What does it mean to mint an NFT? When we mint an NFT, it means we are converting digital data into crypto assets. These assets are recorded and monitored on the blockchain. These files are kept in stores and can’t be changed or discarded. To know more about what it means to mint an NFT, we need to understand what NFT is.
NFT is called a non-fungible token, and if something is non-fungible, it means it cannot be replaced or copied. They represent a unique media piece like an image or video, and they live on the blockchain. At the start of 2021, few people have heard of NFTs. Yet, over 24 billion dollars have been spent on them by the end of the year. It’s a wild, potentially lucrative marketplace.
Are they just overpriced digital art or a promising technology that could transform how we live? The most exciting uses for NFTs are possibly things that we can’t even imagine yet.
What Does It Mean to Mint an NFT
But what does it mean to mint an NFT? When we mint NFT, it simply means we are making our entry on the blockchain. When we do this, it means our asset is now ownable, meaning we can trade it to whomever we want.
When we create an entry in the blockchain, this process cannot be undone, or our asset becomes permanently stored on a public ledger.
Now the information is public and is also tracked, so now this before you step in. Then, of course, it is up to us if we want to sell it or not on the NFT marketplace.
Now that we have initial knowledge of what it means to mint an NFT, let’s move on to the next step, which is how to mint an NFT.
How to Mint an NFT – Step by Step Guide
Now that we have decided to mint an NFT, we should know how it works. First, of course, OpenSea is the most popular NFT exchange, but there are many others so let’s jump into this quickly.
Step 1 – The First Thing Is to Buy any Cryptocurrency
First and foremost, we have to buy a cryptocurrency, and mainly Ethereum is used for this. Then, use any exchange to buy it and store the crypto in any wallet of choice, like a hot or cold wallet.
Step 2 – The Next Thing Is to Connect the Crypto Wallet to the NFT Marketplace (OpenSea)
After that, we want to link and connect the cryptocurrency with our wallet. The steps are different, but on OpenSea, this is how we are going to do it.
● Open the Metamask plugin and unlock it;
● Now search OpenSea in another tab and click on the profile;
● Please enter your login details and confirm it;
Step 3 – Time to Create Your NFT
Lastly, go to the marketplace, choose and click on the NFT, upload your asset, add details, and pay the gas fee and it’s almost done here.
After these steps, you must be aware of how to mint NFT.
How Much Does It Cost to Mint an NFT?
As we talked about minting on OpenSea, we will talk about the fees on this marketplace. OpenSea is going to charge a fee twice.
The first time you create an account on it, that is somewhere between $70 to $300.
Secondly, we permit OpenSea to access our NFT, which is $10 to $30. There is a hack to save on this: creating your OpenSea account when the gas fee is lower.
How to Create an NFT Minting Site
To create an NFT minting site on WordPress, ensure you have installed and activated Elementor editor. Then, click the blue ‘Template’ icon in the element editor.
Search through the templates library for NFT in ‘Template.’ You can get many options to choose from. Select the ‘NftTrade’ Elementor pack. Preview the template design to see how your website will look.
The trade template pack is fully responsive on different devices. Click on the ‘insert’ button and instantly get started. Effortlessly customize the template using Elementor. When you are satisfied with the edits, click on the ‘publish’ button. Your website will be instantly ready for business.
The Real World Uses of NFTs
NFTs could also have more serious uses; being able to securely document and track ownership could open some powerful new possibilities.
At their core, NFTs are just unique digital representations of assets that could apply to any support, real-world or digital.
A university degree, for example, could be issued as a not a degree living securely on blockchain and verified by the university would be near impossible to fake and could be linked up to existing online sites like LinkedIn.
Now that you know what it means to mint an NFT, we can talk about NFTs in general. NFTs in real estate streamline the process of buying a home. We could dream up hundreds or thousands of different ways to potentially use that technology.
But NFTs to become widely used, there needs to be much innovation. The lack of a middleman means there is no one to help it if there are any mistakes in a transaction.
Handling NFTs is so expensive; adding NFTs to the blockchain involves fees called gas which fluctuate widely and cost a lot.
What Does It Mean to Mint an NFT – Conclusion
In conclusion, what does it mean to mint an NFT? First, it is important to remember that although many digital artists make huge money from NFTs, it is still something new and experimental. It is not a get-rich-quick scheme.
It is not a free thing, we are still required to pay some amount at the starting point, and no one can guarantee that our work will sell.
NFTs are a revolutionary concept, and they can, of course, change the way we think and get paid. It is a new concept to many people, and it’s worth exploring. Don’t wait for Amazon or NFTs and get started in the currently available marketplace. Whether you are a brand or someone just creating, partnering with the right platform is very important.