NFT stands for Non-Fungible Token. It is a unit of data that can be stored on a digital ledger, called the blockchain. It certifies the uniqueness of a digital asset. NFT is considered to be a unique intervention, considering the terms of their valuation. It contributes to improving control over intellectual property for the art sector.
It is accessible to a wider worldwide network of collectors who have an interest in NFT and other collectibles. NFTs are purchased online frequently with cryptocurrency. They bear the same software that functions for many other cryptos. Though they have been in the market since 2014, they are gaining immense popularity in recent times.
What is NFT Minting?
NFT Minting refers to the process by which one’s digital art becomes a part of a Blockchain, which is a public ledger. Hence, it is unchangeable and tamper-proof. It functions in representing the digital artwork as an NFT. Being displayed as such; it can be traded in the market by buying and selling online.
Later, it can be digitally tracked as it can be sold again and even collected in the near future. Therefore, it can be considered to be the most effective alternative for democratizing ownership, sales, and purchases of unique digital assets. The basic idea about NFTs can give a reliable impression of the ways to approach their creation and representation.
Process of NFT Minting
The readers now have an understanding of what NFT and NFT minting means. Now, let us delve a bit deeper into the topic to understand the process involved in minting NFTs. Here are the seven easy steps to follow.
1- Begin with Creation of Assets
The first step towards NFT minting is to create an asset that it would be representing. The digital era has created a wide range of opportunities and choices. Hence, one can create the assets as per their choices. The various digital themes range from dimensional illustrations, abstract, political to audio, whimsical, and hyper-realistic.
2- Purchasing of Crypto Currency
For our blog, we are taking ETH (Ethereum), it is to be kept in mind that ETH is not the only chain on which NFT minting can be done. Though ETH is certainly the most popular, reliable, and the highest used blockchain for the purpose of minting. Once the asset is created on one blockchain, it is nearly impossible to change or transfer it to other blockchain, so think carefully before associating with any blockchain. So, let us have a look at the different blockchain that supports the NFT token standard in addition to ETH or Ethereum.
- Binance Smart Chain
- Flow by Dapper Labs
NFT Minting can be done on any of the blockchains mentioned above. In this post, we will consider the minting procedure for NFTs on ETH or Ethereum because of their immense popularity over the others.
The second step involves purchasing ether or ETH. Ether is the cryptocurrency of blockchain. The subsequent purchase and sale of the digital assets would not affect the identity as the initial creator and owner. Furthermore, it also features accurate records of every owner and also offers public access so that everyone could see it on the blockchain. If you have to create the record for your NFT art, then you need to pay for the transactions. One can purchase Ether from a local cryptocurrency exchange.
3- Creation of Non-Custodial Wallet for Ethereum
Now, when you have NFT on the Ethereum blockchain, you need to look for opportunities to sell the work. It is precisely the reason for the need for a non-custodial wallet for Ethereum. From this wallet, all the transactions take place on the online platform. This wallet is a non-custodial one that will have total control over your funds. So, the creation of this non-custodial wallet is an extremely important step in NFT minting.
4- Setting Up the Non-Custodial Wallet
After the creation of the non-custodial wallet, setting up the wallet is of immense importance which can be done in the following steps.
- Access a trusted website and install the extension in Chrome.
- Next, choose the option to create the wallet.
- Follow the step-by-step instruction in the set of prompts and create a password. It is to be kept in mind that this password is not the seed phrase
- The next step is where the developers must copy the seed phrase and store the same in a secure as well as retrievable position. The seed phrase is immensely important in the creation of NFT since losing the same can result in loss of access to the funds.
- The ultimate step needs clicking on the ‘next’ button to finish the setup process.
5- Ether Transfer to the Non-Custodial Wallet
Once the non-custodial wallet is set up and running, the next step if NFT minting is underway. It is required to have the wallet address to transfer Ether to the non-custodial wallet. The wallet address is practically the account number that one can use for sending and receiving crypto from one wallet to the other. Two simple steps are required to be followed for using the wallet.
- Sending the value of ETH purchased to the wallet address on the crypto exchange wallet;
- Checking the updated wallet balance when the ETH arrives.
6- Selection of NFT Marketplace
The next step of the NFT minting process is the selection of the NFT marketplace. The trick here is to search for the cheapest way to mint NFT which can be done by finding the right NFT minting platform. It is precisely where an NFT marketplace comes to the rescue. The choice of the NFT marketplace is based on different factors. OpenSea and Rarible happen to be the two of the most popular NFT marketplaces in recent times. Once the marketplace is set up, the NFT after minting goes into the wallet and allows selling on the desired platform. Thus, a user can mint NFT on one platform and easily sell it on another platform.
7- Creation of NFT
The ultimate step of the NFT minting process is quite easy and the availability of different platforms has made it easier which can be done with a few clicks. Here are the steps to follow.
- Access the chosen NFT marketplace’s website.
- Click on the ‘create’ button where the user would be prompted to sign in to the non-custodial wallet.
- Now, it is vital to read the message part of the signature request for the appropriate confirmation of selecting the right option by the user.
- Next, click on ‘create’ on the ‘collections’ page where it is required to add a collection name, description, and logo. Users are allowed the flexibility of including multiple NFTs in their collection.
- Finally, users can add new items to their collection of NFTs on the chosen NFT marketplace. It can be done by clicking ‘add new items’ following the subsequent instructions. Finally click ‘create’ after uploading a high-quality representation of the artwork, giving it a name, adding external links, descriptions, and properties.
Despite the jargon and heavy-hitting words, NFT minting means simple as going to some online store and buying products online!
SoluLab is one of the top 3 blockchain developers in the world. We create NFT marketplaces that get millions of traffic daily. Reach out to us today for your project’s free consultation.