An NFT art sold for over $69 million had the media going crazy in the second half of 2020. Since then, the volume in NFT transactions has raised a whopping $2.5 billion during the initial few months of 2021. Of course, everyone is talking about NFTs at this point, and indeed it is an exciting time to consider NFT minting of your own.
In this blog, we will go over the step-by-step procedure for minting NFTs. But first, let us just figure out what an NFT is. NFTs are non-fungible tokens that serve as original digital asset signatures.
NFTs are non-fungible tokens that are unique signatures for digital assets. They symbolize real-world objects and provide verification for authenticity. Therefore, the information stored inside them, whether it is art, music, or tweets, cannot be duplicated. As NFT minting ensures every digital asset is cryptographically encrypted with a special hash. Blockchain technology ensures every transaction of the NFT is recorded via distribution across a network of computers. As a result, one can always separate an original NFT from duplicate copies.
Why is NFT minting important?
NFTs have opened up the scope for improved control over intellectual property. Especially in the art and entertainment space. Together with verification for authenticity and the opportunity to sell digital creations to a global audience, has finally liberated artists and creators. Simultaneously, NFTs have allowed a larger group of worldwide art collectors to access digital art and collectibles. Therefore, NFT minting facilitates a future where art and entertainment are completely decentralized.
What do I need to know before I start minting NFTs?
- Blockchain System
There are various blockchain platform alternatives available for NFT minting. Popular options include:
- Binance Smart Chain
- Flow by Dapper Labs
However, the majority of the NFTs in the world including newly launched NFT projects are distributed on the Ethereum blockchain.
- NFT Landscape
To ensure the cheapest ways of NFT minting, it is important to be aware of the NFT capabilities provided by your chosen blockchain network. Firstly, make sure your provider supports transaction, sale, and transfer of NFTs in and around other blockchains as well. Hence, it is crucial to take a brief look into the advantages and disadvantages related to the blockchain platforms of your choice in regards to your NFTs.
- NFT Marketplace
Lastly, pick an NFT Marketplace. We recommend you to create your own marketplace through NFTically. The user-friendly interface makes it extremely easy for those minting NFT for the first time. It operates on a large scale and provides global exposure to creators and their digital assets. If explained simply you get to avail multiple services under a single platform, hassle-free.
The NFT Minting Process
Create your digital asset.
Your NFT journey will begin with the creator of your asset. Whatever it is that is your talent, give it your all and create a piece that speaks to you. Once you’re happy with what you’ve created, you may mint your NFT and sell it online. With the advancement in technology, software today is a dream come true for artists. Furthermore, endless choices and opportunities have been conceived in art and media, including 3-dimensional illustrations, various digital themes, rhetorical and abstract pieces, and political artworks.
It would be inspiring to know, the NFT sold for $69 million, was in fact an artwork. Created by Beeple, “Everydays: The First 5000 days” was the first digital art minted into an NFT auctioned at the reputed Christie’s auction house.
As previously mentioned, Ethereum is the most popular and common choice of the blockchain platform for any developer. Therefore, the second step in the NFT minting process is purchasing ether (ETH).
The purpose of buying ETH is to pay for the transaction costs. For instance, as a creator, you are minting your work on an NFT which will be displayed in front of a worldwide audience who will potentially buy it. But NFT minting in itself is an exhaustive process, requiring major computation power and a lot of time. Hence, it is so difficult, nearly impossible to manipulate NFTs.
Now, the security and transparency of a blockchain are carried out by solving complex mathematical problems. This calls for particular gas fees. Along with the gas fee for the transaction of the NFT. The gas fees are payable only using the approved blockchain token. In this case, ETH.
Nevertheless, the best feature of NFT minting is, even though you have to pay the initial gas fee for the minting and the trading. The next rounds of resales will provide you a commission as an artist, without charging any extra fees.
Create and Set-up your Wallet
Now that you are aware of the gas fees related to the blockchain platforms, you understand you will also have to store your purchased ETH somewhere. Hence, you will need to create a crypto wallet. A non-custodial wallet is an electronic wallet that holds your electronic currency. It comes along with unique keys. Specifically, private and public keys. The public key is a public address that is recorded during every transaction. Pretty much like an email address. However, the private key is like the password, which needs to be kept limited to people you trust only.
This wallet of yours will store the ETH you need to carry out NFT minting. To transfer the ETH amount you purchased, send it to your wallet address on the crypto exchange wallet. You can also access the money and commissions you receive from the sale of your NFTs. Later, you can transfer these funds onto an external wallet. Popular wallets include MetaMask, Binance, etc. They also have tutorials explaining how to create wallets on their respective websites.
NFT Marketplace Selection
The last step involved in your NFT minting process is selecting your NFT Marketplace and creating your NFT.
NFTically provides you with the opportunity to create your own white-label marketplace on your personal domain. It also provides you with the required assistance to increase your followers and drive more fan engagement. You can showcase your personalized marketplace on platforms like OpenSea, and Rarible. And the best part, you don’t require any existing NFT experience or knowledge. Neither you have to deal with the technical and legal hassles related to NFT minting and transaction. NFTically’s experienced team takes care of it all.
The last step after selecting your NFT Marketplace is, of course, creating your NFT. For example, if you are on NFTically’s website, all you have to do is connect your wallet, add your work, mint them, pay the minimal fee required, and boom!
That’s it. You’ve just finished your first NFT. You may also create collectibles and add them to your collection as you go.
NFTically is a trading platform for Non-Fungible Tokens. You can open your store on NFTically in a matter of minutes. NFTically provides choices for minting, selling, and purchasing. All you need to do is create a wallet, assemble your collections, add your NFTs ( images, songs, clips, etc.), and then post them up for sale.
NFTs are revolutionizing the way we think about ownership and value of digital assets, bringing together artists, collectors, gamers, and entrepreneurs alike. From virtual art collections to representing virtual lands in the Metaverse, non-fungible tokens…
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