Simplicity is the aim of the game here on #FTWL.
With that said, historically, minting is to create a coin, medal or token by stamping metal. Now though, when speaking about NFTs and cryptocurrencies, minting has taken a different form. Minting digital files or assets into NFTs is one way for creators to monetise their work. This includes music, artwork, articles and so much more! Of course, selling digital files isn't a new concept but one of the more innovative uses for NFTs is the ability to guarantee that creators get credit for their original creation.
So how would I mint an NFT?
In case you’d like to experience the world of NFTs first-hand and mint your own collection, here’s a quick guide on what you’d need to do, to get started:
You need a digital wallet that allows you to store your NFTs and cryptocurrencies
Connect your wallet to an NFT marketplace (decide what platform works best for you)
Decide on a concept and create your first item (NFT) on the platform
Complete your profile, your NFT's description and determine your royalties (the amount you'd earn if your NFT is sold in a secondary marketplace)
You’ll need to purchase some cryptocurrencies (i.e. Ether) to make sure your wallet is funded for any fees
Keep gas fees in mind when looking at platform options. Most exchanges charge a percentage of your transaction to process it
List your NFT for sale
And why would I mint an NFT?
The main reason for minting an item as an NFT is to maintain ownership of that particular item, regardless of how many times it has been purchased. Alongside this, that record of ownership allows smart contracts to generate the royalties earned for the original creator. NFTs are a sure way to create some passive income from something you have created. If we compare how art is generally sold in the "real world", we tend to see that pieces are auctioned off at a one-off price and that is the end of the transactional journey. When minted as an NFT, a digital asset, this transactional journey has no bounds after its first sale and it will continue to generate a revenue for the original creator as long as it continues to be sold on.
NFTs is quickly being picked up as one of the most profitable investments to make in 2022 and as seen above, the process in creating an NFT isn't a lengthy one. If you have a creative idea that can be formed into a media or digital file, it can be minted as an NFT and you can reap the benefits of the blockchain technology that supports it in no time.
Give it a try! ...
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Liz. #FTWL
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