How to Mint an NFT Token Using Ethereum
Do you want to know how to mint an NFT? Are you tired of your digital artwork, collectibles, and other creations getting lost in the vast sea of the internet? By minting them as non-fungible tokens (NFTs), you can give your creations the recognition and value they deserve because NFTs can’t be duplicated and have inherent value derived from their uniqueness. Each NFT you mint will have a digital signature that prevents them from being exchanged. In this way, you’ll be able to prove ownership and authenticity and stand out in the digital world as a creator of unique and rare items.
But the question is how to mint an NFT? What’s the best NFT minting platform to start NFT minting? The answer is the Ethereum blockchain. Minting an NFT token using Ethereum is a simple process and as a master in the NFT space, I will walk you through all the steps of minting an NFT token using Ethereum.
What does it mean to mint an NFT?
Minting is the modern term for “creating on the blockchain” and minting NFT means creating a new, unique digital asset/token and storing it on a blockchain platform. You can mint different types of tokens such as digital art, video game item, collectibles, or even currencies. The process of minting NFT usually incurs a small fee, which goes towards the cost of verifying and processing transactions on the blockchain. You can buy, sell, or trade your minted NFT tokens on online marketplaces, often in exchange for other cryptocurrencies or fiat currencies. Once you mint an NFT, you can’t modify or delete it.
Why mint NFTs?
Minting your own NFTs can be a profitable venture, as seen in the success of projects like the Bored Ape Yacht Club and artists like Beeple. The Bored Ape Yacht Club reached a market cap of almost $2 billion, while Beeple sold an NFT for a staggering $69 million, These examples showcase the potential for financial gain through creating and minting NFTs, specifically in digital artwork.
How to mint an NFT token on Ethereum
Follow these steps for a seamless NFT minting:
Step 1: Prepare Your Digital Asset
Before you can mint an NFT token, you’ll need to have a digital image or video that you want to turn into an NFT. The digital asset can be anything from a digital painting, a GIF, a short video, or some degenerative art. Make sure that your digital asset is of high quality, as it will be the foundation of your NFT token.
Step 2: Get a Crypto Exchange Account
Signup for a crypto exchange account like Coinbase to buy Ethereum. You will need ETH later in the process of minting NFT tokens to pay the initial minting fee (gas price) to record your NFTs on the blockchain forever.
Step 3: Get a Crypto wallet
Many NFT marketplaces work with Crypto wallets and one of the most widely used Ethereum wallets is MetaMask. It’s a browser plugin compatible with Google Chrome. You can easily Ethereum and Ethereum-based tokens, including NFTs using this browser extension. To get started, simply download and install MetaMask from their website and follow the prompts to set it up.
Step 4: Create a Smart Contract
Minting an NFT token on Ethereum requires a basic understanding of smart contract programming. This smart contract will act as the backbone of your NFT token, as it will contain all the information and logic necessary to mint new tokens and transfer ownership. If you’re new to the mining world, you must seek help from a professional NFT consultant to avoid any discrepancies.
Step 5: Deploy to Ethereum Blockchain
Once you have your smart contract ready, deploy it to the Ethereum blockchain using MetaMask or MyEtherWallet. This will make your smart contract accessible to anyone on the Ethereum network and will allow them to interact with it.
Step 6: Mint Your NFT Tokens
Once your smart contract is deployed, you can use it to mint new NFT tokens by sending a small amount of Ether to the contract’s address. Each NFT token minted will be unique, and legally recorded on the Ethereum blockchain.
Step 7: List on NFT Marketplaces
During the process of minting NFT, you can choose to list it for sale on the NFT marketplace like OpenSea, Rarible, or SuperRare for selling. These marketplaces will help showcase your NFT tokens to a wider audience to attract potential buyers. You can also outsource NFT marketing services for bigger projects to sell your NFTs sooner.
When I mint an NFT on Ethereum where does it go?
When you mint an NFT on Ethereum, it is stored on the Ethereum blockchain. Each NFT minted on Ethereum is assigned a unique token ID, which is stored on the blockchain along with the ownership and other metadata associated with the NFT.
How much does it cost to mint an NFT token on Ethereum?
Minting an NFT and storing it on the Ethereum blockchain requires a fee called the gas price( the unit of Ethereum transaction fee). The average cost is around 16 to 20 gwei1, or $0.38 to $0.46. However, the gas price fluctuates massively as per the network conditions (how busy it is).
Is minting NFT better than buying?
Minting tokens involves creating them yourself while buying tokens involves purchasing them from others. Minted tokens can be transferred to any other account, and are more liquid and easier to trade on exchanges like OpenSea, unlike purchased tokens which are linked to the buying account and can only be transferred to that account. If you want to build your unique identity in the NFT space, I would recommend minting an NFT.
Can I mint an NFT myself?
Yes, if you have a basic understanding of technology. The easiest platform for beginners to start is OpenSea where you can create your own NFT tokens and join the expanding NFT community. As an expert in this field, I highly suggest taking the opportunity to mint your own NFTs.
Read also: NFT for Beginners: Guide for Non-Fungible Tokens
You can also benefit from reading this: Non-Fungible Token (NFT): What It Means and How It Works