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How to Mint NFTs

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Since NFTs bombed the Net and went even beyond, the demand for them is growing rapidly. The very first NFT was minted by a digital artist Kevin McCoy in 2014 and was called “Quantum,” then sold at Sotheby’s for almost 1.5 million dollars. Afterward, NFTs became mainstream step by step — people mint them, sell and purchase just to invest or have them as a collectible.

 

Nature of NFTs

NFT is a contraction for a non-fungible token that means it’s a unique piece and can’t be replaced with anything else. As for other Bitcoin and other cryptos, they are definitely fungible because you can substitute 1 BTC with another one, and nobody cares about that much. On the contrary, you can’t do the same trick with an NFT, the replacement will be noticed immediately. We can trace all the information about the NFT – starting from the time of its creation to its current owner.  Yes, you can think of The Mona Lisa as an NFT hanging in Louvre. It is unique, one of a kind, and impossible to replace. 

 

Another exciting thing about NFT is that it’s a part of the Ethereum platform, although they can be minted on other chains, as well. For example, Solana, Cardano, Polygon, Binance Smart Chain, and so on. 

NFTs are diverse, and they could be songs, painting, gifs, domain names, essays, tickets, in-game items, memes, and whatever you like. The thing that could be encrypted and stored in a blockchain can be transformed into an NFT. 

 

Mint vs Mine

There is another crucial point to reveal — the difference between MInting and Mining, they even sound almost the same, so how not to mix them up? Actually, Minting is the process of creating new tokens or coins that requires a Proof-of-Stake (PoS) protocol. On the contrary, mining demands Proof-of-Work (PoW) protocol to gain new tokens and coins.

Minting runs under the Proof-of-Stake mechanism, so new coins come through staking, not mining. This algorithm doesn’t have miners, but validators, who create a new block and add new data to the block. 

Mining needs the Proof-of-Work algorithm, where miners solve difficult math problems for adding a new block, and in return for their work, they are rewarded with cryptocurrencies. 

 

Where to mint, sell and buy

So, imagine, there are millions of NFTs out there, but what if you can’t find something that is really appealing to you? Mint it! 

There are many large marketplaces with a good reputation, where you can sell or buy NFTs if you don’t want to create your own one. You can easily find all the information, including charts with top listed marketplaces on the Net. Nowadays, the most popular are OpenSea, Axie Marketplace, Larva Labs’, Rarible, Zora, and SuperRare. Don’t forget that some major centralized exchanges also give you an opportunity to mint, among them are FTX and Binance. As for the blockchain platforms for minting NFTs, they are Ethereum and Binance Smart Chain

Can I mint an NFT from scratch? 

No doubt, anyone who has such a desire can mint an NFT once they know an algorithm. If you don’t know how to start, it’s your chance to sample the process under our guidance. 

So, first of all, get a digital wallet for cryptocurrency — it could be a cold or a hot one, but you definitely need it to store the crypto for selling, buying, and creating NFTs. Unfortunately, you can’t mint for free, but you can choose the most affordable platform for minting. 

By the way, pay close attention to the SimpleHold wallet, where you can store your NFTs, as well. In this case, your wallet is not just a tool for storing cryptos but also your personal digital art gallery with all the NFTs you bought and minted. 

Next, get some cryptocurrency into your wallet, usually, it is Ethereum (ETH), and connect it to the chosen marketplace. 

Then, find a “Create an NFT” (or alike) button and upload the file you are going to mint, many different formats are possible: JPG, TXT, GIF, PNG, MP3, FLAC, WAV, MP4, 3D file. Set a name and a price you want to sell your NFT. 

Pay a gas fee for minting an NFT, as it’s quite an energy-consuming process, once you approve the payment, the process automatically starts. Wait for a while, and in a few minutes, your NFT is alive, ready to be sold. Mind that the ownership is recorded on the Ethereum blockchain, and it’s impossible to replace any piece of information since you’ve minted your file.

You can also set up an auction instead of selling your artwork for a fixed price. In this case, people will bid on your NFT and a person with the highest bid gets the item. 

 

Finish Line

As you can see, minting an NFT is extremely easy, just do everything one by one, and you’ll never get lost. 

It is a great opportunity for you to try minting just for fun, or maybe for more serious purposes. You can create your own private portfolio buying, storing, and creating NFTs, or consider it as a source for investments.

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