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CREATING VALUE FROM NOTHING WITH NFT MINTING

Let's start by clearing the air. Before reading this article, you probably thought it was impossible for someone without coding experience to create their NFTs. Worse still you may not be quite sure about what NFTs are. If you belong to the latter category, do not fret. There are now millions, if not billions of people like you scattered across the globe.

At the time of writing this article, there are more people searching for the keyword "NFTs" than there are those searching for "Cryptocurrency" according to Google trends. That only means that you are not late in what you are looking for even though a lot of folks are already millionaires from selling and flipping NFTs.

A lot of things are possible with NFTs. The digital asset class has been raging and booming over the last year. Even though NFTs may be an industry fraught with hype and FOMO, it has made a lot of millionaires and what better thing can you ask for than making the millions you have always dreamed of, quitting your job, and spending the rest of your life just as you have always imagined. NFTs have made millionaires quicker than pretty much anything else except for some cryptocurrencies or meme coins that have gone up by the thousands in the past year.

Thanks to the efficient YouTube algorithm. If you have watched videos related to cryptocurrencies in the past year, you must have seen several six-figure testimonies popping up from nowhere. The popular titles in the lines of "How I made $1million in one day flipping NFTs." That steals anyone's attention, because, especially if you are that non-coder who hates his boss and has been looking for the easiest way to quit real quick.

NFTs are here and the number of NFT platforms and collections are increasing at a remarkable pace. The total volume of the NFT collection is $20 billion according to DeFi Llama, with a daily trading volume of about $100 million. As more projects keep launching, building their products on interested communities the value of the NFT market may reach an unbelievable amount in the coming years. The most insane story we have heard so far is a 12-year-old who sold a collection for around $400,000 in just two months.

Enough of the stories! Now let's look at what NFTs are, and how you can mint NFTs for yourself and become equally rich. We will talk about the minting process on the Ethereum blockchain including gas fees and other minting fees that apply to Ethereum, and similar blockchains. We will also explore some help in case you want to launch something on a grand scale and you need assistance with some technical stuff. It's a long article, but after reading you will be able to do a lot and perhaps get rich like your other friends who got into NFTs at the very beginning. Just keep in mind that it is never too late and you can join the train right now.

What Are NFTs?

NFTs are tokens like Bitcoin or Ethereum but unlike other tokens, they are non-fungible. They are tokens because they exist on the blockchain and have a set value for which they can be bought, which is the only way to transfer ownership of NFTs. NFTs are digital assets and representations of physical works, and items like art, music, videos, and assets such as land. The definitions of NFTs can be extended to include every other than that can exist on the blockchain but prior to the innovation were merely in other forms in the physical world.

Other definitions describe NFTs from the point of view of their non-fungibility. Non-fungibility means that it is not exchangeable, one for another, or that you cannot exchange an NFT for another NFT as you do with Bitcoin and USDT or Ethereum. Every NFT is unique and there can only be one copy of an NFT that exists immutably on-chain after it is minted.

The Ethereum foundation says that NFTs serve the purpose of representing ownership of assets such as arts, collectibles, and real estate. These items can only have one owner at a time owning the said asset collectively or individually. They are the best on-chain because, after NFT minting, no one can alter or transfer ownership unless they are the true owners of the art in question.

As the world becomes increasingly digital it became important to have physical items in digital forms. NFTs are an advanced representation of this need, which makes the new web different from our current web. NFT minting is the best way to represent scarcity, uniqueness, and proof-of-ownership. NFTs are digitally unique unlike copies of files on your mobile phone. On our current internet, ownership of stored data of digital items depends on what institutions hosting these files want you to believe. NFTs make it easy for anyone to verify this ownership these determining the true owners of a digital asset without relying on what you are told by a centralized institution.

NFTs also offer flexibility in how digital items like tickets to an event can be used. On our current internet, platforms must build their own infrastructure that will accept their corresponding tickets or NFTs. With Ethereum, you can hold, use, and trade tickets on corresponding NFT platforms which are NFT platforms on Ethereum. The best part about NFTs is that it empowers creators to do what they do best, and earn royalties directly. They can also sell their work anywhere in the digital space provide the chain is compatible. NFTs also offer local artists the opportunity to a global market that offers more value than traditional hosting third parties.

Minting NFTs

NFT minting is the process of registering your physical asset as a unique file on the blockchain. You can do this directly on most NFT marketplaces but before we go into details, let's talk about the standard requirements. Ethereum is the most popular blockchain for NFTs minting, and there are standards on Ethereum such as ERC721 and ERC1155, which are standards for non-fungible tokens.

The popular standard at the moment is ERC721 although ERC1155 is a more advanced standard that allows the minting of assets with collective ownership. In ERC1155, many people can own parts of the same asset. Each of these parts can be sold and remain immutable except ownership is transferred by the owner. The owner can also retain claims to royalties and sales from the asset in the future, even after the asset is sold. ERC1155 makes the minting of large assets that may be too big for one entity to buy possible. With collective ownership, several persons can pull their funds together to buy an asset and sell their share whenever they like without affecting other holders or the value of the asset. Original owners can also mint NFTs of large assets on the Ethereum blockchain by paying the required gas fees and connecting to the appropriate NFT platform.

ERC721 is a standard for non-fungible tokens on Ethereum and the first standard set for these classes of assets. If you know Ethereum pretty well, you will understand by now that ERC20 is the standard for fungible assets on Ethereum which includes popular cryptocurrency tokens like Uniswap, Curve, Dai, and Aave. It is a standard for smart contracts used for non-fungible tokens that describes the type of functions, arguments, return values, and events. Doing this makes tokens that comply with this standard compatible with Ethereum wallets and other asset classes on the Ethereum blockchain.

Minting NFTs require payment of gas fees on the Ethereum blockchain which establishes the NFT minting process and gets the file data recorded and stored on the blockchain. The simple way around NFT minting is to use an NFT platform like Opensea and connect your Metamask wallet. After registering and verifying your OpenSea account via email, you will be able to select from the available options such as NFTs or collections. If you want to mint a collection, you need to upload multiple files and the minting fees will be more depending on the gas prices at the time. To avoid paying the gas fee, you can also bridge your NFT to another blockchain like Polygon. Bridging incurs a one-time high fee, but the NFT minting cost of subsequent transactions will be reduced. We will not look at what an NFT platform is and the available examples.

What is the Cost of Minting NFT?

The Ethereum blockchain is different from other blockchains when it comes to the cost of transactions. Currently, the cost of transactions on Ethereum depends on the demand for block space on the previous block. Ethereum set the maximum gas per block to 30 million gas and the target gas per block at 15 million gas. If the target gas per block is exceeded in the previous block, the cost of the transaction is incremented by 12.5% up until the pressure on the block is reduced.

Other blockchains like Solana, Fantom, or layer two scaling solutions like Polygon allow minting of NFTs at lower prices. The challenge with most of these solutions is the bridging costs. The cost of moving funds from Ethereum to some layer two solutions is as expensive as staying on Ethereum. It happens because the Ethereun blockchain charges the gas fee. If you programmed a collection for auto minting on clicking a button, the same fees apply, since every click will result in a prompt from Metamask for payment of the corresponding gas fee.

Mint is when a project is released and you have the opportunity to get the NFT into your wallet by paying the introductory gas fees. The fee is typically around 0.2 to 0.9 ETH. It is best to get into NFT development projects or new NFT collections at the early stage. If you mint an NFT, for example, during the early stage. At the early stage for example, if you got on or mint an NFT for Onport at 0.7ETH, you would have made several times your original investment. Traders are always on the lookout to mint an NFT on time and get into the NFT market by connecting their crypto wallet to mint new NFT tokens. The tokens minted during these sorts of presales comply with the NFT minting standard on their respective blockchains and you can sell your minted NFT on the largest NFT platforms.

Without minting, there is no way to register an NFT metadata on the blockchain or interact with marketplaces to sell NFTs. Minting on the Ethereum network or other compatible blockchain is where the use of these NFTs starts from and an NFT creator must mint their NFT art to sell NFTs in an initial sale, allowing traders to buy at determined minting costs. After creating an NFT, and when you pay minting fees, you can put your NFT up for sale. Minted NFTs can also be transferred directly to anyone using their crypto wallet address.

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What is an NFT Marketplace?

NFT platforms or marketplaces are places where you can sell NFTs for other tokens. Most of these sales are determined by the market demand for the NFTs so to determine the price you should be on the lookout for how many people are interested in the NFT project. One NFT creator can create NFTs and many popular NFT wallets can be used to store NFTs safely after they are bought until they are resold. Creators of NFTs can also charge a resell amount or royalty which means that every subsequent sale of the NFT after the minting date, they earn a percentage of the price for which that NFT was bought.

NFT platforms are designed to enable artists and creators to showcase their work and access a global audience of enthusiasts and traders interested in the art. These marketplaces are well structured and they often request information that helps in the process of verifying the authenticity of a project. During the initial stages of the NFT craze, anyone could simply go out and mint NFTs by uploading jpeg images and other filetypes from their computer. As time went on the story became different, thanks to the standards set for verification by NFT marketplaces.

To get art on an NFT marketplace, NFT artists must create their NFT token according to the NFT token standard on Ethereun if their preferred platform is on the Ethereum network. Aside from that these NFT platforms ask for social media handles and in some cases websites to prevent spammy content and reward hard-working creators. The procedures for verification also protect the NFT market and create NFT markets for selling genuine work and transfer of digital value in the NFT world.

NFT marketplaces allow you to sort items by single items or bundles, highest to lowest price, and every other sorting feature that helps you make the best decision on what NFT to buy while showcasing the best work for NFT creators. To use these platforms you need to have a crypto wallet that connects you to the NFT marketplace and as soon as you are connected you can use the funds stored in the most popular wallets to buy NFTs. Centralized wallets like the Coinbase cryptocurrency wallet may not allow you to purchase NFTs directly from NFT marketplaces, but you can purchase Ethereum with these wallets and transfer the funds to your Web 3.0 cryptocurrency wallet to pay the costs involved in your NFT activities and transactions. Minted NFT art can get to a global audience through well organized NFT platform, and the average cost of minting can be reduced if you mint NFT on other blockchains irrespective of the platform where that NFT art will be sold.

What Are The Most Popular NFT marketplaces?

The best NFT marketplaces are efficient at showcasing digital art to a wide audience. They achieve this through a formidable user interface to help creators sell as soon as they mint an NFT. The most important things to keep in mind when choosing the best marketplace after you mint NFT are security and popularity. Some platforms also require you to own their token before you can mint NFT.

On such a platform you have to exchange your tokens for the platform native tokens to be able to mint an NFT which may be limiting especially if you hold your cryptocurrency in a token that has a high cost of transaction like Ethereum. Your digital artwork will only be as good as the platform where you put them up for sale in most cases, so you must do your due diligence in selecting your platform for minting art and creating NFTs. Most NFTs are sold on the platform listed here and we have selected them after due research and overwhelming evidence to support their credibility as the largest NFT marketplace.

OpenSea

The first NFT marketplace on our list is OpenSea, and it is the platform for finding the next moonshot NFT, cryptopunk, or bored ape to flip for thousands of dollars. OpenSea has all sorts of art and it offers an easy-to-use interface for buyers and sellers of non-fungible tokens. On OpenSea, artists and creators can create their digital art with ease, and the marketplace support payments in over 150 tokens.

The platform is backed by prominent investors and an in January 2018, OpenSea raised $120 million in funding from Ycombinator and another $2 million in the same year. Compared with the other NFT platforms, OpenSea has gained mass adoption with over 300 thousand users as of October 2021, 1 million collections, 34 million NFTs, and $4 billion in trading volume according to reports by Coin Bureau.

Axie Marketplace

You must have heard about Axie Infinity, the popular crypto game that made gamer quit their jobs to game full-time in countries like the Philipines. Well, that is the same platform we are talking about here. Axie Infinity allows users to buy Axies, mythical in-game creatures, and compete against other users to win prizes and earn rewards. The Axie Marketplace is currently worth about $28 billion at the time of writing this article, with over $300 million in trading volume.

Rarible

Rarible is another platform that became quickly popular for its friendly user interface and the ease of minting NFTs. Rarible allows artists to mint and list their NFTs on the platform as well as purchase and resel NFTs. You can also use the native token, Rari, to manage NFTs on platforms like OpenSea, the only slight drawback is that the platform prioritizes its token, the Rari tokens for buying and selling NFTs. The company behind the project has recorded huge partnerships this year with famous brands like Adobe, and Yum, all listed on the NYSE. At the time of writing this article, Rari, the platform's native token has a market cap of over $300, million.

SuperRare

SuperRare is an Ethereum based NFT marketplace for artists and creators, supporting the minting and listing of digital arts in 3D and other formats. Art curators can visit SuperRare to purchase art using Ethereum and the platform now has its native token which serves about the same purpose. The platform is also about adding value to the NFT marketplace by finding creative talents from across the globe. Since SuperRare is compatible with OpenSea, collectors can buy and sell SuperRare NFTs on OpenSea.

Nifty Gateway

The platform makes our list of the most popular NFT marketplace for digital assets because of its founders who are some of the biggest names in the crypto and NFT space. It has helped with the sales of some of the most famous digital assets such as Beeple which went for $69 million, and musician/grimes. The platform is powered by a popular crypto exchange owned by the Winklevoss Twins.

The platforms' native tokens are known as Nifties, and you can only keep your NFTs under the custody of Gemini and Nifty gateway, although this custody comes with a perk of buying NFTs with fiat currency quite easily. The NFTs may not be stored in your wallet, but they are kept safely using the gateway.

Rejolut Can Help You Mint Your NFT Collection

Rejolut specializes in blockchain technology. We believe in and are able to use blockchain technology capabilities to turn a digital file into an asset worthy of acquiring Ethereum for a chance to own the digital certificate or ownership on-chain. We have helped several projects get ordinary digital arts into more valuable digital art forms that can be sold as rare digital artwork on Ethereum.

Irrespective of transaction fees or cost to mint, you can go from your first NFT to multiple digital art sales in a short time with Rejolut. The cost to mint on Ethereum is high because of the computer power consumption for such transactions. You must ensure minting cost when you launch an NFT collection. What you will get in return will always be more if you work with a company that knows their onions to help you think through the process and build something remarkable.

We also build NFT marketplaces and platforms for trading digital artworks. These platforms will have advanced features for updating prices based on the demand and excellent user interfaces comparable to the best marketplaces in the NFT space.

Conclusion

In this article, we have talked about NFTs and why the cost of minting NFTs is expensive on the Ethereum blockchain. We also looked at what NFTs are, and you can get onboard by hiring an NFT developer if you are not particularly technology savvy. We explored the best NFT platforms and why they stand out among others in the space and mentioned that we can help you build platforms on collections on other blockchains if this is something you are interested in doing. Read other articles on our website to learn more about the beautiful and fast-evolving space of blockchain technology and cryptocurrency.

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