Everyone using the internet will have come across the word NFT at least once on their social media, news, or through their peers. Non-Fungible Tokens are widespread on the planet, and it is likely to take over every nook and corner soon. Though introduced in 2015, NFTs gained their utmost popularity in the last two years. It has not reached its full potential, yet NFT enthusiasts are coming up with NFT 2.0 as early as possible. This evolving tech on the blockchain never fails to amuse as it takes up some use cases in diverse global industries. When people thought it was rocket science to mint an NFT, free NFT marketplace platforms like OpenSea allowed minting them without any hassle eliminating the necessity of codes. This made many independent artists come out and monetize their work in a snap.
NFTs Creating An Edge For Creators
Every independent creator, influencer, or artist struggles to monetize their work efficiently. Paintings created two centuries back are now worth more than a million dollars. Do you think the artists predicted his worth when he actually created his work? There were times when they were satisfied with the price set by the buyer if it would suffice to feed them enough. They also lose the right over their work once it is sold. That is not the case today, thanks to Blockchain and Non-Fungible tokens!
With technology, artists started going digital, and they are credited very less for their digital creation. A digital asset is valued less, and even when praised all over social media, the world still doesn’t know its creator. If you are an artist who experiences the same pain of not getting the credit, here is what you need to do. Mint your works into NFTs! Did you know Beeple, A digital artist, sold his digital artwork for $69 million?
What Do You Need?
All you have to do is put your heart and soul into creating the art or design or anything you want to monetize. The minting the NFT part is very simple; you just need a few apps to get you to the blockchain.
- You should have a crypto wallet to store your minted NFTs. It also helps you hold the cryptocurrency you earn by selling it.
- You need to register your profile and create an account on a cryptocurrency exchange platform. When you mint an NFT on the blockchain, you will have to pay minting fees or gas fees in the minting platform through cryptocurrency. You can exchange your fiat in these crypto exchange platforms and get crypto coins.
- The last thing you need is a registered profile in an NFT Marketplace app. Many marketplaces today offer their users the ability to mint the NFT and sell them immediately. While most of them are on the Ethereum and polygon Blockchain, there are also platforms on Solana.
Note that you should verify your profile with KYC to prove your identity on the platforms mentioned above. NFT marketplaces like OpenSea, Rarible, Foundation, Jump.Trade, Sorare on the Ethereum blockchain, and Solsea on the Solana blockchain are some of the best places to buy & sell NFTs that also comes with an easy minting process.
How To Mint?
- Firstly, open your crypto wallet. There are many wallets like Metamask, Trustwallet, Sollet, Phantom, Coinbase wallet, and more that support NFTs. Despite that, Metamask is the most preferred wallet these days.
- You have to fund your wallet with ETH currency if you are minting on Ethereum or Polygon and SOL if using Solana. Note that platforms like Opensea also support WETH, which is wrapped Ether coins which is just similar to ETH.
- You can fund your wallet either by using the wallet itself that redirects you to an exchange it has tie-ups with or directly from an exchange. When you buy through the wallet, the transaction fees will be high; that is why most creators prefer a separate crypto exchange and integrate the wallet with them. You can check out exchanges like Binance, CoinBase, Kucoin, etc. Check out their transaction fees and choose the best.
- Log in to your profile in the NFT Marketplace app and connect your wallet again with sufficient funds to pay the gas fee. The platform will have the create option, clicking on which will redirect you to the minting page.
- Here, you will have to upload the digital file and give its details, description, the Royalty you need when sold in the secondary market, and your external website. Once done, click on complete.
Hey, Congratulations! You have successfully minted your NFT!
If you open your profile, you will be able to see your NFT and list it for sale. You will have to specify if you are setting a fixed price for your NFT or giving it up for an auction with a base price. And hey, did you just read something about RoyaltyRoyalty that you are not aware of? Here you go!
NFTs In The Secondary Market
You minted your NFT, and it got sold too. Here only the ownership of your creation is changed to the buyer, and you remain the creator in the blockchain. When your work is sold again in the NFT marketplace app for a better price than the primary sale, you can get the RoyaltyRoyalty in a certain percentage of the value sold again. This royalty percentage is usually under 10% of the secondary sale value.
Thus, you get to monetize your asset and get the credit even if its ownership is shifted.
NFTs are evolving and getting to achieve their fullest potential by applying utilities. NFTs are not just giving the digital creators the ability to monetize and the users to earn a passive income. Top NFT games are emerging, creating an impact through the Play-to-earn model. NFTs are creating a revolution that they are entering real estate too. NFT 2.0 is expected to hit the industry soon, creating the second wave of the NFT craze in the coming years.