Non-fungible token aka NFT has taken over the world recently. It created hype in the world that you probably are unaware of. In fact, you might be hearing of the term for the first time.
While some people are in a dilemma regarding NFT, others already went gaga over the token. Many people out there have already earned a handsome amount of crypto through NFT. Unfortunately, some are still thinking about whether to get involved with it or not.
Even the investors are not pro in understanding NFT minting, let alone you. But you need not worry because this writing will shed light on your knowledge. You will know what an NFT is, how to mint an NFT, and more.
What Does NFT Mean
Before you jump into the minting process of it, you need to know what an NFT actually is. NFT is the short form for Non-Fungible Token. Here, non-fungible means it is irreplaceable. However, you can copy it. It is just an implementation of a blockchain similar to that of cryptocurrencies. NFT is a certificate of your authorization.
It gives you the capability of owning unique pieces of valuables. You can have possession of every asset that is relevant to your token. For instance, you can buy a unique piece of art or a masterpiece of music or games, etc. It can be absolutely anything and everything till you have that token.
Also, it is said to save your metadata stored in a blockchain. Here metadata means the date, day, size, encoding system, etc. You can use NFT to retrieve original data later on. For instance, photos, videos, etc. Note that your transaction through NFT requires no central authority to carry it out. You can conclude the process directly with the person interested in it. To simplify, NFT provides you with a quicker and easier method for trading.
Why Do People Prefer NFTs?
Considering the opportunity, you might already have the answer. Although the preference of NFT can depend on your personal choice, there are some interesting reasons to embrace it wholeheartedly. It mainly has participants who are either buyers or a seller. And this interrelation between buyer and seller created it to be renowned around the world. Also, there is another group of people named collectors. They also have a share in the increasing fame of NFT. Below are the three reasons for you to know.
1. Sellers Can Earn through Flexing Their Talent
There is an artist hidden inside each one of you. Somehow, you don’t always get a place to showcase your talent. This platform allows you to flex your talent. You might not have a chance to sell your artworks in all marketplaces. NFT provides you with benefits here. You can publish your piece of work in the blockchain world. It would help if you generated your brain with cool and unique ideas regarding arts. This way you can sell your work faster.
2. Buyers Can Financially Support Their Favorite Artist
Yes, this might sound weird to you. But, this phenomenon is taking place around you at present. Some of you idolize artists a lot. Doesn’t it hurt when you can’t buy a piece of their work? Well, the NFT platform gives you this opportunity. Also, your favorite artist earns some profits, all thanks to you. Apart from this, it gives you the right to post images as you prefer. And not to mention, you being the owner of an artwork is already your plus point.
3. Collectors Spend for Profit
You can see this category of people in almost every field. It is not a bad idea, though. I mean, what’s wrong with selling something for profit? You earn some extra bucks, and that’s totally okay. Now, you can buy artworks and add them to your collections. And you can wait for its resale value to go up. Go for it once you feel you can earn some profits reselling the work. However, some people like to collect art out of fascination.
The Advantages of Minting an NFT
NFT minting refers to the process of exposing your token in a unique manner that makes it worthy of purchasing. To be more precise, it is a way through which you can make your digital artworks a part of the blockchain. Also, your NFT becomes non-interchangeable and certified. They are minted once they are created. Minting an NFT enables you to trade your digital works. You can sell it more than once. Not only that, but you can also retrieve it in the future.
Are you wondering if there is any advantage of minting an NFT? Yes, undoubtedly, minting an NFT adds some spark to your benefits. The benefits are mentioned below:
1. It Provides You with Equality in Ownership
Anyone can have a chance to involve themselves with the piece of digital artwork. You can have a share or interest in the work.
2. You Can Play With Your Digital Artwork
Yes, by minting your NFT, you can trade your work. Talking about trade, you can sell or buy the artwork too. Needless to say, it can add more benefits in the future.
3. You Can Maintain Its Value
Minting the token means you have this golden opportunity to preserve its value. You should know that nothing is safer and better than preserving an asset digitally.
What Are the Basic Steps to Mint an NFT?
By now, you surely do want to know how to mint an nft, don’t you? Here are some details for you.
1. You Should Work toward Creating Unique Art
The first and foremost task of yours is to set your mind on creating unique artwork. You should go for something that would be extremely eye-catching. There is no limit to what you want to create. But make sure anything you are planning is of worth to others. Convert your digital art into blockchain data which is a popular choice to others.
2. Buy Yourself the Required Crypto
It would be best to buy the token used on the blockchain you chose. The blockchain will, later on, impact your chosen wallet service and marketplace because they are relevant to some particular ones.
3. Make Sure You Have Control over Your Private Keys
In the crypto world, a crypto wallet is a way for you to interact with others. You need hot wallets where you save your funds safely. It is a way to ensure that you have complete control over your asset. This allows you not to have any middle-person involvement. Thus, be sure that you grab your private keys.
4. Publish Your Artwork in the Marketplace
In this step, you choose your desired marketplace to expose your work. There are many options for you but choose the best one you can. Some sites can charge you with fees, though.
5. Conclude Your Minting Process by Adding Your Work to Your Collection
The instructions you receive from different marketplaces are different. However, the goal is the same. Now select the artwork you wish to publish. There are some details you need to provide there. Finally, you conclude the process by adding the work to your collections.
Though the minting process might vary based on a difference in platforms, these are the basic steps you have to know.
What to Avoid While Minting
You should not try to go through any double-minting process. You have to refrain from re-clicking on the minting option for the same NFT. You might run out of patience. You might find it hard to wait. To be more precise, you can think the process is slow. But, whatever the situation is, you are strictly forbidden not to repeat double-minting.
Otherwise, you might need to put on more effort later on because these transactions from Ethereum maintain the order of their implementation. Transactions require confirmation or approval to conclude. You hamper the order as well as the process by submitting multiple transactions. Hence, restrict yourself as per need.
Can You Make Any Changes to Your NFT after Minting It?
No, you can’t alter your NFT after you mint it. Once you mint your NFT, it shifts into the Ethereum blockchain for the rest of your life. All transactions that you go through are recorded on this blockchain. And the important fact you should know is these records are not reversible. Also, your transaction records are tamper-proof. And that’s why this blockchain is said to be more secure for you than the other ones. The prime reason for you to be unable to make any change is that this system is not manipulation-prone.
Can You Update Your NFT?
Though you can’t change your NFT, you can update it. To update it, you have to burn a token. This token is responsible for your NFT’s permanent destruction. When you get rid of this token, your NFT doesn’t exist in the Ethereum blockchain anymore.
You surely want to know how to conclude this task, don’t you? Here’s a step to step guide for you.
1. Visit Your Profile
Firstly, go to your profile. Find out your token list.
2. Choose Your Desired NFT to Burn
After that, choose the NFT you want to burn. Once you choose it, you will see the settings icon on the screen. Click on the settings icon.
3. Unlist It from Its Marketplace
You have to remove it from the list of its foundation of the marketplace. Remember that this step is crucial for you to follow.
4. Complete the Task
Finally, it would be best if you tapped on the select icon option once more. You will see an option that says ‘Burn NFT.’ Go for it.
Thus, you finally conclude burning the NFT. And it disappears from your profile when you finish the task.
Note: You have to pay a gas fee to go through this process.
Is There Anything Else You Need to Know About Minting an NFT?
If you thought you knew everything about minting by now, you’re probably wrong. There is actually much more to an NFT minting than our guide can cover. You should have clear ideas before you go for minting your NFT. And below are some facts you need to know before you decide to mint your token.
1. Providing Value for Others Is Crucial
You obviously are excited about minting your asset. But, you should know that NFT doesn’t guarantee money. Read that again. You can face loss if you do not know how to be in this field. You need to have perfect strategies to level up your game. Make sure that other people get value from you. You can provide value in many ways. It is not limited. You need to capture the public’s attention. Make a platform for yourself first. This will boost your sales.
2. Choosing the Perfect Blockchain for Your Minting
You need no specific blockchain to mint your token. There are many options for you to grab on. However, you should be smart enough to grab the one that’s best for you because you use the cryptocurrencies of the blockchain you choose for your transactions.
Some blockchains are popular and a commonplace choice for users. However, they require gas fees. Others require no fees and can conclude innumerable transactions within seconds. Unfortunately, they are not renowned. And you can find other categories too. For instance, it lessens energy consumption.
Conversely, any kind of delay results in a loss. In fact, blockchains are not limited to these. You can even find blockchains that provide quicker and budget-friendly services. But they can be slow. As you can see, every blockchain has some pros and some cons. Therefore, you should decide the one that suits your preference the best.
3. Minting Is Not Limited to Any Specific Assets
This is what created the hype mostly in the NFT world. People are playing with absolutely anything and everything on this platform. The asset doesn’t have any specifications. It can be a game or a piece of music. You can mint any materialistic asset or virtual asset. This is the plus point of this platform because NFT is just data stored on the blockchain. And this data can be anything. You can just write your own terms and conditions with whatever you want to sell. Here NFT works as a guarantee for both the seller and the buyer.
4. You Might Need to Pay Fees for Minting
As you saw before, some blockchains require you to leave a fee. But do note that not every type of blockchain asks you to provide them with fees. And you need a group of users of this platform to verify your transaction. And know that these fees decide the fate of your budget goals.
5. You Can Feel Secured
What is the first thing that pops up in your mind while providing any personal information on any website? Obviously, if it is safe, isn’t it? Similarly, creating an NFT requires you to give some personal information. And this is where many people face a dilemma. They are left confused.
However, if you follow the required procedures carefully, you can feel secure. There is something called a 12-word seed phrase, and scammers can easily trap us with this phrase. You have to refrain from giving this phrase to anyone. Otherwise, you will instantly be a loser.
Also, be intelligent enough to use renowned sites. Do not go for any sites that are not popular or you have heard of for the first time. And you can store your NFT’s on hardware for better security. Remember, your safety lies in your hand.
6. Build a Reputable Brand and Earn Money
The advantage of NFT is that we can earn money by creating them. Who doesn’t want to make money? You can sell your artwork to earn money. But you can never be successful in anything unless you have a proper strategy. And what can be the strategy for earning money through NFT? Well, you should build a renowned brand. The more reputable your business gets, the more offers you have. You have to focus on increasing the demand and supply of your offerings. It can sound bitter to you, but you get nothing when you plan average. So, do not keep your mind restricted. You need to think hard, plan hard and implement with perfection. This is the secret behind successful NFT sales. Is it too late to wish you a bit of luck? Maybe, a no. So, get on with it.
7. Brainstorming Can Take You to the Peak.
Creativity is the best thing anyone of us can have. No matter what task we need to carry on, it’s a game as long as we have the creativity. It would be best if you had this creativity while minting an NFT. You need to put lots of thought into your work. You need to generate your thinking power to turn your work into the best form of work. And for this, put yourself in the shoes of the consumers. Give a thought about what you would prefer as a consumer. Have all the answers as to why you are making the product. Know what the value of this product is. Also, you need to understand how your product can be eye-catching. These sorts of things can help you in making the best decision.
Are There Any Cons of Minting an NFT?
Undoubtedly, yes. Minting an NFT is bad for the environment we are living in. It is not at all environmentally friendly.
When you are trading through an NFT, it causes a lot of energy consumption by the system. Because the operations related to your trading are too complex.
When your computer is solving complex mathematical algorithms, the energy requirement reaches its peak. This results in carbon emissions. And this carbon emission heats the planet we are living in. Do you see how these are interlinked? These are responsible for hampering our environment. And to be frank, this scenario is already going on around you. If we do not get a grip on this, we are likely to suffer in the future.
Can We Solve This Problem Anyway?
Yes, luckily there are a couple of ways to cope up with this problem. More like, we can lower the negative impacts in some ways. And you will get to know them below.
1. If you can shift the usage of Ethereum platforms to that of Proof of stake, it might give a result. This system enables you to use slightly less energy. Your computer doesn’t need to go through complex processes. As a result, this saves energy. However, the debate is still going on whether to shift it or not.
2. If we can use private blockchains, it can help us too. This will make us independent from the Ethereum blockchain. It will provide us with the power of authorization. It can control us users regarding usage of blockchains. And it is more centralized compared to most others.
It is entirely our responsibility to minimize the system’s impact on nature. Otherwise, we will face drastic situations in the upcoming years. Though the percentage of global emissions might seem less to us, it can multiply by number in the future. With the increasing popularity of NFT, the consequences will increase too. Therefore, it is our responsibility to solve this problem by satisfying both sides (NFT users and the environment).
NFT is still a new topic for people in the blockchain world. It created an opportunity for artists and investors to flex themselves. However, it creates a negative impact on the environment we are living in.
Though the consequences can be a bit invisible in our eyes now, they can create a ruckus in the upcoming years. But apart from this, you can have a great time by owning a stake in the NFT world. So, does this writing provide you with some basic ideas regarding NFT? You can browse through different NFT related blog posts for more ideas.