NFTs stand for non-fungible tokens – unique tokens that represent a specific asset or good. They include digital art and collectibles. The notion of blockchain applications has been fundamentally shifted because of them. NFTs can be sold at auctions, opening up new revenue opportunities for creators.
In the second half of 2020, the NFT market went boom, with one piece selling for $69 million. NFT art sales reached 4.9 million as of October 2020. The total cost of the sales amounted to more than $128 million. Doesn’t it sound rather intriguing when an NFT gives you the opportunity to profit from your art?
Even though minting NFT might seem like an easy process, people should consider several factors before getting started. Digital art can be mined into the Ethereum blockchain to become a public ledger for the Ethereum blockchain. The digital art will be invulnerable to tampering and modification. Similar to the mining of coins, the addition of NFTs to a blockchain is known as minting.
So what does the process of Minting involve?
1. Create an Asset
Make your best effort to create a piece of innovative and appealing artwork. In the digital age, there are numerous digital themes and media to choose from, such as abstract, political, audio, whimsical, and hyperrealistic.
Almost any type of artwork can be sold through NFT art.
2. Buy Ether
Currently, most NFT development projects are based on Ethereum. As a result, Ethereum is a reasonable choice for this discussion of blockchain platforms. When you mint art as NFT, you create documentation of the piece of art on the blockchain.
The subsequent sale and resale of your artwork would not change your identity as the original creator and owner. It also provides accurate records of every owner and offers public access to the blockchain, so everyone can see it. It is necessary to pay for the transaction if you need to create the record for your NFT art.
Gas fees for blockchain transactions vary based on the level of demand. They are currently around $70. In any case, you will need some ETH to pay for gas before minting NFTs.
3. Non-Custodial Wallet
Non-custodial wallets are a type of cryptocurrency wallet you can use to control your funds completely. This is essentially an account that is used to store and carry out cryptocurrency transactions. Furthermore, it is important to remember that a non-custodial wallet differs from a wallet managed by a centralized crypto exchange.
The seed phrase can be accessed through a non-custodial wallet. Seed phrases are randomly generated 12-word combinations that enable wallet backup and access on multiple platforms and devices. In this way, you can mint NFT at the lowest cost without being restricted by exchanges from accessing funds.
Right now, there are several non-custodial wallets you can use to reduce your NFT minting costs. On mobile, some good examples of non-custodial wallets include Rainbow and Coinbase Wallet. Laptop users may want to consider Metamask as an alternative.
4. Transfer Ether funds into the wallet
The next step in NFT minting is to get your non-custodial wallet up and running. To transfer ETH to the non-custodial wallet configured previously, you need your wallet address. When you send or receive crypto from one wallet to another, you use the account number as your address. The top of the Metamask wallet page gives you the option of copying the wallet address.
5. Choose an NFT marketplace
The selection of an NFT marketplace depends on various factors, but it is an essential part of the process of minting NFT. OpenSea and Rarible are two of the most popular NFT marketplaces today. Users of OpenSea do not have to pay minting fees for each new NFT they create.
Only when setting up their collection on OpenSea should users pay for the first time. Your buyers will compensate the gas fees in the case of subsequent NFTs. As soon as you mint your NFT, it goes into your wallet and you can sell it on the platform of your choice. As a result, you can mint your token on one platform and sell it on another.
6. Creating an NFT
The following steps demonstrate how easy it is to create NFT in just a few clicks.
- Once you open the OpenSea site, you will find the “Create” option. The page will immediately request you to sign in to your Metamask wallet.
- In order to make sure you select the right course of action, you should read the message.
- The process of minting with OpenSea, is widely called lazy mining and entails minting NFTs as a collection. This means users have the option to involve several NFTs in their collection.
- With the “add new item” option, users can add new items to their NFT collection.
As you can see, the process of Minting NFTs is quite easy.
In planning and preparation, you must be careful about the initial requirements or prerequisites. The demand for NFTs is growing, and creating NFTs may prove quite overwhelming. However, NFT trading generates concern regarding NFT minting costs due to the millions of people involved.
It is possible, however, to mint NFTs at a cost-effective rate if one organizes their endeavor strategically. Additionally, the availability of a wide range of platforms for constructing NFTs also makes this a favorable proposition for devotees.