Non-convertible tokens have become increasingly popular among investors and especially digital enthusiasts. If you don’t remember – NFT (non-exchangeable token), is a digital asset, built on blockchain, which is a certificate of ownership.
There are many interesting facts associated with non-exchangeable tokens. One of them is minting NFT, which is the conversion of digital files into cryptographic collections or digital assets, stored on blockchain. Minting NFT is also a great way for artists to earn passive income. Minting NFT – what it is and how it works. That’s the topic for our lesson today!
Minting an NFT – definition
In terms of NFT, minting is the transformation of digital files into cryptographic collections or digital assets, stored on blockchain. In this way, we officially make them a commodity that we can sell.
Digital assets here refer to any type of file – image, article, video, artwork. Created electronically, it is then beaten and transformed into NFT. Once an asset is minted in this way and given the status of NFT, it can be sold on the non-convertible token market.
What does the minting process look like?
The process of minting an NFT is not at all as complicated as it might seem. Here’s how the process works:
- Buy a compatible cryptocurrency.
Most likely it will be Ethereum, given the fact that it is the most popular blockchain, for creating non-exchangeable tokens. We are moving on to more important issues here, so we skip the fact that you need to create an account on cryptocurrency exchange and have a cryptocurrency wallet, before buying digital assets. You have been with us for so long that you surely know this. 🙂
- Decide which NFT beating platform you want to use.
We have several of them: OpenSea, SuperRare, Nifty Gateway, Rarible, NFT ShowRoom or Axies Marketplace. The key option you should consider, when choosing, is fees. However, if you are a layman, we recommend you to select the NFT marketplace, which will be easy and clear for you to use.
- Connecting your wallet.
Once you have selected your platform, you should then connect your cryptocurrency wallet to it. You will either have to link your wallet to the platform thanks to a QR code or download it manually to your device.
Once you’ve done that, the next step is to create your profile on the platform. It’s a good idea to provide some information about yourself there, a link to your website and what cryptocurrencies for payment you accept. Such information is useful when someone buys your NFT.
- Profile ready, so create your NFT now!
On your platform, you should notice a large “Create your NFT” button. This is how you make mint, your non-exchangeable token. You upload your digital asset, give it a name and description for potential recipients.
Is NFT minting expensive?
It all depends on the platform you choose for this. Other factors affecting the cost will be the rarity of your asset and when you decide to mint it.
Occasionally, the creator of NFT will not have to pay anything for minting, and sporadically, there will be “additional costs”. It all depends on the market you select to minting your non-exchangeable tokens.
Lazy minting – what is it?
Many NFT markets use lazy beating as a process of minting an NFT. This relies on the fact that the minting process is stopped until someone buys your NFT.
Should you mint NFT?
As long as you understand the nature and operation of non-exchangeable tokens, there is nothing stopping you from doing so. First, we recommend that you familiarize yourself with the entire process.
Before you start marketing, check what NFTs are the most popular and most profitable. And – how many NFT markets you can use. Don’t kidnap yourself with a hoe in the sun. Furthermore, ask yourself whether just beating NFT is in line with you and your investment plan.
Consider the following factors before breaking out the NFT:
- Blockchain platform.
Each blockchain supports a different standard of non-exchangeable token. Before you take a beating, familiarize yourself with this topic. Here are some blockchains we recommend from our experience: Ethereum, Polkadot, Binance Smart Chain, Cosmos, Tezos, Tron and EOS.
- NFT Ecosystem.
Knowing what functions you want your non-exchangeable token to perform is an important thing before you even think about its minting. Make sure your chosen blockchain platform supports NFT transfers and sales across several blockchains.
- Prices and Fees.
We emphasize it again – each platform and ecosystem, differs in fees. Many are searching for a place where they can create their first NFT completely free of charge.
- NFT market.
Finally, you come to the point where you have to select your market NFT, Rarible, Mintable or OpenSea are just some possible options. Choose the one that fits your interests and the purpose of your NFT.
Summary
You already know what beating NFT is all about. If you are a developer just starting out, we recommend that you mint your first NFT on a free platform. You will then see if the topic interests you. If it does, then move on smoothly. Try other NFTs, or create a new work of art that you turn into a non-exchangeable token.