How to mint NFTs

2022-02-22, 10:28

[TL;DR]

There have been a lot of successful NFT projects since 2021, but despite the notoriety they have had, the majority of people still don't know how to mint an NFT. Some may even wonder if the terms "creating" and "minting" are the same. That’s why this comprehensive guide has been created to educate you on how to mint an NFT, with the necessary steps required to carry out the process on marketplaces, keep reading to learn more…

What is NFT minting?

The process of transforming a digital file into a crypto collectable is known as NFT minting. "Minting" is basically the process of uploading a digital theme or media to the blockchain as a public ledger, which is quite similar to the process of generating fiat currencies. Any digital item or file stored on a blockchain becomes immutable and tamper-proof, i.e cannot be deleted, edited, or modified.

Factors to consider when minting NFTs?

1. Blockchain Platform
The most important thing to note when learning ‘how to mint an NFT’ are the different blockchains supporting the NFT standard.

Some of the blockchains that support NFTs include:

· Ethereum
· Binance Smart Chain (BSC)
· WAX
· EOS
· Polkadot
· Cosmos
· Tron
· Flow by Dapper Labs
· Tezos

However, The Ethereum blockchain is used for the majority of NFT minting because it is the preferred platform for most digital arts, digital creators, and artists.

Minting of NFTs is comparable to that of metal coins, which are produced and subsequently circulated. After they've been produced, non-fungible tokens can also be "minted." The minting process converts a file into a digital asset that can be exchanged or purchased on a digital marketplace using cryptocurrencies.

Royalties may also be scheduled by the NFT creator during the minting process. This gives an entitlement to a commission if the work is sold or traded on secondary marketplaces.

2. NFT Ecosystem
The awareness of NFT capabilities in your chosen blockchain is another key criterion when minting NFTs. It's critical to make sure that the platform you choose can handle NFT transfers and sales across several blockchains.

3. Cost-Effective Platform
Currently, the most prominent blockchain based platforms for minting NFTs are Ethereum and BSC (Binance Smart Chain). The massive ranking of these two blockchains platforms helps them serve as the biggest NFT marketplaces while giving buyers additional exposure.

4. NFT Marketplace
Finally, the most fundamental factor to be considered before minting an NFT is the choice of marketplace. There are lots of comprehensive NFT marketplaces which include Rarible, Mintable, SuperRare, Axie marketplace, Nifty gateway, OpenSea, and lots more.

Every marketplace has a standard procedure for minting NFTs. However, this is a " Step by Step guide on how to mint an NFT on the most popular NFT marketplace" — OpenSea

How to mint NFTs on a marketplace | OpenSea

1. Visit the OpenSea marketplace and click on the wallet icon or the "Create menu." You'll find a prompt asking you to connect a crypto wallet. Depending on the wallet you're using and the device you're working from, you'll be asked to either connect your wallet using a QR code scanner on your smartphone or download your wallet onto your computer.

After creating your marketplace profile and your crypto wallet is connected, ensure profile completeness, by inserting links to your social media accounts or websites, and specifying which cryptocurrencies you'll accept when your NFTs gets purchased

2. Create the NFT
Click "Add New Item" and then follow the directions to complete the process. Before choosing "Create," upload a high-quality representation of your work and attach a name, as well as external links, a de_script_ion, and properties. Optional fields include adding a de_script_ion of your work, an external link to more information, and the blockchain the NFT which is to be based on.

Proceed to choose the ERC-20 token you'd like to receive as payment and add a royalty clause, which specifies how much you'll be paid in royalties if your NFT is sold again. A standard royalty distribution ranges from 5% to 10% of the secondary sales price. After that, scroll down and select "complete," and your NFT will be successfully minted.

3. Fund your crypto wallet
Selling an NFT entails recording a transaction between two parties on a blockchain. This process requires the network to do some computing, and to atone for the computing energy for every transaction, a fee must be paid, which is known as the "gas fee."

4. Purchase cryptocurrency
Acquire enough Ethereum or any other crypto and deposit it into your wallet, then proceed to transfer it into your NFT marketplace account. But OpenSea allows users to purchase crypto directly from their marketplace profile by setting up a payment method such as a credit card. The required crypto will be automatically calculated for you, if you are unsure how much you need to buy.

5. List your NFT for purchase
Click on the "Sell" option within your NFT's de_script_ion page and specify the details of your sale:

· Select a fixed price based on your cryptocurrency of choice or a specific auction.
· Set the royalty clause for ongoing monetization of your work.
· Minting your NFT and uploading it on the Ethereum network requires a gas fee that needs to be paid with Ethereum token.
· OpenSea charges a service fee which is 2.5% of the NFT selling price.
· Click on "Complete listing." Then your gas fee will be calculated based on the cryptocurrency network's activity level at the time of listing and request payment from your crypto wallet.
· After approving the final terms and paying the gas fees, your NFT will be listed on OpenSea as available for purchase.

Conclusion

Minting NFTs as seen above, involves a very simple procedure of setting up a digital wallet, connecting it to a marketplace like OpenSea or Rarible, LooksRare and creating your collection. The OpenSea minting process is similar to other marketplaces, you just have to choose a marketplace that works best for you.

Author: Gate.io Observer: M. Olatunji
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
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