Samuel Ajayi
What is NFT Standard and How to Create an NFT?

What is NFT Standard and How to Create an NFT?

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Samuel Ajayi
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4 min read

A few days ago, my mum reminded me of how I misplaced her heirloom, a ring she inherited from her mother. It's been years, and she’s unable to replace it because of its authenticity.
I am still sad that she’s unable to retrieve it and unable to recreate the heirloom because of its authenticity.

My mum’s heirloom is one of a kind, which has been passed down through generations. It’s special because of its authenticity and history tied to our family. When it got lost, she made a new lookalike, but that couldn’t replace the story and value of the former.

In the current digital world, we often create or own unique items, like artwork, music, etc. Without a way to prove their authenticity, they could be easily copied or lost, just like my mum's heirloom.

This is where NFTs (non-fungible tokens) come in.

What is an NFT?

NFT—Non-Fungible Tokens are unique digital assets stored on the blockchain that cannot be replaced. On the other hand, fiat, cryptocurrencies, and stablecoins are fungible, which means they can be exchanged for one thing or another. Every NFT contains a digital identifier, which makes every NFT unique and distinct from each other. NFTs can be in the form of photos, music, videos, games, tickets, and a lot more.

In other words, they are like digital certificates of authenticity stored on the blockchain, proving that something is the original and not a copy. Even if the item changes hands, the history and ownership remain intact, and it can never truly be lost. NFTs make it possible to create and protect digital assets (heirlooms) that carry their unique value forever.

You might be wondering, How do I create mine? Stay with me.

What is NFT Standard?

NFT Standard is a technical framework defining the structure in the creation of a unique digital asset on-chain. The standard allows for interoperability across diverse chains and marketplaces to improve the user experience.

Creating an NFT on the Solana blockchain involves using the tools Metaplex to mint and manage your digital asset (NFT). Here’s a simplified step for creating your first NFT on Solana:

Steps to Create an NFT?

  1. Set up your Development Environment

  • Download a Wallet

    • Download a Solana-compatible wallet, i.e Solflare

    • Fund your wallet with testnet faucet if you’re practicing.

    • or fund with SOL to interact on Mainnet

  • Set up Development Tools

    • Install Node.js and the needed NPM Package

    • Install Solana CLI

        sh -c "$(curl -sSfL https://release.solana.com/stable/install)"

    • Configure the Solana CLI to use the correct network

        bashCopyEditsolana config set --url https://api.mainnet-beta.solana.com

  • Install Metaplex CLI

    • Metaplex is the primary tool for minting NFTs on Solana.

    • Install it via npm:

        bashCopyEditnpm install -g @metaplex-foundation/cli

  1. Create NFT Metadata

  • Prepare a JSON file with metadata about the NFT that you’re trying to launch onchain

    •       jsonCopyEdit{
        "name": "My Cool NFT",
        "symbol": "MCNFT",
        "description": "This is a unique digital collectible.",
        "image": "https://link-to-your-image-file.com/image.png",
        "attributes": [
          {
            "trait_type": "Background",
            "value": "Blue"
          },
          {
            "trait_type": "Rarity",
            "value": "Rare"
          }
        ]
      }

    • Save this file as metadata.json.

  • Upload Metadata and Asset

    • You can upload on Metaplex or use a decentralized storage platform like Arweave or IPFS to host your NFT’s image and metadata.

  1. Mint the NFT

  • Set up a Candy Machine (Optional for Collections)

    • For multiple NFTs, Metaplex's Candy Machine lets you mint and distribute NFTs.

    • Create and configure a Candy Machine by following the documentation.

  • Mint Single NFT

    • Use Metaplex CLI to mint a single NFT:

        bashCopyEditmetaplex nft create \
    --name "My Cool NFT" \
    --uri "https://arweave.net/path-to-your-metadata.json" \
    --seller-fee-basis-points 500

    • Replace uri with the link to your metadata file. The seller-fee-basis-points parameter defines royalties (5% in this case).

  • Verify Your NFT

    • Open your wallet (e.g., Phantom) to view the NFT in your collectables tab.

  1. List on Marketplace

You can list your NFT on marketplaces like Magic Eden or SolSea, connect your wallet and follow the instructions.

Voila, your NFT is now live on-chain!!

Conclusion

NFTs are revolutionizing the way we create and protect digital assets. Much like a family heirloom holds unique value because of its authenticity and history, NFTs provide a digital equivalent, ensuring that each asset is one of a kind and verifiably owned. They open doors to endless possibilities across art, gaming, music, and more, empowering creators and collectors alike to preserve and exchange value in an immutable way.

As we embrace this technology, we’re not just digitizing ownership; we’re redefining what it means to cherish and safeguard the unique and the irreplaceable in a rapidly evolving digital world.

Lastly, Solana is a perfect choice for creating and trading NFTs because it offers low transaction fees and high speed.

#GreedEduMetaplexNFTSolana