You’ve purchased an NFT on OpenSea, congrats! Now you have the option to mint it. Here’s a guide explaining all the reasons why and how you can get your NFT minted.
NFTs are digital assets stored in a blockchain system, with digital art being one of the primary examples of these. Much like physical items, the ability to mint NFTs is also a possibility and is being used for monetization purposes.
Defining NFT Minting
Minting is the process of reselling an NFT that you have purchased. The resale market online can be a lucrative space as it is with physical trading (think the sneaker resale market).
The Cost of Minting an NFT
Platforms often charge a commission fee for this which is referred to as a Gas fee. This is because it is a charge related to the energy used in processing the transaction. This involves the transfer and validation that takes place on the blockchain and recording the change in the ledger. In other words, minting fees are charged to reward the miners responsible for the cryptographic process. This can also cover the costs of creating a smart contract.
OpenSea does not charge a fee for minting NFTs, but there is a fee associated with the final sale price of the NFT of around 2.5%. Essentially, the NFT is uploaded to be minted, with detailed instructions available on OpenSea. It is possible to avoid these gas fees by using the polygon network which works with the Ethereum blockchain.
How to Mint an NFT
NFTs can be created by anyone, and they are available for sale via online marketplaces. OpenSea is one of the most popular marketplaces for NFT sales, alongside Rarible. These platforms facilitate the trading of NFTs and utilize the Ethereal blockchain, one of the most trusted, and make the buying and selling of NFTs a breeze.
The process begins with a crypto wallet which you’ll need to connect to OpenSea. Once you have a cryptocurrency token, you can create or mint NFTs. Minting requires a budget of around $100 or more. The amount will depend on the complexity of the NFT. You can use an app for the minting process, or do it directly via OpenSea.
During the process of minting, you’ll include the link and add descriptions of the NFT’s properties. You can add information about its levels, stats, and unlockable content, and note the number of copies that can be minted. You can also create collections of NFTs which are publicly visible until you receive a bid that you are happy to proceed with.
It is also important to note that first-time sellers are required to pay two fees prior to their first sale. The first is an account initializing fee that enables your account to start selling. It is between $70 and $300.The second fee grants OpenSea the ability to access your NFTs, which costs around $10 to $30. The costs vary due to a variety of factors, and you can monitor them as they fluctuate so that you’re paying a lower price. To do this, you’ll need to track the gas prices and the value of Ether.
Ready to enter the metaverse and prepare for web3?
NFTs are a new-age way to invest in digital assets. Knowing how the NFT minting process is key to managing your assets efficiently. To learn more about the metaverse, web3, and what this means for your business, speak with us at Nexa.