The rise of non-fungible tokens (NFTs) has created a completely new digital collecting sector, with collectors being able to purchase unique tokens with art, text, music, or any other form of collectible media attached to them.
These NFTs are secured on the blockchain and have verifiable proof of ownership, cannot be replicated, and can be bought and sold instantaneously. While the market for NFTs is still new, and sale prices are not as high as they were when NFTs first started being sold, it has become an extremely lucrative option for artists looking to increase exposure and generate sales of their art.
For those just getting into NFTs and looking to figure out how to mint and sell your own, you are in the right place as this guide will help get you started on minting your own NFTs.
What is an NFT?
Simply put, a non-fungible token or NFT is a token that exists on the blockchain that cannot be replicated or replaced by another because of the underlying data attached to it, whether that is an image, video or song. This is in contrast to a fungible token such as Bitcoin, where there is no distinct difference between one Bitcoin and another.
The NFT provides verifiable ownership of the token and therefore whatever is attached to it as well, guaranteeing authenticity, and it is protected from being stolen because it is secured on the blockchain.
How Easy is it to Mint an NFT?
It is actually fairly easy to mint an NFT because most marketplaces have put infrastructure in place so that all a user has to do is follow steps that are essentially just interactions with a smart contract.
Once you pick the NFT marketplace which you want to use, the only thing you need to do is have a browser wallet such as Meta Mask, something you want to mint, and enough gas to cover the transaction.
How to Mint an NFT
As mentioned above, in order to mint an NFT you will need to pick a marketplace to sell your NFT on, a browser wallet compatible with the blockchain (There are NFT marketplaces on Ethereum, Binance, Tezos, Cardano, and more), such as Meta Mask, and enough funds to cover the minting transactions. We are going to take a look at minting on OpenSea, and while it is not exactly the same process for minting on every marketplace, it is similar.
The first thing you need to do is visit OpenSea and connect your wallet (If you have done this before it should automatically connect). You will need to verify that you want to connect your wallet to the site.
Next, click “Create”, then:
- Choose what you are minting, whether an image, video, etc.,
- Add the necessary information such as name and description.
- Upload the file and then choose scarcity, uniqueness or other customizable options.
- Click “Create” to start minting your NFT, you will need to sign the transactions.
- The collectible you created will then show up in your wallet where you can then list it on the site.
- You can then sell the NFT for the assets of your choosing, meaning if on Ethereum you can choose to accept ETH or any other ERC-20 token.
Where You Can Mint an NFT
Apart from OpenSea there are many other places you can mint an NFT including:
- BakerySwap
- Rarible
- Foundation
- Nifty Gateway
- Enjin Marketplace
- SuperRare
- Atomic Market
- KnownOrigin
When choosing where you are going to mint your NFT it is important to consider the fees associated with interacting with the blockchain the marketplace is housed on, the commissions set by the marketplace, and the royalties which you can receive as the original artist.
Does it Cost Money to Mint an NFT?
Yes, it does cost money to mint an NFT. This does not refer to commissions that are paid to the marketplace you sell your NFT through. The money it costs to mint an NFT is due to network transaction fees which are necessary for sending all transactions on the blockchain. These transaction fees vary by network, and network congestion.
For example, if using an NFT marketplace based on the Ethereum blockchain, such as OpenSea, you will need to pay ETH gas fees, but if on BakerySwap you would need to pay BNB gas fees. You could end up paying as upwards of $100 USD just to mint an NFT on Ethereum depending on the congestion at the time. Non-Ethereum options are much cheaper but have much less exposure so there is a cost-benefit to paying the extra fees for minting on Ethereum.
What Are the Benefits of NFTs for an Artist?
At this point you may be wondering why an artist would choose to sell their work as an NFT rather than traditional methods such as a physical auction, print release, or art gallery, but there are actually quite a few benefits to selling digital collectibles over physical.
Having more control over exposure and distribution of their art is one of the biggest advantages for artists. They can choose where to sell it, how much to charge, their commissions, and because it is listed on a digital marketplace that operates 24/7, their work can be seen and bought any time, any place.
Speaking of commissions, they are one of the most advantageous parts of selling NFTs for artists. This is because depending on the marketplace they receive not only their initial sale, but royalties from every subsequent sale of their art. This is something that does not exist with physical collectibles, as the sole benefactor of secondary sales is the person who bought it originally.
Are There Any Downsides to Minting NFTs?
Currently, the only real issue when it comes to minting NFTs is the environmental cost of using the Ethereum network, which currently runs on a proof of work consensus meaning it requires a lot of CPU and therefore electricity. When Ethereum switches to proof of stake this will be a somewhat moot point.
If you want to avoid a proof of work blockchain until then you can mint NFTs on Cardano, Binance, or Tezos which are all proof of stake.
