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NFT

What is Minting NFT’s

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What is “Minting”

The process of minting NFT involves the conversion of a digital file into a crypto collectible or digital asset on the Ethereum blockchain. It is impossible to edit, modify, or delete the digital item or file that is stored in this decentralized database or distributed ledger forever. Minting is the process of uploading a specific item onto the blockchain in the same way a manufacturer mints a physical coin.

We can also define “NFT Minting” as the process of becoming part of the Ethereum blockchain by creating digital art or content. NFTs are also “minted” after they are created, similar to the way metal coins are minted and put into circulation. An easy-to-trade or buy crypto asset can be created from a simple file by using this process on a digital marketplace without any intermediaries.

NFT’s creator can schedule royalties from every subsequent sale, which will allow him to receive a commission when his creation is sold to another party, or traded on the secondary market.

Is it possible to mint an NFT for free?

  • Yes! just mint one on the Polygon blockchain see more here

Does it take a long time to mint a NFT?

During the process of minting NFTs, it is difficult to estimate how long it will take. The creation process for NFTs is simplified by most NFT platforms, tools, and marketplaces.

In order to create an account or log in to the major NFT marketplaces, you simply need to install an extension called Metamask, which is an Ethereum wallet.

It’s much like uploading your video on YouTube, your music file on Spotify, or even listing a digital item for sale on Amazon, Ebay, or Etsy if you want to convert your digital content into NFT or upload it to the NFT marketplace.

There are several ways to sell files on the site. You can upload any file type (PNG, JPG, GIF, MP3 or MP4), add a title and subtitle, add a description, setup royalties and list it for sale.

How much does it cost to mint an NFT?

Definitely. Ethereum’s blockchain is used to store and host most NFTs and NFT markets.

There’s also known as the “gas fee” or “Gwei” to use the Ethereum blockchain (creating NFTs, buying, selling, or transferring an asset between Ethereum addresses) and that cost is known as the “gas fee” or “Gwei”.

According to the Ethereum network or the NFT platform, this fee typically ranges from $50 to $200.

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What does it cost to mint an NFT on OpenSea?

The OpenSea NFT marketplace is currently the largest and the most affordable place to mint NFT tokens, as it does not charge users for transactions or gas every time another NFT is created.

Creating NFTs and customizing NFT collections with OpenSea requires only one minting fee or gas fee. The gas fee is offset by buyers when they buy NFT.

OpenSea supports various platforms for minting NFTs including the Ethereum blockchain-powered NFT market and any platform or marketplace for NFTs powered by OpenSea. Once minted on OpenSea, the token is automatically transferred to your cryptocurrency wallet (the default wallet is Metamask), and you can sell your NFT on multiple platforms including OpenSea NFT and any other platform powered by Ethereum.

How do I mint an NFT?

The creation of NFT art or NFT assets can be done with any digital content.

As such, content creators, graphic designers, and digital artists can easily turn their work, be it 3D models, text files (documents, PDFs, tweets), videos, or music into collectible crypto assets with real cash value.

For most NFT marketplaces and blockchain apps, Metamask is the default wallet; if you are using Google Chrome browser, you can easily install this extension. Don’t forget to add Ether (ETH), the native cryptocurrency of the Ethereum blockchain, to your wallet. You are now ready to create your first NFT.

Most major marketplaces and NFT platforms default to the following:

Join the NFT marketplace with your wallet.

Once you connect your Metamask wallet to any Ethereum-based NFT marketplace (OpenSea NFT, Rarible, Nifty Gateway, Foundation, or SuperRare), you can create a username or display name, upload a profile photo and cover photo, and add links to your social media, personal blog, e-shop, or portfolio.

You can upload your file here

In order to upload your file or create your NFT, just go to the “Create an NFT” page in your chosen marketplace, and from there, you are able to upload images in PNG, JPG or GIF formats, a music file in MP3 or .WAV formats, a video file in MP4 format, or a 3D file in GLB format.

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NFTs are not files or digital content themselves, but instead are representations of those.

NFTs will be stored on the Ethereum blockchain for quite some time, so you need to ensure they are well protected from hacks. A decentralized database like IPFS (InterPlanetary File System) is a better place to store the digital file.

Cloud hosting services, such as databases centralized in the cloud, pose a security risk for your files. For digital items that have been turned into NFTs, using temporary cloud storage services like Google Drive is not always the best solution for long-term file storage.

Mint your NFT

Depending on the platform, you can add or assign a title and description to your file, after which you click the “Mint NFT” or “Is for sale” button.

Approve Gas Fee or Transaction Fee

Every transaction on the Ethereum network has a cost, and this cost is paid with the cryptocurrency Ether (ETH). For the minting of the NFT to take place, you will need to approve a gas fee or transaction fee within your digital wallet.

One thing to clarify: Gas fees are not created by or charged by the NFT platform or marketplace you are using; they are paid using the Ethereum blockchain.

You need to wait until your NFT is minted

When the file is uploaded and the gas fee is paid, the NFT minting process is automatically initiated. During this process the Ethereum smart contract executes a code that will be implemented in your artwork on the Ethereum blockchain.

Markets where NFTs can be minted and sold

OpenSea 

The OpenSea NFT ecosystem is currently the largest NFT ecosystem. With the ERC-721 and ERC-1155 standards, you can find a wide range of NFTs, including art, virtual worlds, sports, metaverses, trading cards, and ENS domain names.

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Using Metamask, you can easily trade NFT assets like Decentraland, Axies (Axie Infinity), CryptoKitties, and more.

Additionally, you can create your own NFT using the OpenSea platform’s digital asset creation tool, which allows you to add a new NFT item for free. In addition to setting a price, you can hold an auction or set a fixed price to sell your items.

Categories include digital art, trading cards, sports, metaverses, collectibles, cryptocollectibles, music, photography, games, etc.

Rarible

One unique thing about Rarible is that in order to visit the site it will force you to connect your wallet. Rareible, an NFT marketplace focused exclusively on NFTs. Through this platform, you can create new NFTs and sell your digital creations, be it music, digital art, virtual worlds, or movies.

NFTs can be bought and sold at Rarible in many categories, including art, photography, games, metaverses, music, domains, memes, etc.

Categories: art, music, photography, DeFi, virtual worlds, Punks

Foundation

Fundation.app promotes digital art as part of the new creative economy, it’s crazy to see what sells on some of these platforms here’s a picture going for around $700 (0.30 ETH) here Also, you can earn 10% if someone resells your artwork on this platform.

Our model is that every time an NFT is traded on Foundation, the artist makes 10% of that secondary transaction. For digital artists, this opens up a transformative secondary market that rewards them financially when their work grows in value.https://foundation.app/blog/nfts-are-transforming-the-digital-art-world

Category: digital artworks

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SuperRare

SuperRare is an online marketplace that aims to be the largest NFT marketplace for digital art where people can buy and sell unique, 1/1 edition digital artworks. All transactions (minting, buying and selling) are done using the Ether cryptocurrency (ETH).

A pretty nice collection can be seen here

Category: digital artworks

BakerySwap

BakerySwap not avaliable in the US it’s is an NFT marketplace powered by the Binance Smart Chain blockchain, and hosts digital art, and online gaming items. BAKE tokens are standard payment tokens of the platform. The process of minting and later selling NFT is simple and straightforward.

Categories: digital art and online game items

KnownOrigin

Digital artists can sell their work on KnownOrigin, a marketplace powered by Ethereum. The files are stored on IPFS (Interplanetary File System), where you can upload your digital art in JPG or GIF formats.

Category: digital art

What happens after you sell your NFT?

Whenever you create a new NFT, you are ensuring that the ownership of that artwork is recorded on the Ethereum blockchain, which is a decentralized, distributed ledger that cannot be manipulated and is completely transparent.

Every NFT has unique metadata that can be viewed on the distributed ledger by anyone in real time, anywhere in the world.

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As soon as your NFT is created, you can choose an initial selling price, specify commission you want to receive, and easily promote your creation on social media. You can also do a ‘drop’, where you create a timed auction, and wait for bids.

If someone wants to buy your NFT, they can bid on your work after it is listed for sale. If you accept the bid, the records will be publicly recorded, in addition to the token being transferred to the new owner, the details of the sale will also be made public on the Ethereum blockchain.

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