It seems like everybody and their grandma has an NFT investment these days. NFT digital files are all over the internet; just look at this ridiculous collage that sold for almost $70 million 😱. Those massive numbers leave a lot of investors wondering the same thing: How do you mint an NFT?
The minting process isn’t as bad as you might think 🤔. We’ve included a step-by-step guide for lazy minting in this article. We hope your NFT sells for $70 million someday 🤩!
What Is An NFT?
Before we tell you how to make an NFT, we should probably define the term. NFTs, or non-fungible tokens, are each unique. This sets them apart from fungible (interchangeable) currencies like the US dollar 💰. You can exchange one dollar for another dollar with no ill effects, but an NFT from one content creator is not equivalent to a different NFT from the online creator economy.
An NFT’s sale and validity are established on a blockchain ⛓, making it traceable and available to all to establish ownership. This makes NFTs as secure as general crypto, online gaming items, and other blockchain assets.
Of late, NFTs have become the most popular used examples of blockchain technology. They’ve been successfully adopted as an additional source of income by artists and creators. That’s right: many developers with and without coding skills 👨💻, such as musicians, artists, and company behemoths, aspire to create NFTs. And you can, too!
How to Mint an NFT
Minting an NFT involves transforming digital data into records 📈 on the Blockchain. The electronic items or data will then be stored in a distributed journal or decentralized data source and cannot be modified, changed, or erased.
They are Ethereum-based tokens that take the form of paintings 🎨, image assets, image icons, movies 🎬, songs, or other types of digital products. Almost all types of digital artworks and documents can be transformed into NFTs.
Here is the easy three-step process for turning your intellectual property into NFTs:
1. Establish a Crypto Wallet
Before minting an NFT, first-time creators should make sure they have a crypto wallet 🧐. A crypto wallet is like the wallet you keep in your pocket, except it’s for use in virtual worlds. MetaMask is currently among the most popular compatible wallets that work well with the Ethereum blockchain. Other types of digital wallets, such as Polygon (MATIC) and Solana (SOL), are also compatible with blockchain.
2. Select an NFT Industry
You need to pick on an NFT market where you intend to mint your NFT. Industries like NFTically, Structure, MakersPlace, and Mineable permit individuals to develop their own NFT marketplace profile. Recently, WazirX NFT introduced “Nano NFT,” which enables individuals to create collections of NFTs at much-reduced rates. Currently, it’s still an invite-only aspect of NFTs feature on the system.
3. Producing an NFT
Transforming your digital content to NFT 📲, submitting the file to NFT markets, and advertising and marketing it for sale is easy. Think of it as publishing a video on YouTube, posting music documents to Spotify, or perhaps offering up a digital item or product for sale on Amazon, eBay, or Etsy.
Every NFT marketplace provides an easy-to-follow process for creating an NFT. Generally, you need to click 👆 the “Create” button on the NFT marketplace, then pick the digital documents you want to mint into an openSea NFT. Post the documents, give them a title and caption, include a description, and upload them. Idiot-proof, right?
Transacting with NFTs
Like many a blockchain-based asset, there’s a service fee associated with minting an NFT smart-contract function. You need to pay 💵 a service fee that applies to all crypto purchases. You might also have to pay some minting fees to these minting platforms. The amount you will pay depends on the platform you’ve chosen for your digital art portfolio 🎨.
However, it’s not all about paying out some of your earnings. You can also get creative by leasing your NFTs, acquiring royalties on them, staking your NFTs, or flipping your NFTs. Flipping NFTs is similar to the real-world concept of flipping houses 🏡: you buy an NFT on popular marketplaces and sell it at a higher initial selling price.
If you choose to flip, however, don’t select a random audio clip 🎤 from the wide range of NFTs out there and hope for the best. Crypto experts suggest you buy openSea NFTs with some inherent value. NFTs without any intrinsic value will most likely be worthless lines of code.
NFT Minting for Money
As you can see, lazy minting is definitely a possibility with NFTs. Your digital labor is easy to convert to crypto assets that you can sell for real-world money 🤑 (after you pay a few original creator fees). You can also rent, trade, or flip NFTs and avoid the creation process altogether.
NFTs may be a promising investment for creators and other digital entrepreneurs. Many early adopter of NFTs hopes they’re a way to make easy money on a massive scale ⚖️. The online maker economy was the first to monetize and adopt NFTs long before artists, musicians, content producers, video game developers, and other crypto experts could capitalize on it.
However, minting and selling NFTs should not be considered a get-rich-quick scheme. It will require you to pay some upfront one-time fees to market your digital assets, and there is no assurance that anyone will be willing to buy your digital content. That being said, the barrier to entry is low, and the carbon footprint is shrinking….hey, it’s worth a try, right 😎?
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