Start Your NFT Journey With This Tutorial on Minting
With the recent explosion of NFTs, many companies, influencers, and more are now beginning to adopt this innovative technology.
While the use of these tokens is perhaps best known for creating collectible art, their true utility extends far beyond that. Some examples of the use cases NFTs have are the representation of ownership of digital or physical assets, acting as loyalty points or rewards, gaming applications, and much more.
With the massive amount of use cases associated with these tokens, many have decided to start minting their own.
Minting an NFT refers to the process of converting digital data into crypto collections or digital assets which are then recorded on the blockchain. Any digital products or files are stored in a distributed ledger or decentralized database. Due to the blockchain technology behind NFTs, this data cannot be edited, modified, or deleted. This process is similar to how real-world coins are minted.
This article will go over how to mint your own NFT. Each NFT marketplace works slightly differently, so this post will go over how to mint on OpenSea, the most popular marketplace with over 80 million types of NFTs available for trade. However, most marketplaces function in a similar fashion, so this should apply to most.
Connect Your Digital Asset Wallet
Let’s start by opening and connecting a digital asset wallet to the NFT marketplace.
An easily visible wallet icon on OpenSea will lead you to a profile creation screen where you can connect your wallet.
Depending on your wallet and device, you can connect your wallet using a QR code scanner on your smartphone or download your wallet to your computer.
After connecting your wallet and creating a profile, begin your marketing journey by explaining your mission statement. This includes inserting links to your website or social media and specifying which digital assets are accepted when purchasing your NFTs.
Load Your Wallet
Selling an NFT requires capital to complete a transaction (known as a “gas fee”). These fees are used to enable the network to do some computing. To ensure the completion of your first sale, make sure you have some digital assets in your wallet.
Many marketplaces allow you to transfer digital assets from your wallet to your NFT marketplace account. Other marketplaces, like OpenSea, will enable you to purchase digital assets directly from your marketplace profile.
Create Your First Item
You can create your first token by going to the Create section, which is easily visible on OpenSea’s front page.
Upload your digital file and give the NFT a name. Other optional fields allow you to describe the token, provide additional links, and more. This is also when you can set up how much royalties you’ll be paid when your NFT is sold again. Standard royalty payout is usually 5-10%.
Once you have added your item, it is officially minted.
List Your NFT For Sale
After minting your NFT, you can then sell it on the open market. To do so, click “Sell”, which can be found in the upper right corner of your NFT’s description page.
Start specifying the details of your sale, like choosing the sale type (such as fixed price or a timed auction). This is where you will find the exact fees associated with selling on the marketplace, like the 2.5% service fee on OpenSea.
Once this is done, you can now complete the listing. The marketplace will calculate and charge the gas fee, which is determined by the digital asset network’s activity level at the time of listing. After paying the gas fee and approving the terms, your NFT will be listed and made available for purchase.
Marketing Your NFT
While your NFT is listed for sale, this is just the beginning. Now, you must start building a community that will support your token.
Creating a community won’t be easy, but it should all come together with determination if you have a worthwhile cause, a project with creative and innovative ideas, or simply great marketing. The key is interacting with users and building a reputation, monitoring activity and getting everyone involved in the project’s future.
This has been a simple guide on how to mint an NFT. While the process of putting an NFT up for sale is easy, getting it to sell is not.
In order to truly succeed, you need to do extensive research and start asking questions about what sort of value your project adds, what people would be interested in supporting, and how you can build a dedicated community.
If you need help with marketing your NFT project, Energent is the answer to your NFT marketing problems. We’ve represented countless Web3 projects in the space over the last eight years launching PR campaigns both small and large.
Book a free consultation today!