How Do I Mint An NFT?
Despite the general crypto market downturn, non-fungible tokens, or NFTs, have made ample progress this year. Creators, celebrities, brands, and large corporations are all looking to capitalize on the opportunities presented by the NFT market. NFT has evolved into a mainstream blockchain concept with several processes, one of which is minting. The NFT minting process is an essential step in the creation of any non-fungible token.
What Does It Mean To Mint NFTs?
An NFT is a blockchain-based token that validates digital asset ownership. The process of converting these digital files into digital assets that are stored on the blockchain is known as minting. The storage of items in a distributed ledger on the blockchain means that third parties cannot modify or remove the items.
There are two ways to mint NFTs: as an individual creator looking to get your work on the blockchain, or as part of an NFT project community looking to mint NFTs created by others. In this article, we will focus on the former.
Minting An NFT As An Individual Creator
Selling artwork to others via physical channels or the internet is not a novel concept. However, because blockchain provides creators with guaranteed ownership, NFTs are a good way for artists to monetize their work. Before you decide to mint your work, you should consider the following:
Choose Your NFT Type: NFTs are digitized assets of various types of items such as images, sounds, digital art, 3D art, videos, and so on. To get your NFTs out to the right audience, you want to put your best foot forward as a creator and start with something that you can continuously create and build a narrative around.
There are many subpar NFTs and knockoffs of actual creators. Make sure you own the intellectual property rights to the assets you place on the blockchain as NFTs for more credibility and uniqueness that sets you apart from the crowd.
Select Your Preferred Blockchain: Ethereum is the largest and most popular blockchain for hosting non-fungible tokens, but other networks also provide a suite of NFT services.
As a result, selecting the right blockchain is critical because it determines the blockchain technology used, security measures implemented, marketplaces available, ease of use, fees involved, the buyer community, and the value of your NFTs, which are tied to the currencies native to the blockchain where your assets are hosted.
Choose Your Preferred Marketplace: There are numerous marketplaces where you can trade NFTs, each with its own set of conditions for admitting new NFTs, varying levels of security, unique selling methods, wallet compatibility, and gas fees. These can be determining factors in whether your assets are successfully sold or not, as well as the amount of value attached to the item(s).
You should select a marketplace with fewer reports of hacks or technical issues that cost users their assets, as well as one that supports the type of crypto wallet that you intend to use. Bear in mind that each marketplace also has its unique minting and sales process, which can be changed at the discretion of the marketplace.
After you’ve decided on all of the above, you’re ready to mint. For the purpose of this article, we will look at the OpenSea marketplace’s minting process.
Step 1: Connect Your Crypto Wallet
The first step is to fund the required cryptocurrency (ETH in this case) into your crypto wallet and connect to the marketplace.
If you don’t already have a crypto wallet, you can read our previous article on “How To Set Up a Crypto Wallet?”
Once inside the OpenSea platform, whether via app or web, the “wallet” and “profile” icons should be visible in the upper right corner. When you click, you will be asked to connect your wallet with a QR code scanner or to download the wallet to your computer.
Step 2: Set Up Your Profile
The following step is to finish configuring your profile. You can include information about yourself as a creator, as well as your social and website information. This is also the stage where you input your preferred cryptocurrency for payment when someone purchases your NFT.
Step 3: Create Your NFT
Return to the homepage and click the “Create” button, which will also be on the top right. A new page will appear, requiring you to upload a digital file of the item you want to convert to an NFT as well as enter the name of the unique item.
Other optional fields, such as your artwork’s description and external links to the item, will also be displayed on your screen.
You will also be prompted to set your royalty rates. This is a percentage of the secondary sales price, which is typically stated to be between 5% and 10%. To mint your NFT, click the “Complete” button.
Step 4: List Your NFT
Your NFT can now be listed and traded on the secondary market after mining. Select the newly created NFT. The “Sell” option will appear in the upper right corner of your screen.
You can choose to set a fixed price for the asset or to set a timed auction option, with bids from interested buyers over a period of time. The listing fee at OpenSea is normally 2.5% of the NFT selling price.
To finish the listing process, click “Complete listing” and pay the gas fee from your crypto wallet.
Pro tip: Gas fees can fluctuate depending on the current activity on the blockchain. Consider listing your NFT or conducting NFT-related business during a blockchain idle period.
There are already millions of NFTs listed across the multiple marketplaces that exist on the blockchain. Despite meeting all requirements and performing due diligence, the larger percentage of listed NFTs by individuals and projects remain unsold. It is not enough to simply list an NFT; you must also engage with the NFT community and potential investors on a regular basis. Decisively collaborate with other creators to build a network of art styles and interests that are similar to yours.
Another way to draw attention to your artwork is to organize it into collections that collectors can relate to and are interested in. You can also explore other blockchains and marketplaces as you progress through your NFT journey and gain a better understanding of the ecosystem.
Despite the recorded successes of the sector, the NFT space is still pretty early and offers a game-changing way for all kinds of creators to immortalize and monetize their work on the blockchain. Many get into the space for a quick grab at profits, but the concept is not a scheme to get quick cash. This mentality opens you up to scams and mistakes that can result in unsold NFTs and lost funds.