So, you want to start minting NFTs? Here’s a quick rundown on how to get started in this multibillion-dollar industry. The year 2021 ended with the NFT market surging to $41 billion. When you compare this with sales in the conventional art market reaching a total of $50 billion in 2020, it’s clear that NFTs are making quite the impact.
In a nutshell, NFTs (or non-fungible tokens) are digital tokens stored on a blockchain that represent ownership of a digital or real-life asset. This means that NFTs can be anything from art, collectibles, music, or even real estate!
NFTs are a great way for artists to monetize their work by giving them the platform to sell directly to customers and to be compensated in royalties whenever the piece is resold. While it may seem daunting to get started, minting an NFT can actually be done by following a few simple steps.
You want your project to stand out, so it’s time to get creative! NFTs have to be unique, so don’t be afraid to step outside the box. Will it be a still picture, or will it move? Does it have utility ? Will it be part of a collection? These are some questions you can ask yourself for inspiration. The digital space is boundless, which makes NFTs a great opportunity to leverage the skills that you already have.
Decide on a concept and give it your best shot! Now that your product has been determined, you’re ready to move onto the next step.
Minting NFTs comes with a cost that is paid using cryptocurrency. Most of the exchanges don’t take Canadian dollars, so it can be helpful to use a Canadian platform like Bitbuy. You can start by signing up for a Bitbuy account, then all you’ll need to do is verify your identity, add funds, and exchange your money for your cryptocurrency of choice. You will have to determine which cryptocurrency you need depending on the marketplace you choose to sell your NFT… but we’ll get more into that later.
For a more detailed guide on how to buy crypto in Canada, take a look at our guide here.
Now that you have your crypto, you will need to transfer it to a wallet. Crypto wallets store the private keys to your crypto assets, so you can keep them safe and accessible. Each wallet has a unique wallet address that allows you to send and receive cryptocurrency as well as NFTs. Make sure that you remember your login information, otherwise you won’t be able to retrieve your crypto later on. Your wallet will also generate a “secret recovery phrase” containing a series of 12 words that you can use to recover your account.
Pick a wallet that is compatible with the marketplace you choose to mint your NFTs. MetaMask is a popular wallet for storing Ethereum and Ethereum-based tokens, and it’s compatible with Opensea. This wallet can be downloaded as a browser extension or mobile app for easy access.
You have your concept, your crypto, and you have your wallet. You’re already halfway there! The next step would be to connect your wallet to an NFT marketplace. There are quite a few different options, so make sure to do your research and decide which one best suits your goals.
Opensea is arguably the most popular NFT marketplace, and it allows you to mint NFTs on Ethereum and Polygon. Ethereum is the first blockchain to support NFTs, and most NFTs are created and priced using this cryptocurrency. Polygon, on the other hand, serves as a more efficient and cost-effective blockchain for minting NFTs, but there are generally a lot less buyers.
If this is the first time you are listing an NFT on Opensea, you will need to pay an initialization fee in Ethereum. Listing your NFT items on the Ethereum blockchain also requires you to pay a one-time gas fee which can fluctuate based on competition in the network. However, if you choose to use their Polygon marketplace, you can reduce your costs by avoiding the gas fees. In terms of your file type and size, Opensea accepts files in JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB and GLTF with a size limit of 100 MB.
For those that don’t hold a high loyalty to Ethereum, Solana can be considered for its lower fees and higher transaction speed. Solsea is currently the biggest marketplace for the Solana network. This platform currently supports files in JPG, PNG, GIF, MP4, MOV, MP3, WAV, and OGG with a size limit of 40 MB. Other than the network fees that come with minting, listing, delisting, and creating collections on Solana, Solsea only charges a 3% marketplace fee from every NFT sale.
These options are just a few of many, so be sure to explore what’s available before making your decision. Once your choice has been made, create a profile on the marketplace’s website. You will see an option to connect your wallet to your profile so that you can access your funds. After your wallet is connected, all you will have to do is verify your identity, and you’ll be ready to start minting your NFTs!
With your marketplace profile open, you should see an option to “create” an NFT. From there, follow the instructions and upload your work to the platform. Give it a name, a description, choose the blockchain (if you have the choice) and set your price. Your NFT will be minted on the blockchain only after it’s been sold.
You’ve completed the 5 steps and your profile is ready to go. Now what? The process doesn’t have to stop here. You may not see results right away, and that’s okay. Take advantage of social media platforms like Twitter and gaming channels like Discord to foster a community and engage with other users that may be interested in your NFTs. This can help bring more attention to your collections and help you improve for your next drop.
Good luck & happy minting!