This has made it almost confusing for a layman or even creators, artists and corporate entities to decode the mystery around it. Nowadays there is a lot of hype surrounding NFT minting across various platforms. Hence, we have prepared a comprehensible and easy guide for you to navigate and better understand the meaning and working of NFT and minting altogether.
What is an NFT?
Before delving into the mechanics of minting, it is imperative to first understand what exactly an NFT is. Non-fungible token or NFT is a one of kind digital file turned asset usually depicting an artwork, images, in-game assets, or anything valuable in the virtual world. One of a kind means that it is unique and there is no room for duplication unlike other digital assets, like Bitcoin.
In simpler terms, for example, whenever you buy a painting from an artist in the real world, it is accompanied by a certificate of authenticity which contains details regarding the dimensions, description, price, etc., of the artwork and it also certifies that the particular piece of art is an original work of the artist and no other copy of the same exists. NFT is the same, except in a virtual/digital world.
What is Minting?
When an NFT is uploaded or stored in a decentralized database or a distributed ledger (also known as the “blockchain”), it cannot be modified or removed and becomes ready to be sold, traded, or bought in the digital market. This process is known as ‘minting’ where a simple digital file becomes a crypto asset. For an easy step-wise guide on how to mint NFTs, read below.
The Process of Minting an NFT
To mint an NFT, you need to have access to a crypto blockchain and an NFT marketplace. For that, you must create a digital wallet to store your cryptocurrency safely. Most popular options for wallets include Metamask, Coinbase, and Rainbow.
Since you cannot mint an NFT free of cost, you would now have to purchase a small amount of cryptocurrency. This is where you would have to decide where you want to mint your NFTs and then link your wallet to your chosen digital platforms/ online marketplace. Most popular options are Rarible, Zora, OpenSea, and Mintable.
NFT Minted. Now What?
Upon successful completion of the above, you can now mint your NFTs. For starters, if you do not know how to create an NFT, don’t worry the process is simple. You only have to create a digital file in any form (PNG, JPEG, GIF, or MP3) that is supported by your chosen marketplace. Subsequently, you would need to add the metadata to your NFT such as title, description, price, etc. subject to the linked marketplace to your wallet.
After creating your NFT you shall be charged a small fee as explained above and consequently, your NFTs would be minted and ready to be sold as soon as they get listed on the marketplace.