Minting is the process of converting a digital artwork into a digital asset on the blockchain network. Just as coins need to be minted for production, NFTs need to be minted for creation and placement on the blockchain network.
(Gas fee: paid to miners to verify and validate the NFT minting transaction. If the Gas Price is set too low, there is a possibility that your transaction may never be checked by miners.) Gas fees vary at different times based on market demand. Therefore, it is recommended to compare gas fees before minting. Some platforms offer free minting and the cost is borne by the buyer.
1. Prepare the NFT file or artwork: In the first step, you need to choose or create an artwork.
2. Purchase Ether (ETH): Now it’s time to buy some Ether. You can create NFTs on various blockchain platforms, but for simplicity, let’s assume you’ll use Ethereum. Ether is the most popular digital currency, and prominent NFT marketplaces support it. Minting an NFT may incur costs, so you’ll need an Ethereum wallet with some Ether (the Ethereum-based digital currency) in it. One of the simplest wallets is called “Metamask.” The price for minting an NFT can vary significantly. Make sure you have at least $100 worth of ether, but keep in mind that the minting process may incur additional costs based on the minting time.
3. Create a digital wallet: To create an account in the NFT marketplace for minting NFTs, you need an encrypted wallet. We’ll choose Metamask, as mentioned before since it’s one of the most widely used and accessible wallets. When you create your wallet account, you’ll be given a 12-word phrase, which is your unique password. Keep it safe, and don’t share it with anyone. The seed phrase acts as your security code (it’s useful in case you forget your password).
4. Transfer Ether to your wallet: If someone wants to deposit Ether into your account or if you want to transfer Ether from another wallet to Metamask, follow these steps:
— Open the Metamask application.
— Select “add funds.”
— A QR code will appear, which you can scan to immediately send ETH or an ERC20/721 token. Copy your account address by clicking on the account name.
— Paste your address in the “recipient” section of the application, from where you’ll send your ETH or tokens.
5. Choose a suitable platform and mint your NFT: Now that you have everything prepared, you need to select a platform where you can create your NFT virtually and then lose it. One of the recommended platforms is seed.photo.
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