Are you considering minting Non-Fungible Tokens (NFT) to secure ownership of your intellectual property and patents?
Trying to enforce transparency in the manufacturing and supply chain process of your products to inspire trust and boost user experience?
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Looking to create value and boost the gaming experience of your product as a developer?
Are you a content creator or artist looking to authenticate their work by making an NFT of them?
Whatever your intentions are around Non-Fungible Tokens, you’re in the right if you want to truly understand and then take a step further to mint one.
Here’s how to mint an NFT!
How to Mint an NFT: 7 Step Guide To Creating Your First NFT
This article guide will examine seven important steps on how to create an NFT for the very first time. We’ll start with a quick introduction to NFTs, then you’ll learn everything there is to learn about how to make NFT.
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Some of the key things you’ll be getting from this article are how to choose a format, mint, use NFT platforms, and navigate the marketplace. You’ll also learn how to market them for the top profit.
But it doesn’t end there. We’ll also look at other commonly asked questions about the process of creating NFTs. And give bonus tips to help you be successful.
What are NFTs and How Do They Work?
Whenever one tries to answer the question “what is an NFT?”, they end up doing one or two of the following…
- Give a simple answer where you understand the words but can’t make sense of the concept.
- Lose you in the first three phrases of a technical definition.
Neither of these are going to help you so what does Non-Fungible Token actually mean? I’m not even going to waste your time discussing the technical definition of NFTs. It doesn’t matter, just like you don’t need to see under the hood of your mobile phone to browse the internet.
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An NFT is a digital asset that can’t be exchanged with an equivalent the way 1ETH can be exchanged with its equivalent in USDT.
Have a look at these 18 best NFT projects we compiled covering the most creative and successful examples, that can be a good start for your creative journey.
Okay, they’re like crypto tokens you can’t interchange? But what does that have to do with someone spending millions of dollars on JPEGs and junk digital art?
Why would I want to own a ridiculously expensive copy of an artist’s digital song or album on the blockchain instead of listening to it and almost every other song on Spotify for less than $10?
The answer is easy – proof of ownership.
When someone buys an NFT, they get an undeniable proof of ownership also known as a private key. So even if someone can make a fake of the Beeple’s ‘Everyday: 5000 days” collection, and it is possible, they can’t sell their copy.
But that’s only one half of the appeal. The other is exclusivity. There can only be one NFT of any digital asset at any time which means that each NFT is a rare collectible and once a person buys an NFT, there can’t be another exact copy of it.
Choose a Format for Your NFT
What type and format of content do you want to mint on the blockchain as an NFT?
You have a lot of choices and you can pick any of the following formats.
- JPG
- Mp4
- MP3
- PNG
- GIF
- FVG
- WEBM
- WAV
- OGG
- CLB
- GLTF
Now the type of NFT you would want to mint would be determined by your interests, trends, and expertise. We’ve had people sell code, music, and art.
You can also sell in-game digital properties like skins, virtual land, weapons, and avatars in-game.
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You can transform ordinary photos into stunning NFT artworks through online NFT creator tools.
How to Mint an NFT
What is minting NFT? Minting simply refers to the process of converting any digital file into a digital asset stored on a blockchain, mostly Ethereum, which is the main blockchain used for NFTs. When this asset is listed on a blockchain, it can be sold as an NFT.
So now you’re set with your asset which you want to mint in the blockchain. At this point, you decide how many copies of your content you want to mint. You might want to create just one copy of your creations or multiple copies of your creations to make different versions of it for an exclusive few.
Minting is a serious process so you have to be sure what you want before you start minting because the minute you have your creation minted, you can’t adjust the number of copies you’ve set nor can you change your creation. Some NFT technologies allow for royalties in perpetuity. The minting your NFT when you’ve signed your NFT and paid service fees.
Decide on an NFT Marketplace
There are many NFT marketplaces to mint and sell your NFTs, but each comes with its unique features, demands, and even blockchain technology sometimes, although it’s important to note that most marketplaces use the Ethereum blockchain.
There are a lot of marketplaces right now but few are known. Some of the best NFT marketplaces right now are:
Before you jump into opening an account with any of the marketplaces listed above, there are factors to consider. Paramount amongst these factors are type and cost.
There are two kinds of NFT marketplaces –
- The curated marketplace
- The non-curated marketplace
The difference between these two types of marketplaces is that curated marketplaces are choosy. Not everyone is allowed to mint and sell NFTs. They cost money and can serve as a barrier for newcomers into the space.
Non-curated marketplaces are open markets where anyone can mint an NFT and start selling without needing to be granted permission. Excellent examples of non-curated marketplace are any of the five marketplaces listed above.
Another consideration you should make when deciding on a marketplace is cost. Each of the five popular marketplaces listed above have different cost breakdown. For example, on OpenSea, the buyer has to pay a 2.5% fee and sellers can set royalties for up to 10%. Rarible requires both buyers and sellers to pay a 2.5% fee and royalties can be set for as high as 50%.
The other marketplaces have different rules as well. To choose the best marketplace, you’ll need to consider a bunch of factors including cost that all boil down to one thing – value. What marketplace can bring your NFTs the most value?
Next up is choosing cryptocurrencies and wallets. See here for the top cryptocurrency courses.
Choose a Wallet and Buy Cryptocurrencies
NFTs work on blockchain technology and cryptocurrency so if you want to mint NFTs, you’ll need a digital currency and a place to keep them. There are many cryptocurrency wallet applications with some having services for newcomers to the blockchain industry. But before you decide which wallet and currency to launch your new career minting NFTs, there are a few things you have to consider.
The first one is compatibility. Is the wallet you choose compatible with the marketplace and blockchain token?
Answering this question is important because in all the many wallets that exist, only few of them are compatible with the cryptocurrencies, Binance Smart Chain and Ethereum, used to trade NFTs.
But you don’t have to worry about finding a wallet that would be compatible. To avoid making mistakes, use any of these five verified wallets.
- MetaMask
- Coinbase Wallet
- Alpha Wallet
- Trust Wallet
- Math Wallet
After picking a wallet, the next step is to join the wallet. Joining a wallet isn’t difficult. All you have to do is download the wallet, register and make a deposit.
Next up after getting your wallet to work is funding it. The money you’ll need to keep in your wallet is for gas fees.
A gas fee is the amount of money that you’ll pay to the blockchain when you mint an NFT. It is used to make up for the amount of power used for transactions.
Ethereum, the blockchain with the majority of NFTs minted on its platform, is known for its high gas fees.
Use trusted crypto exchanges like Binance to buy cryptocurrencies and fund your wallet. If you’re at this stage, then all that’s left is to link your wallet to your NFT platform and you’re ready to go.
Follow the NFT Platform Guidelines
The rules for minting and listing NFTs change from marketplace to marketplace. So if you want to list an NFT, you’ll have to learn and follow the platform’s guidelines. But there are general steps that you’d have to take.
Firstly, the platform would ask you to upload a file of the content you want to mint. Here’s also the step where you put down some information about the NFT you want to make. The better your description, and title, the higher the chances of attracting buyers and collectors.
After describing your NFT, the next step is pricing. Now, there are two ways you can evaluate your work. You either put down a personal valuation of your work and make it a fixed price or you could leave it to people who are connoisseurs and collectors to place a price. The latter is known as auction trading.
Auction trading is fun and not just because you can watch people bid on your project from an ascending or descending order, but because you can get a better appreciation of valuation and how people get played.
After choosing between the English and Dutch auction types, you’ll be asked to put down a suitable beginning price, and the percentage of the money accrued to the firm on any of your sales.
Once you’re done with these, then the promotion begins.
Marketing Your NFT
How to sell NFT? Thousands of NFTs are made every day and all the creators are looking to sell their works as well. To cut it short, the competition is stiff and only those who can promote their work get to sell.
Pretty straightforward right?
Yes, except for the fact that most NFT creators are not marketers, don’t know much about NFT marketing and most likely wouldn’t know how to get anyone interested in their work. But you don’t have to be market savvy to sell. You can just borrow some ideas from market-savvy people.
Check out these few NFT marketing tips for beginners
- Understand your target market
- Use Social Media Ads
- Try Influencer Marketing
- Create Reddit Communities
- Have a Brand Story
The first tip – know your audience. Decide who it is you want to sell to and when you’ve figured that out, then the real work begins. You see, to sell NFTs, you need your NFTs to make waves. There are too many NFTs so you’ll need to rise above the noise if you want to sell.
Make a buzz on the NFT groups on social media and get people to start talking about your project. This sort of organic buzz is difficult to get because you’d need people to personally care about your NFT before marketing it.
With paid ads, all you have to do to get the attention of people is to keep your collection front and center on as many social media platforms as possible. You can also use influencers to market your NFT and increase their interest in your NFTs.
All of these marketing strategies are great but they won’t help you at all if you don’t have a story. Never underestimate how much a story can sell. Attaching a story personal to the NFTs helps collectors feel a kinship with the work and want to own it.
These marketing tips should help drum up interest in your work but if it doesn’t, you can always create your personal community of people who love your work and who can collectively generate a buzz strong enough to reach collectors.
You can use any of these marketing tips alone or simultaneously to get the best results. For more on growing your NFT project, you can follow a simple NFT marketing checklist.
How to Mint NFT Conclusion
There is no mystery to NFTs and anyone no matter their tech leanings can create, mint and start selling NFTs with a little guidance.
No matter what you need NFTs to accomplish, you’re part of a passionate few willing to try out new technology to change the world for the better, and not only would your contributions be important, but you’ll also get to make money for them.