- What does it mean to mint NFT?
- How to mint NFT
- Things to keep in mind before minting an NFT
Are you wondering how to Mint NFT? Minting a non-fungible token means transfiguring digital information into crypto artworks and storing them on the blockchain. Keeping your digital artworks on the blockchain spine means that the files cannot be changed or erased. If you’re new to this industry and intend to mint NFT, you need to equip yourself with information. You need to understand how to mint an NFT and the cost to mint NFT. Here, we explore the critical things you should consider before you Mint NFT.
What does it mean to mint NFT?
Mint nft meaning shares characteristics with minting or producing a coin for the first time. However, the process of minting NFTs is different from that of making a physical coin. Regarding NFTs, minting is turning a digital file into a virtual asset and keeping it on the decentralized ledger. And this procedure turns the file into a digital commodity that can be traded.
How to mint NFT
Minting an NFT is pretty straightforward if you follow the steps below:
Purchase Eth or any matching crypto
The first step to take when you want to create and trade NFTs is to purchase your own crypto. You buy crypto from an exchange, meaning that you need to create an account in a specific crypto platform. Before opening an account, it’s essential to ensure that the crypto exchange you select meets your needs. Once your account is ready, you will need to have a crypto wallet to keep your assets.
Determine the non-fungible token marketplace to use
Now that you’ve created an account with a crypto exchange and have your wallet, the next step is to choose an NFT platform. Some of the platforms to consider include:
- Nifty Gateway
Before you choose an NFT marketplace, you may want to consider the fees the platform charges and the kind of NFT it supports.
Link your wallet
Once you’ve your NFT marketplace, you need to connect it to your wallet. You’ll be prompted to connect your marketplace through a QR code scanner in most cases. Alternatively, you can download your crypto storage app on your computer. Once you link your wallet, you proceed to create your profile. Here, you need to explain your background and share links to your platform and social media channels. You also need to state the type of cryptocurrencies you accept when buyers purchase your NFTs.
Develop your non-fungible token
On the homepage of your marketplace, you will find a ‘Mint NFT’ button. Upon clicking the button, you’ll be prompted to connect your virtual asset, name it, and provide a brief explanation to guide potential buyers. Furthermore, you’re required to specify the amount you would like to earn in royalties once your NFT is traded.
The final stage entails paying a settlement fee. So, you need to have a sufficient amount in your crypto storage app before transacting. However, if the gas fee is unaffordable, you can engage in lazy minting. In lazy minting, the minting procedure happens when a collector buys the NFT. The collector shoulders the minting expense.
Things to keep in mind before minting an NFT
Here are the things to consider before you start minting an NFT:
1. Blockchain network
There are multiple blockchain networks where you can mint your NFT. But each platform has its pros and cons. So, it’s essential to understand the NFT blockchain platform you want to choose. Here are some networks to consider:
- Binance Smart Chain
2. NFT marketplace Features
The marketplace you choose should have helpful features for minting and trading NFTs. You should also ensure that the marketplace facilitates prompt NFT transfer and sales across various platforms.
3. Consider the minting cost.
Minting NFTs attract gas fees. So, it’s essential to think about the minting cost you’ll incur. A cheaper option is to mint non-fungible tokens on an individual level, which some marketplaces offer free. However, in most cases, you’ll incur a gas fee when minting an NFT.
4. Efforts needed
Transacting in NFTs can be pretty straightforward. However, the NFT business has its fair share of risks. You can only be on the safe side if you keep analyzing trends in the market. Also, one needs to study some successful NFT projects to discover how they approach the market.
Besides knowing how to mint an NFT, you also need to understand how to market your offerings. If you lack promotion skills, you need to hire a marketing agency that can help you promote your collectibles.
5. Market research
Market research is an essential factor you need to consider before you Mint NFT. The market has a significant role in determining your success or otherwise. So, it’s vital to have in-depth knowledge about the needs of your market/audience.
6. Minting NFT doesn’t guarantee you success.
Minting an NFT is an exciting accomplishment. However, one should understand that there is much to undertake to make money from their creations. Minting an NFT you want people to buy requires strategy, persistence, and steadiness.
You need to consider the value that your NFT offers to your audience. The value of your NFT can be in the form of a tangible item, a solution, or some benefit.
Furthermore, it would help if you created a community that believes in your offerings. Such a community can help in creating buzz around your NFTs. And this helps to spread the word about your product.
7. Minting NFTs might not be eco-friendly.
Currently, NFT minting takes place on the Ethereum network. Ethereum layer 1 is notorious for energy consumption, leading to carbon emissions. Luckily, layer 2 solutions like Polygon can minimize environmental degradation.
Furthermore, many users are now using eco-friendly networks like Solana and Tezos that consume minimal energy.
The process you follow to Mint NFT can be simple. However, you need to consider various factors if you intend to Mint NFT. Here, we’ve delved into mint nft meaning and multiple things to consider before minting your NFTs.