Minting NFTs: What You Need To Know

June 7, 2022
What does it mean to mint an NFT? - Fortress Blockchain

Minting NFTs: What You Need To Know

In the world of art, a new opportunity is arising: digital art and its changing of the landscape of the typical outlines of the art world. Rather than selling a physical work, typical copyright laws, and auction houses, Non-Fungible Tokens (NFTs) present unique chances to buy and sell artworks directly from the artist. But how does one make an NFT, let alone sell one?

 

NFT: What Is It?

NFT stands for “non-fungible token”, and these are digital assets that possess unique properties. It can be in the form of a game, photo, drawings, or even music. This asset is then “minted” and stored in the blockchain which guarantees its complete protection. With everything being easily duplicated (like taking a screenshot), NFTs come with proof of ownership over the asset through the blockchain. 

 

What Does Minting An NFT Mean?

Minting takes place when the digital asset is published on the blockchain. Once the NFT is on the blockchain, you can then send, share, or make it available for sale on your preferred platform or marketplace. 

 

A Step-By-Step Procedure On Minting NFTs

Minting NFTs can be intimidating, especially if it’s your first time, but here’s how the process essentially goes:

1. Choose Your Blockchain and Purchase Cryptocurrency

To be able to create and sell your NFT, it’s necessary to have some cryptocurrency on hand. The most popular blockchains for NFTs are Ethereum, Polygon, Solana and BNB Chain (Binance smart chain). NFTs use the blockchains native cryptocurrency to execute transactions or mint your NFTs. In order to purchase cryptocurrency, you have to create an account on a cryptocurrency exchange platform. 

The second step is acquiring a secure crypto wallet. There are two kinds of wallets for cryptocurrency–cold wallets and hot wallets. Cold wallets aren’t connected to the internet which can bring convenience issues whereas hot wallets are connected to the internet which can be prone to vulnerability to online threats.

2. Figure Out The Best NFT Marketplace For You

Due to the rising popularity of NFTs, there is a variety of NFT marketplaces to choose from:

  • SuperRare
  • OpenSea
  • Rarible
  • Axie Marketplace
  • Nifty Gateway
  • NFT ShowRoom
  • Binance NFT Marketplace
  • Gemini

Take note that not all marketplaces are created equally. The best NFT marketplace for you will depend on the requirements and aesthetics of your NFTs. You should also consider any fees involved and if the NFT platform is difficult to use.

3. Connect Your Wallet To Your NFT Platform

Once you’ve decided on the platform that you’ll be using, it’s time to connect your chosen wallet to it. Then, after connecting your wallet you should be able to make your profile. The key to making an attractive profile is to share stuff about yourself, include links to your social media accounts, and input which cryptocurrencies you accept as payment. Nobody will stick around a profile that’s unorganized and unappealing, so keep it simple and consistent to your aesthetic.

4. It’s Time To Produce Your NFT

Now you can start creating and minting your NFTs! What you should do is visit the homepage of the NFT marketplace and there should be a button that allows you to create your NFT. Click the button and you will see a prompt that tells you to upload your digital asset and include a name and description for it. It’s worth noting to specify the percentage of royalties you’ll receive once your NFT gets sold. The last step is to pay the transaction fee, which is also called a “gas fee”.

Ensure you have a decent amount of crypto before proceeding with any transaction.

 

The Cost Behind Minting An NFT

Everyone wants to know the logistics of minting an NFT and that will depend on a number of factors–which platform it was published on, the rarity of the asset, and when it’s chosen to be minted. There are instances wherein the artist behind the NFT isn’t required to pay a “gas fee”, this typically occurs in a marketplace that uses the lazy minting process. This process is when the NFT is outside the blockchain and only gets minted once the NFT has been purchased.

Another thing to consider is that cryptocurrency as a whole is volatile which makes it trickier to predict the true cost of the minting process. It is recommended to execute your mint later in the evening when the networks aren’t too congested with transactions.

 

Read This If You Plan On Minting NFTs

Before you enter the process of minting NFTs, make sure that you have researched thoroughly and have a complete understanding of how it works. You should also be aware of any potential risks that can occur during the process. Keep yourself updated with the latest trends to determine which kinds of NFTs show signs of longevity. And lastly, take a moment to reflect if creating an NFT is actually for you and whether it aligns with your strategy and goals.

 

Use Fortress Wallet To Secure Your Digital Assets

Fortress.app allows you to easily collect NFTs, hold crypto, and interact with blockchain applications safely and stress-free! Utilizing multi-layer security, Fortress secures your private keys for you, enabling a safe and straightforward login and recoverable password account to easily collect NFTs, hold crypto, and interact with blockchain applications. Our cross-chain technology is the best way to collect, organize, and manage NFTs across your favorite blockchains. See how Fortress can help you secure your wallet.

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