NFT Mint? Definition, Methods, And The Relationship With Gas Fee!

Previously, most people couldn’t understand what NFTs were. However, since 2021, the recognition of this concept has increased significantly, and various digital content has been sold in the form of NFTs.

The problem is, if you want to officially make money from your NFTs, you need to “mint” them. Even how well people know about NFT, they may struggle when explaining “mint”.

So, What is “Mint”?

First heard about “Mint”, you think straight away of “mint” in “mint chocolate ice cream”, right?

Actually, “mint” is the first time when tokens that adopt a smart contract and digital content are linked one-to-one and written on the blockchain to become an NFT.

The former definition, a smart contract, is a digital form of contract, a mechanism that will be automatically executed when all its conditions and requirements are met. And the latter one, digital content, as we know, such as videos, images, game characters, and music… is the target of NFTs. However, simply creating digital content cannot be called an NFT. So, the action of “Minting” is necessary. The ERC-721 standard (Non-fungible tokens standard) gives unique value to digital content, so NFTs can be created.

NFTs can be traded by being minted on ​​dedicated marketplaces such as OpenSea, Rarible, and SuperRare. Strictly speaking, the NFT issued on the marketplace is minted and still cannot be sold at this point. It’s just in the form of a completed NFT, and at the time, the ownership belongs to the creator of the digital content. After that, you can start trading after setting the price of these NFTs, and this action is called “Listing”.

Mint and Blockchain

The most well-known blockchain implementation used in Mint is Ethereum (ETH).

It was the first blockchain to adopt ERC-721, and the NFTs that were first minted and traded are using Ethereum. So, Ethereum is equivalent to NFT, and when NFT catches fire, and its price rises in an instant, it has grown to become the second most popular after Bitcoin.

However, in order to eliminate scalability issues such as Gas fees and time-consuming transactions, apart from Ethereum, Polygon (POL), Polkadot (DOT), and Solana (SOL) are also some popular types of crypto.

New virtual currencies have also appeared one after another. Therefore, in the past, Ethereum was the only choice for NFT mints, but now you can choose from multiple options depending on the type and characteristics of the content.

Mint and Gas Fee

Minting requires a gas fee that depends on the marketplace being used. Some marketplaces are free, while others cost thousands of dollars.

However, recently, a new term called “lazy minting” has appeared, in which NFTs are minted after they are put in the marketplace, and the gas fee is paid by the buyer after purchasing. and issuers will no longer have to incur the gas fee.

Minting Method

1. Create Content

NFTs are unique proofs of ownership in the world, so digital content must be completely original. The contents can be videos, images, or music, but please be aware that copies are not accepted as NFTs.

2. Pick Up Ethereum

Buy Ethereum (ETH) on domestic exchanges. In the OpenSea marketplace, many NFTs are based on ETH, so ETH is required for both minting and listing.

3. Choose a Marketplace

Once you have created your digital content and have enough ETH, choose a marketplace to progress the minting. There are multiple marketplaces with different features and users, but the most major and popular is OpenSea. Therefore, this article will use OpenSea as an example.

4. Create a Wallet

You need to have an account to mint on OpenSea. To do so, you must first create a wallet. Metamask is the most popular cryptocurrency wallet. Therefore, we recommend using Metamask. Then, install Metamask as a Google Chrome extension.

5. Create an OpenSea Account

After accessing the official OpenSea website and creating an account, connect to Metamask. Deposit the Ethereum purchased in Step 1 into Metamask.

6. Mint the NFT

Click the person icon on the top right of the OpenSea top screen and select “My Collection” to display the input screen for creating the folder necessary for minting. After entering the necessary information and creating a folder, upload the content you want to sell as NFTs, and minting is completed.

Conclusion

NFTs can be minted at any time from the marketplace as long as the preparation of your own original content is good enough.

If you mint an NFT, no matter how many times you buy and sell, you will be paid a fixed percentage of the sales proceeds every time. When the value is evaluated and the price is high, it is possible to obtain a large profit even from one NFT.

At Relipa, NFT minting, marketplaces launching, as well as other blockchain services will be done speedily by experienced engineers and great know-how. Please feel free to contact us and start your NFT right away!