Minting NFT: How It Works?

Table of Contents

In recent years, the appearance of non-fungible tokens has turned the entire digital world upside down. The idea of gaining high profits quickly by generating and selling NFTs has successfully attracted the attention of digital producers and content creators after the online creator economy became an early adopter of crypto assets. For musicians, artists, video game developers, content producers, and other art lovers, the ability to monetize digital artworks long after the actual sale in the secondary market is something revolutionary. That’s why the current demand and popularity of the NFT industry are constantly skyrocketing, involving more and more investors, collectors, and artists.

As a result, people who want to convert their digital labor into a blockchain-based crypto-asset add another thick layer of increasingly growing fame in this field. Therefore, to survive among other art creators and become a part of the digital assets world, it’s essential to know all ins and outs of the NFT industry, including NFT creation and minting, popular marketplaces, and the trading process itself. 

So, without further ado, let’s begin.

General Understanding of NFTs

Generally, the unit of data stored on a blockchain is known as NFT. Unlike other cryptocurrencies, NFTs can’t be changed after the minting; instead, they become a unique and unchangeable asset. In simple words, even if you find two identical images with the same name and details, there is still a way to tell them apart. Just check the ledger based on the blockchain and verify each token ID, address, and image source. Due to the ownership history, you will be able to identify each NFT. 

The spectrum of the NFT world is comprehensive. It means users can create and mint non-fungible tokens in any form of digital art like videos, images, audio files, etc. 

How Does NFT Minting Work?

The process of NFT minting is all about how a digital piece of content becomes permanently engraved on the public ledger of a blockchain platform. Once minted, the information and data can no longer be modified and become tamper-proof. After the process is complete, you can already trade and purchase the created underlying digital content, the same NFT in the market. Furthermore, every transaction associated with the NFT is digitally tracked and is available for public access.

If simply put, while minting an NFT, you create the initial entry for a blockchain-based asset. This entry is the immutable proof of ownership, which later on you can sell or transfer to someone else.

Factors To Consider Before Minting NFTs

At first glance, the process of NFTs minting can seem easy. However, it’s not as simple as it looks. You need to understand and consider multiple factors and things before starting. Moreover, a fundamental knowledge of NFTs can offer a trustworthy impression of how to approach their representation and production. 

Below let’s review some of the most common factors you need to pay attention to before the minting process of your own NFT.

Blockchain Platform

When an artist or digital entrepreneur wants to create their first NFT collection or mint their first NFT, the most common question he would ask will probably be; Where should I start? Choosing a suitable blockchain is the main thing to do before anything else. There are multiple blockchains available in the market that back NFTs token standards. It’s recommended to choose from the platforms supporting Interplanetary File System, as it enables you to save the digital file in a distributed system.

The most popular and reliable options to choose from are:

  • Polkadot 
  • Ethereum 
  • Tezos
  • Binance Smart Chain
  • WAX
  • Cosmos

The NFT Ecosystem

Since you have already chosen the blockchain where you want to mint NFTs, it’s time better to understand the features and characteristics of the NFT Ecosystem. The most important thing worth paying attention to is the ability of your chosen blockchain platform to handle NFT sales and transfers across multiple blockchains. It’s an essential factor that will help you buy and sell NFTs quickly and efficiently. 

Affordability of The Platform

Finding an affordable platform is one of the primary concerns of every NFT minter. As you know, blockchain platforms charge fees from users for completing the transactions. The costs and prices vary from one platform to another and depend mainly on the current demand and popularity of the network.

Currently, Ethereum and Binance Smart Chain are the most demanded blockchain systems for minting NFTs that, alongside other features, offer additional visibility to buyers.

NFT Marketplaces

The final and most crucial factor worth considering is selecting an NFT Marketplace. Here the available options and choices for developers are endless. The most famous examples of NFTs marketplaces are OpenSea, Mintable, and Rarible. 

How to Mint an NFT?

To mint an NFT, you need to follow several steps and stages, including the choice of platforms, digital wallets, and marketplaces. Below let’s review the whole process with the help of step-by-step instructions.

#1 Create Your Unique Digital Asset

What’s the most core component you need, if not the piece of content you want to mint? First, think of the form and type of artwork you want to create. It can be anything from simple digital art to particular in-game items. 

If you want to keep it simple and hold to the digital artwork, you may need to translate the content into data that stays on the blockchain. Therefore, instead of the actual artwork, it’s the metadata representing the work stored on the blockchain.

#2 Buy Cryptocurrency

You will need tokens and cryptos while creating NFTs or making any transactions on the blockchain platform. Depending on the choice of blockchain, the options of wallet providers and marketplaces available will also narrow down, as most are not interchangeable. 

Each platform has its native token and crypto. For example, the Ethereum blockchain uses Ether for all procedures and transactions.

So, if you have chosen the Ethereum blockchain, you will need to store some ETH tokens in your wallet.

#3 Deposit Funds Into Your Cryptocurrency Wallet

In most cases, you will need a non-custodial wallet to manage the digital wallet yourself. On the contrary, you don’t have this capacity in the case of a hot crypto wallet. 

After you choose a suitable crypto wallet, deposit some tokens into it so that later you can use them for buying and selling NFTs or any other transaction.

#4 Choose an NFT Marketplace

As we have already mentioned, there are various NFT marketplaces. Carefully check and research several options and choose the one that best fits your needs, interests, and budget.

Depending on the selected marketplace, the charges will be different. Some of the costs include listing an NFT for auctions, setting up the account for listing, etc. 

#5 Add Your Digital Assets To The Marketplace

Although the marketplaces can vary, the core process of adding digital artwork is always the same. It covers uploading the artwork, filling in the metadata ( description, title ), and minting the NFT yourself or having it minted through purchase, also known as “lazy minting.”

#6 List The NFT For Sale

Once you finish creating your own NFT, it’s time to decide the terms of smart contract details, including conditions, agreements, or extra perks.

After it’s done, you can already list your NFTs for sale and distribute them to your followers.

FAQ Section

Can I mint NFT for free?

Though NFT minting is often related to high prices or fees, it is also possible to create or mint NFTs for free if you choose the right platform. For example, you can try Polygon blockchain, as it is one of the best options that allow users to create NFTs without paying gas fees.

Why are NFT gas fees so high?

The transaction fees and prices of NFT minting mainly peak because of the current price of ETH and demand on the network, as users compete for adding their transactions to the block due to the periods of high demand.
So if you are in a hurry to get your transaction done, you may need to pay higher fees.

Is it worth minting an NFT?

Sometimes, minting an NFT doesn’t mean you will surely sell it. You can even lose money, in case you are not careful enough.
However, if you have a plan, consistency, and patience, you can get high profits from selling your own NFTs. 

What is an NFT whitelist?

A whitelist is a list of users who get early access to mint an NFT at a specific date and time. Whitelists can give you a lot of advantages like avoiding gas wars, getting NFTs at comparatively low prices, and having guaranteed access to mint.

Where to buy NFT music?

Here are the most popular non-fungible token marketplaces designed especially for music lovers. 
1. Binance
2. Rarible
3. Crypto.com
4. Royal
5. OpenSea
You can look through them, get acquainted with their features and fees, and choose the best one that suits your interests.