- What does Minting of your NFT mean?
- How to assess the value and worth of NFTs
- How to Mint NFTs (Step by Step Guide)
- How long does it take to Mint NFTs
- How much does it cost to Mint NFTs
- How to create an NFT & Sell it
The crypto space has been making headlines with its new extension, NFTs or Non-Fungible Tokens! These unique assets have burst onto the scene quite spectacularly in 2021 and are enamoring investors all over the world. NFTs represent physical items such as any artwork, music art, digital characters, and even virtual space in its digital form. Not only that, but NFTs also provide indomitable proof of ownership, exclusive rights, and a fool-proof licensing mechanism to its creators and buyers. It is because of these traits, NFTs have the potential to upend the auction house industry!
For entrepreneurs and artists, learning how to mint NFTs can be the gateway to monetizing their digital content at market-beating prices. Within the NFT realm, content creators can auction their artworks themselves and still cater to a global audience.
What does Minting of your NFT mean?
In simple words, minting NFTs means once you are done with creating your NFT, you can now publish them on various NFT marketplaces.
The first step to mint NFTs involves narrowing down on the NFT marketplace and uploading the content to be minted into an NFT. Minting is the process by which the uploaded content is converted into a crypto collectible on a blockchain protocol which can then be listed for sale.
Before listing, it is imperative to link one’s crypto wallet with the marketplace of choice and then upload the NFT for sale as either a one-off purchase or with the option to earn royalties on future transactions. One-off NFTs tend to command a larger price due to the exclusive rights granted to the buyer while artists may choose the latter option to secure future earnings from their minted NFTs.
Additional Read: How to assess the value and worth of NFTs
How to Mint NFTs: Step by Step Guide
Steps to minting NFTs varies on the basis of the marketplace you will choose to host your NFT in. The steps mentioned below are in some way applicable to any marketplace you will select:
- Create an account in a crypto exchange
- After joining, make sure to transfer funds and create a crypto wallet
- Send Ether(ETH) to your wallet
- Sign up on your choice to the NFT marketplace and link your wallet
- Enter your email address and user name
- Create and verify your account
- Look for the create button within the marketplace
- Upload your NFT in the supported format
- Name your NFT
- Click on create!
You’ve done it! Now all you have to do is list your NFT on the marketplace.
How long take it take to Mint NFTs
As the creation of an NFT depends specifically on the artist creating them there are no capped hours. To create your own NFT, can take several days or maybe just a few hours. Owing to the feature of all NFTs being unique, you can create one master NFT and then add different features to the same outline. For example; the CryptoPunk series, one of the most expensive NFTs sold. Like cryptos, minted NFTs can be bought or sold on specialized platforms called NFT marketplaces.
Popular platforms include OpenSea, Axie Marketplace, Mintable amongst others and have been witnessing increasing trade volumes on account of the rising popularity of NFTs. While a sale doesn’t necessarily involve the physical transfer of the object depicted, the buyer gets a certificate of ownership that is immutably registered on the blockchain. This certificate then resides in the buyer’s digital wallet and can be accessed via browser extensions like Metamask, which is an extension for accessing Ethereum enabled distributed applications. The process of selling an NFT is equally simple and requires the seller to list it back on the same or different NFT marketplace till a buyer matches the ask price set.
Watch our video on What is a Metamask Wallet and How to set it up!
How much does it cost to mint NFTs
The cost of minting an NFT includes the incurring of transaction or ‘gas’ fees. This depends on the Blockchain protocol that has been used and can vary from a fraction of a dollar to a hefty amount. Adding to that there are commissions that are due to the NFT marketplaces; such as OpenSea; which charges a 2.5% service fee on all sales along with a 10% royalty fee payable to the original creator of the NFT. Despite these commercial costs involved, NFTs have witnessed a meteoric rise in prices for popular NFTs, and hordes of investors continue to invest money into this nascent market. Considering the immense scope of applications and the expansion of the metaverse as we know it today, the odds are in favor of NFTs ruling the digital world in the future.
Additional Read: How to buy NFTs
How to Sell your NFTs?
NFTs penetration in the ever-evolving crypto space has opened numerous options for artists and digital creators. To take a step forward after the creation of your NFT would be to sell your artwork.
- Segregate the target audience; art, music, architecture, etc.
- Set up a wallet with some crypto assets.
- Connect your wallet to the NFT platform you will be using to host your NFT.
- Upload your artwork or the file with your NFT.
- Set up an auction.
- Make sure to add a description.
- List your NFT. Soon you will be asked to pay a listing fee.
Once the listing fee has been paid to the NFT marketplace, you are all set to sell your NFT!
Read more about How to create an NFT & Sell it on CoinDCX Blog.
Written by: Minal Thukral – Head of Growth and Strategy at CoinDCX
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