Blockchain technology has made it easier for the world to interact as a global village when it comes to the handling of digital assets. For example, non-fungible tokens (NFTs) allow creators to own and sell their work of art to anyone in the world in the form of digital assets. Unlike cryptocurrencies, which are interchangeable, NFTs have a unique identifier that cannot be copied.
KEY TAKEAWAYS:
- Non-fungible tokens allow creators to own and sell their works of art to anyone in the world to maximize profit.
- Minitin is the process of converting a digital file into an NFT.
- Some steps to mint a non-fungible token include choosing a blockchain, setting up a digital wallet, creating digital assets, and listing your assets for sale.
- Minting non-fungible tokens is potentially rewarding because the market is poised for impressive growth.
If you are an artist, musician, or creative, and you’re curious as to how you can leverage NFTs to protect your creativity, then you’re in the right place. This article is a step-by-step guide on how to mint NFTs. Keep reading to learn how to transform your hard work into non-fungible tokens to maximize your profit.
Practical Steps To Mint NFTs
Minting is the process of turning a digital file, be it a piece of music, video, or artwork, into a one-of-a-kind digital asset. It is done by officially recording your file on a blockchain. That way, you can easily keep track of the ownership of your creative work. Due to its unique identifier, a non-fungible token is owned by one person at a time and cannot be copied.
Below is a step-by-step guide on how to navigate the process easily:
Choose a Blockchain
To start minting, you need to select a blockchain that supports NFT creation. A blockchain is a decentralized and immutable ledger where transactions are recorded across a network of computers. You have to make an informed pick because your non-fungible token becomes a permanent part of the blockchain on which it is minted.
Some popular blockchains that support NTFs include:
- Ethereum: Although it comes with high gas fees, it is the most popular blockchain for minting because of its robust ecosystem.
- Binance Smart Chain (BSC): It’s a cost-effective but less decentralized minting platform.
- Flow: It is designed primarily for non-fungible tokens.
- Polygon (Matic): A Layer 2 blockchain built on Ethereum, which offers lower fees and faster transactions.
- Tezos: A minting blockchain with lower fees, which uses the energy-efficient proof-of-stake (PoS) mechanism.
Set Up a Digital Wallet
You need a digital wallet to store your cryptocurrencies and non-fungible tokens while using a blockchain application. When setting it up, you should securely record your seed phrase so you don’t lose access to your wallet. Your seed phrase is a series of words that help you recover your wallet. The following wallets will serve you well:
- Metamask: This is a common Ethereum wallet that is compatible with BSC and Matic.
- Trust wallet: A mobile wallet that supports almost every blockchain.
- Coinbase wallet: An intuitive wallet that is connected to Coinbase exchange and supports non-fungible tokens and cryptocurrencies.
Buy Cryptocurrency
When minting NFT, you’ll need to pay for gas fees using cryptocurrencies. The type you’ll buy depends on the blockchain you’re on. For example, you’ll need Ether (ETH) if you’re minting on Ethereum. You can also buy cryptocurrency with fiat money on Coinbase, Binance, and Kraken. After purchase, transfer your crypto to your digital wallet so you can easily settle your minting fees.
Create a digital Asser
Create the asset you would like to convert to a non-fungible token by choosing a format that best represents your work. You can use Photoshop, Illustrator, or Procreate as a visual artist, while musicians can use Logic Pro or Ableton Live. Additionally, Premiere Pro or Final Cut Pro are good options for video creators
Common file formats include JPEG, PNG, GIF, MP4, and WAV. It is advisable to use high resolution to retain good quality across various platforms. Finally, ensure that your creation is original before minting it as an NFT to avoid copyright charges.
Select a Non-Fungible Token Marketplace
The next thing is to choose an NFT marketplace like OpenSea, Rarible, and Foundation to mint and sell your NFT. Feel free to check each of them for their features, prices, and community engagement to pick one that aligns with your goals.
Mint Your NFT
To mint your non-fungible token, upload your digital file to your chosen marketplace and add metadata such as titlel, description, and the properties of your NFT. Decide on the percentage you’ll receive in royalties for the third-party sale of your NFT.
Keep in mind that most markets have fixed royalties between 5% – 15%. After finishing the process, you’ll have to pay the required fees for your token to go live.
List Your NFT For Sale
Now that your NFT is minted, you have to list it for sale. You can set a fixed price for your assets to allow for immediate purchase. Alternatively, auctioning is a way to create excitement around your non-fungible token by selling it to the highest bidder. Also, explore grouping multiple items to sell as series or collections.
Promote Your NFT
Thousands of non-fungible tokens are minted daily, so you need strategic marketing to stand out. Leverage platforms like Twitter, Instagram, and TikTok to attract potential buyers to your NFT. Furthermore, explore your marketplace’s promotional tools to increase visibility. You’ll have to maintain an active online presence to build interest in your work and keep it in the spotlight.
Conclusion
While it takes a lot of time to mint a non-fungible token, the effort will be worth it if you do it right. For context, it is expected that the global market value for NFTs will reach $231.98 billion by 2030. This implies that the future of this innovation is indeed promising. So, don’t back down on that decision to mint your first token today!
