The world of NTFs may be filled with jargon and some complexities, but people have made millions of dollars minting NFTs, making them attractive. From GaryVee making $90 million in 90 days or Beeple’s auction that earned him $69 million from what for many looked like a simple JPEG file, many people like you are wondering if they can do the same.

While some of those who made millions were talented artists and entrepreneurs with a huge social media following, the truth is that anyone can mint an NFT and make money. Since understanding the NFT space is essential and goes a few spaces beyond simply learning the meaning of terms, this guide will take you through the process of minting an NFT and everything else you need to know before you can start. 

Let’s dive into the fundamentals of how to create NFT and show you some valuable insights!

What Does It Mean To “Mint” an NFT?

To mint NFT refers to creating a unique digital asset on a blockchain and turning it into a unique verifiable crypto-collectible. The file includes anything from artwork, music, and video to virtual properties. This makes it possible to record their data permanently on a blockchain and to make it possible for anyone to own the digitized items.

By minting an NFT, you effectively tokenize the digital asset in a format that allows you to trade its ownership rights for digital content that is otherwise reproducible. Before the introduction of non-fungible-token technology, no one could effectively claim sole ownership over any digital file that people could easily copy and share as many times as they could.

Why Mint an NFT?     

So why do people bother learning how to create NFT? The reason is simple: The digital file you mint becomes a part of the blockchain, meaning no one can alter or duplicate it. If you’re a creator, this is critical because it becomes a deed of ownership and authenticity and allows you to sell or trade the non-fungible token on any NFT marketplace. 

Once you’re through with the process of NFT minting and you have your non-fungible token on a decentralized blockchain such as Ethereum, the digital file becomes a “one-of-a-kind” file that can be traced back to you as the original owner, creator, or minter as it represents ownership. You can sell it or trade it like a unique commodity. Any ownership change will also be recorded on-chain after the transaction is executed. 

Minting for creators

Minting is mainly done by artists or creators interested in transforming their work into digital assets. While trying to sell digital art may have existed before, introducing NFTs enables NFT creators to gain recognition as original creators. Other benefits include:

• Monetization and Revenue Streams: Minting transforms your art, music, or code into a verifiable token that you can sell directly to buyers or collectors and bypass agents. Thus, you keep a larger percentage of the money, including recurring revenue from royalties on future sales.
• Ownership and Authenticity: Minting establishes a permanent digital record on the blockchain, preventing counterfeiting or duplication. It provides a verifiable deed of ownership, making your NFT collection valuable and collective.
• Community Engagement and Recognition: Minting enables creators to build a community around their art pieces and connect them with fans and connectors, besides creating opportunities for fostering loyalty.
• Financial Benefits: NFTs can bring a substantial return on investment. 
• Access to a Global Market: Creators can trade NFTs in different marketplaces and reach a wider global audience than the traditional market or sales channels.

Minting for collectors

Apart from creators, investors and collectors can also mint NFTs from a collection. After paying the price, the token goes straight into their wallets. For collectors, NFT minting NFT has several benefits, including:

• Uniqueness and Scarcity: When you mint NFT, your digital asset becomes unique, and no one can copy or replicate it, so you establish scarcity.
• Proof of Ownership: Your NFT is your digital deed of ownership recorded permanently on the blockchain from where you can transfer ownership.
• Authenticity: Blockchain records are verifiable proofs of ownership guaranteeing an NFT’s authenticity.
• Tradability: Once minted, you can sell or trade your token on an NFT marketplace like any other collectible.
• Monetization and Value: As a collector, you can see the value of your NFTs appreciating over time.  

How to Create and Mint Your First NFT        

When learning to create NFT, remember essential things. First, you must create high-quality artwork that’s appealing and unique. You may want to use art software or professional apps, but you can have artwork with the best overall aesthetics.

Your next consideration is the file format and resolutions to guarantee the highest-resolution images that can attract potential buyers, be easily downloadable, or be displayed on different platforms. Also, be careful about intellectual property to avoid legal tussles.     

Having considered the most critical factors, it’s now time to look at the step by step guide on starting minting NFT:

Step 1: Set up a Crypto Wallet

Before you can mint NFT, you need a crypto wallet to store your funds and connect your chosen blockchain network and the NFT marketplace account. A hot wallet is ideal because you’ll be connecting to the internet. You also need a non-custodial wallet such as MetaMask wallet to ensure you control your funds as you keep your private key. Since there are so many NFT wallets you can choose from, the most important things to consider when selecting the appropriate one include:

• Fast and easy to set up and sign up
• Non-custodial to have complete control over your NFTs
• Dapp connectivity so you can quickly connect your wallet to an NFT marketplace
• Multi-blockchain support
• Excellent customer support

After considering the critical factors and finding a crypto wallet with NFT support, it’s time to set up and secure your wallet.

Step 2: Create NFT Collection            

• After you have successfully setting up, connect your wallet, you will click on “Create.”
• Then click on the “Mint an NFT” button.
• After this, select “Create a new collection” before minting a new NFT. 
• Once you’re directed to the page where you can create the collection for your digital token, upload the image of your logo and add your contract name.
• Select the blockchain you want to use and click the “Continue” button.

Depending on your selected blockchain, an NFT marketplace such as OpenSea or Rarible will display the estimated cost for deploying the smart contract.  The gas fees will vary depending on the network’s activity level when listing before requesting payment from your digital wallet.

Next, go to your crypto wallet App, pay the gas fees, and click to complete the deployment of your contract on the Ethereum blockchain. Ensure you have sufficient ETH in your wallet to cover the NFT smart contract deployment cost.

Step 3: Upload and Mint NFT  

The last step is to mint NFT, which involves uploading your digital artwork to your preferred NFT marketplace. You must set the NFT’s metadata, including its title, description, attributes, and cryptocurrency, for which you wish to get paid. Once you’ve paid the minting fees, your artwork becomes a one-of-a-kind token on the blockchain that you can sell or trade.

After learning what minting NFT is, you have successfully made your first one, and it’s time to begin managing your non-fungible token collection. Your next important task is connecting with other NFT enthusiasts and building a social media community. Most NFT creators and fans engage on Discord or X (formerly Twitter), where they share tips and ideas on the market. If you’re entirely new to the world of NFTs, you need to watch other NFT projects, paying attention to what they do so you can borrow some of their concepts to inspire your project.

Where to Mint Your NFT    

An NFT marketplace is a digital platform where you can buy, sell, or trade your non-fungible token conveniently. There are currently over 80 such platforms. Considering the large number, selecting the best platform can be challenging. Among the most popular ones are OpenSea, Rarible, Mintable, Crypto.com, Axie Marketplace, SuperRare, Nifty Gateway, Binance NFTs, and NBA Top Shot.

Note that there are different varieties of platforms within the NFT space for creators and collectors to manage their tokens. The most common types of marketplaces are:

• General NFT Marketplaces: These are online platforms offering an extensive selection of non-fungible tokens, from digital assets to entertainment, virtual real estate, and domain names. OpenSea and Rarible are the best examples in this category.
• Art-based NFT Marketplaces: Platforms in this category allow art creators to display their works while offering collectors a chance to sample and buy. Foundation and SuperRare are the leading examples in this category.
• Entertainment NFT Marketplaces: These platforms specialize in music, videos, and other entertainment-related NFTs, offering access to exclusive content from artists. Artists here can fully own their content and earn royalties for a lifetime.
• Sports NFT Marketplaces: These marketplaces offer physical or virtual sports-related items for sale, including video clips, memorabilia, and exclusive virtual tickets and other utility NFTs. NBA Top Shots is a leading example.
• Decentralized NFT Marketplaces: Another example of NFT platforms include decentralized or community-driven NFT marketplaces that cover a wide range of digital assets you can buy and sell. Popular examples in this variety include Mintable, Rarible, and OpenSea.
• Gaming NFT Marketplaces: Last but not least are Gaming NFT marketplaces specializing in video games and in-game items such as virtual land, skins, and characters that players can own, sell, and trade to monetize gaming assets. Decentraland and Axies Marketplace fall under this category.

The following are examples of the best NFT platforms you can mint your NFT from:                    

OpenSea‍                     

OpenSea is the pioneer and largest platform where users can buy, sell, and trade their minted digital tokens, such as NFTs and other collectibles. The platform was launched in 2017 and is popular among users for supporting different kinds of NFTs, including art, memberships, trading cards, virtual worlds, music, and photography. OpenSea supports over 80 million digital tokens across different categories and blockchains.

Pros of OpenSea

• Easy to use and navigate, making it ideal for beginners
• Offers high liquidity, meaning you can easily buy and sell NFTs
• It has an extensive collection of NFTs covering over 700 projects and still growing
• Low fees

Cons of OpenSea

• Customer service is very supportive
• The marketplace is overcrowded
• Relatively high gas fees         

Rarible‍          

Rarible is a popular open-source NFT platform that was established in 2020 and has supported the buying and selling of NFTs and collectibles since then. The platform is a non-custodial marketplace that allows creators and collectors to have complete control over their digital tokens and collectibles. Rarible currently supports over 400,000 NFTs and is still growing.

Pros of Rarible

• Lazy minting feature that allows users to create NFTs before paying gas fees in advance
• Artists and creators are entitled to up to 50% royalties for their art
• $RARI native token that enables holders to participate in governance issues

Cons of Rarible

• Limited blockchain options as it only supports Ethereum-based NFTs
• Users must pay an initial listing fee and other applicable fees                    

How to Sell Your Minted NFT Successfully    

While it’s good to transform your artwork into an NFT, the truth is that you could also make some money in the process if you’re creative. You can increase your chances of successfully selling your minted NFT by learning to popularize your brand and enhancing potential client engagement. Here are essential tips to remember:  

• Conduct Background Research: You can sell your NFTs and make money, but you must have sufficient information before trading. After knowing what minting NFT is, learn how the market operates and conduct background research on how and why it swings or the kind of digital tokens that can fetch good money and where you can sell NTFs profitably.
• Buy Digital Currencies: Ensure you have bought some cryptocurrencies, such as Ethereum, which are popular in the NFT space. Most NFT marketplaces will require you to pay some upfront fees in crypto before they will allow you to mint NFTs.
• Compare Marketplaces: Since there are many NFT marketplaces where you can mint and sell NFTs, every one of them has different features and requirements. A few teach you how to mint an NFT, while others assume you’re an expert who can start immediately. If you’re beginning, consider a platform that can educate you on how to sell your NFT art.

The following is a step-by-step procedure for selling NFTs:

• Step 1: List Your NFT: Visit the selling section of your selected NFT marketplace and list your token for immediate sale or auction. Set the selling price, usage rights, and royalties to attract potential buyers.
• Step 2: Promote Your Listing: Use social media forums and online NFT communities to showcase your NFT listing and reach a wider range of potential buyers. Engage with potential buyers and offer information on your art, as well as use your connections to enhance visibility.
• Step 3: Manage Transactions: Once a potential buyer bids on your NFT, use the platform’s interface to handle the transaction. Verify the sale and switch ownership to the buyer, ensuring all the agreed-upon terms and conditions are fulfilled. 
• Step 4: Receive Payment: After selling, you will receive the payment in your crypto wallet. Remember, you must pay transaction fees, service fee and other associated levies before reinvesting or spreading out your profits in the NFT marketplace. 

Common Mistakes to Avoid When Minting NFTs      

Here is a list of mistakes you must avoid when minting NFTs: 

• Paying High Gas Fees: Research different blockchains and use gas fee estimation tools to avoid paying exorbitant gas fees or batch minting for large projects.
• Forgetting Royalties: Royalties are payments you can receive even after you have sold your NFTs; make sure your smart contract automatically royalties your NFT is sold. 
• Wrong Blockchain or Marketplace: Research alternatives for marketplaces or blockchains to ensure they align with your target audience.
• Lack of Copyrights and Misleading Descriptions: Consult a legal expert to ensure your contract carefully protects your rights while providing accurate descriptions about the origin of your artwork.
• Scams and Fraud: Carefully research NFT projects and marketplaces and understand their terms and conditions to avoid potential fraudsters and avoid becoming a victim.
• Minting one NFT on Multiple Platforms: Since most platforms will delete an NFT minted on other platforms, carefully select one platform to mint and list NFTs to avoid duplication.

Conclusion

NFTs have become a new way for individuals and artists to make an income, and as the world increasingly becomes digital, non-fungible tokens are rising to the mainstream. As a potential investor in the NFT space, you want to learn everything you can about minting NFTs to increase your chances of making it.

While at it, take the time to do your research to identify the best NFT marketplaces, crypto wallets, and blockchains that support NFT creation. By learning the basics on understanding NFTs before you get started, you will have fun, enjoy the rewards that could come your way, and avoid scams and fraudsters who could otherwise steal the rewards of your hard work.

FAQs                           

How much does minting an NFT cost?

The cost of minting an NFT can vary greatly, from a few dollars to hundreds. The amount you spend will depend on factors like the blockchain you choose, specific features you utilize, and network congestion, among others. NFT platforms also offer “gasless minting” or “lazy minting” options that significantly reduce costs.        

Can I mint an NFT for free?

Yes, you can mint NFT free of charge, but that will depend on the blockchain and marketplace you choose. Blockchains like Polygon have free minting options, while marketplaces like Rarible and OpenSea offer lazy minting features that allow a creator to pay gas fees later or have the buyer pay them when buying the NFT.

How long does NFT minting take? 

Under normal circumstances, NFT minting could take between 5 and 30 minutes or even several hours in some situations. The timing can vary based on factors like the blockchain network congestion or the complexity of the smart contract. However, a creator can speed up the process on some platforms by paying a slightly higher priority minting fee.

Can I Mint NFTs on Different Blockchains?   

Once you have learned how to mint an NFT, tt is possible to mint NFTs on different networks. However, note that some networks are more popular for NFT minting than others. While Ethereum remains the most popular blockchain for NFT minting, alternatives like Solana, Polygon, and Binance Smart Chain offer similar services.  

Is minting an NFT the same as buying?

Not really. The process of minting NFT refers to creating a new NFT. Buying, on the other hand, is purchasing an existing NFT on a secondary NFT marketplace.

What Gives an NFT Value?

The value of an NFT depends on the kind of asset it represents. For example, the value of NFTs representing tangible items will correspond to their value in the market. Nonetheless, the value will be entirely speculative when you have an asset that doesn’t have a price tag, such as a piece of digital content.

Are NFTs a good investment?

Like most crypto-based products, NFTs are highly speculative but potentially lucrative. However, there are risks associated with the investment, especially if it is made without thorough evaluation by the creators, communities, and long-term utility.

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