NFTs, as known as non-fungible tokens, are digital assets that are transformed from digital files. They are stored and created on a Blockchain network and offer an ownership concept in the digital era. Nowadays, NFTs in general and minting NFT are quite popular, but how do we do that?
To put it simply, minting NFT means transforming a digital file into a digital asset (or a crypto collectible) on the Blockchain system. In other words, the digital work you have becomes a part of the Blockchain system through NFT minting. Today, we are here to introduce you to an ultimate guide to minting NFTs.
- NFT minting refers to the process of converting a digital file into a crypto asset on a specific blockchain.
- There are different platforms for minting NFT, including but not limited to OpenSea, Proton Mint, and Forge.
- Some platforms offer native contracts, whereas, in some, you can create your custom contracts for your NFT minting process.
- There is a fee involved in minting NFTs, and the platform you use may require other fees as your NFTs are sold.
- In most cases, you will need to have a marketing plan to sell your NFTs, but there are platforms with their own community to help you.
9 Basic Steps for Minting an NFT
You should note that any form of digital content can be an NFT, meaning that the NFT minting process can be conducted through any kind of digital file. The way in which NFTs are minted may depend on the platform or tools used, but the core procedure is more or less the same in major platforms. The following are the steps of minting NFT.
Choose a Concept
As mentioned earlier, any digital asset can be an NFT. In those terms, you will need to decide on a concept to mint an NFT. What do you want to create or put to the market as an NFT? The possibilities are endless – it can be an artwork, music, a picture you have, or a tweet.
Choose a Platform
The next thing you will need is a platform to continue with. Although there are many different platforms, as we mentioned, all of them are integrated with OpenSea, and they all provide secondary sale royalties for artists. Most of the marketplaces to mint NFTs are non-custodial, meaning that the work entirely belongs to the creators.
Not all, but around half of the marketplaces have a native contract that works as a means to mint NFTs. The remainder lets you create your own contracts – and you will own those contracts as well. And there are some marketplaces where it is possible to import custom contracts.
Another thing to note here is that a great majority of the marketplaces focus on art in terms of NFTs. There are some marketplaces that fall outside of this concept, though. Considering the different features a marketplace can have, it is important to know what you expect from your NFT minting process. We will come to different popular platforms later on.
Platforms and Marketplaces: What is the difference?
Although those two terms are often used interchangeably, there is a difference between them. In a platform, you will be able to mint NFTs, and a marketplace is an environment where you can purchase and sell NFTs.
Most of the NFT dApps are marketplaces – where it is possible to mint NFTs. This happens through minting their work with the dApps native smart contract and directly putting it into a sale within the marketplace. As we mentioned earlier, almost all platforms to mint NFTs are integrated with OpenSea.
Create a Crypto Exchange Account
After you decide on a concept and choose a platform, you will need a crypto exchange account. The options are endless. The reason why you will need a crypto exchange account is that there is a one-off fee for minting NFTs. That is an initialization process, a one-time fee you pay in the Ethereum network to sign up. If you are wondering how much Ethereum you will need to purchase, that is nearly impossible to give a precise answer. Because the gas price fluctuates quite considerably, it can be pretty low and pretty high, depending on the network conditions at the moment you are trying to purchase.
Get a Crypto Wallet and Fund it
Most of the NFT marketplaces (including OpenSea) work with crypto wallets. Again, there are so many options when it comes to crypto wallets. In the NFT minting process, you will need a hot wallet that is non-custodial. This is important to hold the whole control of your funds, but it is also possible to use a custodial wallet. The set-up processes of popular crypto wallets (such as MetaMask) are quite easy and won’t take that much time or effort. After you have your wallet, it is time to send necessary funds to it.
Connect your Wallet to an NFT Marketplace
The next step will be to connect your wallet to an NFT marketplace. Then, your account will be activated, and you will need to create your profile. The profile details may depend and may include a wide range of information, including but not limited to profile photo, display name, social network links, a cover picture for your NFT collection, and so on.
Upload your Files
After your account is ready, the next step will be to upload your files. As we mentioned earlier, any digital file can be an NFT – and this step is where you are uploading your NFTs to the marketplace. There is typically a “create an NFT” section in most of the marketplaces, and all you need to do is click there. Then, you will most probably be directed to a page where you can upload different files (MP3, Wav, JPG, GIF, MP4, and so on)
Mint your NFT
You can give your NFT a title and a description after you upload the file. Next, you will need to click the “mint NFT” button (it can also appear as “is for sale”). After, you will be able to see it in your profile.
Approve Transaction Fee
In the NFT minting process, all transactions are conducted through the Ethereum network, and they have a fee needed to be paid with ETH. The transaction fee is as known as the “gas fee.” You will need to approve the fee through the digital wallet you created in the earlier steps to complete minting NFT. It is important to note that this fee is not required by the marketplace or platform you use; it is a fee you pay to the Ethereum network to use it.
After you have completed all the steps, all you have to do is to wait. The Ethereum smart contract activates a code that will be incorporated into your work on the Ethereum blockchain during this stage.
How to Choose a Marketplace to Mint NFT?
Choosing the right marketplace to mint NFT is something you would want to be careful about. The following are some of the factors you want to consider while choosing a marketplace for minting NFT.
As we mentioned earlier, some marketplaces have their native contracts, and some will allow you to create custom contracts. Depending on what you expect from a marketplace, you need to consider their contract ownership procedures. It might be beneficial to own NFT contracts in some cases, but native contracts also work well.
If you want to sell your NFTs, you will need a solid marketing plan, and the marketplace you choose plays a significant role in it. In other words, you can rely on the marketplace’s community for your NFT collection to be seen by an audience in the “exclusive” marketplaces. On the flip side, there are markets with larger dimensions that are more accessible and focus on helping artists to be more self-sufficient and independent.
Although all platforms include an artist’s royalties scheme, some variability might be observed regarding the percentage – some offer fixed, and some allow flexibility. Furthermore, some markets allow artists to divide fees and royalties among many wallet addresses automatically.
Friendly User Interface
Since NFT is a relatively new concept in our lives, UX was a little overlooked at first. Today, the popular marketplaces offer a nice and friendly user interface, but it is still something you need to consider while choosing.
Best Platforms of 2022 for NFT Minting – Updated List
There are many different platforms to mint NFTs. The following are some of the most popular ones.
As we mentioned many times in this article, OpenSea is the most popular NFT marketplace out there. The following are the features of OpenSea that might help you to decide:
- The largest audience and the highest traffic.
- Custom contracts can be applied
- A native contract exists to be listed in the marketplace automatically
- No gas fees implemented
- Easy interface
- Centralized entity
- Gas fees implemented
- Lazy minting option
Binance platform has been a pioneer in the crypto world for quite some while now, and they offer NFT minting through Binance Smart Chain. Here are what you can expect from your minting experience in Binance NFT:
- Variety of dApps
- Minimal fees for minting
- Service fees are implemented when your NFTs are purchased
- No gas fees involved
- Need to use Metamask or Trustwallet
Forge is another platform for minting NFTs, and it is known for minting game NFTs. Here are some features of the Forge:
- Forge doesn’t own an independent Blockchain system.
- It supports three important Blockchains, namely Binance Smart Chain, Ethereum and Polygon
- Ability to bring Ethereum based NFTs to Terra protocol, resulting in low transaction fees (this is because Forge protocol is built on Terra Money)
- Multi-chain viewing for NFTs
- Decentralized verification for NFTs
Rarible is another major NFT minting platform on the market, and it is often seen as an “alternative” for OpenSea, yet it is still not as popular as OpenSea. The following are the features of the Rarible:
- A strong building community for NFT enthusiasts to connect
- “Lazy minting” process – meaning that your NFTs will not be exactly minted till someone purchases them.
- Lesser costs for users due to the lazy minting process
- Options of fixed prices or auctions for NFT sellers
- Two fees are required for firs-time NFT minters (both are network fees)
- Ability to get a percentage for third-party sales on your NFTs
The following are the features of the Proton Mint:
- Multiple Blockchain networks supported
- No gas fees are implemented for minting
- First NFT minting is free; additional ones are affordable
- Instant transactions
- Low barriers to entry
The following are the features of Async Art:
- Main focus on programmable art
- Supporting only NFT minting on Ethereum blockchain
- NFTs on this platform includes layers, and you can purchase both “masters” and layers
- Possibility to purchase a layer to have exclusive control that will influence the artists’ work
The following are the features of SuperRare:
- Platform with one of the most active users
- Functioning as a social network for collectors and art creators
- Is not joinable by everyone (only artists who have an invitation from existing members can enter to upload artwork, but everyone can purchase)
- Art created to share must be unique in this platform
The following are the features of Foundation:
- Live auctions
- Artists can sell their work by getting accepted by the community, by invitation, or through a voting process
- Ethereum gas fees are mandatory to pay
- The purchaser in Foundation platform needs to pay a 15% fee while purchasing an NFT, which is considered to be a high fee
- The platform supports audio, video, image, and 3D rendered files for NFT minting
The following are the features of Nifty Gateway, which is known as one of the “elite” NFT marketplaces available:
- The main focus is on minting NFTs instead of listing
- Some of the most expensive NFTs sales are conducted on this platform
- Artists decide on their royalty percentage
- The platform takes 5% of the sold NFT’s price
- A wide range of collectible and art NFTs are available
- No need to own cryptocurrency to make transactions (they can be conducted through credit and debit cards)
- Exclusive collaborations with famous brands and artists
The following are the features of Stashh:
- Possibility for NFT creators to liquidate content
- Protecting IP information while trading with other collectors, hence content and financial privacy
- Trustless access control
- Private galleries and auctions
- Built-in exclusive content
Example: Minting NFT in OpenSea
We have mentioned that different platforms and marketplaces have different procedures for minting NFTs. Yet, the core aspects are pretty much the same (the steps we have discussed in this article, yet the order may depend greatly). To illustrate it better, here is a step-by-step framework for minting the NFT process conducted in the OpenSea platform.
- You will need to have a MetaMask wallet, to begin with. Then, you will need to connect the MetaMask wallet to OpenSea.
- You will need to give the necessary permissions to OpenSea and sign the signing request. It looks like this:
- Accept the terms and conditions, and your wallet will be ready to create your NFT collection.
- Choose “my collection” on your profile and select “create.”
- Select logo image, featured image, banner image, and a name for your collection.
- A page will appear with different properties, including collection URL, description, links for social networks, and category.
- Insert your payout wallet address. You need to go to your wallet, copy your address and paste it to the required field.
- Decide on royalties (up to 10%)
- Choose a Blockchain network to continue with (Polygon or Ethereum)
- To purchase and sell your items, select payment tokens.
- Click “create.”
- The collection is ready; now, you can add your items.
- Choose “add item” on your collection.
- Upload your files.
- Add name and description.
- Select the collection you want your NFT to take place, and fill the properties.
- Fill out the levels.
- Include some statistics or numerical traits.
- Decide if it’s unlockable, explicit, or sensitive content.
- Choose the supply and the issuing Blockchain
- Click “create” to complete.
What does it mean to mint NFT?
Minting NFT means converting any digital file into a crypto asset in the Ethereum Blockchain. This digital file will be stored in the database forever, and it will not be possible to modify or delete it.
Does minting NFT cost money?
Minting NFT costs money since almost all NFT marketplaces exist with the use of smart contracts in Ethereum Blockchain, and it involves a cost. Although different markets include different implementation of fees, there is generally an amount you need to pay to mint NFT.
Can you mint an NFT for free?
You cant mint an NFT for free. Even though some platforms offer a “free minting” feature, they typically are mentioning about other costs rather than the network use fees.
How long does it take to mint an NFT?
The duration in which minting an NFT takes place depends. You may think of it as something similar to uploading a video on YouTube, the tools you use and the features of the video will influence the duration.