What Does “Mint” Mean In NFT & How Do You Use It?

What Does “Mint” Mean In NFT & How Do You Use It?

Disclosure: This post may contain affiliate links, meaning we may receive a commission for purchases made through these links, at no cost to you. Please read my disclosure for more info

NFTs have become widely popular in the last couple of years, especially in the art world.

You can create and purchase NFTs with relative ease, but it can seem quite complicated to those who are just beginning to get to grips with NFTs. 

One of the terms that are commonly used within the NFT work is “mint”, but what does that actually mean and what does it do? We will be going over the very basics of NFTs in this article and we’ll also be explaining what it means to “mint” and how you can use it. 

What Is An NFT? 

NFT is an acronym for “non-fungible tokens”. An NFT is a digital asset that represents a real-world object and is sold for a substantial amount of money. 

NFTs can only be bought and sold online and are usually tied to cryptocurrency. NFTs have actually been around since 2014, but they are just now seeing a huge spike in popularity because of digital art.

NFTs are a great way for artists to sell their digital art for a decent amount of money. Some people are even selling their digital artworks for millions of dollars. 

The reason NFTs are so popular is that they are generally unique and one of a kind.

Each NFT has a unique identifying code that can’t be copied or replicated, so they are a bit more unique and personal than just right-clicking and saving an image from a website. 

When you own an NFT, it is uniquely yours and no one else can own it. Most digital creations are usually available in an infinite supply, but NFTs makes them very limited and one of a kind. 

The NFT you buy is in essence, the original item. It’s not a copy, it’s not a replica, it is the original image or item. This is why they are so popular at the moment. 

What Does Mint Mean In NFT?

Now you know a little bit more about what an NFT is, let’s talk about what “mint” means. 

Minting an NFT means that you take the digital file and convert it into a digital asset stored on the blockchain. (Don’t worry, we’ll get into what blockchain is a little later!)

Once it’s been converted and stored on the blockchain, it can officially be bought and sold. This is the essence of what minting an NFT is.

What Is Blockchain?

So what is blockchain? Well, it is a distributed database or ledger that is shared among the nodes of a computer network.

Because it is a database, blockchain stores information only in a digital format. 

Blockchain is usually mentioned in tandem with cryptocurrency, especially Bitcoin, as it maintains secure records of cryptocurrency transactions. 

Blockchain is broken down into blocks and when each block is filled with information, that block is closed and a new block is added to what is called the “chain”. This is where the name blockchain comes from. 

How Do You Mint An NFT? 

What Does “Mint” Mean In NFT & How Do You Use It?

Now you’re more up to speed with what an NFT is, what minting an NFT is and you’ve got the basics of blockchain down, let’s look into how you actually go about minting an NFT. 

Follow these steps to see how the minting process of an NFT actually works. 

Buy A Compatible Cryptocurrency

In order for you to be able to sell and create your NFTs, you will need to have some cryptocurrency ready to go. 

The most well-known and trusted cryptocurrency you’ll be using, in this case, is Ethereum. There are others you can use, but you need to make sure they are compatible. 

In order to buy cryptocurrency, you need to create an account with the cryptocurrency exchange and you’ll need a digital wallet to sort your cryptocurrency. 

There are two types of wallets you can purchase. The hot wallets are connected to the internet and stored online, whereas the cold wallets are kept offline. 

Decide Which NFT Marketplace You Want To Use

Once you’ve got your cryptocurrency and wallet sorted, you will need to decide which NFT marketplace you will want to use to sell your NFTs. 

There are lots of NFT marketplaces you can choose from. Some of the most popular ones include OpenSea, NFT ShowRoom, Rarible, and Axie Marketplace. 

Do the right research for this step and choose an NFT marketplace that suits your needs. Be mindful of the fees you’ll have to pay as well. 

Connect Your Wallet

Next, you’ll want to connect your wallet to your chosen NFT platform. As soon as your wallet is connected, you will be able to create a profile.

You should include a small description of yourself in your profile and provide the appropriate links to your websites and social media pages. 

You should also specify which type of cryptocurrency you will accept as payments on your NFTs here. 

Create Your NFT

Finally, you can create your NFT. On the homepage of your chosen marketplace, you will see a button that will allow you to create and mint your NFT. 

Once you’ve clicked that button, you can upload your NFT, give it a name and description and specify how much crypto you want for the NFT. 

You will then have to pay a transaction fee (also known as the “gas” fee). Make sure you have enough money in your crypto wallet before you do this. 

How Much Does It Cost To Mint An NFT?

The price for minting an NFT really depends on what platform you use to sell the NFT. Some platforms do not require you to pay the “gas” fee at all, whereas others will charge you a lot more than you’re expecting.

Conclusion

It can seem a bit daunting to understand the world of NFTs and cryptocurrency, but once you’ve done the research and put it into practice, you will start to see that it’s a lot easier to wrap your head around. 

Good luck on your NFT journey and follow this guide to mint your own NFTs!

Scroll to Top