How to mint an NFT

If you consider yourself to be a talented digital artist, you may be interested in selling your creations and turning your hobby into a potentially lucrative business. NFTs not only make this possible, but they protect creators and their customers by ensuring that digital assets are protected, cannot be replicated, and can only have one true owner.

Before you can start selling NFTs, however, you have to mint them. This involves turning your digital creations into unique blockchain tokens that can be bought and sold. In this AAG Academy guide, we’ll explain how the minting process works step-by-step, and cover how NFTs can be sold. We’ll also look at some of the most popular NFT marketplaces.

What is an NFT?

NFT is an initialism for “non-fungible token,” and it is the name given to a category of unique digital assets that cannot be replicated or replaced. NFTs are most commonly thought of as pictures, but in actual fact, NFTs can also be videos, music and other audio recordings, animations, 3D models, and even social media posts like tweets.

One of the most popular uses of NFTs is virtual assets for a new generation of games. This allows players to collect and earn a wide range of in-game items that can not only be shown off to others, but also traded and sold for real currency. This has paved the way for the “play-to-earn” category of titles that allow gamers to increase their wealth through play.

So, most forms of digital media can be turned into NFTs, but there can only be one original. Every NFT has its own unique properties, so while it may be possible to download a picture or video, only one person can possess the original token that proves ownership.

The reason why they are “non-fungible” is that unlike fungible assets, such as money, gold, and even cryptocurrency coins and tokens, NFTs cannot be interchanged with other goods or assets of equal value. You can swap a $10 bill for two $5 bills, for instance, but it’s not possible to do that with an NFT since they are not valued in the same way.

That doesn’t mean, however, that NFTs cannot be bought or sold. In fact, in recent years, NFTs have become an incredibly lucrative business for artists and creators — and the many marketplaces that now sell them. Some NFTs have sold for millions of dollars in the past, and while they’re not all worth a substantial sum, they can still be a profitable hobby.

What is NFT minting?

Minting is the process that turns a digital asset, like a picture or video, into a token on the blockchain that can then be bought and sold. It is similar to the process carried out when creating new cryptocurrency tokens in that it requires the creation of a new block that must be validated, secured, and then added to the wider chain — or distributed database.

Once an NFT has been minted, it cannot be modified or deleted. Its token is transferred to its owner or creator, who may choose to hold onto it or sell it. As part of the minting process, a creator can choose whether or not they want to impose royalties on every sale. If they choose to do this, they will receive a cut of the proceeds every time the NFT changes hands.

Buying and selling digital assets was possible before the birth of NFTs, but in the past, it was near impossible for artists and creators to protect their goods. They could easily be replicated, and it was difficult to prove ownership, which reduced their value. NFTs solve that problem by not only providing proof of ownership but ensuring there can only be one original.

A beginner’s guide: How to mint an NFT step-by-step

If you’re interested in minting your own NFTs, you’ll be pleased to learn that it has become a relatively simple process. Here are the steps you will need to follow to turn your creations into unique digital tokens that can be bought and sold:

1. Create your asset
The first step in minting an NFT is to create a unique digital asset. As we mentioned above, this could be a picture, video, audio or music recording, and more, but it must be unique. You cannot mint an existing NFT or a piece of media that you do not own.

2. Choose a minting platform
Since NFT minting involves adding a token to a blockchain, it’s not a task you can easily carry out yourself. You’ll want to choose a minting platform to do this for you, and there are lots of options available, including:

• OpenSea
• Rarible
• Foundation

Do some research and pick the right platform for you, depending on the type of NFT you are creating and what you want to do with it once it is minted.

3. Buy some cryptocurrency tokens
Most NFT minting platforms charge a fee for their services, and this is usually paid in cryptocurrency. After deciding on which platform you want to use for minting, find out how much the process will cost and what cryptocurrency you’ll need, then acquire it.

You’ll have to use an exchange for this, and you will need a decentralized wallet (if you don’t already have one) to deposit your cryptocurrency into if you’re using a DEX. If you’re buying from a CEX, a wallet will be provided for you when you create your account, but you will still need a decentralized wallet to hold your NFT once it has been minted.

4. Start minting
Now you’re ready to upload your creation to the platform of your choice for minting. Each platform has its own specific guidelines for this, so follow the steps they outline for you. This will include providing some information about your asset and paying your minting fee.

Once that’s done, you can sit back and relax while your NFT is minted and ownership is transferred to you. This can take as little as a few minutes, but it could also be several hours, depending on the platform and how busy it is.

How much does it cost to mint an NFT?

The cost of minting an NFT depends on the platform you choose, how busy it is, and how many NFTs are in your collection. Fees can vary widely from a few pennies to over $1,000 per NFT, so this is something you’ll want to bear in mind when choosing the right minting platform for you. Factor costs into your decision making so there aren’t any nasty surprises.

Some platforms offer to mint NFTs for free using a process called lazy minting. This is when an NFT is listed off-chain, before it is minted, and then the minting process happens once the asset is sold. A cut of the sale is then taken by the platform to cover the cost of minting. Lazy minting is available from OpenSea, Rarible, and others.

How to sell an NFT

After your NFT is minted and ownership has been transferred to you, you’re likely going to want to sell it if your goal is to make some money. You can do this privately if you wish, but the safest option is to use an NFT marketplace that provides seller protection and can help ensure that you do not get scammed.

Most NFT minting platforms also offer a marketplace for creators, so all you need to do is list your NFT for sale, and then start marketing it so that potential customers are aware of its existence. The marketplace itself will facilitate the sale and transfer of ownership, so all you need to worry about is collecting the proceeds.

What are the best NFT marketplaces?

There are a wide range of NFT marketplaces available today, many of which we’ve already mentioned in this guide, like OpenSea, Rarible, and Foundation. Here are some other popular options:

• Binance
• Crypto.com
• Magic Eden
• Nifty Gateway
• SuperRare
• Zora

References

• Nft minting explained
• What is nft minting
• Best nft marketplaces
• Lazy minting