Non-Fungible Tokens (NFTs) have become one of the most popular digital assets as the number of investments increases. Despite the volatility of the crypto market, the trading volume of NFTs has entered a new booming space. NFTs are tokens and are important digital assets that are built on a blockchain. Non-Fungible Tokens are well-known for their vast potential. It allows users to earn rewards without any restrictions from centralized platforms. Users earn incentives from the content they create. Digital assets increase in value as different users purchase NFTs to unlock remarkable benefits. Non-fungible tokens or NFTs are unique tokens recorded on a blockchain. They represent art and collectables. While blockchain is not new in DeFi projects, the way it is applied has changed. After minting NFTs, users can open new avenues to earn rewards by selling tokens in auctions.
NFT minting is the process of creating a digital asset or crypto-collectables on a blockchain. The application of blockchain has enhanced allowing digital creators to participate in auctions and make payments with cryptocurrencies. Minting NFTs is not complicated when you make use of blockchains that support NFT tokens. Here are the factors you should consider before minting NFTs:
Blockchain Platforms that Supports NFTs
Choosing a blockchain platform that supports NFT tokens is very important if you want to mint NFTs. Some of the blockchain networks to consider include; Ethereum, Binance Smart Chain, Tron and Cosmos, etc. Blockchain networks have different NFT capabilities. Ensure the blockchain you are using supports the transfer and purchase of NFT tokens on other blockchain platforms.
How Do You Mint Non-Fungible Tokens?
If you are considering minting NFTs, these are some of the processes of minting NFTs;
- Create an Asset
NFT are tokens that represent digital assets. You should consider the asset you want your NFT to represent before minting. Creativity also plays a big role in the creation of assets.
- Buy Ethereum
NFTs are mostly recorded on the Ethereum blockchain. Another step in the NFT development projects is purchasing Ether, the native cryptocurrency of the Ethereum blockchain. You can only buy and sell NFT tokens, add your art on the Ethereum blockchain network, and earn rewards after you have successfully minted NFT.
- Register an Ethereum Wallet:
Registering with an Ethereum wallet is important because you will be required to buy Ether before adding your token to the blockchain. You will also need a wallet when you want to sell your token. Your non-custodial wallet gives you total control over your funds without restraints. It allows you to sell, keep, and make any crypto transactions. You can buy the value of Ether needed to add your NFT by making use of your wallet address.
NFT Minting – Top 6 Platforms For Creating and Minting NFTs
Selecting an NFT marketplace is one of the NFT minting processes. While there are different blockchain platforms, selecting an interoperable platform is very important. Here are our top 6 platforms to create and mint NFTs;
Rarible is one of the best platforms that support the buying, selling, and minting of NFTs. Rarible also operates on the Ethereum blockchain. While it supports Non-fungible tokens, minting is not gas-free. Users will incur gas fees when creating NFT, it does not offer a cheaper option to Ethereum. This platform offers creators additional features. You can choose to create single or multiple collectables. Users are also allowed to set a price or sell content in auctions, selling it to the highest bidder. However, you need to create a non-custodial wallet like Metamask to connect to your Rarible account.
Opensea ranks the best in the NFT space due to its vast potential. This platform is suitable for minting, buying, and selling Non-fungible tokens. Creating and mounting NFTs on openSea is free. Unlike other platforms, this platform allows you to mint your NFT on the polygon network. While OpenSea doesn’t charge gas fees, users will incur a one-time fee when creating an account. If you want to mint NFT not recorded on OpenSea, you will be charged a certain fee. Your account must be connected to Metamask. https://twitter.com/opensea/status/1465358290368425988?s=20
SuperRare ranks the third most prominent NFT platform when it comes to the number of active users and fascinating features. It also operates on the Ethereum blockchain network just like Rarible and OpenSea. However, this platform is distinct because it creates a social network that connects art creators. In this case, it portrays art collecting as a social activity, so collectors can come together and collect in a social environment. This platform allows anyone to purchase NFTs but only invited artists can upload artwork on the platform. The future of the CryptoArt market—a network governed by artists, collectors, and curators
Foundation is another NFT platform built on the Ethereum network. It has unique features and supports live auctions and bidding for digital artwork. Users are not limited to solely buying and selling NFTs at a set price. Foundation uses an auction process Similar to SuperRare, anyone can register to purchase the art on Foundation, but any artist who wants to create art for the auction process needs to be accepted into the Foundation community first.
This platform is hosted on the Binance Smart Chain. It is a multifunctional platform and offers multiple services from the range of Decentralized Finance, NFTs, and so on. On Bakeryswap, you can create, buy, and sell your own artwork without hassles. Users are also allowed to stake the native BakerySwap token (BAKE) to earn rewards of NFT tokens. These NFTs can be resold to get back BAKE. Users are also given private keys to their NFTs, so they have total control over their assets. You can also choose to sell them on other marketplaces. This platform offers NFTs like DOGS, Binance, and so on
This platform only allows invited artists to upload their art. Makersplace was founded in 2018, and it supports digital creativity. You can choose to sell your artwork by making use of this platform. The supported wallets are Metamask, Coinbase, and Trust Wallet while the only token you can use here is ETH.