The world of non-fungible tokens (NFTs) is constantly expanding and evolving as more and more entrepreneurs contribute to and develop blockchain technology. A new digital frontier, NFTs are a great way for digital creators to build their brand and earn money for their work.
With such rapid changes in the crypto and NFT industries, it can be hard to stay updated with new advances and terminology. But it’s important to give yourself a foundational knowledge of the blockchain, cryptocurrencies, and all the ins and outs of navigating NFT marketplaces.
Luckily, we’ve got you covered. Our breakdown will help you explore the ever-changing digital world of NFTs and learn how to mint your own.
What Is “Minting” an NFT?
The same concept applies to cryptocurrency: “Minting” is when a new token like Bitcoin (BTC), Ethereum (ETH), or Binance Smart Chain’s Binance Coin (BNB) is made. The concept of minting is one that’s been around as long as money itself. In the traditional sense, minting meant to create a new currency or to stamp a new coin.
For cryptocurrency, the minting process involves the token being published on the blockchain — an ultra-secure digital ledger with smart contracts — and stored in digital wallets.
NFTs participate in the same digital exchange as cryptocurrencies. Therefore, minting your first NFT or an entire NFT collection is just the process of creating and publishing it on the blockchain for purchase or exchange.
Even if that NFT is a piece of art, we would still describe its creation and publication on the blockchain as an authentic, viable token with a legitimate value as “minting.”
A Token but Not Quite a Currency: What Are NFTs?
NFTs are inherently non-fungible
Physical money and cryptocurrencies are both fungible
Although NFTs use blockchain technology in a similar fashion to cryptocurrencies and are technically minted as tokens, there is an essential difference in how NFTs (non-fungible tokens) and cryptocurrencies (fungible tokens) actually function.
NFTs are Inherently Non-fungible
They cannot be replicated or exchanged with each other. Within their metadata, they have a unique digital identifier that is securely recorded into a blockchain, preserving their authenticity. This means that NFTs cannot be traded in the same manner as cryptocurrencies can.
Physical Money and Cryptocurrencies are Both Fungible
They can be traded for one another quite easily. For instance, you could swap one $20 bill for another and have the exact value in your hands. Similarly, the value of 20 Ethereum can very easily be converted into a corresponding value in fiat currency or even another cryptocurrency like Bitcoin.
Trading NFTs would be like trading one famous painting for another or swapping one piece of property with another, except with digital files. While the two might have similar values, they won’t ever be identical.
So, even though NFTs are “minted” as tokens, undergoing a similar process of legitimization as physical currencies and cryptocurrencies, they still function much like real works of art.
Minting Your Very Own: The Basics
To have your very own minted NFT and sell NFTs, you’ll have to get familiar with cryptocurrencies, the digital marketplaces where they are exchanged, and the NFT minting process.
While it may seem tricky to navigate at first, the minting process is facilitated by a wealth of websites that offer easy user interfaces for blockchain publishing. Once you see the process step by step, you’ll likely find it quite easy to mint and exchange your very own NFTs.
A Step-by-Step NFT Minting Guide
As digital items, NFTs can take many forms. You might create an NFT from a piece of digital art, a gif, a song, a video clip, or a meme. Or, you might create a different asset like digital property, avatars, or cosmetics in a virtual game or virtual world.
Regardless of your creative goals, here’s a step-by-step guide to help you understand the basics of the NFT ecosystem.
Get a Digital Wallet
First things first: In order to mint your own NFT, you’ll need to have a digital wallet. These are used to store and exchange cryptocurrencies.
Luckily, you don’t need to be a technology expert to have your own cryptocurrency wallet. You can use wallets like Coinbase, Metamask, and a host of other public platforms to buy and save your cryptos in a safe, secure place.
These websites are generally as easy to learn and use as any stock-trading site or online marketplace.
Join an NFT Platform
Next, you’ll have to find an NFT platform — an online marketplace — that can publish and sell your NFT creation. This is an easy process that will allow people to pay for your assets or artwork with cryptocurrencies.
Some popular NFT marketplaces right now are OpenSea, Rarible, and SuperRare — all fairly user-friendly. If you’re feeling extra ambitious, you can even try to create your own NFT marketplace with a low-code NFT marketplace builder through Amazon’s AWS Marketplace.
If making your own feels daunting, though, there are plenty of other NFT platforms to try. Just do some research and find the one that feels best for you.
Pay the Gas Fee
Next, you’ll want to purchase a minor amount of cryptocurrency to cover the minting cost of your NFT. Most NFT-related transactions are carried out using well-established coins like Ethereum, but there are plenty of different crypto exchanges to choose from.
The minting cost exists because maintaining a blockchain requires significant electrical energy and computing power. Therefore, platforms like the Ethereum blockchain have to charge small fees known as gas fees to “keep the lights on,” so to speak. These fees are paid for in cryptocurrency.
As the scale of the blockchain has grown, alternative scaling solutions have been devised to help minimize the gas fees and significantly lower energy consumption. Of these, layer 2 scaling solutions like Polygon offer an higher transaction per second (TPS) capacity than Ethereum. Polygon is on the same level as Visa at 7,000 TPS, while Ethereum is much less accessible at 13-17 TPS.
The type of NFT you are making and the price you are charging for it will largely determine the cost of your gas fees.
Depending on market volatility, minting large projects may cost significant sums of money. If you are just a single creator with a few digital art pieces for sale, though, you typically won’t have to worry about paying anything more than a nominal minting fee.
Some marketplaces like OpenSea have also adopted a process called “lazy minting,” which mints the NFT at the moment of purchase to lower creators’ barrier to entry. This helps you avoid upfront fees until you’ve actually made a sale.
Put Your NFT up for Sale
Once you link your crypto wallet to the NFT marketplace of your choice, you will essentially have your own digital storefront ready to go. Next, you’ll turn your digital asset into a file that is compatible with the marketplace of your choice.
For example, if your NFT is a piece of digital art or music, your file type may need to be a JPEG, PNG, or MP3 file, depending on the art piece and platform. (This goes without saying, but make sure this digital asset is original — not copyrighted, owned, or made by anyone else).
You will typically be able to choose between uploading a single NFT or a collection of NFTs.
At this point, you’ll be prompted to enter a name, description, and a starting price for your crypto asset. Once that’s done, you’ll click the “create” button.
And that’s it! You now have a published, minted NFT.
Fashion League and New Frontiers for NFTs
While NFTs are primarily known as a new way to buy and exchange digital artwork, their use extends well beyond the world of art. Minting an NFT is a great option not only for digital artists but also for gamers and simulation developers.
As assets are becoming increasingly digitized, NFT games are making strides to create entertaining, virtual, online spaces where one can earn, sell, and store NFTs in the form of in-game items, characters, and spaces — all while making money in the form of cryptocurrencies.
Fashion League: The First Female-Centered NFT RPG
Fashion League is one such pioneer. We’re unique for being the first female-centered fashion game on the blockchain, bringing utility to digital assets like NFTs.
Fashion League’s free-to-earn model encourages gamers to play for in-game rewards such as resources, cash prizes, upgrades, or digital assets like land, avatars, or cosmetics.
As they collect funds, property, and materials, gamers will be actively discovering their own voice in digital fashion, building their brand from the bottom up, and creating their own digital storefront.
This is a fashion-oriented, empowering virtual NFT marketplace that jointly functions as an RPG (Role Playing Game) where you can explore, socialize, have fun, and build with friends — all while making money and contributing to a unique digital economy and virtual community.
Ever wanted your own storefront? Or a gallery to display your designer outfits without the real-world limitations and setbacks of business ownership? Then Fashion League could be the beginning of your new NFT fashion empire. Check us out today!