NFTs are an exciting new way of owning digital assets that have exploded in popularity over the last year or so.
If you’ve never come across this term before, or you’re new to the concept, one thing you’re likely to run into is a series of different terms that you won’t know.
People who buy, sell or collect NFTs use these terms quite often, and it can be quite overwhelming to understand what all of it means.
If you find yourself scratching your head at terms like ‘minting’ then don’t panic!
You’ve come to the right place! In this article we’re going to be taking you through everything there is to know about the term ‘mint’ or ‘minting’ in terms of NFTs.
We’ll explain what it means, how you can do it, and why it’s important in this new world of encrypted, digital objects.
We’ve also included a short Frequently Asked Questions Section to run you through some of the more common questions around this issue.
So let’s get started right away!
What Is An NFT?
Before we get into what ‘minting’ means, we’ll need to have some basic understanding of NFTs.
Feel free to skip ahead if this is information you already know and get right to our NFT minting section.
The term NFT is an abbreviation for Non-Fungible Tokens.
Non-fungible tokens are digital assets that represent ownership rights over physical items.
These items may be tangible objects like artwork, collectibles, real estate, etc., or intangible things like virtual currency, game items, loyalty points, or even data.
NFTs are designed to make it easier to track ownership of these items across different platforms and applications.
The first non-fungible token was introduced in 2014 by OpenSea. Since then, many other projects have been launched.
However, only a few of these projects have gained traction among the crypto community.
What Is Minting An NFT?
Minting an NFT means adding it to both the crypto Blockchain (that allows it to be unique) and also adding it to an online NFT Marketplace.
In short, to mint an NFT is to publish your token onto a blockchain which will then make it able to be sold and bought.
This process generally involves signing up to a marketplace, creating a digital wallet that links to cryptocurrencies, and then purchasing a small fraction of a cryptocurrency to pay for the cost of minting the NFT.
Once this is done, you are able to link your wallet to one of the many online marketplaces that deal with NFTs.
Some of the most popular of these marketplaces are OpenSea, Rarible, and Zoira.
You can check out these marketplaces and they usually have extensive guides to help you through the initial processes.
Keep in mind that these are all businesses, and they charge different prices depending on what you’re minting, as well as additional transaction costs.
After You’ve Created Your Digital Wallet
Once you’ve created a digital wallet with the marketplace in question, you can begin the steps that will allow you to mint an NFT.
You need to first create a digital file that will act as the image of your NFT. There are two main things you need to think about here:
1. You need to ensure that the NFT file format is compatible with the marketplace you’ve chosen. You can find a series of restrictions on the marketplace you’re looking for.
2. You need to make sure that the file you’re using isn’t already copyrighted, as this can cause legal issues down the line.
From here, the marketplace you’ve chosen is going to give you a series of options in terms of the information you can add alongside your NFT.
Usually, these marketplaces will create the NFT for you for a fee. Once this is all done, your NFT will be listed on the marketplace and available to purchase.
Most of these marketplaces act as a typical market system, meaning users will be able to bid on your NFT.
From this point onwards, you can say that your NFT is now ‘minted.’
Where Does The Term Minting Come From?
The term ‘minting’ was chosen to describe this process within the creation of NFTs, as it has its roots within authenticating currency throughout history.
The Word mint was originally used in the creation of silver coins in ancient Rome. Minting most broadly refers to the process of producing coins.
Since NFTs are so linked to cryptocurrencies and use much of the same technology, the term was taken and used for this process.
You can think of minting an NFT much in the same way as coins were minted (and still are) in the past.
So there you have it! Minting is a term that describes the creation and publication of an NFT on an online Marketplace.
It is one of the most important steps in getting your NFT to a place where it can be sold.
The term is taken from the modern term involving the creation of physical currency and has been used in a digital context.
We hope that this guide has told you everything you wanted to know about minting NFTs and that you’re not more familiar with the concept. If you still have some questions, check below for our short FAQ.
Frequently Asked Questions
How Do You Make Money With NFTs?
1. Selling Your Tokens
The first way to make money with NFTs is to sell them. There are many ways to do this including selling them on websites like OpenSea, or even just giving them away to friends.
If you want to sell your tokens, you’ll need to create a listing on sites like OpenSea where people can buy your NFTs.
Once you have created a listing, you’ll need to add pictures of your NFTs and write some information about them.
Be sure to list the price you’re asking for each token.
2. Buying Other People’s Tokens
Another way to make money with your NFTs is to buy them. When someone sells their NFTs, they often give out a code that lets you buy them at a discounted rate.
To get these codes, you’ll need to follow the person who sold the NFTs and message them.
After you’ve gotten their code, you can then go to OpenSea and use the code to purchase the NFTs at a discount.
3. Trading Them
You can also trade your NFTs with others. Many exchanges allow users to trade digital assets for other digital assets.
These exchanges are similar to stock markets, except instead of shares, you own a piece of a company.
One example of this would be owning a piece of Hashgraph. By trading your NFTs on these exchanges, you could potentially earn a profit.
What Is A Cryptocurrency?
Cryptocurrencies are digital currencies that use encryption techniques to regulate the generation of units of currency and verify the transfer of funds.
Cryptocurrencies have gained popularity due to their decentralized nature and security features.
There are two types of cryptocurrencies; public and private. Public cryptocurrencies are accessible to anyone while private cryptocurrencies require registration and verification before access is granted.