How to produce and sell NFTs?

Non-fungible tokens (NFTs) are increasingly making headlines online.

Over the past year, all of us have witnessed the popularization of platforms and services for “mining” a new currency, or rather, the value system of the Metaverse.

It is noteworthy that the growth of digital platform assets became especially noticeable after the pandemic took hold, when most work processes went online.

This once again confirms the simple truth that the effectiveness of mining is based on the connection of new subjects of trade relations.

On the company’s website at the link:, you can find confirmation of this.

The transformation of virtual reality took place at the peak of 2021, when the trading volume in the NFT space jumped from $300 million to $24.9 billion.

This very impressive growth is already suggestive that powerful people are behind this system.

The actualization of the NFT space can already be elevated to a significant level: trends in NFT culture make headlines, NFT is used by celebrities in the field of design, art, engineering, 3D modeling and technological discoveries.

Many investors have already earned their first millions, and new users have received additional opportunities to implement their own projects.

What is the advantage of NFT and what is needed to make money in the new virtual reality?

How Does Mining Work In The NFT Space?

Producing your own tokens can seem like a complicated procedure. In fact, NFT does not name the item itself, it only indicates the ownership of the property.

Objectively, this is a new digital format for identifying property assets. In practice, the production of coins in the digital space still requires the development of a product, only the value of this development will be established by a digital signature, and not by real coins.

Subsequently, the infrastructure of the space provides the user with the opportunity to convert the received tokens to another “ether”, including cryptocurrency.

The specific and fundamental side of the process of creating your own NFT tokens is the registration of an asset in the blockchain, where the subject is given an individual signature, or in simple terms, belonging to the owner.

Thus, you can unify art, pictures, videos, games, files, tickets, passes, training videos, technological discoveries and much more. It should be noted that the working system of monetization of the result will definitely undergo transformations, the only question is who will benefit from this and who will lose.

Once an asset is registered on the blockchain, the art or work of art is personalized into an NFT fragment and can be offered for exchange or other transactions on the respective platforms.

The most famous trading platform is Ethereum.

At the same time, payment transactions, including a service fee or a commission percentage, are withdrawn through a crypto wallet.

The application stores information about the asset, movement, object properties, and data on payment transactions that were applied to the downloaded asset.

In addition to the informative part, the wallet acts as an identifier for payment orders: when moving an object, changing properties, selling or exchanging, the system requests authorization in the wallet and records the manipulations with the asset.

What are the costs involved in creating an NFT?

Today, the user has access to various options for platforms for generating NFT fragments, which, in turn, provides differentiation of the offer for different consumer groups.

For example, the OpenSea platform does not require payment of setup fees, and the user can create his own token for free.

At the same time, the service “imposes” its original currency ETH, which can be further converted into “traditional digital coins”.

Does it create risks?

Maybe yes.

Transaction mechanisms, commissions and hidden fees are still not well understood, and many services are undergoing transformation and testing.

Therefore, when increasing rates, experienced users prefer to work with the Ethereum platform.

When considering actual costs, the chosen platform matters. If we talk about the leader of the Ethereum market, there is a mandatory commission here – GAS.

This is the name of the commission that the system withdraws on each seller’s transaction.

You can use more economical platforms, but keep in mind that when transferring from one currency to another, the platform can set a percentage much higher than the GAS fee.

If you have any questions, please contact UAStar. Experienced specialists will explain everything to you as simply and in detail as possible!