first step is to sign up on the platform by visiting the official website. Then proceed to verify your account by submitting a copy of your ID/passport and facial scanning. Once the account is verified, visit the NFT section and click “Create.”
You will notice you need at least 5 followers on your profile to be allowed to mint your NFT. Proceed to share your profile using social media handles to gain some followers before you are allowed to proceed.
The next step involves creating an NFT collection that has to be approved. On the Binance NFT Marketplace homepage, click on “Create,” where you will be redirected to the minting page. Click on “+ Collection.” Ensure you have sufficient BNB or ETH balance in your spot wallet to cover the fees.
You will be redirected to create a collection page where you will have to enter key details about the collection, including name, description, category, logo image, banner image, network (BNB Smart Chain or Ethereum), and symbol to track the token. Also, you can add the smart contract owner’s address; however, this is optional. This involves binding a wallet to the collection, and it’s crucial if you want to claim ownership of your collection on the DeFi marketplaces.
To bind a wallet, copy and paste the wallet address and then click “Add a Wallet.” You will be redirected to the “Connect Wallet” page.
Choose the network of your wallet and select “confirm.” You will notice there is an option to go with BNB Smart Chain (BSC) or Ethereum (ETH). Proceed to select the wallet you want to connect. This can be MetaMask or WalletConnect.
After you are done, proceed to read and agree to the Binance NFT minting rules and terms of service, then click “Create.” Then click on “Continue.”
By creating the collection, you will get an independent, smart contract deployed for you, which might take a while to execute. Once everything is set up, you will receive an email notification. Now you are all set to mint your NFTs on Binance.
- Visit the NFT marketplace homepage and select “Create.”
- Read and accept the terms and conditions.
- You will be taken to a minting page where you have to enter details for the NFT, including name, description, network, select the collection it will be part of, and add properties.
- After filling in all the details, you will see an estimated minting fee. Proceed to read and agree to the minting rules and click “Create.”
- The file will be reviewed and uploaded if it doesn’t breach any of the platform rules. You can click on the view item to see it before listing it for sale.
This is by no means an exhaustive list. Plenty more platforms allow one to create and sell digital art. Some will even allow you to write and deploy your own code if you are technically adept, or you can opt for the simplified protocols like the ones listed above, where by following a few simple steps, you can bring your NFT to life.
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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