How To Mint An NFT
WHAT DOES "MINTING" MEANS?
So, your piece of art is ready to be immortalized in the blockchain.
What to do? You need to "mint it".
To "mint" is to tokenize a piece of information, usually art in the case of NFTs.
Think of it as registering your art in the trademark offices, so there's a registration of who did the NFT art, when, and how to track it.
As soon as the piece’s characteristics get registered on the selected chain (we explain it better on the NFT Marketplaces section), they can’t be erased or modified. That fact opens up a world of possibilities. The whole NFTs’ value proposition rests on that fact.
What to do? You need to "mint it".
To "mint" is to tokenize a piece of information, usually art in the case of NFTs.
Think of it as registering your art in the trademark offices, so there's a registration of who did the NFT art, when, and how to track it.
As soon as the piece’s characteristics get registered on the selected chain (we explain it better on the NFT Marketplaces section), they can’t be erased or modified. That fact opens up a world of possibilities. The whole NFTs’ value proposition rests on that fact.
HOW MUCH DO I HAVE TO PAY TO "MINT" MY ARTWORK?
HOW MUCH DO I HAVE TO PAY TO "MINT" MY ARTWORK?
Don’t discount that the NFT game, is a pay-to-play game. That means that the artist has to cover the minting cost upfront. And, of course, not all NFTs sell. You, the artist, risk the minting fee (also called the "gas" fee), which is the price you need to pay for registering your art in the selected marketplace, and have to find a client or get found somehow, which is easier said than done.
The minting process also guarantees that the piece of art can be traded in digital form, which is crucial because registering prevents forgery thanks to the immutable characteristics of the blockchain.
It even allows artists to set a royalty fee, thus guaranteeing that they will get a cut every time someone sells the artwork. A feature that the art world needed.
Not only can the artist get passive income, but he or she also benefits from surges in popularity that used to only work in the collector’s favour.
This innovation might prove to be the NFTs’ killer unique selling proposition.
The minting process also guarantees that the piece of art can be traded in digital form, which is crucial because registering prevents forgery thanks to the immutable characteristics of the blockchain.
It even allows artists to set a royalty fee, thus guaranteeing that they will get a cut every time someone sells the artwork. A feature that the art world needed.
Not only can the artist get passive income, but he or she also benefits from surges in popularity that used to only work in the collector’s favour.
This innovation might prove to be the NFTs’ killer unique selling proposition.
TWO KEY DECISIONS TO MINT YOUR ART
TWO KEY DECISIONS TO MINT YOUR ART
Before pulling the trigger, an artist has to make two extremely important decisions.
The selection is crucial and there are no easy answers.
For example, Ethereum is the most popular blockchain for NFTs, but its extreme gas fees (cost for minting) might scare potential buyers.
On the other hand, Tezos has a dedicated and supportive artist community behind it, but clients might not be familiar with that blockchain.
The largest blockchain for NFTs are Ethereum and Binance Smart Chain.
The famous NFT collections all live on Ethereum, but this is changing.
As other chains unleash their NFT-capabilities, new blue-chip collections appear on the scene. To create and collect NFTs you need a wallet that supports NFT-holding. Each blockchain offers several wallets with these capabilities.
Each blockchain also hosts several marketplaces, each with its own characteristics, pros, and cons. OpenSea is the most famous and popular. It’s a multi-chain marketplace that works with Ethereum, Polygon, Klatyn, and Solana.
For convenience, we’ll use OpenSea for our example.
- What blockchain does he or she want to use?
- Which NFT marketplace does she or he want to sell the NFT on?
The selection is crucial and there are no easy answers.
For example, Ethereum is the most popular blockchain for NFTs, but its extreme gas fees (cost for minting) might scare potential buyers.
On the other hand, Tezos has a dedicated and supportive artist community behind it, but clients might not be familiar with that blockchain.
The largest blockchain for NFTs are Ethereum and Binance Smart Chain.
The famous NFT collections all live on Ethereum, but this is changing.
As other chains unleash their NFT-capabilities, new blue-chip collections appear on the scene. To create and collect NFTs you need a wallet that supports NFT-holding. Each blockchain offers several wallets with these capabilities.
Each blockchain also hosts several marketplaces, each with its own characteristics, pros, and cons. OpenSea is the most famous and popular. It’s a multi-chain marketplace that works with Ethereum, Polygon, Klatyn, and Solana.
For convenience, we’ll use OpenSea for our example.
STEP-BY-STEP GUIDE: HOW TO MINT AN NFT IN OPENSEA
STEP-BY-STEP GUIDE: HOW TO MINT AN NFT IN OPENSEA
This guide assumes you already have a wallet with an amount of the blockchain of choice’s native currency in it.
- On OpenSea’s upper right corner, look for “Create” and click it.
- Connect your wallet and confirm ownership.
- Go back to the “Create” menu and look for “My Collections.”
- Upload your artwork and add the name and description of each piece.
- Look for the “special traits” menu and set up the scarcity, uniqueness, etc.
- Once you have all the relevant information in there, click “Create.” Mind that the Ethereum blockchain will charge you for the mint fee right here. And there are no refunds.
- The NFT is now in your wallet’s “Collectibles” section.
- To unleash your artwork into the marketplace, click on “Edit” and set up price, desired currency, and royalty fee. To put the NFT for sale, marketplaces usually charge a separate fee. We didn’t make the rules.
- And that’s basically it. The process will slightly vary from marketplace to marketplace, but, in general, minting an NFT will be similar on every platform. Have fun making history!
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