The Hustler's Digest StaffThere is recent growing popularity of NFTs in the general public and social media. Like minting cryptocurrency, you can also mint NFTs. Read the article to know how to mint an NFT.
The advancement in digital technology has brought many changes in money regulation and transactions. The blockchain industry introduced a brand new market of a digital system that does not require bank verification to transfer money. It is an entirely separate platform of exchange that uses encryption to regulate transactions.
Many people have invested their money in cryptocurrency markets under blockchain platforms to earn profit. The progressive industry has made people rich overnight, especially those who invested a few dollars during the initial years of the crypto market.
As the blockchain industry is a progressive industry, they launched new forms of digital transactions that could be valuable to users. Like cryptocurrency, NFTs are also part of blockchain technology. NFTs have grabbed the attention of millions of people around the world to buy and sell things online in digital form. According to a report, NFTs recorded $41 billion in 2021.
NFTs are the perfect opportunity for creators to unleash their talent and avoid their art being stolen by other people. For most people, these NFTs are highly expensive.
So, with the increasing popularity of NFTs, as a creator, it is important to learn how to mint NFTs. If you know what is minting, then it will become easier for you to break into the market.
Following contents are a complete guide on how to mint NFTs:
What are NFTs?
NFT or a non-fungible token is a digital unit in the form of content like music, art, image, or collectible that is irreplaceable. NFT is connected to the blockchain market. To access an NFT, one has to be part of the blockchain.
An NFT is the only one in the whole world that a single person can legally own under their name. It makes digital content to be legally owned by people and profit creators. NFTs are very expensive, depending on the worth of the product or artist.
NFTs are usually art pieces or gaming assets in the form of digital files. They have their own metadata codes because they are one of a kind. Some people call them trading cards but only one in the whole world. In short, these digital assets are bought through tokens and cannot be replaced.
For a more detailed explanation: for instance, a brand sells red jumper jackets. Although everyone can buy their own, there are many of them. NFT is only one, and it cannot be replaced with another similar NFT; it is a single piece of a digital file in the world.
Kinds of NFT platforms
There are two kinds of NFT platforms where NFTs are sold, private and public. The users who are included in the whitelist are part of Presale. Presale is a private display for VIPs before it is open to the public. Most valuable NFTs are usually minted by collectors during the presale. In the main public sale, anyone on the blockchain NFT marketplace can buy.
Presales are known to be for a lower price compared to when public sales open. There is a huge competition and bidding for NFTs by users around the world.
The most expensive NFT up-to-date is The Merge by Pak, sold for $91.8 million among 28,983 collectors. The cheapest NFTs are also sold for around $1 or less. NFTs can be collectively owned or single owned, but they are irreplaceable, so they are worth every coin.
For people who want to own an expensive NFT or make one, they start by minting. If you know how to mint NFTs, it becomes easier to survive in the market and earn profit.
Why are NFTs popular?
The sudden craze and obsession over NFTs make one wonder why are NFTs so popular among the general public these days. The answer to this question is the idea of ownership. Blockchain technology consists of a public ledger that has all the names of users who own NFTs. You cannot access those NFTs, but the ownership is shown to the public.
The aspect of permanent ownership of a digital asset is like a winning pride for the owners. NFTs prove to the world that only one person owns a certain collectible.
Another reason why NFTs are popular is because of the rare collectibles. There are many digital assets rare for fans, and owning that NFT is considered to be very valuable. Just like the rare Rolex watch or a Louis Vuitton purse, the scarcity of NFTs is what makes them popular.
So, in a way, NFTs are like a social flex for people to show off their digital stamp and ownership over valuable items to the world through blockchain platforms.
What is minting?
Minting is an important component of the blockchain industry. It is a process of creating a new block and feeding it into the blockchain. You can choose to mint a new crypto coin or an NFT.
The word ‘mint’ is an old term that means stamping government-issued metal coins. The modern definition of mint or minting is used by blockchain users to create something new.
NFTs can be created by anyone who is good at art or any creative work. The initial stage of entering your work into the market is by minting. You choose a marketplace platform like Bitcoin, Ethereum, etc., make a digital wallet, and then click the ‘mint’ button. This whole process is called minting.
Minting is an easy process and takes only a few minutes of your time. Once you get hooked on minting, you can earn a profit and become rich overnight. By making the right decisions for minting, you can easily dominate the blockchain industry.
How to create an NFT?
For creators, before you know how to mint NFTs, you should know how to create one that you can sell in the NFT market.
NFT should be in a digital form. Anything you draw or create should be in a digital format. For artists, you can start by installing an art drawing app where you can create digital artwork. Musicians can make music on the software and share it the same way one shares on SoundCloud or YouTube. If you have rare clips or videos, they should be in a certain format too; the same goes for images and other collectibles.
Gaming assets are digital content that is minted as NFTs. If you are a game developer, you can easily upload a gaming asset or collectible in the form of NFT. This is how you create an NFT.
Creating NFT is easy once you get hold of the right tools and follow the right guide. Blockchain is a great market for creators to unleash their talent and become renowned artists. Many artists began their careers from here, and they’re now millionaires.
The best thing about NFT is that no one can pirate it easily. Unlike online sites for digital content, you own that NFT, so you own the right to sell it for whatever price you want without entering the black market.
When creating an NFT, it is essential for the owner to upload it in digital files; physical pieces are not considered an NFT unless they are converted into soft files. Blockchain encrypts NFT in its database for other users to see and access.
How to mint NFTs?
The blockchain industry requires minters to have some tools to be able to mint an NFT. You can easily mint NFTs without any complications if you have these tools.
Here’s how you can mint NFTs:
Exchange account
The first thing you should do as a creator or seller for NFTs is to create an exchange account. Every NFT platform has its own cryptocurrency. NFT marketplaces include Binance NFT, OpenSea, Axie Marketplace, Larva Lava/CryptoPunks, NBA Top Shot marketplace, SuperRare, Foundation, and many more.
Each NFT marketplace is unique in its digital assets. For example, Larva Lava is known for its CryptoPunks NFTs, NBA Top Shot marketplace consists of rare clips of basketball players on NBA that are considered to be valuable assets for fans, OpenSea holds all types of digital content; it is the biggest marketplace of NFTs in the world.
To sell on these platforms, you need an exchange account. Most NFT platforms use the Ethereum blockchain platform for buying and selling. So, it is recommended that you make an account through Ethereum.
Create a crypto wallet
An exchange account is created to transfer money in the crypto wallet. Every NFT marketplace has a different crypto wallet. If you want to enter the OpenSea NFT marketplace, then your wallet will be linked to MetaMask. MetaMask is a plugin site where ether coins are added to the crypto wallet.
As mentioned before, Ethereum is the most common cryptocurrency in the NFTs market, but you need a wallet plugin to add ether coins to buy or sell NFTs. When you buy ether coins, you need to pay a certain amount of transaction commission fee.
A crypto wallet is a place where you keep your ownership. There are private and public keys in every wallet that determine your access to crypto. For example, if you buy a private NFT, then it will be stored in your wallet, and only you can access it through the key. For NFTs, you need a hot wallet because they are private and only one person owns.
With the worth of each NFT, experts recommend a non-custodial or hot wallet because there is no third party involved, and only you hold a private key to open it.
Purchase a token
After you have created an exchange account and wallet, you need to purchase a token in crypto. Whether you are selling an asset or buying it, every user must have a certain amount of crypto in their account to enter the blockchain industry.
The reason for buying tokens is to afford the wallet services and other transaction fees that every user has to pay. To mint an NFT, one needs to pay a certain fee. Your NFT can only be uploaded once you have verified the payment on the platforms.
Adding NFT to the marketplace
Every NFT marketplace has its own rules to follow for adding an NFT. It is essential for users to follow those rules to legally sell or buy an NFT.
You add NFT by minting it. First, you click on the create button; every platform has different locations for the ‘create’ button. Upload the file from your database as a digital file; make sure that you upload it in the right format, or you will receive errors while uploading. Name the NFT and write a brief description about it if you want to; writing a description can appeal to the buyers more, but it is your choice. Once everything is ready, the digital file will be added to the NFT marketplace but not in the selling list.
Selling NFTs
When you add an NFT in the marketplace, you can see it on the platform, but no one can buy it unless you put it on the selling list. For selling an NFT, you need to select the option of ‘sell.’ You will be redirected to a page that gives you the option to whether you want to set a price or sell it through an auction. In auctioning, you have two options; either set a certain time for buying or the highest agreeable amount.
Pay the fee
After setting the selling process, your NFT will only be uploaded once you pay the minting fee. The minting fee varies for each platform and needs to be paid at all costs to list your NFT in the selling list.
To pay the fee, choose the already existing wallet you wish to use and confirm the transaction. Once the payment is verified, you will see your minted NFT on the selling list of the platform.
Top 5 NFT marketplaces for minting
Now that you know how to mint an NFT, you should be aware of some of the best NFT marketplace up-to-date. When minting NFTs, it is important to pick the best platform that suits you and gives you maximum profit.
Here are the top 5 marketplaces where you can mint your NFTs and expect good investment.
OpenSea
OpenSea is an NFT marketplace that is known all around the world for being one of the best blockchain platforms for NFTs. This marketplace features all kinds of digital assets that can be valuable to buyers. You can sign up for free and even mint NFTs for free through a certain blockchain.
The beginners find this marketplace to be user-friendly. The top NFT on OpenSea is Karafuru, with the highest volume of 15,823 for 5.6k items sold. Many experts recommend OpenSea for beginner NFTs because it facilitates around 150 different payment tokens to the user.
Larva Labs
Larva Labs is an NFT marketplace that features The Cryptopunks NFTs. These NFTs are collectible characters that can be owned by people legally. They are stored in the Ethereum blockchain. The marketplace does not allow others to make NFT; instead, you can buy their NFTs.
This marketplace has introduced many art and app development projects based on blockchains. You can buy Larva Labs NFTs; however, you can’t mint anything new. Currently, all their NFTs are sold out, so you can only bid for them through third-party platforms.
Rarible
Like OpenSea, Rarible also lets people mint for NFTs. The marketplace allows any digital file, be it an art piece, a song, a rare sound, clips, photos, or any kind of collectible. However, Rarible has its own token, ‘RARI’ coin, that you need to sell and buy on the marketplace. You can mint an NFT by creating a new one on this platform as well.
This marketplace is based on the Ethereum blockchain. It is considered to be a very progressive platform for partnering up with different companies.
Furthermore, you can use Rarible tokens on OpenSea. These tokens aren’t a waste of money if you are motivated to break into the NFT marketplace. You have to make an investment to earn a profit, and Rarible is an ideal place to start. Rarible enables creators to post their NFTs on OpenSea and access the platform through their marketplace.
Many creators and sellers recommend Rarible to mint NFTs. You are required to pay network fees and other gas fees to be able to mint NFTs on the marketplace.
Mintable
Mintable is one of the leading NFT marketplaces funded by Mark Cuban. Like OpenSea, it aims to become an open marketplace for users to mint NFTs. Built on an Ethereum blockchain, this marketplace is perfect for buying and selling NFTs.
Digital assets can be music, art, or images minted by creators for buyers. Beginners choose either OpenSea or Mintable as their platform to mint NFTs for profit. You can start minting by creating an account and following how to mint an NFT.
Binance NFT
Minting NFTs on Binance NFT is a good investment to sell NFTs. This marketplace is built under the partnership of FTX and Binance. Binance NFT does not require creators to buy Ethereum for minting, which saves the cost of the gas fees.
You can transact funds from the wallet directly and start minting without any complex processes. It is a very centralized marketplace that includes every kind of creator, artist, musician, game developer, and buyer in one place.
Binance NFT transactions are easier compared to other marketplaces. It aims to empower new artists to make their name in the industry by minting NFTs for buyers to purchase.
How much does it cost to mint an NFT?
NFT marketplaces charge a commission fee that is different for every blockchain platform. According to a few sources, the minimum cost of minting an NFT is around $70.
There are many fees included while minting an NFT. There are initial and secondary cost fees and gas fees. The gas prices often change, so there is no fixed estimated price. NFT minting fee is influenced by the site you are uploading to and the traffic on the network.
Most NFT platforms take a 2.5% service fee. However, investing in NFT is worth every penny. There are NFTs sold in millions of dollars if the asset is valuable, so if you think minting your NFT is valuable, then you should invest money in it by paying the fee.
How to mint an NFT on MetaMask?
MetaMark is a crypto wallet and gateway to blockchain platforms that enables users to mint NFTs on the marketplace. It is not an NFT marketplace like OpenSea or Rarible; instead, it is a browser plugin that works as an Ethereum wallet where you can store your NFTs.
The wallet consists of a unique code that only you need to know to access the digital files. So, you can approve transactions and pay gas fees on any Ethereum blockchain through MetaMask.
Every transaction that you do when minting an NFT on OpenSea is linked to MetaMask for funds. You cannot mint an NFT on MetaMask but mint through it on NFT marketplaces.
Can you mint an NFT for free?
Even though the price for minting NFT is high, there are ways to mint for free as well. With the shifting gas fee, it becomes hard to pay the amount to post the NFT on the marketplace.
OpenSea is an NFT marketplace where you can mint NFTs for free. The platform empowers new users to invest their creativity on the platform and earn profit for their talent.
To open an account in OpenSea, connect your MetaMask or Coinbase wallet. Create a collection on OpenSea to include all your NFTs in it. Upload your digital file and add it to your collection by naming it. Polygon blockchain is the platform that offers free minting of NFTs. However, the buyers have to pay the gas fee to mint your NFT.
Some NFTs are cheaper than the gas fee as well. It depends on the choice of buyers, whether they want to buy your NFT or not.
Final words
Now that you have read everything about what is minting and how to mint an NFT, you are ready to create your own NFT and sell it for profit.
NFTs are slowly becoming an in-demand item that people buy and bid for millions of dollars. You deserve your artwork or any rare collectible to be worth the effort as a creator. NFT marketplaces are the best place to start your career and grow into an accomplished artist.
There are many examples of artists, musicians, creators becoming millionaires and recognized as authentic artists because of their digital artwork. In a world where millions of artists exist, you can stand out by minting your own NFT.
The future of the blockchain industry is positive because the world is slowly shifting towards it. Every year the blockchain market breaks the record of profits. Recently, there have been many NFT projects where you can mint your NFT.
So, what are you waiting for? Make your own NFT and start minting today!
