NFT mania is overwhelming. The audience is buying tokens paying in millions, quicker than they would have invested in any event game ever. And hence we could easily say that the craze has peaked recently creating its own set of audience. You wouldn’t believe, the most expensive NFT of this year 2021, was sold at $69.3 million!
Artists and digital assets owners now have a chance to upload, share and earn by publishing their artwork. Isn’t that a great money-making opportunity and a definite reason for the concept to become so popular? Crypto is becoming a big thing in the fintech industry and there are dozens of apps facilitating the exchange of digital assets aka Non-Fungible Token (NFT). The concept is creating its own space in the market, which is why we thought of introducing our clients to the concept & process of NFT minting. NFT minting is a way of selling unique creations in the form of a digital ledger using blockchain technology. To know more about the emerging concept, you should keep reading this blog.
The concept of unique intervention:
According to the statistics we have, sales figure in NFT art has crossed 4.9 million. Last years’ costing projects that the total sales in NFT are costing around $128 million. The figures suggest that there is a prospective market for entrepreneurs interested in building an NFT platform.
The next question is, what is NFT Minting?
NFTs are digital assets connected through blockchain and are a part of the public ledger. Content creators or artists can develop a creative piece of content and tokenize it on the blockchain.
The assets are placed on the NFT marketplace app development platform and are identified by a unique code. This is something that differentiates NFTs from cryptos. NFTs can be traded in the marketplace, but they are unchangeable and tamper-proof. One can track it digitally and sell it on various trading platforms or blockchain platforms.
The blockchain platform that is used maximum times for minting is Ethereum.
Nike, NBA, Paramount Pictures, and many others have tried NFT minting their own digital assets & making a good chunk of money. The NFT minting process is now expanding its implementation in the industries such as the music industry and game industry. Needless to say, the market has a huge global audience to attract to (there you go friends!)
The massive market price of NFTs has definitely interested creators in designing their own NFTs or setting up a collection of NFTs. I hope this explains why there is explosive demand of NFTs and why it is used to define authenticity, uniqueness, and ownership of the digital assets. In all, it gives proof of ownership to the creators.
What is the process of NFT Minting?
Now that you know how you can make your digital art a part of the Etherum blockchain using NFT minting, it would be quite easy for you to understand the circulation of the process.
We will explain all things you will need for minting an NFT, but the primary requirement is to have an Etherum wallet. From the wallet, you can manage & control the funds directly.
You need to select a platform that issues NFTs. Etherum leads the list, however, some other popular platforms are:
- Binance Smart Chain;
- Flow by Dapper Labs;
Note: All of these platforms have slightly different ways of issuing NFTs.
What things you can mint as NFTs?
The list might interest you because it will give you an idea of what size, type, and kind of audience you can cover building a non-fungible tokens minting platform.
- You can mint digital arts including images, GIFs, videos, etc.
- Also, you can cover assets like painting, sculptures, music, avatars, gun skins, trading cards, concert tickets, tweets, domains, real-estate virtual worlds, vehicles, fantasy game characters, and many other things.
Now let us look at the seven-step procedure of creating a digital NFT minting platform.
- Creation of assets:
If you are an artist by yourself or have a knack for creative designs, you know that it takes time to come up with something creative and unique. Therefore the first step is to develop an asset that will go live on the platform.
You can create any form of digital asset based on your niche or interest in the field. NFT platform will get you in touch with buyers of every type, however, the collection of NFT should be extraordinary.
- Selection of blockchain platform:
We have already mentioned above, the selection of a blockchain platform for minting is crucial. The platform has to be reliable, popular, and suitable for the type of NFT minting you are planning. The reason being, it is very difficult to shift a digital asset from one platform to another using blockchain.
Once the selection is done, you can now purchase Ether or ETH and that would be your cryptocurrency. This Ether would be a part of the chain, accessible to everyone in the network. A document would be created where every single detail of the changes or release would be stored. Even if you sell or resale the artwork, it would be documented and the initial creator will have the identity.
- Create a non-custodial wallet for Etherum:
No transaction or minting can happen without any money. It is a requirement to have ETH or Ether to buy or sell in the NFT blockchain network.
A non-custodial wallet gives you complete control over your transactions and funds. It is different from regular wallets because of its decentralized nature and ownership management of crypto goods.
- Set up a non-custodial wallet:
We have helped you prepare a non-custodial wallet for Etherum, it’s time to set up a wallet. Firstly, select an authentic website and install it in the web browser of your choice. Once the installation is finished, you will see an option to create a wallet.
Click on the option and follow the step-by-step procedure mentioned to create a wallet password.
After this stage, the developer’s role comes into play for the seed phrase. In the seed phrase, a 12 word combination of words is generated and developers must use this phrase to create a secure transaction. The process of wallet setup is complete as soon as you press the “Next” button.
- Transfer Ether to Non-custodial wallet:
It’s time to move close to NFT minting. You should have your wallet address to transfer Ether to a non-custodial wallet. Wallet address here refers to the account number that you would be using for the transaction of crypto from one account to another (in short, trading of NFTs).
Whenever you make a transfer of ETH, don’t forget to refresh and check the wallet balance.
- NFT marketplace selection:
The next course of action for NFT minting is NFT marketplace selection. You may need an expert’s help with this selection because there are multiple factors that need to be considered. OpenSea and Rarible are two obvious choices for marketplaces.
With OpenSea, you just have to pay the opening fees and the rest follows. After setting up, minted NFTs go into your wallet and you can trade it on the desired platform.
- Create NFT:
Wondering what will be the final step? Every marketplace will have its own set of steps of creating an NFT, however, general steps to follow will be:
- Open the related website;
- Click on the “create” button, and sign up with the non-custodial wallet;
- Read the message where the confirmation rules are defined and select accordingly.
- Navigate to the “create” option on the “collection” page and start adding the details. One can add multiple NFTs to the collection.
- The same procedure follows for adding new items to the list of collections.
NFT minting process is evolving and it looks like within no time it would be possible for content creators to mint stories, articles, blog posts, etc. Just imagine the virality of the platform you are going to have. It is going to be a profitable venture altogether. We wish you good luck if you are planning to build a cryptocurrency app development or an NFT marketplace. For any assistance, feel free to connect with us!