NFT Minting: How to Make NFTs?
Do you have an attractive piece of art that you want to sell as NFT? Have you created a song and wanted to prove the ownership of it by making music NFT? Did you just buy the property and want to make an NFT out of the papers but don’t know how to do it? Don’t worry as we have got you covered! In this article, we are going to explain everything that you need to know about how to make NFTs. Also, if you are wondering whether you should or you should not do NFT minting of your data, we have answered a few questions regarding that as well.
What is NFT Minting?
NFT minting refers to the process of converting physical or digital data into unique tokens and storing them over a blockchain. The data is then available as NFTs over the blockchain and can not be edited. In case the owner needs to make any changes in the NFT, they can only do so by deleting the NFT from the blockchain and minting the edited version all over again. This is because the smart contracts that allow the minting and transfer of NFTs from one owner to another, can not be edited and only be deleted from the blockchain.
This is what makes NFTs a revolutionary concept in the world of blockchains and ownership. In a world where copying an exclusive work is a matter of a few seconds and taps here and there, NFTs offer a very unique solution to the real creators to retain and prove the ownership of their work. In addition to this, non-fungible tokens eliminate the need for third parties to facilitate the execution of contracts, making the process much easier and less time-consuming.
NFT Minting: How to make an NFT?
Minting an NFT is easy but involves a five-step procedure. Let’s understand each of these steps in detail so that you can mint your first NFT without any hassle.
1. Create an account on a crypto exchange
The first step is to create an account on one of the many crypto exchanges in the world. A crypto exchange is an online platform that lets you to buy, sell, and trade cryptocurrency with the help of fiat money. Some exchanges offer you an in-house wallet where your assets are stored safely. In case they do not provide a wallet, you have to create one. We will discuss this in the next step.
Creating an account on a crypto exchange is very simple. All you have to do is sign up with your email address and sometimes, your phone number. Secondly, you may be required to complete a very basic identity verification process after which you can limitlessly buy and sell cryptocurrencies on the platform.
2. Create a crypto wallet and fund your wallet
The next step is to create a crypto wallet. As mentioned above, some crypto exchanges provide an in-built wallet where you can store your crypto assets. However, it is never safe to store your assets in a single wallet and that too, an online wallet. This is because your assets are 24X7 exposed online and prone to attacks. Therefore, you should always store your assets in a cold wallet like a hardware wallet where you can just plug in your wallet to a computer whenever you want to make a payment from your wallet.
So, you should create a crypto wallet where you will store your cryptocurrencies, mainly Ethereum for facilitating NFT transactions. You can also use a web-based wallet like a Metamask wallet which can be easily connected to the marketplace as will be needed in the following steps.
Thirdly, you will need to fund your wallet with Ether. Since most of the NFT marketplaces accept Ether as the payment for minting fee, buying and selling of NFTs and most NFTs are minted on the Ethereum blockchain, you need enough Ether in your wallet. You can send money from the exchange to your wallet by entering your wallet address.
3. Choose an NFT marketplace for NFT Minting
Now there are hundreds of marketplaces that claim to offer NFT minting and trading facilities. However, you should not just pick any of these to mint your valuable data as NFTs. Carefully, choose one of the marketplaces for minting your NFT, considering their minting fee, the community of buyers and sellers that they have, the ease of minting, their popularity, and so on. This ensures that you have enough buyers for your NFT and helps you to get the best prices, in case you decide on auctioning your NFTs.
4. Connect your crypto wallet to the marketplace
The next step is to connect your crypto wallet to the marketplace. Each marketplace has its own way of connecting to the wallet. However, most of them require you to enter your wallet address in the marketplace. You may also need to approve the connection from your wallet. It should be noted here that the connected wallet is used for paying the gas fee for minting the NFT on the platform.
5. Create your NFT and Approve the Transaction
Once you have connected your wallet to the NFT marketplace, you can go ahead and create your first NFT. Each NFT marketplace has its own way of minting NFTs. Mostly, you will need to click the Create NFT button and upload the NFT data in the required format. For example, if you are creating an NFT of digital art, you may need to upload the art in JPEG or PNG format only. Similarly, if you are creating a video NFT, you may be required to upload the file in MP4. Follow the successive steps to mint your NFT.
Lastly, you will need to pay a gas fee or minting fee to make your NFT live for sale on the marketplace. To do this, you will need to approve the transaction from your Metamask wallet or the wallet that you have connected to the marketplace. Once done, your NFT will be up for sale and buyers will be able to see it.
Is it Worth Minting an NFT?
It is definitely worth minting an NFT in all the cases, whether you want to prove the ownership of your work, sell your work online, or preserve some important information for all your life. In all the situations, minting an NFT is totally worth it. However, if you are minting your NFT for the purpose of earning money, it requires a lot of planning, patience, and promotion of your NFT in the community and on social media. It is because if you are selling something that no one wants to buy or something that lacks any practical use or uniqueness, you may spend a hard time finding buyers for your NFT.
Can You Make Money Minting NFT?
Yes, you can make money by minting NFT. it is because once you own an NFT, there are several ways of earning active as well as passive income from your owned NFTs. For example, if you have an art NFT and you wish to earn from it, there are several ways of doing it. For an instance, you can either sell your NFTs with or without copyrights. Else, you can stake NFTs or flip them to earn some passive income.
Is Minting an NFT Same as Buying?
No, minting an NFT is not the same as buying. In fact, there are quite different from each other. While minting refers to the creation of a brand-new token that can be sold, bought, or traded to earn money, buying needs an existing item that is up for sale.
Does Minting an NFT Cost Money?
Yes, minting an NFT may cost some money. However, there are free alternatives in the market as well. NFT minting requires the use of blockchain, usually Ethereum blockchain, that charges some fee for its services. The costs of minting an NFT may range from $1 to $1,000. The gas fee or the minting fee varies depending upon the blockchain, and the crowd of people minting their NFTs on the blockchain.
As you must have noticed, the costs of minting NFTs are considerably higher at the time of launch as compared to the pre-launch. This is because, at the launch of the NFT collection, more people are trying to mint their NFTs on the blockchain. This creates a gas war on the blockchain leading to sky-rocketing gas fees. This is why people prefer getting whitelisting for the NFTs so that they can mint their NFTs on the blockchain at a lower gas fee.
We hope that you now are completely aware of how to make NFTs and all the aspects of NFT minting. However, while minting NFTs, one must always consider the data they are going to turn into the NFT, the marketplace they are using, and the blockchain where the NFT will be stored. You can also consider buying an NFT wallet in case your current wallet doesn’t support NFT storage. So what are you waiting for? Mint your NFT now and start earning money from it!