How To Mint an NFT: A Complete Guide
Mar 20, 2024
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NFTs were a hot topic in the early 2020s. While some people were criticizing a fresh cryptocurrency-related trend finding the costly NFT images collections distasteful and the NFT platforms too dangerous, digital artists and collection creators were making heaps of money out of their art. Love it or hate it, the NFT market became a big thing back then.
These days, this market is still alive although the post-2022 revenues have shrinked. A lot of hype has been left behind, however, artists are still loading digital galleries with freshly minted NFTs while traders seek for the items with strong investment potential and buy them.
This article explains the basics of the NFT market and minting. If you are interested in turning your art into a token and enjoy some royalties if your work becomes a market success, the article will show you how to mint NFTs via different platforms, how to choose the best platform for minting, and answer other essential questions on the subject.
Contents
What is an NFT?
NFT stands for non-fungible token, a unique blockchain-based token that cannot be replaced with another unit of this token as other units simply don't exist. NFTs are distinguished mainly by the lack of other units apart from the first and only. Most NFTs are based on the Ethereum blockchain.
The Bitcoin supply is set at 21 million units and each one has the same value as the other (exceptions are possible though), making each unit fungible. Therefore, a non-fungible token is a token that is one of its kind. The other essential characteristics of NFTs are indivisibility (you cannot divide a token) and authenticity (NFTs can represent a real-world item, etc).
NFTs are a useful tool for tradable unique in-game items, digital pieces of art, music records, and virtual collectibles. Some of these tokens gain a high value due to scarcity and high demand. One of the most expansive and well-recognized collections is the Bored Ape Yacht Club in which all images are made in one style but have distinctive differences.
What is NFT Minting?
NFT minting is a process of recording a file on blockchain thus turning it into a digital asset. Minting doesn't require coding knowledge and is performed on special platforms.
Unlike methods of file sales predating NFTs, the blockchain-based technology allows the creators of these files to invariably get credit for them and not miss the profits they generate. The author fee for the subsequent resells is set by the original creator. The creator's name is part of the info that is recorded on blockchain during minting. The data recorded on blockchain is immutable.
How to Mint NFT Directly on a Project’s Website?
Many NFT collections have websites where you can generate and mint the project-related NFTs. You just need to connect your web3 wallet to a project's website and find the minting feature. Make sure the wallet has enough money for paying the minting cost and ETH gas. Then, you can resell these NFTs on marketplaces to gain profits. Using a token ID and the smart contract address, you can control the info about a token.
Minting on an NFT Marketplace
Most NFT marketplaces support various blockchains and allow minting NFTs right away without the need to leave the platform. The steps on different platforms are pretty similar: you just need to connect the web3 wallet with enough funds to the marketplace, create an NFT, and list it for sale.
How to Mint an NFT?
See how to mint NFTs on some of the most popular marketplaces.
How to Mint an NFT on OpenSea?
OpenSea is the leading NFT marketplace. Here’s how you can mint and sell NFTs on OpenSea:
Step 1. Connect your wallet to OpenSea
Proceed to a Profile page on OpenSea in the top-right corner. There, you can connect your web3 wallet. Make sure to have money on your balance.
As you accept terms and conditions and sign in and authenticate your wallet, your OpenSea account is created. You can fill in the profile data, adding a userpic, links to your social media, bio, etc.
Step 2. Create an NFT collection
There is a Create button, next to your userpic. Click on it to proceed to a minting page. To mint an NFT you should upload a file from your device (the size is limited by 100 MB)and name it. You can also provide a description and external link if you wish. Then, set a royalties percentage for the token sales on a secondary market. Choose the number of copies and a blockchain (OpenSea supports a lot of them).
To create a collection you should click on My Collections and choose the Create option. The rest steps are the same as for creating a single NFT with the exception that this time you will upload several files.
Step 3. Add items to the NFT collection on OpenSea
To add more tokens to your collection, proceed to it via My Collections page and upload more files.
Step 4. Sell your NFTs on OpenSea
To sell tokens, you should list your collection on OpenSea. The tokens can be sold at a fixed price or through auction. Set the price and tap the Complete Listing button. Then you should initialize your wallet to ensure you can pay fees. OpenSea collects a 2.5% service fee per sale.
How to Mint an NFT on Rarible?
Rarible is one of the biggest NFT marketplaces. It provides users with an easy ("lazy") way to create Ethereum-based NFTs for free. The gas fees will be paid by the buyer and the token will be actually minted at the very moment of the first purchase. Lazy minting feature is not supported for collections. Apart from lazy minting there is a regular minting that supports collections and creating tokens on various blockchains.
Step 1. Connect your wallet to Rarible
Click on the Connect Wallet button in the upper-right part of the homepage.
Accept terms and conditions and fill in the account info.
Step 2. Create an NFT
To create NFT click on the Create button in the upper section of the homepage. Choose “NFT” (other options are “Collection” and “Marketplace”). Select the blockchain and specify if the token will be single or multiple. Add a price and unlockable content if you wish. Specify if the NFT is going to be a part of the collection. Specify the number of possible copies if any. Add some properties if you wish. Set the author fee. Click on “Create item” and sign the transactions associated with minting your token.
Step 3. Sell the NFT on Rarible
Tap on Sell (the button is found on the homepage menu and other sections of Rarible). Choose the item you want to sell and click on the Continue to Listings button. Set the fixed price or alternatively the floor price, the option is next to the expiration date. Set the expiration date. As you finish with this, click on List Items and sign the message in your wallet to confirm that you are going to sell the NFTs.
How to Mint an NFT on SuperRare?
SuperRare is a large NFT marketplace focused on digital art. The platform collaborated with Gucci and New York galleries. As of 2024, the marketplace is Ethereum-exclusive. See how to mint NFTs via SuperRare below.
Step 1. Connect your wallet to SuperRare
Sign in using your web3 Ethereum wallet.
Fill in the account data and agree to terms and conditions.
Step 2. Apply for an artist profile on SuperRare
The next step is carefully filling out the form to apply for an artist profile. It may take much time for the SuperRare team to review your submission, so be patient. If they invite you to the platform, they will inform you via email from the address ending in @superrare.com. An invitation from any other address is a sign of a fraud.
While the team is reviewing your submission, you can showcase your portfolio via the SuperRare Spaces, a chain of the community-driven digital galleries.
Step 3. Create a new NFT collection
Follow the instructions on the website. SuperRare has pretty strict conditions at which they accept files. It includes the file size, format, metadata, etc. As you are done with preparing your files, tap on the Mint button in the main menu. You can mint an NFT using your custom smart contract or opt for the standard SuperRare contract.
Which is the Best Platform for Minting NFTs?
There is no such thing as the best platform for everyone. Everything depends on your preferences. While OpenSea boasts the biggest turnover, Rarity offers some unique features like “lazy minting” and others. SuperRare is characterized by higher standards and curated selection. Becoming a part of the SuperRare collection adds credit to your work. Other platforms have other benefits to offer so choose wisely considering both pros and cons of each platform.
FAQs
Can you mint an NFT for free?
Yes, you can mint an NFT for free using a “lazy minting” mode on Rarible. You will have to pay gas fees if you decide to delete the item though.
How much does it cost to mint an NFT?
The total price may vary depending on the platform you use.
Is minting an NFT the same as buying?
No. Minting is creating an NFT.
The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.
Author and journalist. Have a bachelor's degree in History and several years of experience in different media
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