Finding a collector’s item in mint condition typically means that it has not been out of its original wrapping and looks brand new.
For NFTs, there is still that collectible element yet the term minting is used to publish a unique digital asset on a specific blockchain.
The process of minting is to ensure that an NFT has the opportunity to be bought, sold, and effectively traded on the blockchain.
In this guide, we will look at what mint means for an NFT, how to mint an NFT, and why you should mint an NFT.
What Does Mint Mean In NFT?
Though an NFT can take various forms, its uniqueness is arguably its most important, and profitable, feature. The NFT could be an in-game asset for a virtual world, or a piece of artwork which could be a video, audio clip, or graphic.
Then again, the NFT could be an asset that is seen in the real world like a property, collectible item, or a piece of art you can hang up. Whatever the NFT is, it will have its individual metadata codes to be stored on the blockchain to retain that uniqueness.
Those metadata codes cannot be changed, altered, or edited as the item is rightfully considered one of a kind. There should only be a single item of any one NFT and that status adds something to its value.
By minting an NFT, those metadata codes are created that provide that unique element to accurately create a value. NFTs are non-fungible so the process of minting is crucial to ensure that it is not exchanged.
How To Mint An NFT
The process of minting is essential for those who want to sell or trade their NFTs and those who want to preserve the NFTs that they have created. You will need an understanding of blockchain technology yet only a basic one.
- The first step to minting is creating the NFT itself which could be a song, a book, an animation, an in-game weapon, or a digital trading card. Certain NFTs, like digital artwork, will need to be transformed into data so they can exist on the blockchain.
- Next, buy your crypto tokens. Your choice of crypto tokens and blockchain may determine which marketplaces you can use and the wallet services at your disposal.
- A crypto wallet, or hot wallet, is one that is connected online where you can store your funds as tokens. This is a means of allowing users to connect their account to the crypto network.
- For the process of minting, it is relatively important that you get what is known as a ‘non-custodial crypto wallet’. This is so you have full control of your funds and do not have to go through a third party, the wallet is yours and so are the private keys to access it.
- An individual can also set up a profile to actively tell others the types of NFTs they will be selling or exchanging, and how they plan to do that.
- Decide on the NFT marketplace which could be Mintable, Holaplex, OpenSea, or Rarible which are all fine to use for those looking to mint their NFTs. There may be applicable charges for minting, using your account, transacting on certain platforms, or even listing the NFT itself.
- Choose and then upload the assets as NFTs which will require filling in the requisite details to describe the NFT and even the collection it belongs to.
- Perform the minting process to add the asset to your NFT collection and create your very own token.
- Once the token for the NFT has been created and the minting has been successful then you can sell or exchange your NFT.
That whole minting process may take under half an hour but it can take several hours. The time may well depend on how well you know the crypto platforms you are using.
Why You Should Mint An NFT
The reasons and the benefits why you should mint an NFT may differ between various individuals. Some may want to sell their unique digital assets for a future cut in the numerous sales.
Others may want to keep the value of the NFT and minting helps perform this as the blockchain is so secure while NFTs are relatively scarce. Finally, an NFT can be owned democratically between several parties who each own a stake in one digital asset.
Minting an NFT may seem like a laborious and costly process but it is typically worth the time and endeavor. For those who want to create their own NFTs to expand their reach of artistry or even their business, minting is a crucial part of the process.
Before you even look to create your NFTs, work out how you can get them on the blockchain. That includes buying your tokens and deciding on your crypto wallet, then you can find out how you want to mint your NFTs to make them available.
Frequently Asked Questions
Can Minting An Nft Be Done For Free?
Should you want to mint your NFT for free then you should be pleased to know that it is possible. You could pass the transaction fee onto the buyer of the NFT or use a marketplace that does not charge such fees for minting.
Some new blockchains can let you mint an NFT for free but it may be a less established one that you might not otherwise want to use.
In most cases, you would have to face a transaction fee for creating the NFT anyway so it is worth making a note of the fees to see where you could save money.
Which Mobile Apps Allow You To Mint An Nft?
Paul Martinez is the founder of BendingDestiny.com. He is an expert in the areas of finance, real estate, and eCommerce.
Join him on BendingDestiny.com to learn how to improve your financial life and excel in these areas. Before starting this blog, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.