Making NFTs more accessible
In recent years, NFTs gained a lot of popularity as trading volumes exponentially grew in 2020-2021. In this article, we explain NFTs and present their different use cases. We learned that NFTs can represent all types of real world or virtual assets. In this article we will show you how to create an NFT in 5 easy steps.
Participating in DeFi, can be very challenging due to the lack of technical knowledge for the underlying technology on which DeFi operates. It is a nascent, developing ecosystem, where a lot of uncertainties arise. This limits the access of huge revenue potentials to only savvy individuals, leaving a significant portion of the public underserved.
Blockchain technology was introduced to democratize financial markets and lower the entry barrier for people with the need to collect funds to further expand their projects, enabling them to offer their product or services in a cheaper, faster, and more transparent manner.
However, grasping such a concept can be challenging, especially to someone that is not familiar with certain practices within the designated industry (e.g. Tech or Finance).
As part of our mission to make blockchain technology and tokenization more accessible, we recently launched Token Tool by Bitbond, an interface enabling users to effortlessly create tokens such as NFTs, sparing them the need to deal with technical hurdles.
In this article, we will discuss the main requirements of creating an NFT and go through the simple steps to create an NFT using Bitbond Token Tool.
What to consider before creating an NFT
Before starting, make sure you understand what an NFT is and what it can represent.
Identify the asset you’re looking to tokenize into an NFT
NFTs can represent real world or digital assets, it tackles all kinds of use cases in different industries: Digital Content, Art, Gaming, Fashion and many more. In essence, creating NFTs consists of undertaking a process of tokenizing an asset.
If you haven’t already done so, you need to determine what unique digital asset you want to tokenize and create an NFT with. It can be digital art, a painting, a picture, video game collectible, GIF, music. Basically anything that has a value and is unique in its essence can be turned into an NFT.
It is important to also own the intellectual property rights to the item being tokenized into an NFT.
Choose the ideal blockchain network
The most popular network used for creating and minting NFTs is Ethereum. However, due to Ethereum’s high costs and slow processing times, other so-called Ethereum Virtual Machine compatible protocols provide the same function of minting an NFT as on Ethereum, but for a much cheaper transaction fees at a much faster pace.
Token Tool supports Ethereum and EVM compatible protocols such as Polygon, Avalanche, and Binance Smat Chain.
Learn the difference between NFT token standards
The ERC-721 token standard is the most popular and widely used NFT standard. ERC-721 tokens run on the Ethereum blockchain and are open source. Compared to ERC-20 tokens, each ERC-721 token minted is unique and can be priced independently from other tokens.
Similar to the ERC-721 token standard, the ERC-1155 token standard is open source and runs on the Ethereum blockchain. However, the ERC-1155 is a multi-asset token standard that allows users to register fungible and non-fungible tokens in the same smart contract. One TokenID can represent several configurable token types with their own attributes and metadata.
Set up a compatible wallet
Now that you know which token standard you’re using and the network you’ll be creating the NFT on, it’s time to make sure you have the right compatible wallet to support the token creation.
Token Tool supports Metamask Wallet, Coinbase Wallet, and Wallet Connect.
Look into designated marketplace for selling your NFT
A common practice would be to sell your Crypto-Bitbonders NFT on so-called NFT marketplaces.
As the gateway to digital asset trading, specialized marketplaces allow you to sell and buy NFT tokens. Which are the top NFT marketplaces currently available?
OpenSea is the first and leading NFT marketplace for NFT sales. The decentralized peer-to-peer marketplace supports the trading of ERC-721 tokens running on the Ethereum blockchain and offers a layer-2 scaling solution for Polygon. OpenSea charges a 2.5% commission for every transaction.
Nifty Gateway specializes in expensive, famous and celebrity NFT sales hosted on the Ethereum blockchain. Compared to OpenSea, Nifty Gateway is a curated platform that is centrally controlled. Artists must apply to Nifty Gateway in advance, therefore guaranteeing high-quality offerings. Nifty Gateway charges users 5% per transaction.
SuperRare Labs pursues a similar business model than Nifty Gateway as the platform intends to create a high-end art gallery focusing on exclusive art created on Ethereum. SuperRare is also a curated platform with central authority and charges a 15% commission for each transaction
Go to tokentool.bitbond.com to effortlessly create your NFT
How to create an NFT in just a few minutes
Step 1: Create an NFT using Token Tool
Go to Token Tool and click on Create NFT on the left hand side menu bar
Connect your wallet or make sure it’s already connected you will see your wallet address on the top right of the page if the wallet is connected:
Select the network of your choice on which you wish to create the NFT:
Make sure you have enough funds to pay network + service fees. Note: fees are paid in the native cryptocurrency of the network you’re using to create the tokens. For this example the designated currency is MATIC, which runs on Polygon.
Step 2: Fill in the necessary fields
In this example, we’ll be showing how to create an NFT of a digital art piece. The content of choice is our cool “Crypto-Bitbonders” design that we came up with for the sake of this demo.
Define the following parameters of your ERC721 NFT:
- Upload Image file or image URL: this is the image that you would like to tokenize. It is recommended to upload your file to make sure the image is always available. Uploading will happen to IPFS.
- Name: similar to creating ERC20 tokens you can define a name and a symbol. The name can be something more descriptive such as Crypto-Bitbonder #1.
- Symbol: the symbol can be something shorter such as CB1
- Description: describe what the NFT is about, potentially say something about the creator or the collection.
- Enable public minting: enables additional NFT minting for everybody after initial NFT creation to increase supply. If this stays disabled, only the NF creator can mint this NFT.
- Start time: from this time on your NFT can be minted. If empty, there is no time limit.
- End time: the NFT can be minted until this time. If empty, there is no time limit.
- Mint price: this is the price to mint one NFT specified in the native cryptocurrency of the selected blockchain (e.g. ETH if Ethereum has been selected, MATIC if Polygon has been selected etc.). If the price is set to 0, minting is free. Fees are transferred directly to the creator’s wallet. Token Tool does not receive the mint price.
- Max NFT mint amount per user: maximum amount that can be minted per user or creator of this NFT. If set to 0, there is no limit.
- Global max mint amount: this is the global total maximum supply of this NFT. If set to 0, there is no limit.
Step 3: Click on Create NFT
Now that you have set all your parameters according to the predefined terms you came up with, you’re ready to start tokenizing. Luckily, using Token Tool, you don’t need to write a single line of code to create the NFT.
Simple review the information filled and click Create NFT at the bottom of the page:
Step 4: Agree to terms and conditions
Now make sure to review Token Tool’s terms and conditions.
Once done, tick the required boxes and click on “Order with obligation to pay”
Step 5: Sign the transaction in your wallet
A pop window will appear with your wallet extension, you should confirm the transaction on your wallet for the process to be completed.
Voila! You have successfully created an NFT. Your NFT will take a few minutes to be processed once the transaction is complete.
After the NFT has been created successfully, you will see a modal with a link to display the NFT and a link to the block explorer:
The NFT display link is particularly important. From here you can view your NFT and mint it.
Here is the Cyrpto-Bitbonders #1 example:
In case you missed the modal or forgot to save the URL, it’s easy to reconstruct it. In such a case go to Metamask (or the wallet you are using) and look at the transaction history. You will find your transaction history there.
You can use the contract address to construct the Token Tool NFT viewer, you can easily see that the contract address simply comes after “…/asset/”
How to create an NFT collection?
Creating an NFT Collection is as seamless as the single asset NFT creation described above.
Are you ready to start your own NFT collection? To make an NFT, simply go to create NFT, select NFT “Collection minting”, connect your wallet and choose the blockchain you want to use.
With Create NFT, you can define the following parameters for your collection:
- Name: This is the name of your NFT collection. Use something descriptive, such as “Crypto Bitbonders 2022.”
- Symbol: This can be something shorter, like “CB22.”
- Enable public minting: If you enable this option, other users will be able to mint NFTs after the initial NFT has been created. If you leave this option disabled, only you as the NFT creator will be able to mint NFTs.
- Start time: From this time on, your NFT can be minted. If left blank, there is no time limit and NFTs can be minted immediately.
- End time: NFTs can be minted until this time. If left blank, there is no time limit.
- Mint price: This is the price to mint one NFT, in the native cryptocurrency of the selected blockchain (e.g. ETH for Ethereum, MATIC for Polygon, etc.). If the price is set to 0, minting is free. Fees are paid by the wallet minting the NFT and are transferred directly to the creator’s wallet. Token Tool does not receive the mint price.
- Enable minter whitelist: Restricts NFT minting to whitelisted addresses only. The NFT creator can always mint NFTs, while all other minters must be added to the whitelist via Manage NFT.
- Max NFT mint amount per user: The maximum number of this NFT that can be minted per user. If set to 0, there is no limit and an infinite number of NFTs can be minted per user. The NFT creator can always mint an unlimited number of NFTs.
Once you have specified these details, click on Create NFT and sign the transaction from your wallet.
After you have created the NFT contract, go to Manage NFT to add creatives via direct upload or by providing metadata links. NFTs can only be minted after creatives have been added.
How to mint an NFT with Token Tool
Minting an NFT consists of deploying the NFT token that you created on the network and in the wallet of the owner. As you might have guessed, Token Tool enables you to achieve that in an even simpler process than creating the NFT.
Step 1: Go to the NFT view page
Go to the NFT view page using the link “NFT Display link” that you get when creating the NFT (as mentioned above)
Step 2: Mint the NFT on the Token Tool interface
The NFT view page allows you to directly access all the information regarding your NFT and to mint NFTs.
Below you can find a demo video:
How to distribute NFT in a few minutes
This function allows you to send NFTs to many recipients in one transaction. The NFTs that you want to send have to be in the wallet that is connected to Token Tool.
Copy and paste a list of addresses and the respective token ID that you want to send to each address. After that you will be asked to approve Token Tool to send NFTs on your behalf. You can control this approval by determining the maximum number of NFTs that Token Tool can send.
After sending the NFTs is completed, you can also revoke the permission for sending from Token Tool via Metamask.
When sending NFTs, different error messages can appear:
- Error 1: Invalid wallet address
- Error 2: Duplicated address with Line X
- Error 3: Incorrect punctuation mark. Use commas between addresses, TokenID and amount and no spaces in-between
Some quick actions can be selected to resolve duplicate addresses:
- Keep duplicated addresses
- Delete duplicate records
Other errors have to be fixed manually or can be deleted automatically by using the “Delete incorrect records” function.
At Bitbond we believe in the tokenization of everything. Sooner or later, we believe that all financial assets will be tokenized using blockchain technology. Therefore, we strive to make tokenization more accessible by developing a platform such as Token Tool, enabling users to effortlessly create smart contracts in just a few clicks with no coding.
Features consist of:
- Creating ERC20 tokens (or their EVM equivalent)
- Manage tokens
- Distribute / Multisend Tokens
- Create Token Sale (aka STO or IDO)
- Manage Token Sale
- Create NFT
- Distribute NFT