How to Mint NFT Collection on Cardano
You can mint (create) new non-fungible tokens on the Cardano blockchain in one of two ways: by using an NFT template, or by using the create command. If you’re looking to mint something in a hurry, using an NFT template is the quickest way to go. Templates are smart contracts that have been preprogrammed with some of the most common data points for a type of token. They come in two flavors: Mintable ERC-721 and Non-Mintable ERC-721.
If you want to get into the nitty gritty details about how to mint an NFT on Cardano, read below for more info about templates and how to use them.
Why mint an NFT on Cardano?
Cardano is a third-generation blockchain with a unique consensus mechanism called Ouroboros. It’s one of the most advanced blockchains in the industry and has been used by IOHK since 2015.
Cardano has three layers — the Settlement Layer, which handles transactions and balances; the Computation Layer, which runs smart contracts; and the Control Layer, which governs how those two layers interact.
The Control Layer is where NFTs live. This article will explain how you can mint an NFT on Cardano using the Control Layer functionality.
If you decide to mint an NFT on Cardano, you will be able to create a token and make it tradeable on the Cardano blockchain. You can also give a token a specific name and description. By minting an NFT, you will be able to create unique tokens that are limited in supply and can be transferred from one user to another. These tokens are not transferable to other blockchains or any other cryptocurrency networks.
The process of minting an NFT on Cardano is fairly simple. However, if you want to know more about how it works, we have prepared this guide for you!
How do you mint a Cardano NFT?
This is a very common question. The answer is, there is no single way to mint an NFT. But there are three main ways to mint an NFT.
You can mint an NFT by sending the token contract a mint transaction with the parameters of the token (name, symbol, decimal places, image identity, etc.) and some amount of tokens to be issued. The contract will then generate new tokens in your address and return them to you. This is the most basic way to create a new token on Ethereum or Cardano, and was used by CryptoKitties and other early NFTs.
You can also mint an NFT by sending it to anyone else’s address. In this case, the recipient becomes the owner of the token and can then transfer it back to their own address or give it away as a gift to another person on-chain using their wallet software or dApp browser extension.
Finally, you can also issue an NFT using off-chain software like Metamask or Trust Wallet which will automatically generate tokens when someone purchases them with ether (ETH) or ADA off-chain using those apps’
How are NFTs different from other tokens?
NFTs are different from other tokens because they are not just limited to a specific platform. NFTs can be minted on any blockchain network, including Ethereum and Cardano, as well as EOS and Steem.
NFTs can also be transferred between different blockchains, making them ideal for use in decentralized applications that need to interact with multiple platforms.
- For example, let’s say you have an NFT token on Ethereum and want to transfer it to a friend who has an EOS address. In this case, you could simply send the token directly to their EOS wallet. This is made possible by the Interledger Protocol (ILP), which allows users to send money across different blockchains without needing to understand how those blockchains work or even having access to them in most cases.
- For example, you could mint an NFT on Cardano called “my dog” which would be unique to your dog in some way (e.g., his name or breed). The token “my dog” would not be exchangeable with any other token, as each token represents a different dog.
What can NFTs do?
The most obvious use case for NFTs is digital art. Art ownership has always been tricky to track with physical objects, but with NFTs, it’s easy to track who owns what piece of art at any given time. This can be useful for artists who want to sell their work directly to collectors without having to manage sales themselves. And since the art is stored on the blockchain instead of in a physical gallery, it will never get destroyed or damaged by nature or human error — as long as you back up your wallet seed phrase!
Other uses include:
- Online games (like CryptoKitties)
- Digital collectibles (such as rare cards)
- Decentralized exchanges
How to use the KI-NFT standard
The KI-NFT standard is a simple way to mint a non-fungible token (NFT) and create an asset registry. The standard is based on the Cardano blockchain, which means it can integrate seamlessly with any other application that uses the Cardano Settlement Layer (CSL).
To get started, you’ll need some basic information about your NFT:
- The name of your NFT (e.g., “Bob’s shoe”)
- The number of decimal places for your NFT (e.g., 12 for US dollars)
- How much you want to allocate for each supply unit of your NFT (e.g., 1 shoe equates to $0.10)