There is no doubt that Non-Fungible Token (NFT) is the new wave in the technology and investing world. Even if someone is not a tech freak, they must have heard about NFTs, blockchain, and cryptocurrency. And with the amount of money flowing to these digital assets, it’s not hard to say why not!
The question is, How Non-Fungible Tokens (NFTs) become the talk of the town? And the answer is pretty simple. NFTs are easy to collect, buy, sell and trade with just a few clicks from your laptop. And the additional security of blockchain technology is an add-on.
With NFTs, it is now easy and convenient for creators like musicians and artists to sell their creations online. The elimination of the middle while making a purchase is why most digital creators are liking the NFT marketplace.
But that’s just the tip of the iceberg, and there are various other aspects of the NFTs. In this blog, we are going to discuss,
- Where do NFTs come from?
- Why do people buy NFTs?
- How are NFTs created?
- Cost To Mint An NFT On Opensea
- How Much Does It Cost To Mint An NFT (Non-Fungible Token)?
In this post, we will examine all of the above questions in-depth. So, keep on reading to satisfy your information hunger about NFTs.
What Is An NFT?
NFTs are noninterchangeable digital assets that use Ethereum blockchain technology to create digital files. Creators can convert digital files such as images, games tokens, videos, art, and audio into non-fungible tokens.
The non-interchangeability features of NFTs are what sets them apart from others in blockchain technology.
Where Do NFTs Come From?
Any content creator can mint their digital files such as art, music, film, videos in unique and non-interchangeable NFTs. There is no need to have any prior knowledge of technology to mint an NFT. Even non-tech-savvy individuals can mint their NFTs and build their own digital assets empire.
To answer the question of where NFTs come from. There is an NFT marketplace like OpenSea, Rarible, and mintable from where anyone can mint NFTs. All you need is a digital file, a device, an active internet connection, and you can mint your NFT. Both OpenSea and Rarible are based on Ethereum blockchain technology and thus support secure trading of your digital assets.
Now you know that everyone can mint and sell their digital assets on the NFTs marketplace. The next thing you must be curious to know is why a content creator would do that. For this, you need to read the next part of this blog.
Why Do Creators Mint NFTs?
Minting their own NFTs offers various benefits for a digital content creator. Due to all these benefits, the creators use NFTs marketplace like OpenSea and Rarible to mint NFTs.
Some Benefits For Creators For Minting NFTs
No Commission
Suppose a content creator chooses to convert their digital assets to NFTs and sell them online. Then there is no need to pay a commission to anyone for selling NFTs. This means higher profits for creators.
Sell Globally
With worldwide popular NFTs marketplace like OpenSea, Rarible creators can sell their products globally. This ensures the right mint token price for their NFTs and higher profits for creators.
Reach Wider Audience
Digital assets such as images, audio, and videos have collectors worldwide. Minting these digital assets in NFTs and selling them over the NFT marketplace allows creators to sell their products online. They can reach a wider audience with the NFT marketplace and find the right art collector for these digital assets.
Smart Contacts
Smart contacts technologies allow creators to earn royalties when their digital assets change hands.
Authenticity
With the security of blockchain technology, there is no need to worry about the authenticity of any digital assets. Anyone can access the information about the real creator of NFTs.
Sell Anything
There are more than 150 categories of NFT on OpenSea, Rarible, and other similar platforms. Have any digital assets; then it’s time to convert them to NFT and start selling them online.
Mint Unlimited NFTs
There is no bar on how much NFTs you can mint. Mint as much as NFTs you want and sell them on different NFT marketplace. However, you have to pay a cost to mint an NFT.
Now you know why these digital assets are so popular. Let’s jump to the next section to know how to mint one…
How To Mint NFTs?
Well, you must be curious about how to convert your digital assets to NFTs. Made your decision to mint your first NFT? Here are all the basic steps you need to follow to create your first NFT.
NFT Minting #Step 1 – Have a digital asset
The first thing you need is a digital file – image, music, audio, video, and others. You can mint anything from memes to games cards; various digital assets are bought and sold over NFT marketplaces.
Take, for instance. You have a digital asset that you want to turn into NFT. All you need to do is turn your digital creation into data that can transform into an NFT using blockchain technology.
NFT Minting #Step 2 – Buy Crypto
For minting an NFT, you need to pay a certain sum of money as a gas fee. Depending upon which NFT marketplace you are planning to mint your NFT. It would help if you bought Crypto from the crypto exchange to pay for the Minting of the NFT.
For example, if you mint NFT on the OpenSea platform, you need Ethereum cryptocurrency. Buy ETH from any crypto exchange and pay for the minting fees.
NFT minting #Step 3 – Add money to hot wallet
Hot wallets are the perfect place to store cryptocurrency. With this, you can interact and connect with other crypto users and accounts.
Remember, non-custodial wallets are a must-have for anyone looking to mint an NFT. They will store the private keys to the wallets, with no third party. FYI, custodial wallets are for the crypto exchanges where you can store digital coins.
NFT minting #Step 4 – Choose an NFT Marketplace
Done with all the three NFT minting steps, it’s time for you to find an NFT marketplace. Lucky for you, there are multiple platforms to choose from. Some popular names include – OpenSea, Mintable, Rarible, and Nifty Gateways. All are perfect for you to sell your NFTs.
NFT minting #Step 5 – Create Your NFT Collection
Depending upon what NFT marketplace you choose to create your NFT collection. The steps for creating an account might differ. However, most of them have a specific set of instructions, such as
- Choose a digital file such as image, audio, and video you want to mint
- Add details such as collection name, description, and others.
- Start the minting process and create your NFT collection.
After successfully creating your NFT collection, it’s time for you to list, market, and sell your collection.
How Much Does It Cost To Mint An NFT?
Now you know everything about NFTs, it’s time to move on to How Much Does It Cost To Mint An NFT.
Depending upon the type of digital assets you are minting and the NFT marketplace you choose the cost to mint an NFT varies. The NFT minting cost ranges from under $1 to $1000 and even more. With the new lazy minting method, there is no need to pay upfront for the gas fees and mint NFTs for free.
Additional Associated Cost of Minting An Nft Art
Someone new to the blockchain and NFT world might find it very daunting. However, if worried about the additional mint token price, then there is no hidden cost. Like any other buying and selling eCommerce platform like Amazon, eBay, & Etsy, the cost associated is no different.
Upfront Cost
Keep in mind that there is a price in running an NFT marketplace and Minting. When you mint an NFT, there are gas fees taken by the platform. And depending upon which platform you buy, sell or trade NFTs, there will be either zero or a few dollar fees.
Per Sale
With the new lazy minting method, there is no doubt that the NFT marketplace is allowing creators to mint for free. But later, when you buy, sell, or trade NFT on these platforms, they will charge per sale.
After all, they are not doing this for charity, and it’s all part of the business. Charging a certain amount per sale is a good revenue generation model for these NFT marketplaces.
Subscription
Rather than charging upfront or paying while buying, selling, or trading, in this. Here you have to pay a fixed subscription fee for using the NFT marketplace to sell. As you pay a fixed monthly fee, this will reduce the per-sale cost. For a regular seller using a pro subscription account rather than a standard account is perfect.
Which Assets Can mint To NFTs?
If you are worried about which assets can be minted to the NFTs, then here’s a list for you in ascending order of popularity:
1. Game Tokens
Axie Infinity and decentral and are game tokens that have made it a million-dollar industry. Seeing their popularity, investors worldwide are investing in them, and there is a huge demand for these tokens in the gaming community.
2. Virtual Collectibles
Any digital file such as important tweets, texts, speeches, videos, music, favorite videos, and images can be made into NFTs. These NFTs are the favorite place for investors to put their money and build their virtual collectible world.
3. Digital Arts
Like earlier days, collectors love to invest their money in authentic art. And with digital arts and blockchain technology, it’s easy for investors to buy authentic digital art. Now is the time if you have any digital art that can be converted into NFT.
4. Buy Virtual Land
Creating a virtual space like Decentraland generates NFTs to buy land, properties, hotels, restaurants, etc.
5. Domain Names
Since the introduction of the internet domain names are in great demand as it is difficult for people to remember IP addresses. Blockchain owners have complete control of the domain name with a private key.
Wrapping Up NFT Minting Cost
With millions of investments making their way, the NFT wave is gaining momentum. However, the cost of minting NFT varies slightly from one NFT marketplace to another. However, there is no denying that it is a very lucrative opportunity for creators and traders.
Have a digital art or can create one. Converting them into NFTs can become a revenue generation source for you. So, what are you waiting for? Go ahead, mint your own NFTs, build your virtual kingdom and go green.
I want to add something to this post. Share your thoughts in the comment section, and we will surely add the best suggestion to our post.
