An NFT is a Non-Fungible Token, which means it has a unique value that is produced and kept on the block-chain. It is the latest in art and graphic dissemination (and, much better, monetization). NFTs are mostly generated and kept on the Ethereum block-chain, however, there are additional tokens that can help with NFT production and storage. The Ethereum block-chain will be used for our purposes today.
An NFT is a digital file that represents ANY digital file, including but not limited to:
- Tokens for video games
- Mp3 files
- Items that can be collected
Who Is Capable of Creating NFTs?
Anyone who can generate a digital file may create an NFT.You, too, can create your NFT that is for sale if you have access to a device that can connect to the internet and a little patience.
How Are NFTs Created?
NFTs are generally generated with one of two programs: OpenSea.OpenSea uses Ethereum to store your NFT and to allow trading of your NFT.
Minting NFTs with Ethereum
While various block-chains and crypto-coins may be used to produce and store NFTs, Ethereum is the most popular, trustworthy, and allows your NFT to be readily exchanged in NFT markets, which are similar to online stores where you can buy NFTs.
To generate or “mint” an NFT, you will need a crypto wallet that includes Ethereum. That is, you must first acquire Ethereum, which may be accomplished by either exchanging current Bitcoin into Ethereum (which I do not advocate at the time of writing) or, more prudently, acquiring Ethereum for NFT minting using fiat money such as the US Dollar.A minimum advised budget for NFT minting is USD 100 in Ethereum per NFT you intend to mint; however, depending on the intricacy of your NFT, you may choose to dedicate a greater amount. An excellent starting point is $100.
The Best App for NFT Minting and Trading
Metamask is the most user-friendly and highly recommended software for minting your NFT. This is a free app that can be downloaded from the iTunes and Google Play stores.
Making an NFT Using OpenSea
OpenSea does not charge a cost to mint an NFT; however, you will be charged a fee depending on the ultimate sale price of your NFT, which is currently 2.5 percent of the final sale value.Payment tokens are used to purchase and sell NFTs. For trading, OpenSea suggests the following crypto coins:
- USDC (US Dollar Coin, which is a crypto-coin, not to be confused with the fiat US Dollar)
You will need to link your crypto-wallet to mint, purchase, and sell NFTs.
OpenSea accepts the following crypto wallets:
The OpenSea webpage has detailed instructions for uploading your NFT, but if you can post a photo to Instagram, you should have no difficulty uploading your file for NFT minting on OpenSea.
Just as NFTs have expanded in recent years to encompass a wide range of items from art to audio files and virtual worlds, the cost of minting, or generating, non-fungible tokens couldvariety from $1 to over $1,000, according to Slate.
The ups and downs of costs associated with minting NFTs have been often highlighted by NFT artists. One NFT maker, Allen Gannett, told a tale that was featured in OneZero about how he produced four NFTs of renowned paintings that he got for free from the Metropolitan Museum of Art and then had to pay over $1,300 in minting costs.Many popular NFT wallets will allow you to mint free of charge, however, some may charge a minimum cost of between $70 and $120 to get you started.However, at peak times, prices have climbed by $200-300…
You’ll want to select a system that’s simple to use, secure, and safe to transact with, but also won’t drain your bank account when it comes time to get your new NFT up and running.
A variety of Different Fees
As Slate points out, NFT minters frequently have to pay upfront fees, while some platforms require artists to pay a proportion, such as 3%, of the ultimate retail price for an NFT they’ve made.The expense of minting is negligible for other minters. According to the New York Post, film director Alex Ramirez-Mallis paid a one-time price of $150 to set up an account on the platform OpenSea that allows him to manufacture an infinite amount of NFTs for free. Other systems, such as Valuables by Cent, do not charge minters any fees.Others do not charge fees merely for minting NFTs on their platform, however, fees do apply if you wish to sell your NFT.
According to Nerds Chalk, an expert stated that the least you will spend to mint an NFT on Ethereum, the most popular host for NFTs or block-chain, is around $70. According to The Art Newspaper, several crypto-currency specialists believe that minting a digital artwork NFT can cost anywhere from $70 to $100.However, several criteria are considered while estimating the cost of minting an NFT. They differ over a wide range of minting platforms.In addition to the aforementioned sites, prominent minting facilitators include BakerySwap, Foundation, Nifty Gateway, Enjin Marketplace, Super Rare, Atomic Market, and KnownOrigin, to name a few.
Transaction costs on different platforms vary as well and are generally considered when calculating the minting cost. When it comes down to it, it all boils down to the block-chain.
Final Words on NFT Minting
With NFTs gaining traction as an emergent asset class, I believe they will be highly profitable for traders, despite their volatility. Artists will be doing themselves a disservice if they do not digitize their work into an NFT.If you can produce digital art, NFT minting can be a lucrative new cash source for you.Go forth, mint your NFTs, collect the bag, and amass all of the wealth (or crypto-coins in this instance).