What Does It Mean to Mint an NFT?

In essence, minting means that something can be produced for the first time or made official, similar to minting a coin. In the crypto market, it shares a similar meaning, but the process involves a totally different set of steps. Let’s look at the steps of how to mint and the actual cost of the entire process. 

But first, What is an NFT?

When something is tagged as non-fungible, this means that it cannot be exchanged for another because of its inherent uniqueness. A classic example of NFT is an artwork. It’s impossible to exchange your artwork for another artwork because these two have totally distinct properties. On the contrary, cash and coins are fungible in nature as they can be exchanged for another. 

As digital prints can be easily copied or duplicated, NFTs were designed to clearly state proof of ownership over a digital asset. For instance, a digital artwork may be replicated but its original piece will be considered most valuable. The primary benefit of owning an NFT is that you can sell your artwork to others and maximise your profit over the long term. 

How does NFT Minting Work?

When we talk about NFT, minting is the process of converting your digital work into an asset stored on a blockchain. Minting makes your artwork a commodity that can be bought and sold. Simply put, a digital asset refers to any digital file that is created electronically. A digital file may be an image, article, video, to name a few. 

Converting your artwork or content into NFT is minting. Your digital asset can be added to a blockchain, typically in the form of Ethereum. The blockchain is a decentralised ledger where your asset can be added and cannot be modified or deleted.  Once you mint a digital work, it officially becomes an NFT that can be sold on any NFT marketplace. 

The Process of Minting NFTs

If you have digital assets that you would like to convert into an NFT, follow these steps:

  • Purchase Ethereum or Another Compatible Cryptocurrency 

Before you can create or sell your NFT, you need to have cryptocurrency of your own. Typically, artists and content creators use Ethereum. Create an account on a cryptocurrency exchange to purchase Ethereum or any other compatible currency. You will need a wallet where you can keep your cryptocurrency. You can choose between a hot wallet or a cold wallet. A hot wallet is directly connected to the Internet, where your cryptocurrency can be stored online, while cold wallets store your cryptocurrency offline. 

  • Select an NFT Marketplace Where you Can Buy or Sell NFTs

Choose from leading NFT marketplaces. Here are some of the most popular ones at the moment:

  • SuperRare
  • OpenSea
  • Rarible
  • Axie Marketplace
  • NFT ShowRoom
  • Nifty Gateway 

When choosing an NFT marketplace, do not forget to look at the associated fees and if the platform is intuitive and easy to use. 

  • Connect your Wallet to your Chosen NFT Platform 

Link your wallet to your preferred NFT platform. Depending on the type of wallet you choose, you may be asked to link your wallet by downloading it to your computer or using a QR code scanner. In your profile. It’s a good idea to tell a little about yourself, including links to your online platforms, including your social media accounts and websites. It is also crucial to specify the type of crypto you will accept as payment should there be clients interested to buy your NFTs. 

  • Create NFT

On the homepage of your profile, you will see a button that enables you to create or mint your NFT. You can easily upload your digital asset, provide a unique name, and add a small description of the piece for potential buyers. It is important to specify how much you’d want to sell it and the royalties in case your digital work is resold in the future. You will need to pay a transaction fee in crypto; hence it’s important that you have enough crypto in your wallet before proceeding with any transaction. 

The Cost of Minting an NFT

Minting cost will depend on the platform you decide to upload and mint your digital assets. Other factors, such as rarity if your digital work, time when you chose to mint an asset will vary. In most cases, minting an NFT is free of charge on marketplaces that utilise the lazy minting process. Bear in mind that there will be other fees that you must pay depending on the selected marketplace where you sell your NFT. 

Another factor to consider is the existing price or value of Ethereum. As cryptocurrency is a highly volatile currency, it can be hard to predict the cost of minting on a regular basis. On average, the cost of minting an NFT on the popular marketplace OpenSea is $500, but some marketplaces facilitate minting for as low as $1. 

Conclusion

For artists, writers, and other types of content creators, it’s an excellent idea to mint an NFT. To take advantage of its great profit potential, it is therefore important to understand the process before fully immersing yourself in this endeavour. 

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