The popularity of NFTs is at an all-time high. From cartoon clips to tweets, GIFs, artworks, pictures, paintings, and more, these digital collectibles have exploded around the world. According to industry trackers, their transactional values rose by $30 billion in 2021.
Some of the most popular brands such as Gucci, Coca-Cola, Taco Bell, and Warner Music have also sold NFTs.
If you are wondering about what is NFT and whether you can mint yourself one, this guide is all you will need.
What is an NFT?
The acronym NFT stands for a non-fungible token is a digital asset that is non-interchangeable and unique. For instance, normal and digital currencies are fungible. This means that they can be exchanged and traded for one another.
On the other hand, every NFT is coded with a digital signature that makes it impossible for it to be equal to the other NFT or exchanged. They have their exclusive ownership rights and every NFT only has one owner at a time.
These tokens exist on a blockchain, typically on the Ethereum blockchain.
NFTs have given artists a unique opportunity to connect directly with the consumers of their art. They no longer have to rely on auction houses or galleries to sell their art. They can program in royalties that allow them to receive a percentage of sales whenever a new person purchases their artwork.
How to mint your NFT?
In simple terms, minting an NFT means converting and uploading a digital file into a digital asset or a crypto collectible on the Ethereum blockchain. By becoming a part of the blockchain, this asset can be easily traded using cryptocurrencies.
Here is a step-by-step guide on how to mint your first NFT:
Step 1: Create the asset.
Start by creating a unique artwork that represents your ethos. It should be appealing, innovative, and relevant. The most interesting thing about NFT markets is however quirky and whimsical your artwork is, there will always be a market for one.
Step 2: Purchase Ether.
Since the majority of NFT projects on are Ethereum, you need to purchase this crypto. This will allow you to pay for the transactions on the NFT’s blockchain. the next step is to create a wallet and transfer your ETH to it. This wallet will allow you to gain control over your funds and carry out all the transactions.
Step 3: Select the marketplace.
One of the most critical steps in minting an NFT is to find the right platform for it. The platform that you choose must be easy to use and have a transparent fee structure. It is also important to understand what is liquidity capacity of this platform. It simply means the ease with which it can be bought or sold within that network for cash. Currently, two of the most popular marketplaces include Rarible and OpenSea.
Step 4: Start connecting.
Once you have linked your NFT to the blockchain on the network, its time to start connecting with people and promoting it. Build communities of people who may be interested in your work of art. You can use the network’s chat platform to reach out to more people.
Once your NFT is minted, it will be put on your profile. Remember that the blockchain data, along with your buying and selling history, is public and can be accessed by anybody. In case you want to keep your transaction history private, you can upload your art using pseudonyms and have multiple wallets.
Though it is easy to mint NFTs, it may get overwhelming for beginners. But, with these tips, you can easily create NFTs and reach a wide range of audiences and enjoy immense growth opportunities. Platforms like Coinswitch help you keep updated with the latest happenings in the crypto markets.