What started as an obscure form of tokenization has amassed into a $21 million industry in under two years. The world first became familiar with NFTs when they gained mainstream media attention for their presence in the art world, and there has been no looking back since. As the non-fungible tokens continue on their hell-bent path to world domination, we set out to discover how to mint an NTF and where to buy NFTs.
What Is An NFT, Exactly?
Before we dive into the “how”, let us first explore the “what”. NFT stands for non-fungible token and represents a form of currency that cannot be used interchangeably but instead represents one key aspect. For example, Bitcoin is a fungible token where every unit is the same as the other can be exchanged without further considerations, much like fiat currencies.
NFTs are minted with a specific form, whether a luxury good or a piece of art, at its core. With the power of blockchain technology behind it, ownership and authentication can be tracked using the transparent public ledger, and the NFTs can be easily traded. Several high-end luxury goods companies are exploring incorporating NFTs into their lines, which would allow a buyer to authenticate whether a product is real and track all ownership if the item is later sold.
The Benefits Of NFTs
In the art world and beyond, the benefits of NFTs are significant. With the use of blockchain technology, users are able to access information like who the creator is, when the item was created, the current owner and several other identifiers that make an NFT unique.
Creators can also include a clause in the token which automatically pays them a royalty fee for each time the NFT is resold. This is a perfect example of an advantage of moving into the digital world of tokenization, as many artists in the art world throughout history have not been granted such “rewards”.
As anyone can make an NFT, this also allows for greater exposure when it comes to the art world and creative scenes, as well as extensive control over intellectual property.
How To Mint An NFT
When it comes to learning how to create a NFT there are a few steps one needs to take. Below we’ve simplified the process into several key components.
Choose A Blockchain Platform
Once you’ve decided to mint an NFT, the first question that you will need to address is which blockchain platform to use. There are currently a number of options available, including Ethereum, Solana, Cosmos, Binance Smart Chain, EOS, Tron, WAX, Tezos, and Polkadot.
Do your research on each platform and find the one best suited to your preference as once you make an NFT on a blockchain this cannot be changed. This decision will also impact the NFT marketplaces (where to buy NFTs) that you can access, so be sure to take your time.
Open An Account on A NFT Marketplace
You’ll need to create an account on an NFT marketplace, ensure that this platform supports the blockchain platform you selected in the previous step. Popular options include OpenSea, Foundation, Nifty Gateway, and SuperRare. For the sake of this guide we will select OpenSea.
Create And Link Supported Wallet
Next, you’ll need to open a wallet that supports the blockchain that you selected and is compatible with the NFT marketplace you’d like to use. Popular options include Metamask and Trust Wallet. Then link the wallet to your profile.
Next, you’ll need to create the asset it will represent. Whether art, music, gifs, emojis, etc, give it your all.
Once the creation is complete, you will need to purchase the native cryptocurrency to the blockchain platform that you selected. For example, if you had chosen the Ethereum blockchain, you will need to purchase ETH and send it to your selected wallet, i.e. Metamask. These are for the gas fees required to mint the NFT. You can purchase a wide range of cryptocurrencies through your Oobit account for added convenience.
Make An NFT
The final stage on how to mint an NFT is simpler than one might imagine. Head to the marketplace of your choice, we will use OpenSea in this example, and select Create. You will have the option to upload one creation or a collection, follow the option appropriate to you.
You will then need to upload a high-quality representation of your creation and include required information like a name, external links, descriptions, properties, etc.
And that’s it. Congratulation on minting your first NFT.
Where To Buy NFTs
Your NFT is now available on the marketplace you selected, and can be accessed by anyone using the same platform. There are plenty of other marketplaces where you can buy NFTs, just ensure that you have a wallet that supports the blockchain on which the NFT you want to buy is built. Soon you will be able to interact with the NFT industry via the Oobit platform with our new NFT marketplace.
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