To get started selling your digital collectible, you’ll first need to “mint” one of your digital assets as a digital collectible. Any Web3 digital creation can be minted, from art to writing and music to video games. It’s easy to transform the file into a digital collectible.
Whoa, let’s back up. What exactly is “minting”? Minting crypto generates new coins by authenticating data, creating new blocks, and recording the information onto the blockchain through a “proof of stake” protocol. Both cryptocurrency and digital collectibles can be minted this way.
Newly minted crypto is then added to the circulation to be traded. Proof of stake is a minting method of forming blocks through staking instead of “mining” under the “proof of work” protocol. Users are called validators (rather than miners) who mint crypto.
The minting process is decentralized, allowing anyone to create crypto without a central regulatory authority. The crypto ecosystem provides an ever-growing number of coins and tokens to users. Tickets are typically built on various blockchain networks. Minting is an invaluable element of the crypto ecosystem and traditional finance.
Proof of work is a process of mining cryptocurrency coins. Mining refers to generating cryptocurrency by solving cryptographic equations using high-powered computer processors.
Choose Your Marketplace
The first step to minting your digital collectible is selecting the right marketplace. There are dozens to choose from, and many specialize in a specific type of digital asset. OpenSea currently boasts the largest and most diverse market of digital collectibles and is free to browse. Next, link your funded cryptocurrency wallet, select the “Mint a Digital Collectible” option, and upload your digital file.
List Your Digital Collectible For Sale
The marketplace you choose will walk you through this part with prompts. The marketplace will calculate any “gas fees” at this point, which are the Ethereum blockchain network’s fees for recording transactions. These gas fees are variable depending on how busy the blockchain network is. The marketplace will also list its fees for handling the sale, usually a percentage of the final Web3 digital asset sale price.
Manage Your Listing
Once you complete the listing, your digital collectible is available on the marketplace. You must promote the sale to potential patrons on your website or social media. You can also manage your collectible listing, but remember that if you make changes, the listing might incur another fee, and the gas fees you’ve already paid aren’t refundable.