Binance Cryptocurrency Exchange
- Buy, sell and trade 344 cryptos
- Instant buy with CAD & advanced trading options
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Anybody can create, or “mint”, their own non-fungible tokens. Minting NFTs isn’t just limited to artwork though, as game designers, musicians, YouTubers and even meme creators can all get involved.
Nonfungible tokens, or NFTs, are one-of-a-kind digital assets that exist on a blockchain with unique identifiers and data. Blockchains can have smart contracts built in them to ensure that original creators of an NFT earn royalties whenever their NFT sells.
Most NFTs are bought with cryptocurrency. You can exchange one NFT for another, but since they’re all unique, it could mean a loss or gain.
It’s worth noting that when you mint an NFT, you’re not actually handing over ownership of the artwork’s file, but a representation of ownership. This distinction is important to understand before journeying into the world of NFT creation.
Making, creating or minting and NFT all refer to the same process. Minting originally meant “to make,” in reference to making a coin by stamping metal. It can also mean to produce something for the first time.
Minting an NFT means putting it on a blockchain and putting it in circulation. Once a file is minted on a blockchain, it can be bought or sold, and the blockchain automatically tracks all this information. Minting is also called tokenizing.
A blockchain is a shared electronic ledger that permanently records transaction history and allows for transactions between users without a middle-man. It’s a system of computers, called nodes, that keep track of ownership and transaction history.
Each node is connected and verifies information through consensus. Data is recorded in blocks, and before new information can be added, it must be verified by all nodes on the network.
In other words, it’s a whole lot of computers working together to make sure transaction history and data is correct, without the need for a centralized entity watching over it, like a bank or government agency.
One of the most widely used blockchains is Ethereum. It’s an open-source blockchain and Ether (ETH) is the native cryptocurrency. We’ll use the Etheruem blockchain in our example below.
Here’s an overview of what you need to mint an NFT:
Let’s dive in to the steps of minting your first NFT.
All NFTs are digital files. The style of NFT you want to mint could be pretty much anything — an avatar, cartoon animal, abstract art, an icon, a funny GIF or even a song — it’s up to you. These are typically accepted formats:
If you’re not the artsy type or want to make a large collection of NFTs, look into hiring a freelancer to design your NFT or NFT collection for you. Legislation around NFTs and property rights is still a little messy, but plagiarizing someone else’s work to create an NFT could lead to legal issues. So stick to your own unique work and creations.
NFTs can be hosted on various blockchains, and every blockchain offers different token standards. However, most blockchains follow standards set by Ethereum. The best-known NFT token standards are Ethereum’s ERC-721 and ERC-1151.
These token standards are designed specifically for minting NFTs. Unlike other comparable token standards, each issued ERC-721 token is non-fungible and unique. This means you cannot swap an ERC-721 token for another, the way you could with Bitcoin. This token is supported by most major NFT platforms, so we’ll use it as an example.
Marketplaces can vary in what file formats they accept, NFT genres they sell and how much you can earn from royalties per secondary sale.
Marketplaces such as Crypto.com, Rarible, Foundation and Gate.io’s MagicBox allow users to upload their own file to be minted. OpenSea is the biggest NFT marketplace based on daily volume and user activity, so we will be using this platform to illustrate how you can create an NFT.
After you choose an NFT marketplace, create an account. It’s usually just an email and password combination and verifying your account via email or social media.
A marketplace will require you to have a specific Web3 wallet to hold the cryptocurrency you’ll need to mint an NFT on the blockchain. You’ll need to buy some ETH, and store your holdings in an ERC-721 compatible wallet.
Transaction fees — called gas fees on the Ethereum blockchain — are what users pay to cover the cost of powering the blockchain. Since putting the future NFT on the blockchain requires interacting with it, you have to pay a transaction fee with cryptocurrency.
These fees vary by the second and can be anywhere from $1 to $1,000 per transaction, largely depending on the speed at which the blockchain is processing transactions.
MetaMask is a browser extension and mobile application intended to grant users of Ethereum and other popular blockchains seamless integration with DeFi platforms. It is one of the more popular DeFi and NFT wallets, having an active user base of over 1 million.
Trust Wallet is a free mobile application that has in-built support for most major cryptocurrency tokens, including ERC-standard tokens, Bitcoin and more. The application allows users to directly engage with DeFi and NFT platforms on the Ethereum and Binance Smart Chain networks.
For those who wish to use a “cold” (offline) hardware wallet, the Ledger wallets are popular choices. Users can safely store their cryptocurrency offline, helping mitigate the risks of hacking and exploits that “hot” (online) wallets may encounter. Ledger users will need to download officially supported firmware for the wallet in order to store certain cryptocurrencies.
Trezor is another popular “cold” storage hardware wallet. In order to make transactions, Trezor creates temporary online wallets that must be confirmed by pushing buttons on the hardware. This creates an extra layer of security for your tokens.
With a marketplace account, wallet and file at the ready, simply follow the market’s steps on minting your NFT.
Typically, a marketplace has a button labeled Mint NFT or Create NFT on the top navigation bar. Once selected, upload the file, complete its title and description, then choose tags and genre. Verify the transaction by paying the transaction fees with your connected wallet.
And that’s it. The NFT is created, and it’s now a crypto asset that can be bought or traded on a blockchain. You can hold on to it for yourself or try your hand at selling it.
Here’s our example below for step-by-step instructions for minting an NFT on OpenSea:
OpenSea is one marketplace which caters to beginners looking to mint NFTs, as it offers off-the-shelf tools and solutions that will take care of some of the hard work for you.
Founded in January 2018 by American developers Alex Atallah and Devin Finzer, OpenSea was once known as the eBay for CryptoKitties but has grown to become a general-purpose online marketplace for non-fungible assets.
Yes, if it sells.
When you mint an NFT, you’re putting it on a blockchain, which lets you sell or send it to other users. You can earn from the initial sale of the NFT and also earn royalties from secondary sales forever — thanks to smart contracts built into blockchains.
A smart contract automatically executes its function without the need for a third party. It’s an agreement between two people that’s stored on a blockchain. They’re used for things like trading, investing and royalties.
In NFT sales, this means that if someone sells an NFT you minted, you automatically earn a percentage of the sale price from that secondary sale in perpetuity, thanks to the smart contract built on the blockchain.
To sell an NFT on OpenSea, previously you had to create your own storefront and pay minting fees but with the recent explosion of interest in NFTs, they have now streamlined the process – although there is still a gas fee for first-time sellers.
Here’s how it works:
OpenSea automatically completes the transaction if the final price in the auction is above 1 ETH, but if the auction ends below 1 ETH, it is up to you as the seller to accept the highest offer.
Note that any bid made in the last 10 minutes of an auction will extend it by 10 more minutes, and you as the seller can cancel the auction at any point – although this will incur a gas fee. Additionally, you can choose to accept any given bid at any point in time that suits you.
Every transaction on the Ethereum network incurs a gas fee, which is paying for the computational costs of executing a smart contract. This can be difficult to avoid, but as NFT marketplaces become more mainstream, more options for fee-less NFT creations are popping up. Two such platforms that offer zero gas fees are Mintable and Immutable X.
Minting an NFT can be an exciting process, whether you’re an artist looking to expand your revenue or you just want to immortalise a meme for your friends and family.
Many people see dollar signs when NFTs are mentioned — but understand that crypto and NFTs are both very volatile markets. The value of these digital assets can change by the second, and the driving force behind their values is demand, scarcity and overall consumer interest.
While anyone with a little crypto and a digital file can create an NFT, there’s no guarantee that it’ll sell at all or that you’ll break even when it’s sold. We don’t recommend dumping your life savings into cryptocurrency or NFTs. It’s not guaranteed that you’ll make any money by minting NFTs to sell on the market.
Want to learn more about NFTs? Head over to our NFT hub.
Finder’s NFT Gaming Adoption Report looks into which countries are seeing the most game.
Play, trade and earn with blockchain games. Here are 10 ways to make money with NFT gaming.
Keep an eye out for the most promising metaverse projects. Here are the top general and game-focused metaverse projects to watch.
Not everyone is an artist but anyone can mint an NFT. Here’s where to look for in NFT designers, what it may cost and what to watch out for.
Avatars aren’t anything new, but NFT avatars are different. Here’s how they work, how and where to buy one, and what makes them valuable.
What exactly is WAGMI? Here’s a list of common terminology and slangs used by NFT communities on social platforms like Twitter, Discord and Reddit.
Discover the latest and most popular GameFi titles, project details, upcoming launches and more in this comprehensive crypto game list.
There are many metaverses and a variety of VR technology to enhance your experience in them. Learn what a metaverse is and how to join one.
We break down how to sell NFTs from evaluating the market, choosing a sale price, finding a place to sell it and looking for a buyer.
Here’s how NFTs work, including what they are, NFT marketplaces and some of the most expensive NFTs sold so far.
You must be logged in to post a comment.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.