Learn how to mint an NFT so you can get started with your first NFT collection.
What you will learn
Preliminary decisions include choosing a distributed ledger, NFT marketplace and wallet.
You’ll have to pay fees to mint or list an NFT, and have funds in your wallet to cover these costs.
Minting your first NFTs is just the start. You then can begin managing your NFT collection.
Popular collections like Bored Ape Yacht Club and CryptoPunks have put a spotlight on the world of non-fungible tokens. These and other projects have made creative success with NFTs seem like an achievable dream. If you're interested in starting your own NFT collection, you'll need to understand how to mint an NFT.
Non-fungible tokens are similar to cryptocurrencies, except they're one-of-one tokens with unique metadata. In contrast, fungible tokens allow you to increase the token's total supply.
In this article, we'll walk you through the essential steps to mint a non-fungible token so that you can get started with your first NFT collection.
Before you mint your first NFT, you'll need to decide which distributed ledger and NFT marketplace to use. This decision can boil down to the DLT's speed, security, energy usage, fees, or overall popularity. You'll also need to understand the token standards used for minting NFTs, choose an NFT wallet, and decide whether you'll fractionalize your NFT to make it more accessible to potential buyers.
Token standards are a set of rules governing token creation, issuance, and deployment. The most commonly used token standards are those on the Ethereum network: ERC-20, ERC-721, ERC-777, and ERC-1155.
ERC-721 is the original NFT standard, allowing users to mint digital assets with unique metadata. ERC-1155 is a newer Ethereum token standard that lets smart contracts manage both fungible and non-fungible tokens.
Token standards from other DLTs are growing in popularity due to Ethereum's unpredictable gas fees. The Hedera Token Service, for example, lets users mint an NFT at costs that are roughly 99% cheaper than Ethereum NFT minting.
If you already have a crypto wallet, you'll want to make sure it supports NFTs. If it doesn't, you must create a secondary wallet to hold your NFTs after you mint them. HashPack and Blade Wallet are excellent choices for those minting on the Hedera network. MetaMask is a popular option for those using the Ethereum network. However, you'll only be able to see your non-fungible assets when using the MetaMask smartphone app. The browser extension won't allow you to view your NFTs in your wallet.
Once you've selected the distributed ledger and wallet you'll use to mint NFTs, you'll want to decide which marketplace to use if and when you sell it. It's essential to choose a well-known, trusted marketplace and consider the fees it will charge you for minting or listing your tokens. Some marketplaces offer lazy minting services that let you avoid the upfront gas fee typically associated with minting. This service is often presented as a free minting solution, but it's important to note that you'll still pay minting fees if the NFT sells.
In some cases, NFT prices can soar to astronomical levels. These high prices can be exciting for NFT creators, but they also make the digital collectibles less accessible. Fractionalized NFTs (F-NFTs) let NFT creators split the unique tokens so that different wallets can own them. The Hedera Token Service allows creators to issue native tokens that can be fractionalized, as do servics on other DLTs.
Choose the site to mint your first NFT, and connect your wallet. Mintbar is a popular solution for the Hedera network, as it allows you to create NFTs without developer knowledge.
To connect your wallet to Mintbar, you simply click the "connect wallet" button on the homepage, choose your wallet provider, and follow the on-screen instructions. If you're using an NFT wallet browser extension, a pop-up window will appear on the same browser page so you can verify your wallet.
Once you've connected your wallet, you're ready to create your first NFT. Most NFT-minting solutions have a button on the home screen that begins the minting process. For example, on Mintbar, you'd start by clicking "New Collection." You'll then select the number of NFTs you want to mint and the maximum total supply. Then, you'll upload your image file, name your collection, invent a collection symbol, name your NFT, and write a description.
When minting or listing an NFT, you'll have to pay the associated fees. Make sure you have funds in your wallet to cover these costs. You add crypto to your wallet by purchasing it on an exchange and sending it to your public wallet address. In some cases, you can click a buy button in the wallet extension.
Once you've created your NFT, you can list it for sale on one of the NFT markets. Many Hedera users choose Zuse Market or HashAxis to list their first NFT. It's important to note some NFT marketplaces require an approval process before you can start selling NFTs. For example, Zuse uses an approval process, but HashAxis doesn't require approval to sell NFTs.
Once you've made your first NFTs, you can begin managing your NFT collection. It's essential to spend time connecting with others and building a community on social media. Most NFT creators use Twitter and Discord to engage with fans. You may consider doing NFT giveaways or community contests to build engagement.
You'll want to keep an eye on what other NFT projects are doing to make their NFTs more exciting. Pay attention to what works for others, and use these concepts as inspiration for your project. As your project becomes more popular, you might hire new artists or developers to add utility to your digital artwork.
Minting an NFT is an exciting way to get involved in the NFT ecosystem. Hedera makes it easy for NFT enthusiasts to create and trade non-fungible tokens. NFT creators can enjoy the Hedera Network's easy-to-use dApps, lightning-fast transactions, and low fees. Additionally, there is a range of helpful resources on the Hedera website to help you get started.
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