NFT minting seems like a great opportunity when we see crazy ape pictures selling for several million and some punk images securing 23.7 million dollars. Every news about NFT breakthrough urges you to learn more about this emerging technology. In this blog, we’ll learn what is NFT Minting, and most importantly, how it works. By the end of this blog, you’ll be able to know about NFT and the process of minting an NFT. So let’s start with the basics.
What is NFT
If you are listening to the term “NFT” for the first time, you must wonder what it is. NFT stands for Non-Fungible Token, and yes! The name itself doesn’t explain much, but we are here to simplify things for you. So non-fungible tokens are a unique digital asset that is one of a kind, and no exact copy of that digital file exists in the entire universe. Also, In the Defi field, NFTs have emerged as one of the most promising applications.
Now you mustn’t mix up an NFT with any cryptocurrency, as they are not the same. Most people new to the field think Bitcoin is an NFT, but it’s not. The reason is that bitcoin is not unique from other bitcoins and can be replaced with other bitcoin, and you’ll still have a bitcoin.
Another mistake is that NFT is mostly associated with digital art pieces. Although it’s not wrong that unique digital art is also an NFT, it should be acknowledged that any unique digital piece of recording, video, or music can be NFT.
With all these confusions and myths cleared, it’s time to tell you about the process of creating and selling NFTs over the internet.
How do NFTs Works?
NFTs are Digital Collectors’ assets that most collectors use to keep in collections for their popularity and other unique attributes. Currently, the most popular NFTs are in the form of Digital Art. Every asset can be easily copied on the internet with just a screenshot. To be unique from the copies, there must be a way by which anyone can claim the ownership of their art to keep it or sell it directly to anyone.
Here’s the point when blockchain gets connected with the NFT. So, blockchain is a widespread database structure that helps everyone to store data. This data can be stored and accessed by a large community, but no one can change the information available in it. In the blockchain, each block keeps the information and the proof of the ownership of the NFT.
NFTs are sold and purchased online based on popularity, and their values are always unpredictable. The value of an NFT is mostly the result of the demand-supply rule. The scarcity and popularity of the art determine its value.
When ownership of NFT is transferred in the blockchain, the information is stored in a new block creating a chain of blocks. That chain of blocks provides the present and past possession information about each NFT. Now that you understand what is NFT minting, you also understand how NFTs function.
What Does It Mean to Mint an NFT or What is NFT Minting?
NFTs aren’t created. In blockchain terminology, creating an NFT is called NFT minting. So every NFT is minted before making them available in the marketplace. There are international NFT minting websites, including Solana, The BNB Chain, Open Sea, Proton Mint, Rarible, Nifty Gateways, and many others.
“In technical terms registering a digital art or a file into a blockchain-based system to get a unique token of ownership for that particular art is called NFT minting.”
The above definition is the simplest answer to your question. So, we assume that now you have a clear idea of “what does it mean to mint an NFT. “
How to Mint an NFT | Step by Step Guide
1- Create A Digital File to Mint as an NFT
While entering the fascinating world of NFT, one must create a product for sale, and in your case, you must create a digital masterpiece that can attract the netizens and grab their attention.
Here are tips to create NFTs that can be sold like a hot cake.
- Do your research
- Hunt down the finest NFTs
- Check out the prices
- Get the Ideas
- Create Your Art
2- Select Website for NFT Minting
NFTs are minted over the NFT minting websites that allow you to upload your digital files and convert them to your digital assets, which can be listed for sale. When you upload your files from your storage to that public NFT minting website, it provides you with a token of ownership that ensures you the sole rights of that NFT. The top NFT websites are
- Binance NFT
3- Connect Wallet
A wallet is your first requirement to enter the world of Crypto and NFTs. So the first step should be creating a wallet for you. Crypto Wallet will allow you to exchange cryptocurrency, so the information entered to make a wallet must be authentic.
So, where can you create a wallet?! The top platforms to create the crypto wallet are OpenSea, Coinbase, and MetaMask. All these NFT minting websites have wallet icons on their home pages which can be accessed easily with a click. After creating a wallet, you must set up your profile on the respective platform.
Note: Crypto Profile must have authentic information about you and your social accounts to approve your request to build your account successfully.
4- Upload Your Digital File
After creating a profile on an NFT minting website, the actual process of NFT minting will start. Whatever platform you choose for minting your NFT, you’ll have an option of “upload NFT” or “upload file” on the top header of the website or in the form of a button. Click the button, select the file from your device, and click upload. Make sure that you have a stable internet connection while uploading your files.
In case you have a whole collection, you must add your complete collection in the correct order, and it should be added in a single file to upload over an NFT minting website.
5- Add Information About Your NFT
Once you upload the file or an entire collection, you’ll have to provide information about your NFT project. In this step, you have to tell the crypto world about your masterpiece and its unique attributes that can attract their attention. Now there are several ways you can showcase your project as a world-class masterpiece by giving it an attractive name and using other techniques, but this is the talk for some other day, so let’s focus on the requirement you need to fill to complete the project.
- Project Name: Give your project an attractive name that best suits its qualities.
- Description: Tell people about your offering and discuss it in detail to give an understanding to the buyer of what they are getting.
- Royalty Percentage Selection: When you sell an NFT to anyone, you earn a full amount of that NFT, but what if I tell you that even after you leave the possession of the NFT, you can still make money from it, and this is due to the selected amount of royalty that you set on your NFT project. In such a case, whenever anyone resells your NFT, you’ll get a certain percentage.
6- Add GAS Money
So you might be wondering what GAS Money is. To Mint an NFT and sell it on a platform requires a fee to run it on a blockchain network. To give you a demonstration, let’s say you want to sell your car, and you know it can be sold fast at a dealership. So you take your car to the dealership, and they ask you to pay the fee to display your vehicle in their showroom.
Like that dealership, an NFT marketplace also charges you an amount to display your NFT project where they have many prospective buyers. This fee that you pay is called “GAS FEE.”
7- Create AN NFT Listing and Start Selling
Once you upload your NFT project, you can create a listing for it and start selling it on a selected marketplace. Your artwork can be sold in an auction or as a fixed price NFT, and it’s about your preference.
Most NFTs are sold in an auction where the sellers invite their community to bid to increase their popularity. This is a common practice to whitelist several people who can participate in the auction.
Is NFT Profitable?
NFT is the latest trend and attracted millions of people due to its unpredictable nature and opportunities to earn a lot of money. Many digital artists have earned a handsome amount by selling their artwork to collectors. Moreover, it’s hyped up due to the celebrities and some of the most known successful faces. So, they all agree that the NFT market has great potential for resellers and artists to earn huge profits by following their passion. Until now, NFT has been a great success, but as we mentioned earlier that it’s an unpredictable market, so no one can exactly tell its future.
Summary of this blog:
NFT minting and selling have a lot of opportunities for the artists, and it provides them the recognition for their art and also pays off their hard work. I hope you now have a better understanding of “what is NFT Minting and Selling”. As it’s an emerging market, it has a high potential to change your life. So, if you are waiting to start minting or selling NFTs or want to create NFT minting website, you can get in touch with Third Coast Ventures to boost your career.
Third Coast Ventures specializes in Web 3.0 & NFT investing, technical web services, consulting, marketing guidance & community building. Our team has successfully launched multiple NFT projects and knows the secret to a winning formula.
So what are you waiting for?! Start your NFT venture with Third Coast Ventures and thrive.