Minting an NFT
When Beeple’s digital artwork Everydays: The First 5000 Days sold for 69 million USD it had a seismic effect on the art world — for investors and creators alike. For investors, it was a chance to get in on the next big thing, while digital artists were suddenly empowered to value digital assets on a whole new level. Suddenly they were elevated into the same price brackets as the world’s most famous fine artists.
And it’s all thanks to NFTs and the blockchain technology that supports it. But how do you create an NFT? The answer lies in a process called minting.
What is the Meaning of Minting an NFT?
A Non-Fungible Token (NFT) is a digital file that has been transformed into a digital asset and is then stored on the relevant blockchain through a process called ‘minting’.
The term ‘minting’ traditionally comes from fiat currency. Physical coins are minted using a specific precious metal concentration, thereby storing the asset’s value in a tangible way. The process has been used for centuries and still continues today.
In the case of NFTs, the term ‘minting’ essentially means ‘store on the blockchain’. When an NFT is created and stored on a blockchain, like Ethereum, it serves as proof of ownership for the specific item. These items can constitute any number of things, from digital artworks, to collectables, to dope weapons that you can use in your favourite game.
Who is Minting For?
Minting is primarily for artists and creators who want to transform their work into digital assets, i.e NFTs. Selling digital art might not be a new endeavour, but NFTs give creators the ability to guarantee that they gain recognition for their original creations.
NFTs are not only minted by their creators. Investors or collectors can also be enabled to mint an NFT from a collection. They pay a mint price, which goes straight to the creators or project managers. The minting process is becoming a new method of seed funding.
How Do You Mint an NFT?
Minting an NFT requires access to your choice of blockchain as well as an NFT marketplace. When you mint an NFT you are essentially publishing your token on the blockchain and making it available to purchase.
Some of the most popular online marketplaces include OpenSea, Rarible, Zora, and, of course, Momint. While minting and selling on each platform is different, there are a few essential steps you’ll need to take regardless of which marketplace you decide to use.
1. Create a Unique Digital Asset
You’ll need a few things before you go about minting your NFT. The first thing on that list? Create something original to mint (emphasis on ‘original’, plagiarism is not cool!).
There are lots of tools out there that can help you flex your creative muscles. If you’re a photoshop whiz you could use the opportunity to create a unique artwork that speaks to your interests. Alternatively, you could scroll through your photo library and choose a striking image that you like. It’s much quicker to do, plus it’s accessible to anyone with a camera!
2. Choose Your Marketplace
In the overwhelming majority of instances, you’ll need to pay to have your NFT minted. These minting and gas fees cover the costs of putting your NFT onto the blockchain. However, there are some instances where you can postpone these costs. On Opensea you now have the option of lazy minting where creators can delay paying gas and minting fees until after an NFT is sold.
Most marketplaces will require that you pay your minting costs with a specific cryptocurrency. Ethereum is a common choice since it has one of the most established user bases for NFTs and is compatible with prominent marketplaces like Opensea and Rarible.
Some marketplaces, such as Momint, make use of blockchains that have very low minting costs and in some cases, zero minting costs. This makes the process of launching art/work very accessible.
3. Choose and Set Up Your Digital Wallet
When you mint an NFT you’ll need a blockchain wallet (also known as a crypto wallet) where you can store your funds. A crypto wallet allows users to connect to both their crypto network and their account.
There are a few things to consider when you choose your blockchain wallet. First, you’ll need access to the internet, for utilising a hot wallet.
The second requirement is that you obtain a non-custodial wallet like MetaMask since it ensures that you have full control over your funds. With a non-custodial wallet, there is no third-party involvement and you own the private keys to your assets.
A custodial wallet is typically the type of storage device that might be assigned to you by a crypto exchange. While they’re very convenient, they don’t allow you to have control over your private keys. Instead, a third party looks after and stores your information.
4. Upload your Assets and Start an NFT collection
Each marketplace is different and will therefore have varying instructions on exactly how to create an NFT. But there are some general similarities.
Pick the artwork you’d like to mint and provide necessary details about the collection (like a name and description). Once you’ve done this you’ll complete the minting process by adding the new asset to your first collection!
What Comes After You’ve Minted Your NFTs
Now that you’ve minted your NFT, you can go about listing, marketing and selling them. When you list your NFT you’ll be presented with the option to categorise it as ‘for sale’ on the marketplace. Bear in mind that while you can transfer and sell your NFTs on other marketplaces, it is likely to incur extra costs and fees.
When you decide to list your NFTs you’ll need to provide some details on the transaction like the price, auction time limit, and the cryptocurrency you would like to be paid in. It’s at this point that the marketplace is likely to calculate the gas fees that pay for the process of recording a transaction.
Once you’ve completed the listing, your NFT becomes available for purchase on the marketplace. Now is the time to start promoting your work to potential buyers, either through your website or social media. Momint’s marketplace is unique in that it has a built-in social media element where you can follow and support fellow creators while gaining exposure in the process!
The world of crypto, minting and NFTs may seem intimidating, but it’s more user friendly than you’d think. If you’re keen to explore the world of NFTs and create your first digital asset, then Momint is a great place to start. Our process is intuitive, easy to follow, and there’s no need to pay any upfront fees.
While minting differs on each platform these steps should give you a good idea of what the process will be like, regardless of the marketplace you choose. To learn more about NFTs, crypto, and blockchain check out our Resource Hub.