How does NFT mining work? – A step-by-step guide

NFTs have been experiencing massive hype over the last 2 years. The non-fungible tokens have recently achieved extremely high selling prices. They are now in the mainstream. Many people now want to make an NFT themselves. This process is called NFT Minting. But how does this process work?

In this article, we will introduce the process of NFT Minting and tell you what to consider if you want to create an NFT.

What are NFTs?

NFTs are non-fungible tokens. These are unique digital objects that are non-fungible, ie non-reproducible. They can therefore not be copied and are therefore unique. NFTs are blockchain based and have a unique digital signature. This makes it virtually impossible to digitally counterfeit an NFT.

NFT

Thanks to blockchain technology and the digital signature, the ownership structure of NFTs is clearly clarified. This means that NFTs are extremely popular and can reach high prices due to high demand. In particular, the digital art market has been shaped by the emergence of NFTs in recent years. But NFT utility cases have also exploded in areas like gaming.

What are NFTs based on?

The NFTs are based on blockchain. The blockchain provides the digital signature to the digital asset and ensures that ownership is clearly clarified. One blockchain that the NFTs are mostly based on is the Ethereum blockchain. Through its smart contracts, it allows you to create NFTs on it.

Another blockchain that has gained ground in the NFT area in recent months is the Solana blockchain. Solana is characterized by a high transaction speed, which leads to high scalability. While most trading platforms offer NFTs based on Ethereum, there are other platforms that focus on Solana NFTs.

How can you make NFTs yourself? – NFT minting

The process of creating a new NFT is called NFT minting. In principle, NFT Minting can be performed by anyone. Most NFT trading platforms offer an embossing process.

Since NFTs are blockchain based, the creator of an NFT receives an entry on the respective blockchain that uniquely identifies them as the creator of the NFT. This provides extreme security for the artist / creator of their own digital art market.

Each NFT marketplace uses a different embossing method. To simplify the explanation, we would like to describe the creation process on the world’s largest NFT exchange, Opensea.

CLICK HERE TO RUN NFT MINTING ON OPENSEA OR BUY / SELL NEW NFTS!

How does NFT Minting work on Opensea?

In the following, we would like to describe the process of NFT Minting at Opensea in more detail.

1. Connect your wallet!

To start NFT Minting, you must first connect your wallet to the NFT platform, here Opensea. To do this, go HERE to Opensea’s website and then click on the wallet icon in the upper right corner. There you can connect your own wallet. At the same time, you can create a profile if you have not already done so.

open sea

When you go to the function to connect your wallet, you select the appropriate wallet and you will be redirected to the connection process. The use of Metamask as an Ethereum wallet is very popular.

Once you have connected your wallet on the platform, you can complete your profile as an artist. Here you can write a profile text, add a link to a website and link profiles on social media. You can also specify which cryptocurrencies are accepted as a means of payment.

2. Create your first object!

To create your first NFT object, go to “Create” in the main menu at the top of the header. On the following page you can upload your first object directly. You can also name the object. You may want to add a description and a link. You can also select blockchain, number of objects and a collection. Finally, click the “Create” button to complete the process!

Create NFT mining

3. Make sure your wallet has adequate funds?

NFT Impressing and selling an NFT requires a certain amount of computing power. The transaction costs a certain amount, which is referred to as a “gas fee”. This transaction fee can fluctuate and should be controlled by you as the creator.

To pay for this process, you will need a certain amount of credit in your wallet that you can use to pay for the NFT exchange. Opensea allows you to transfer ether from an account on a crypto exchange to your wallet at Opensea directly from the platform.

NFT mining purse

Another method is to purchase Ether Tokens directly through the payment provider MoonPay using your credit card.

NFT mining purse

4. Put your NFT up for sale!

In the next step, you can make your NFT available for sale after NFT Minting. To do this, click on the “Sell” button and you will be taken to the sales page.

On the sales page, enter the details of the sale. Choose either a fixed price or an auction! Then you set your price. It is important to mention that Opensea pays 2.5% in transaction fees. Other platforms have different fees.

The last step is to click on “Complete Listing”. The platform then calculates the gas charges that the platform requests from your wallet. Once you have paid for this and accept the terms, NFT will be listed.

What else can you do with NFT Minting?

As a result of your NFT Minting and your listing, you can use various features of the NFT platforms to increase the likelihood of a successful sale and establish yourself as an artist on the platform.

For example, you can create a series of NFTs and form an NFT collection from them. This increases the chance that your digital art will be noticed.

You can also interact with the users of the platform and build trust. This increases your chances of your NFT business succeeding over time.

CLICK HERE TO START AN NFT MINTING BUSINESS AT OPENSEA!

We have an exciting test offer for you right now! you can our Premium membership Try it for 1 € / day in the first month. Consider trying it out if you want to stay up to date on the crypto market! You will receive trading ideas and professional trading support in the premium area. In addition, you will often receive information about the latest crypto trends at an early stage! Our customers could too also buy different NFTs early enough. If you want to read more about our Premium Trial offer, then click here!

Would you like to exchange ideas about blockchain games? Then join our Blockchain Gaming group and exchange ideas!


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