What Does Minting an NFT Mean?
Mining is to crypto, while minting is to NFTs. So, what does minting an NFT mean? In layman's language, minting is coming up with your original NFT. It is more of publishing your digital assets. You get to make them part of the Ethereum blockchain, and your records are kept in the public ledger.
This way, your art will be bulletproof to any modifications not authorized. Furthermore, the NFT is monetized. Minting follows the same principle as mining for crypto. You have to incur some costs during the process.
Factors to Consider Before Minting
Minting is a crucial process that requires proper care. The following factors should always be accounted for.
There are numerous online NFT marketplaces. Picking the right one, especially for new traders, can be tricky. Moreover, the blockchain you utilized to mint your NFT matters as well.
Market places don’t support all the different types of blockchains. However, the Ethereum blockchain serves as a common denominator across all markets.
2) Blockchain Platform
These are platforms used to mint NFTs. Always choose a blockchain that’s compatible with many online markets. The most used are; Ethereum, Tezos, Eosio, Polkadot, etc.
During minting, cost is always incurred. There are gas fees; these are transfer costs. When selling or buying NFT, gas fees facilitate smooth transactions across the network.
You will also incur costs during the process of minting. Always make sure you have an estimate of all costs for proper budgeting.
The Process of Minting an NFT
There are different types of NFTs. Of course, some require complex coding and those that don't. Listed for you is a simple guideline on how to mint NFT.
1) Create a Digital Asset
Digital assets can be videos, music, art, GIFs, anything you wish. Just make sure the digital file is compatible with your marketplace. You also have a choice to create a single image or multiple images. Multiple images tend to attract buyers as they can view a variety of your work.
2) Create a Digital Wallet
It would be best to have a crypto wallet; it can be Coinbase, MetaMask, etc. Link the wallet to your online marketplace. Note that some markets may require you to go through the QR code scanning.
Afterward, click the create button to upload your digital asset. Make sure you have some crypto to cater for any minting costs.
3) Listing of NFT
Once you have minted your NFT, it is ready for sale. Moreover, your details are in the public ledger as the owner. You can keep your NFT private or even set royalties depending on your preferences. Most royalties range from 5% to 30%; this is the percentage sale commission you receive.
After completing the listing process, the gas fee transactions will be displayed. In some markets, you can set the gas fees depending on how speedy you want the transaction.
People are making a fortune out of minting. The well-minted your assets are, the more the traffic. We all know traffic means sales. So always strive to create super unique quality assets.