For brands and creators, one of the most frequently asked questions about NFTs is how to mint an NFT. Let's look at NFT minting step by step.
For brands and creators, one of the most frequently asked questions about NFTs is how to mint an NFT. We understand why, as the NFT minting process can be confusing for those who are just getting started in the NFT game.
To help, we prepared this short guide on what it means to mint an NFT and how to go about it. Let’s look at this as a step-by-step guide.
Step 1: Create a digital asset
This might seem like we’re starting too early in the process, but it’s worth remembering that nonfungible tokens are, generally speaking, certificates of ownership for a digital file of some kind. While digital artwork took the NFT world by storm and is most frequently associated with NFTs, the idea can be applied to more things than digital art.
In reality, most digital assets can be sold using an NFT. The NFT isn’t the thing itself — it is the record of the sale of the thing. So that’s where to start when minting an NFT.
Step 2: Pick a platform
Next, you want to pick the platform you want to mint your NFT on, and the platform you want to sell your NFT on. This will come with a number of choices, so you’ll want to explore these questions:
What blockchain do you want your NFT minted on?
This is a two-part consideration. First, you want to determine what currency you want to accept for the sale of your NFT. Next you’ll want to pick the blockchain you want the record of that sale recorded upon.
While there are a number of options, perhaps the most popular answer to both of these questions is Ethereum. The Ethereum blockchain was a pioneering force in the creation of NFTs, and remains one of the most used ecosystems for their sale. But the truth is, you can choose from any number of ecosystems for your NFT record to live within, including US or Canadian money.
Pick a storefront
Like traditional retail, your NFT will sell much better if your buyers can find it. Some opt for an NFT Marketplace (a large-scale NFT shopping clearinghouse that functions a bit like a bazaar), but custom-branded NFT storefronts are becoming more and more common.
There are important things to determine in this decision too. You’ll want to be clear on how much it costs to mint an NFT and sell it in the shop you choose. You’ll also want to be clear about who will be paying the “gas fees” (the cost of generating the permanent record of the sale on the blockchain).
Sometimes, the seller covers the gas prices up front, sometimes out of the sale revenue. In other situations, the buyer is responsible for this cost.
Step 3: Create a Crypto wallet
Once you know what you want to sell, where you want to sell it, and what currency you want to utilize, it’s time to mint your NFT.
The first step in the minting process, especially if you will be responsible for paying the gas fees up front, is to create a crypto wallet and buy some of the currency associated with the blockchain you have chosen (Ether, for example, if you are minting on the Ethereum blockchain). AZ Big Media explains that “This fee typically costs between $50 and $200, depending on the demand of the Ethereum network or the NFT platform.”
If you aren’t sure how or where to make a crypto wallet, we’ve made a guide for that, too.
Step 4: Upload your file
The next step is to upload your digital asset to your platform. The Motley Fool explains: “You're now finally ready to mint your NFT. Your chosen NFT marketplace should have a step-by-step guide for uploading your digital file to their platform. That process will enable you to turn your digital file (a PNG, GIF, MP3, or other file type) into a marketable NFT.”
Step 5: Set up your smart contract
With your file on your platform, you should be guided through the final stage of minting your NFT. This is where you set the terms for your sale.
- You will determine the sales price
- You will determine whether you will collect a royalty on future sales of the asset
- You will specify what you may offer in addition to the digital asset itself (check out our guide to NFT roadmaps to learn more)
Step 6: SELL!
Now you are ready to sell your NFT.
But if you really want to take your NFT game to the next level, using it to build a community around your brand, then you will need some help, like our NFT Masterclass.
Create your own NFT project and start building your community.