NFTs or non-fungible tokens are all the rage today. To people, it seems like a déjà vu to the early days of the internet. It was when all predictions and capital poured about, into consumer internet companies. As a result, the Dot-com bubble that we all know about today. Likewise, the story highlights the perils of over estimating the utopian vision of technology. The reality is always somewhere in the middle, and most predictions are long term in nature.
But, with that said, we must remember that NFTs and blockchain technologies are tools. It is up to us to build products and services that will grow and compete with the giants of today. NFTs and blockchain technology will shape all industries and market sectors. This has started and will take place over the coming decades. Hence, to begin, all you need to do is learn as much as possible about minting NFTs by surfing NFT marketplaces. Today’s post is a brief guide for you to understand how to mint NFTs in NFT marketplaces.
What does it mean to mint NFT?
Minting NFTs generally means two things. First, it could be storing the collection on blockchain for the first time. Or Minting NFTs means the buying that takes place during the presale. That’s exclusive for the people who get to be a part of the NFT project’s dedicated ‘whitelist’. In the latter case, its about helping the project build an interactive community. For instance, other ways to help the project. In the former case, it is about empowering a smart contract with details like sales royalties.
Either way, the fact of the matter boils down to the blockchain and its ability to track ownership. NFTs are the individual objects and components of this. Minting NFTs represents the first step before the public sale. This is when the item is open for secondary markets to enable trading. But, you need to make it to the whitelist.
What are NFT Marketplaces?
Minting NFTs can take place from the project’s website. This is because your wallet address is clear for the ‘first’ mint from the project for a fixed cost. A project with a good community will have a lot of demand traction post the first mint. This is a major draw for users who want to make it to the whitelist. Most future collectors of NFT art and other forms start out as art enthusiasts. Which means they’re more interested in the network and status rather than monetary value. NFT marketplaces play an important role in this regard.
NFT marketplaces serve to connect NFT buyers with sellers on a global scale, implying on a 24/7 basis. They charge a commission fee for each trade in a majority of cases, if they get made centralized. But, decentralized NFT marketplaces use smart contracts. The community helps to make the process of buying and selling NFTs smooth and efficient. It is up to you to decide which service you want to use. On the flip side, do remember that the NFT market is not as liquid like cryptocurrencies. So, say you want to sell an NFT to raise money immediately. Its difficult. especially when your NFT is not that popular among the community yet for the value you are seeking for it,
How to Mint NFT from NFT Marketplaces
Minting NFTs from NFT projects, dictates that you need to make it to the whitelist. Different NFT projects have different ways of creating guidelines. May times, an individual’s engagement rate on Discord. Or someone being very effective in building a big community suffices. There are many participants all over the world working in remote communities. In many ways, this is a true global economy where boundaries no longer matter. That’s the vision blockchain makes happen. NFTs can take over the world once real-world objects come to the blockchain. This will need acceptance from the government. Expect goverments to build blockchain projects soon.
Minting NFTs on NFT marketplaces entails that you want to mint NFTs from your own account. You can sell them or display them for visitors to your NFT store. NFT marketplaces have a feature for people to mint NFTs within minutes of making the artwork.
This feature is popular. The largest NFT marketplace of the world hosts thousands of plagiarized artworks. Because scammers could mint NFTs out of any art without telling the original owners about it. This problem is being addressed by building better identification systems for artists. And also creating an interoperable infrastructure for minting NFTs.
Let’s find how to mint NFTs from NFT marketplaces with five easy steps:
Make a Cryptocurrency Wallet
Cryptocurrencies represent the earliest use cases of the blockchain. This is because of the popularity of the Bitcoin network. Currency gets minted by software. Rather than a human driven central bank backed by a nation-state. But, let us remember that behind a blockchain lies human written code. This is a set of rules that any network can get designed to follow. That too without any change. But, unless there is consensus between a certain set of human driven machines.
Minting NFTs occupies a share of a network to register that user A has interacted with user B in so and so manner. This builds in payments as a way to incentivize the growth of the network. Ethereum is the most popular blockchain. MetaMask is the most popular cryptocurrency wallet as per number of accounts. So make sure you make an account on MetaMask as most of the decentralized applications also work with it. But, you can explore other wallets as well. They are compatible on other blockchains apart from Ethereum as well.
Choose an NFT marketplace
Minting NFTs is like minting a physical coin. It can also refer to converting a digital file into a blockchain based NFT. as a result, NFT marketplaces permit people to convert any digital file into NFTs. Some like NFTically allow people to create and launch their own NFT marketplaces. Collectors can collectors like yourself can display and sell NFT art for profit. NFT marketplaces are global in their scope.
Apart from NFTically, check out NFT marketplaces like Foundation, MakersPlace and Mintable. They offer services like minting NFTs and listing them for sale via the blockchain. Each NFT marketplace will ask to connect to your cryptocurrency wallet. You can set royalty payments for secondary sales, credited to your wallet automatically.
Find the Best Communities
Every NFT project has three things going for it.
- Utility: Think author Mark Manson minting NFTs to include free courses and writing sessions. Or media entrepreneur Gary Vaynerchuk, minting NFTs for conferences, courses and personal sessions.
- Rarity: Minting NFTs of rare artworks have a huge value upside potential. This is because they get deemed more valuable as compared to other NFTs. For example, the rarity of certain cultural moments captured as images.
- Community Strength: Great NFT projects have great communities. Check out their conversations on social media channels. Interact with a few members about the project. It is same to find yourself at a new office or new place of home or a new school. You need to make friends in the community and find your group.
Minting NFTs is a boon for millions of creators all over the world. As a result, the worldwide NFT market is only set to increase from here onwards. Hence, its better to upgrade and learn the tools required to make it big in this new blockchain world.
NFTically is a venture that helps brands, artists and enterprises to create and launch their own NFT marketplaces.
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