So you have entered the NFT space and are probably asking, what the heck is minting? I understand the bombardment of different terms can be overwhelming.
But don’t worry. In this guide, I will be covering all aspects of NFT minting so you can navigate the space with ease. So without further ado, let’s jump right in.
What is NFT minting?
In essence, NFT minting is the act of converting digital data to tokenized assets on the blockchain. In other words, it refers to the publishing of NFTs. Once minted they are stored on a decentralized database(blockchain) which is transparent and permissionless. They cannot be duplicated or faked. Each NFT has unique metadata.
Best Platforms for Minting NFTs
OpenSea – this is the world’s largest NFT marketplace and for good reason. Founded in 2017 by Devin Finzer and Alex Atallah, OpenSea has a strong reputation in the industry with over $20 billion in volume and over 80 million NFTs.
It features a user-friendly design and supports over 130 different payments. Setting up an account is free and it supports several wallets including Metamask and Phantom wallet.
Magic Eden – this is the second largest decentralized NFT platform with over 22 million unique user sessions per month. The goal of Magic Eden is to make the NFT process easier and cheaper.
Thanks to the Solana blockchain this is all possible. The listing fee is 0% and you can mint in a matter of seconds. The marketplace also features a launchpad that facilitates the minting process. Accepted applicants get full support from the team. This includes screening for bugs and a check of the smart contract to ensure it functions correctly. To learn more about the best NFT marketplaces, click here.
How to mint an NFT?
1. Connect wallet – first you need to connect your wallet to the NFT marketplace. There will usually be a wallet icon on the top of the screen. In the case of OpenSea there is one in the top right corner. Click on it, then select the wallet you want from the dropdown menu.
2. Create your first NFT – the next step is to create your NFT. Click on the “create” button at the top of the screen. You will then be asked to upload an image. Simply drag and drop the image into the box.
You can then set the name, description, properties, supply, and the blockchain you want to mint on. Once this is completed click create and you will be prompted to authorize the transaction. Make sure your wallet is funded to cover the cost.
3. Selling your NFT – The final step is to list your NFT on the market. First of all, you need to find the NFT in your wallet, open it up and then click “sell” in the top right corner. You will then be prompted to select either a fixed price or a timed auction. Choose your preference and then specify the price and duration.
The cost of minting an NFT
The cost of minting an NFT depends on the marketplace. The service fee is usually between 1% and 5%. For OpenSea it is 2.5%. You also need to consider the cost of transactions. This also depends on the blockchain you mint the NFT on. For instance, Solana will be cheaper than Ethereum. You can use websites like Eth gas station or Solana.com to calculate the gas fees. At the time of writing Ethereum gas fees are less than a dollar and for Solana it is a fraction of a cent.
Risks of minting NFTs
The main risk of minting NFTs is phishing scams. Simply put this is when fake websites imitate legitimate ones. Once connected users will be prompted to authorize a transaction. Ultimately, this transaction permits the website full access to the user’s wallets. Consequently, the funds from unsuspected customers are taken.
Secondly, hacks dominate the NFT industry. Shady websites and compromised smart contracts are commonplace. This is why it is imperative that you use a hardware wallet to protect against hacks. The hardware wallet I recommend is the ledger nano X. You can check out my review by clicking here.
The final risk is plagiarism. There is no denying that it is rampant in space. Even OpenSea highlighted this issue in a recent Twitter thread disclosing that over 75% of NFTs created on their platform were either fake or plagiarized.
Unfortunately, as these criminals are largely anonymous it is hard to crack down on. However, you can contact marketplaces to take the collections down or you can warn your customers directly.
Final Thoughts
Essentially, minting an NFT is the equivalent of the printing process in the traditional art world. Users convert data into NFTs on the blockchain. These are usually images that are uploaded and assigned unique metadata.
Overall, it is a simple process as shown above but you need to be aware of scams and plagiarism. I hope you found this guide useful and thanks for reading.
Want to learn about NFT profile pictures? check out my previous article NFT Profile Pictures: The Rise of Avatar Projects.
