Did you ever think a digital artwork could be sold for millions of dollars? Thanks to NFTs that have changed the lives of both artists and investors. Non-Fungible Tokens (NFTs) have exploded in popularity recently. Whether you are an artist looking to convert your artwork into NFT or a buyer who wants to invest in the NFT market, it is essential to have accurate information before diving into the new digital ocean. How to mint an NFT? How much fund do you need to create one? How to list an NFT for sale? This article give you a clear vision about what NFT minting is, and how to mint your own collection.
In simple words, the process of creating an NFT is known as minting. When you mint an NFT, it becomes a part of a blockchain, which is a tamper-proof and immutable digital ledger. In other words, no one can change a created NFT, meaning that the counterfeit is impossible simply because the NFT technology allows proving the ownership of the genuine token. The process of minting NFTs is like minting metal coins and then putting them into circulation. Remember, while minting, you can plan royalties from every subsequent sale.
Each NFT platform has a unique minting process. Therefore, it is recommended to take a look at NFT marketplace instructions to avoid future issues.
Begin by opening a crypto wallet. For instance, OpenSea is the largest NFT platform where you can start your NFT minting journey. Click on the Create button or on the wallet icon. You can find this CTA (call to action) button on other marketplaces too.
Coinbase and MetaMask are two other popular wallet used with major NFT marketplaces. Your device and the wallet option will impact the connection of a wallet through a QR code scanner. You can connect the crypto wallet after completing the process.
There will be a “Create” button on your selected marketplace homepage. You will be prompted to upload your digital file for an NFT. You have to provide details of your work, the blockchain base you are looking to use and an external link to your website.
You can decide the amount to be paid in royalties when then NFTs are sold later. A standard royalty payout is 5-10%of the secondary sales price. Once the entire process is done, click on the“Complete” icon.
Congratulations, you have minted your first NFT.
If you want to sell your NFT, it needs computing. Every NFT and cryptocurrency transaction charges a fee in the form of a gas fee. Make sure you have Ethereum deposited in the wallet to complete your first NFT transaction.
You can easily transfer the cryptocurrency from the wallet to the marketplace. However, it depends on the NFT platform you select for the NFT minting process.
Various NFT marketplaces need users to buy the crypto from their profile after they have minted the first NFT.
After completing the NFT minting process, you can sell it. Just click on the “Sell” button available on the description page. Make sure to specify all essential details after putting up your NFT for sale. Choose the type of sale you want to make, for instance,whether it is a timed auction or a fixed price sale.
Now click on the “Complete Listing”icon. The NFT platform automatically calculates the fees based on the network of the cryptocurrency at the time of listing the sale.
Minting NFTs does not take too long as it is a straightforward process. Minting an NFT may take from one minute to three minutes. However, the duration may be different from one platform to another. There are various things you should consider while minting an NFT.
The size of the file is the most important factor as some large files take a long time to upload.
Less gas may affect the minting process. Make sure you mint NFT with enough gas.
This is one common question that every artist asks. Minting an NFT depends on the platform you are using. On average, it costs up to $60 to mint an NFT on the Ethereum blockchain.
Every marketplace has a different cost to create a token in their platform. There may be some hidden fee behind the advertised costs.
Remember, you have to pay the costs in advance on different platforms. The costs could be anywhere between $60 to$150.
When you are minting an NFT, it is recommended to take note of the gas cost. The fee may vary from one blockchain or marketplace to another.
You need to create a collection on the OpenSea NFT platform before minting.
· Go to the OpenSea profile and choose“My Collections.”
· Choose “Create” to create your new NFT collection.
· You can add memes, designs, and images to your collection.
· Follow these steps to mint an NFT.
· Open your NFT collection.
· Select Add New Item.
· Upload your NFT and name it.
· Fill in the levels, properties, and other descriptions required for the item.
OpenSea needs all users to pay two fees before they make their initial sale. This fee is not fixed, and you can easily control it if you know how to handle it. OpenSea fee is paid in Ethereum (ETH).Remember, the cost may vary depending on the current value of your cryptocurrency.
The first fee charged by OpenSea is between $70 to $300. The second transaction that gives you OpenSea access to the NFT is around $10 to $30.
Rarible is offering a new feature to mint NFTs that is super convenient for creators and artists. It is known as “Lazy Minting.” Here are easy-to-follow steps.
· Connect your crypto wallet to Rarible.
· Select Create and fill in all required information about the NFT you are creating.
· Choose the Free Minting Option and click on create the item.
· Congratulations, you can mint NFTs easily and for free.
After the purchase transaction is confirmed, NFTs will be minted to your crypto wallet and transferred to the new owner automatically. Rarible is highly recommended for beginners who do not know how to mint NFTs.
Rarible charges 2.5 per sale as its service fee. The sellers can also pay the entire cost by issuing 5% of the final price.
Rarible is offering a new service for creators, artists, and beginners to create NFTs for free. This new service is known as Lazy Minting. You do not need to spend any money from your wallet to mint NFTs. This feature is an excellent option for those who are looking to mint NFT for free.
You can either obtain NFTs by minting or buying the existing ones from a platform or marketplace. NFT minting and buying have their benefits and drawbacks. But, the easiest and cheap option is NFT minting. All you need is to select a product you want to mint and pay the gas fees to get the job done.
Minting allows NFTs to be available on the platform. You cannot sell NFTs without minting. However, you can buy minted NFTs and then re-sell them on the desired platform.
If the copyright owner gives permission via writing authorization, the allowed person can mint a copy of your NFT.
The NFT minting fee on Rarible is 2.5% per sale. The seller has the option to pay the total cost by issuing 5% of the final price.