To get started selling your NFT collection, you’ll first need to “mint” one of your digital assets as an NFT. Any digital creation can be minted as an NFT, from art to writing and music to video games. It’s easy to transform the file into an NFT.
Whoa, let’s back up. What exactly is “minting”? Minting crypto is the process of generating new coins by authenticating data, creating new blocks, and recording the information onto the blockchain through a “proof of stake” protocol. Both cryptocurrency and Non-Fungible Tokens (NFTs) 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 how blocks are formed through staking as opposed to “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 the need for a central regulatory authority. The crypto ecosystem provides a variety of coins and tokens to users at an ever-growing number. Tokens are typically in the form of non-fungible tokens (NFTs) created 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 the practice of generating cryptocurrency by solving cryptographic equations using high-powered computer processors.
Choose Your Marketplace
The first step to minting your NFTs is selecting the right NFT marketplace. There are dozens to choose from, and many specialize in a certain type of digital asset. OpenSea currently boasts the largest and most diverse market of NFTs and is free to browse. Next, link your funded cryptocurrency wallet, select the “Mint an NFT” option, and upload your digital file.
List Your NFT 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 at the moment. The marketplace itself will also list its fees for handling the sale, usually a percentage of the final NFT sale price.
Manage Your Listing
Once you complete the listing, your NFT is available for purchase on the marketplace. Now you need to promote the sale to potential patrons via your website or social media. You can manage your NFT listing as well, but remember that if you make changes, the listing might incur another fee, and gas fees you’ve already paid aren’t refundable.