What Does Minting An NFT Mean?
Step by Step guide to Mint an NFT
As far as monumental breakthroughs go in the crypto space this year, NFTs known as Non Fungible tokens top the chart, and it has managed to catch the fancy of creators, artists, and even corporate giants to come aboard the movement.
In this article, our primary focus will be to educate you on what NFTs are and to inform you about the process of making them, Also known as "Minting".
What is NFT Minting
NFTs can be said to be Blockchain-based tokens generated by owners of assets, be it physical or digital assets such as images or video files, to prove ownership.
It’s worth noting that the only data that cannot be changed is the data on the blockchain, not the asset itself, which is typically stored in a web2 format, with the NFT itself being a pathway to the file itself.
Minting of NFTs is converting digital data or assets into crypto collections to be used on the Blockchain. The result(s) of this conversion is then stored in a decentralized database and ultimately secured such that they cannot be modified, deleted, or tampered with. The process of uploading such items onto the Blockchain is known as Minting.
A common feature of this process, which is the crucial reason NFTs are pretty valuable, is that the owners of these NFTs can place royalties on these NFTs before their Sale. These royalties, in turn, become the commission the owner receives when the token is sold off to an interested buyer or when it's exchanged on the secondary market.
How Long Does NFT Minting Take?
NFT minting times vary based on the blockchain you’re minting on and the transaction times. But like most cryptocurrencies, this is usually within a matter of minutes. With tools and marketplaces, minting NFTs is becoming less stressful and accessible for all users.
With tools such as Metamask, entering into the significant NFT marketplaces is easy as all you need to do is create an account, which provides you access to your customized Ethereum wallet.
What to Consider Before Minting An NFT
On the surface, it might look easy, but before minting an NFT, a number of things need to be considered. The act of placing your digital art into a part of the Ethereum blockchain as a public record is known as Minting. It being digital doesn't change the fact that it is art, and as with any other artwork, you need to look out for it and ensure you make the right proceeds for it; the NFT network takes care of that.
NFT guarantees a flexible market experience when you trade your NFTs. It also gives you a chance to monitor it thoroughly and, if the need arises, to initiate a resale. While the NFT network plays its part in that regard, you are also expected to gain substantial knowledge of how NFT operates so you can produce, represent and market your NFT properly.
Several things need to be considered before minting an NFT, including the following;
1. The choice of platform
Many Blockchains meet the NFT token standards; they include the following reliable options:
Binance Smart Chain
2. An Affordable Platform
They are an avalanche of platforms, but only a few provide NFTs for free. Binance Smart Chain and Ethereum have seen an increase in users aboard them in recent times due to them providing users with that opportunity, and also, this has made them the most sought-after NFT markets on the Blockchain.
3. NFT Marketplace
An important thing to consider is where you choose to trade your NFTs. On the Binance Smart Chain, you have reliable marketplaces like Treasureland, Marketswap, to mention a few. In contrast, the Ethereum blockchain has increased options, with a few famous ones like Opensea and Rarible among the lot.
How To Mint NFTs in general, A Step-by-step guide
To begin minting NFTs on OpenSea, you need to follow a number of steps. It starts from you purchasing Ethereum down to finally uploading the digital asset you intend to convert to an NFT. I will detail how you can make that happen in the following steps.
1. Purchase Ethereum
This cryptocurrency, the second biggest after Bitcoin, is the currency through which transactions occur. Famous NFT marketplaces have adopted it, and the first step in the process of NFT Minting will be you purchase a substantial amount of Ethereum. Top exchange platforms such as Coinbase.com or crypto.com allow you to buy Ethereum at reasonable fees.
2. Set Up Your Wallet
After purchasing the needed Ethereum, you will need to create a crypto wallet to help you buy or sell NFTs on the OpenSea Marketplace. Metamask stands out as the most user-friendly of the lot regarding wallets available, but there are also other options (wallets) you can use to store Ethereum-based tokens.
3. Link your crypto wallet to Open-Sea
This is easy as it requires only a few steps
In your browser, Gain access to your Metamask extension by filling in your login details
Using the same browser, visit http://www.opensea.io/ and then select "Profile"
You will then see a popup asking you to connect to your preferred crypto wallet; click "Metamask."
Enter your email and username to verify your account while agreeing to the terms and conditions stated.
Proceed to click the link in the verification email sent to your inbox.
How To Create A Newly Minted NFT on OpenSea
Now that your wallet is set up, it's time to link it to OpenSea. This stage is referred to as the Pre-Mint stage. Experts advise that you begin by creating a collection, and here is how to do so:
Click On The profile tab on the right-hand corner of your OpenSea screen and select "My Collections."
Then click on "create" to set up a new collection.
It's now done. Your collection is now your digital portfolio for you to stash all your digital assets such as memes, designs e.t.c
Your collection is now created, but the NFTs are yet to be minted. The first step in doing that is by clicking on "My Collections" in the "Create" Menu available on OpenSea. A Blue create button comes up, and then you click it to grant you access to upload your digital item.
Your digital item could be a song, an art, a GIF, or any item conveyed in a supported digital format. Add the name and a detailed description of your file and upload a banner image at the top of the page.
The next step is to upload your digital asset in whatever format, audio, art, etc. OpenSea allows you to customize your item, after which you can click "Create" to mint the NFT. Another confirmation message comes up; once you sign it, your NFT, a collectible in your wallet, is ready.
The Edit Button allows you to list your NFT immediately after it's been minted on the Marketplace. You are then redirected to set up your royalties mechanism and decide how you would like to get paid and in which token.
The Ethereum network has transaction fees in the form of gas fees that need to be paid. The fees aren't fixed as it depends on the number of users carrying out transactions simultaneously. If many people are on the network all at once, the gas fees increase. In other cases, the Marketplace may charge you fees for choosing to auction or placing your NFT for Sale on the platform.
Does OpenSea Charge Minting Fees
Yes, they do charge fees, two fees, to be precise. The fees aren't fixed; they can be easily controlled even though they fall into specific ranges. Ethereum is the accepted currency of payment of those fees, but the value in fiat currency is subject to change depending on the current value of the cryptocurrency (Ethereum) you plan to use.
To initialize your account (The first step that enables you to begin selling), you will need to pay a fee between $70 and $300. After this, you will then need to pay a fee between $10 to $30 to grant OpenSea access to the NFTs you wish to sell and for them to be able to host it on their platform ultimately.
Can I cut down on minting fees?
Yes, you can by following some steps. These hacks comprise knowledge about when the gas fees are lower than usual.
This is where the gas tracker platform comes in handy. With it, you can track your gas fees at any time and know when the time is right for you to mint your NFT at a much more affordable cost using the alphaday dashboard- https://app.alphaday.com/
There are other platforms to mint NFTs, like Rarible and Foundation, but OpenSea is the most popular, hence the emphasis. NFTs seems to be a complex topic to most, but I hope this article has helped you demystify it and paint it in a much easier light. Other marketplaces have similar procedures to the ones highlighted above.
So regardless of the Blockchain they support, they use similar steps. So, on whichever platform you find yourself, get Minting; it's easier than you think.