You’ve probably heard of NFTs by now. However, if you’re wondering what an NFT (Non-Fungible Token) is, let us clear up any confusion you might have. This post will also cover how you can use our free 3D software platform, Daz Studio, to design and create your very own professional quality images, which you can then mint as NFTs on platforms like OpenSea where they can be auctioned or purchased.
A Brief History of NFTs
NFTs have been around for a while now. At first, they were a part of a niche sector of blockchain tokens and cryptocurrency, with hot sellers like Bitcoin stealing the majority of the limelight. Fast-forward to 2020, an NFT collection called EveryDays: the first 5000 Days by an artist called Beeple sold for $69.3 million USD and took the world’s media by storm. Today, NFTs have surged in popularity, enabling artists, creators, and brands, big and small, to realize new potential and profits from their work and intellectual property.
As the popularity of NFTs has surged, more and more artists have been able to make money off of their digital art. Some estimate that by January 2021, the average NFT was selling for $195, and by mid-February, that number had reached as high as $4000 dollars. While these numbers fluctuate, and there is no guarantee that anything you mint will reach such prices, it goes to show how valuable minting NFTs can be for artists.
How Do NFTs Work?
Anything related to the blockchain can be a little confusing when it comes to the technical aspects, and NFTs are no exception. If you want to know how NFTs work, you may need to find a very knowledgeable computer programmer to explain all the intricacies, but we will do our best to boil down the main points.
In broad terms, anything that is non-fungible, like an NFT, is inherently unique and can’t be replaced. That means traditional currency, on the other hand, is fungible. You can trade a dollar for a dollar because they are the same. Now imagine that an extremely rare trading card was printed, and there is only one real copy of that card in the entire world. Potentially, that card could have extremely high value if enough people desire it. NFTs work in the same way as that theoretical one-of-a-kind card.
That said, in a digital world, where it is so easy to download and save a copy of a digital image, GIF, or video, you may be wondering how there could really be a single copy of a digital piece of art. Surely someone could just snap a screenshot, or right-click and hit copy, right? Well, not exactly.
NFTs are stored on the blockchain as unique tokens, proof of ownership in this case, and linked to the same tech that powers cryptocurrency. This means that when an NFT is minted, it carries unique, non-transferable information, unlike say the iconic Dogecoin.
This is what gives NFTs the potential of becoming valuable. There is only one original version of that NFT, which can be auctioned, sold, and traded. The artist can also choose to mint a set number of an NFT as well.
Artists, Buyers, & Collectors
There are a lot of reasons why you might be interested in NFTs. As an artist, minting your artwork into NFTs can be an excellent way to make money off your hard work and talent. Now, you don’t have to only push physical prints on online shops or at local farmer markets.
As a buyer, purchasing NFTs can be a way to financially support your favorite brands or artists who are creating content you love. Entire communities have arisen around people who own NFTs from the same creators, for example. This could mean bragging rights, or just enjoying ownership of something cool.
And finally, there are collectors and investors. Many people see NFTs as an exciting speculative asset. Rather than investing in say a startup, stocks, or physical fine art, some affluent members of society are purchasing intriguing NFTs, some of which, like we mentioned earlier, for millions of dollars.
The team at Daz 3D is well aware of the value NFTs can have in our artists’ and users’ lives. We have already seen lots of our users create NFTs using Daz Studio and mint them on marketplaces like OpenSea. We’ve also had a lot of hands-on practice with Tafi, where we’ve partnered with brands to create unique NFTs. Most notably, Tafi worked with Coca-Cola last summer to create an NFT bundle that sold for about $575,000 USD. We also recently announced our first Daz 3D NFT collection: Non-Fungible People.
How to Mint an NFT
Now that we’ve caught your interest, let’s talk about how to mint an NFT. There are a number of platforms to choose from, but we will be using OpenSea.io for this walkthrough. Before you get started, be prepared to create a few new accounts on different platforms. Security is crucial, so be sure to use the best passwords you can, and take all precautions to protect your information!
Setting Up a Wallet
Before you can start minting NFTs, you will need to set up a wallet to store your cryptocurrency if you don’t have one. First, make sure your chosen marketplace supports the wallet you want to use. MetaMask is a powerful and popular wallet and is highly recommended by NFT creators, but there are dozens of options to choose from. In the end, you may need to try a few different wallets to find one that works best for you.
In OpenSea, click on the profile icon in the top right corner to get started. OpenSea does an excellent job walking you through the steps, so it shouldn’t be too difficult to follow. When you start a new profile, the very first thing it will ask is to select a wallet. Wallet refers to the application or hardware that you choose to use as the primary means of storing your digital items, such as NFTs and cryptocurrency.
Click on the one you want to try, then follow the instructions to set up your wallet. If you use MetaMask, the process is very simple. First, download and install the extension for Chrome or one of the other supported browsers, or IOS and Android to use it on mobile. Create a new account and a secure password. You will then be assigned a random collection of 12 words, called a wallet seed phrase, which will become your secret security phrase. Be sure to copy these words and keep them somewhere safe. If you lose your password, your seed phrase will be the only way to recover your wallet. And if you lose your seed phrase, you may be locked out forever. Never share your wallet seed phrase with anyone for any reason!
You may need to fund your wallet with ETH (Ethereum) in order to pay any transaction fees or make purchases on OpenSea. This can be done with an exchange like Coinbase, or, once you’ve linked your wallet to OpenSea, you can add funds directly through OpenSea by clicking on the wallet icon and selecting Add Funds.
Set Up Your Account Details
Before you create your first NFT, you may want to take some time to configure your account. This includes choosing a display name for your profile, linking an email address, setting a profile picture, a banner image, and a bio.
Feel free to do as little or as much as you want here. The profile picture and banner image can be a great way for you to showcase your personality or the kind of art you like to create. Be mindful of security and be sure to guard your personal information.
Create a New Item
Now that you are all set up on OpenSea, you are ready to mint your first NFT. Click on Create in the upper right corner, next to your profile picture. Required items are marked with red asterisks. The first step is to select the image, video, or audio you are minting.
IMPORTANT: Keep in mind that if you want to mint an NFT you created in Daz Studio, you cannot mint a 3D model or distribute a 3D model except as elements of an application or game (with an interactive license), and not for sale or distribution as individual models. However, a still image, GIF, or animation created in Daz Studio does not require an Interactive license. For more information on Daz 3D licensing, click here.
Name the NFT whatever you desire. While not required, you can also elect to include a description of the NFT. This will be included on the item’s detail page underneath its image.
Next, you will see a category called Collection. We highly recommend that you place your NFTs in collections. Doing so has proven to increase appeal and value to the NFT community. Collections offer a series of unique NFTs that fans of your work may want to own. It also creates the potential for a larger community to grow around your work, such as what happened with the CryptoPunks collection. Since this is your first NFT, you will need to create a collection first. To do this, click on your profile image and select My Collections > Create a collection.
To maximize your likelihood of success, give your collections a logo image that represents your art well. You can also set a featured image and a banner image. You will need to name the collection, and can also add a description if you desire. You can also add categories to help make the collection more discoverable.
Choose a royalty percentage fee, if you desire, so you can collect a fee whenever a user re-sells an item within the collection that you originally created. This can be anywhere from 0 to 10%.
Next, select the Blockchain where you’d like new items from the collection to be added by default. Consider using Polygon — a fast, gas-free blockchain experience that works with Ethereum. Gas-free means you won’t be charged fees called gas associated with your NFTs and the blockchain. This way, you will only pay OpenSea’s reasonable fees if someone purchases your NFT.
You can also choose from three different display options if you have specific ratios of your products that don’t look good in the standard display option. You can think of your collection as a display case. Find ways to make your collection look cohesive and compelling to collectors.
Finally, you can flag a collection as containing explicit and sensitive content, which will block it from view if someone is browsing with OpenSea’s safe search filter.
Once your collection is set up, finish configuring your NFT for that collection, and simply hit create. It’s that easy. So, don’t stop there. Go ahead and fill up your collection with awesome creations!
Does It Cost Money to Mint an NFT?
If you are hesitant to hit create because you aren’t sure if this is going to backfire, don’t worry. It is totally free to create NFTs like this on OpenSea. OpenSea only officially mints an NFT when it has to. Like, for example, if someone buys it from you. Only then would the applicable fees be charged and deducted from the total sale. This means you can create as many NFTs as you want on OpenSea, completely risk-free.
Create Amazing NFTs with Daz Studio
Daz Studio is an excellent way to create your own NFTs to mint. Our software is free to download and easy to learn. With a massive library of free and premium content, beginners and pros alike can quickly create amazing and unique renders. Our approach to 3D allows artists to customize any model with simple dials we call morphs. This means you can change almost any physical aspect of a character, from body mass to height, hair color, and more. Not only that but many items can be mixed and matched to create unique outfits and styles. The possibilities are almost endless. Just check out our Gallery to see for yourself. It is full of awesome renders created by aspiring artists just like you!
So, what are you waiting for? Download Daz Studio today and use it to create the perfect images or animations for your new NFT collection!