How I can mint NFT

NFT or Non-fungible Token has exploded in popularity over the last couple of years. Most people still don’t have a clue about what NFT and its applications are. However, since the boom in the NFT market around two years ago, many investors and ordinary people have become curious about NFT and how to take advantage of it. 

NFT basically refers to registering the ownership and authenticity of digital assets within a blockchain network like Ethereum. The beauty about the blockchain is that the data can not be changed or replicated, so once a digital asset ownership data is recorded on a blockchain network, the ownership is verified and guaranteed. As such, the creators of the digital asset, like an artwork or a track of music can rest assured that their digital asset remains under their name until they want to sell it out.

What does minting an NFT mean?

Many people across the globe are becoming interested in making NFT and try their chance to make good money out of it. Even though NFT was initially invented to secure the ownership and authenticity of digital assets in a blockchain network, now almost all tangible and intangible assets can be converted to an NFT. For instance, the owner of a valuable property in Dubai is now capable of converting his property to one or multiple NFT to make small scale investors able to fractionally invest in a property in Dubai! Hence, people must become familiar with how to convert an asset to NFT. Minting NFT is the process of converting your asset, digital or physical, to one or multiple NFT across a blockchain network. In other words, the steps that you must go through to tokenize an asset and create your own NFT is called minting NFT.

Step by Step guide to mint NFT

The process of minting NFT is pretty much the same across all NFT marketplaces, however the UI design might be slightly different based on the NFT marketplace you choose to work with. Here are the main steps that you must be going through to mint a NFT.

1- Create your own digital asset

To mint NFT, you must have your digital asset ready. Make sure that you’re the one and only owner of the asset, whatever it is.

2- Choose a blockchain and Select a NFT Marketplace

The most popular blockchain platform is Ethereum and Solana and Binance Smart Chain are among the next most popular platforms. Factors like gas fee and environmental impacts must be considered when choosing your blockchain platform. Once chosen, select the NFT marketplace that supports your chosen blockchain. The most popular NFT marketplaces are OpenSea, Mintable and others.  

3- Set up your digital wallet

At this stage, you need to create your own digital wallet, if you haven’t already. You must have a digital wallet that is compatible with the NFT marketplace that you have already chosen.

4- Setup an account in the NFT marketplace

All popular marketplaces like OpenSea prompt you to create your own account on the platform and direct you to the end of the process. Once your account is ready, connect your wallet to your account.

5- Buy cryptocurrency and transfer it to your digital wallet

To pay for the fees like gas fee, you must have sufficient cryptocurrency in your wallet. Depending on the blockchain network you have chosen, you must buy the cryptocurrency that suits you. For instance, if your blockchain network is set to be Ethereum, you must purchase Ethereum from a crypto exchange and transfer it to your wallet.

6- Mint your NFT

Now you are all set to mint your first NFT. Follow the instructions in your NFT marketplace account and upload your digital asset to the marketplace. At this stage, you will be prompted to add name and description as well as royalty fees for your NFT. Royalty fee which is allowed by some marketplaces, make you entitled to receive a percentage of your NFT being sold in the future. Once done, mint your NFT and approve for the marketplace to deduct the transaction and gas fee from your wallet which is connected to your account. Your NFT is minted!

7- List your NFT for sale 

List your NFT for sale and select your desired sales method to be at a fixed price or through auction. The process becomes easy by following the marketplace instructions.

Wrapping up

The process of minting NFT is not very complicated. By having a basic technical knowledge and a good understanding of the blockchain, you are able to mint your NFT by following the instructions provided above. It is quite a good idea to make yourself familiar with how to make NFT, promote it and sell it in the NFT marketplace, as even though the market is slowed down right now, the future looks bright and exciting. Hence, get prepared and good luck!