What is NFT (Non-Fungible Token) Minting?
NFT (Non-Fungible Token) Minting?
In short, NFTs are unique digital assets that represent a piece of media or physical item with their transactional and ownership records permanently added to their respective network’s blockchain. But have you ever wondered how they’re created? You may have heard the term minting in the context of NFTs, but what exactly does that mean? Stick around and you’ll find out!
Minting simply refers to the process of turning a digital file into a non-fungible token on the blockchain for the first time. It’s also used to refer to the act of issuing a newly launched NFT from a project’s website to your personal wallet, as well as the time period during which the project’s mint page will go live and the minting will be taking place.
If you’re an investor or collector looking to mint a promising new NFT project created by someone else directly from their project’s website, you’ll need to first set up a cryptocurrency wallet and deposit some of the native crypto token used on whichever blockchain the NFT will be minted on. Most NFT projects will have a set price to mint each one, but there will also be what’s called a gas fee, which is the cost associated with the computational energy needed by network miners to validate and complete transactions, thus adding them to the blockchain. Gas fees are required to be paid on every blockchain interaction, so there’s no getting around them. Their cost will vary depending on which blockchain the NFT will be minted on and can fluctuate drastically depending on the amount of network traffic, especially on the Ethereum network which is notorious for its high gas fees. If you want to mint an ETH-based NFT, it’s not a bad idea to grab some extra ETH to cover gas fees, as they can spike dramatically at times, such as when a highly anticipated NFT project begins its minting period. Transactions that are sent off with too low of a gas limit (the max amount of gas you’re willing to pay for, measured in a tiny unit of the native token called gwei) compared to the current network gas estimates will stall out and/or eventually fail, and the funds that would’ve gone to paying for the gas fee will still be spent on the transaction (even though it failed), though the minting fee for the NFT will be returned to the wallet that sent off the transaction.
If instead of minting someone else’s NFT, you wish to mint and try sell your own, you’ll still want to acquire some of the native cryptocurrency token used on the respective blockchain you’d like to have your tokens exist on in order to pay the gas fees associated with initial NFT marketplace account activation and/or wallet approval interactions. Ethereum ($ETH) is the most popular network for NFTs, though there are others that often have much cheaper gas fees such as BNB Chain ($BNB), Solana ($SOL), and Polygon ($MATIC).
Luckily, there are a few NFT marketplace platforms including Opensea and Rarible that allow for easy and affordable self-minting, using what’s called lazy minting.
This handy feature allows creators to upload the media file that the NFT will represent, fill in its details (the name, price, description, etc.) and store it in a decentralized network such as IPFS, where it’s not technically minted on the blockchain until either it’s transferred to another account or someone else buys it.
This means you don’t have to pay any upfront gas fees for minting, although as previously mentioned, there may still be an account activation and/or wallet approval gas fee depending on the platform you use.
Now that you know what minting means when it comes to NFTs, you’re all set to start! Whether you’re minting from a project’s website or creating your own, be sure to conduct thorough research and always take extra care to keep your cryptocurrency wallet secure. Never reveal your wallet’s private seed phrase to anyone and beware of fake links and scams from bad actors in the NFT space. Good luck and happy minting!
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