NFT minting – costs and other top facts

NFT minting

Are you interested in NFT minting?

Are you too enamored by the NFT craze? Well, whether it has a role to play in future or whether it’s just a passing fad- one thing for sure, no one can ignore the colossal rise of NFTs today.  Selling of digital artwork is nothing new. But what makes NFT creation more special is that it assures way higher returns than mere selling of digital artwork. Also, the NFT products ensure regular and automatic royalties for the creator every time the NFT piece is sold.  If you too are interested in the NFT bandwagon with your exclusive creations, you will have to mint NFTs. For that, you would need to sign up with a trust wallet, a blockchain that allows NFT minting, and a NFT exchange.

Top facts about minting of NFTs

NFT minting

NFT minting is the official jargon for publishing of NFT products over blockchain. These days you can execute the minting process on NFT marketplaces as well. The goal behind minting NFTs is to bring exposure to the NFT product so that it can be traded.

In regard to minting costs, well, the costs might vary from one minting platform to another. So, if you go for Ethereum, the cost would be something around $70 – $100. It’s because the Ethereum blockchain is the most elite blockchain in the NFT world. But, there are other popular and less pricey blockchains that can assure less free for NFT minting. You have the example of Solana here. This blockchain charges around 0.21 cents.

When it comes to NFT marketplaces, the fee is largely determined by the volume of supply. In peak hours, the price might touch as much as $300. However, if the supply is low, the price could come down to even $40.

Mining NFTs

Below is a step-by-step guide on how you would be able to take part in NFT minting. The most common platform for NFT minting today is NFT marketplace. Thus, our guide will focus on minting NFTs over a NFT marketplace. It would be easy that way because if you mint the NFT on a marketplace you can directly send it for sale on the same platform only.

Step 1

Connect the wallet

As mentioned above, you will need your crypto wallet for minting NFTs. If you have got it already, simply connect the wallet to the  minting platform, i.e. our NFT marketplace. Look for the wallet symbol on the marketplace and connect the crypto wallet. There are usually two options for connecting- by downloading or by scanning QR code.

Step 2

Create profile

After connecting the wallet, you will concentrate on creating your NFT creator profile on the marketplace. Make sure to include links from your social media profiles and websites. You must also mention the cryptos you want for payment.

Step 3

Create the NFT

Let’s assume that you already have the digital file ready for the NFT.  So, let’s proceed to create your first ever NFT.

You will find the “Create” tab on the homepage. As you will click on the tab, you will be directed to a section where you will have to upload your digital file. After uploading, enter the name of NFT. You can also include  a compact description as well as your website link. Also, don’t forget to mention the base blockchain for the NFT.

Don’t forget to mention the royalty amount as well. The standard value is 5-10% of sale price.

Click on “Complete”. Your NFT has been minted. Congratulations!

Step 4

Fund the wallet

Even the seller will have to pay a transaction charge aka gas fee to make the sale. There are tactics to shift the fee to the buyer but this is the standard procedure. So, check the transaction charge beforehand.

For your first sale, you will need to buy a certain volume of ETH. If you don’t know already, Ethereum is the most common currency for NFT transactions. You can buy ETH from a reliable crypto exchange and then deposit the holding in the wallet. After that, you will have to bring the money to your chosen NFT marketplace. Good thing is, some of the leading NFT marketplaces allow users to purchase crypto straight from their marketplace profile. You can use a credit card for the crypto purchase.

So, even if you haven’t bought ETH beforehand for the transaction, no worries.

Step 5

List for sale

The main goal behind the minting is to sell off the NFT to the right buyer at the best price.

So, now, you will go to “Sell” tab. Click on the tab and mention the details regarding the sale. Now, for those new to the NFT sale scene, there are two kinds of sale. One is selling at a fixed price. If you are in a rush, this is the best option. The other is to put the NFT for auction. In regard to auction, again you have two options- unlimited auction and fixed-time auction. In the first option, there is no fixed time for the auction to end.  But, the second one specifies an expiry date for the auction. If you choose the second type of auction, you will have to settle the sale at whatever price you will get within the predetermined date.

As you will put the NFT for selling, you will also get to see the service charge for selling the NFT via the online marketplace.

Next, just click on “Complete listing”. Now, the gas charge for each sale would be determined by the then activity level of the network.

Final words

Your work doesn’t end with listing your NFT, You will have to spread the word about the collectible among the target audience.  Social media platforms are a great portal where you can promote the NFT. You can request influencers to spread the word about the NFT on your behalf. More people you would be able to engage, the better would be the potential of a great sale for the NFT.