In the past couple of years, the NFT marketplace has gained a lot of popularity among some digital art collectors and investors. There are projects that sold for millions of dollars, causing some speculators to jump in and hope for getting rich quickly.
However, as the market stabilizes it shows the real value of NFT collectibles and their real-worth use in other industries like games, movies, and more.
Still, if you are new to the NFT market, before heading to popular NFT games like Wizardia, you can learn the process of minting your first NFT. It might be a bit confusing since it is unique and unlike anything else before.
That’s why we decided to highlight some of the most important steps that you need to take before acquiring your first NFT. This process where you’ll get the first NFT from a project on a release date is called minting.
Minting an NFT is much simpler than most people think, and you don’t need to have to be an expert in order to mint your first NFT.
How to Mint an NFT?
NFT or non-fungible tokens are a type of digital certificate that is built on blockchain technology, usually Ethereum. These NFT collectibles have a written certificate of ownership of a digital asset. Minting digital assets is one of the best ways for artists to monetize their work.
However, the process of selling digital files recorded on the blockchain is not easy. Since NFTs are recorded on the blockchain, the creator of the NFT is recorded in the public ledger. The ledger gives you the ability to set a fee (royalty) for whenever the digital asset is sold in the future, you’ll earn a passive income.
Since there are different NFT marketplaces, the method of minting your NFT can vary, and for the sake of simplicity, we’ve chosen the most popular NFT marketplace OpenSea.
Let’s go through the steps of minting your first NFT.
1.Connect Your Wallet
In order to enter the NFT marketplace, you’ll need to open a crypto wallet and connect it to a specific marketplace, in this case, the OpenSea marketplace. In order to get a crypto wallet, you need to open an account on some of the crypto exchanges like Binance.
The process of connecting your wallet to OpenSea is fairly easy. You can connect your wallet using MetaMask, Coinbase Wallet, or other options.
Once your profile on an NFT Marketplace is created and connected to a crypto wallet, you can start the process of minting your NFT.
2.Create Your First Item
This step requires you to upload your digital collectible in a form of an image, video, audio, or 3D model. This means that you need to create your own piece and attach it to the NFT Marketplace.
The process is fairly simple. You just need to click on “Create” in the upper right corner, upload a digital file, and set a name for your NFT.
There are some optional fields you can fill up such as the description of your work and external links for more info.
Here you can also set up how much you’ll be paid in royalties if your NFT gets sold again later on. By clicking ‘Complete’ your first NFT is minted.
3.Selling your NFT
Once you mint your NFT it is time to sell it, and before you can do that, you need to make sure that your wallet is funded. Since selling an NFT between two parties requires the network to do some computing, you will get a transaction cost which is known as a “gas fee”.
Gas Fees can vary depending on the network traffic, so it is important to pay attention to them in order to avoid paying unnecessarily high fees.
Then you can pick the details of your sale, whether you want an auction or a fixed price sale, plus the duration of your sale. Remember marketplaces like OpenSea also will charge you fees for listing and selling your items which is usually around 2.5%.
Once you are done, you can click ‘Complete Listing’ and your NFT is now minted and available for anyone to purchase.