We are living in a world where art is going global. Any regional song can now be accessed by someone sitting in another time zone. As easy as it is to access, it can be easily forged as well. And this way, artists are losing millions of dollars in revenue without even realizing it.
Be it music, painting or any other digital creation, it is prone to the risk of getting forged without the knowledge of the creator. This is where Non-Fungible Tokens (NFTs) come in, transforming the digital landscape, offering artists, creators, and collectors new ways to showcase, trade, and monetize unique digital art.
By creating an NFT, one can get direct control of the asset without intermediaries, receive royalties on any future sale of the asset and most importantly, have proof of ownership of the asset.
NFT is a unique digital asset that has been tokenized based on a particular digital work such as a picture, video, music etc, stored on the blockchain providing you with sole ownership of the asset verified by 100s of other users online..
For eg; if you create an NFT of a picture of yourself, there will be only one such picture across the internet with you being the verified owner. Nobody else can use it nor can they create a copy of it. The same can be done to your land documents, your Aadhar Card, marks sheets and any other certificate. This process of creating an NFT is called Minting.
Minting NFTs involves several key steps:
Before minting an NFT, it's essential to have a digital asset prepared, whether it's an image, music, video, or any other digital creation. If you are the creator, it's crucial that you hold full rights to the content, as ownership is key. Once the NFT is minted, it will be attributed to you, requiring you to prove its authenticity and establish your claim over the asset.
All NFTs are created over a blockchain where many other internet users verify every transaction, creation etc. Hence selecting the right blockchain for your needs is crucial. Ethereum is the most popular blockchain for NFTs, thanks to its smart contract capabilities and wide adoption in the NFT space. However, several other blockchains, such as Binance Smart Chain, Flow, and Tezos, also support NFTs. Each blockchain has its own features and transaction costs.
For instance, Ethereum’s popularity means that it often has higher gas fees (transaction costs), whereas Tezos is known for being more energy-efficient and offering lower fees.
To mint an NFT, you'll need a crypto wallet that can store your digital assets and manage transactions. It’s also a must to fund your wallet with the respective crypto, as you'll need it to pay for the gas fees associated with minting.
Once your wallet is set up, the next step is choosing an NFT marketplace to mint and/or sell your NFTs. Some popular platforms include OpenSea, Rarible and Mintable. Each platform has unique features and requirements, so it’s essential to choose the one that best suits your requirements. Some platforms even allow users to set royalties, enabling creators to earn a percentage of future sales becoming a source of passive income.
With your asset ready, wallet funded, and marketplace selected, you can begin the minting process. This typically involves:
- Uploading your digital file to the platform.
- Adding metadata such as the NFT’s name, description, and attributes.
- Specifying royalties, if applicable, for any future sales.
Once uploaded, the marketplace will handle the process of converting the file into an NFT, assigning it a unique identifier on the blockchain. At this stage, you will also pay gas fees to confirm the transaction.
After your NFT is minted, you’ll receive confirmation that the token is live on the blockchain. You can then choose to list the NFT for sale, either through a fixed price or an auction, depending on the platform.
Minting NFTs is a unique way for creators to digitize and monetize their work while providing buyers with verifiable ownership of unique assets. NFTs have helped artists stop their art from getting forged, receive extra income in the form of royalties and have created a secure environment for artists.
As the NFT space continues to grow, minting processes will likely become more accessible and cost-effective, opening up new opportunities for artists, developers, and investors alike. Understanding the steps involved in minting can help you navigate this new and exciting digital frontier with confidence.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.