Exchanges often allow users to create non-fungible tokens ( NFTs ). How can a user create and mint them for free? Read on and find out from this article.
Minting NFTs may look complicated for a beginner, especially when you have limited knowledge of blockchain technology. With the right info on how to start, it is simple. Investors have access to many digital marketplaces that deal with currency pairs and virtual currencies like Bitcoin and Ethereum but none for assets, music, and artwork. Thanks to NFTs, you can now own and trade your fashion designs, artwork, music, entertainment video clips, and other assets on a digital platform. Currently, there are many sales taking place through NFTs where shoes, clothes’ designs, and gaming software are bought and sold.
Nike, Taco Bell, and Coca-Cola are among the international companies that have embraced NFTs for their electronic collectibles, and more companies are following suit. As a beginner in the market, you need a solid understanding of what NFTs are, how to create them, and how you, too, can mint them.
What is NFT Minting?
NFT minting is acquiring certification for your digital creative work digitally and listing it for sales in a marketplace.
Artists and designers can earn from online creative work when they obtain electronic certification for their property through cryptocurrency technology. Ethereum and Bitcoin are the leading cryptocurrencies used in the certification of digital content. Other cryptocurrencies used include Dogecoin and Litecoin. Once the asset is digitalized on blockchain technology, it becomes difficult to alter, copy or tamper with it.
Consider an artist who crafts and paints drawings for sale, a musician with videos of his songs, and a fashion designer seeking to showcase designs to a wide audience. How best will these artists benefit their creations in monetary terms? Selling portraits and design examples directly to consumers is cumbersome and limited to buyers in their immediate context. Also, it exposes their work to cyber frauds, plagiarism, or poor remuneration. When they acquire certification for their work on blockchain, it will guarantee the ownership of their assets and protect them from malicious parties seeking to benefit. Musicians, fashion designers, and other artists can now earn from their original work with minimal worries about copyright infringement through NFTs.
You may be wondering, how do NFTs protect your work? Well, once you register and acquire a certificate for your asset, your name is recorded in the public ledger as the owner of the asset. You will then set a fee credited to your account whenever your property sells and indirectly make money for as long as your asset is listed in the marketplace.
When you mint NFTs for your assets, it saves you time and assures you of making money from your work for a lifetime, even when your assets are sold in the market.
How to Mint NFTs: Steps to Follow
In four simple steps, you can create and start minting NFTs on a trading platform and earn money passively.
Step 1: Open and Connect Your Wallet
It would be best to have a crypto wallet before entering the NFT marketplace. If you have none, you can create one in different places that offer a market platform for NFTs, such as OpenSea, Axie Marketplace, and Lava. Go to ‘wallet’ on the menu and click on create.
You will get a form to fill in your details, and once verified, you can connect your wallet using a QR code from your personal computer or Android mobile phone. You may also verify by scanning the code. Once your wallet is connected, your profile gets created on the marketplace.
It works better when you optimize your profile by explaining briefly but in a catchy manner who you are and what you are selling in your NFTs. To increase your connection to potential clients, provide links to your social media pages and website. You should also indicate which virtual coin you accept as payment for your assets.
Step 2: Create Your First NFT And Name It.
Open your marketplace homepage and tap on ‘create.’ Instructions will direct you to upload an electronic file and give it your preferred NFT name. Choose a name that tells the world what you are offering. You can link the file to your other sites for more info about you and the assets you offer. Here, you can also quote the price of your tokens and the percentage you will get from secondary sales.
Step 3: Follow Up To Ensure Your Wallet is Funded After Sales
Make your first sale by purchasing crypto coins from your crypto trading platform of choice. To purchase coins for your wallet, go to your crypto platform home page, click on the menu, select the number of coins you want to buy for your trade platform. Most markets have buy options for tokens. The marketplace will charge you a fee to complete and record your transaction. Your wallet will now have funds and get activated.
Some marketplaces offer you a purchasing option of crypto coins on your profile directly using a debit or a credit card and wireless transfer without visiting a crypto trading platform. If you are trading on OpenSea, the market gives you an option in your profile of purchasing Ethereum using your credit card.
Step 4: Start Managing And Selling Your NFT
After minting your tokens, you should list them for sale in your marketplace by tapping the sell button on the menu. You can make your sale in two ways; by setting a fixed price for your asset or using a timed-out auction. With a fixed price, external factors never affect the set price. In the auction price, you pick the highest bidder for your asset. Once you finish listing, tap on “complete listing.” The marketplace will deduct its transaction fee and make your sale list available.
You should manage and make your profile attractive and professional. Become active by engaging your prospects and converting them to buyers through consistent interaction via online platforms.
If you are selling software on gaming, you should interact with prospects by training them on how the software works. You can post sections of your video and audio clips on social media platforms if you are a musician and link viewers to your sales list.
You also need to create an interactive session where you address frequently asked questions and note customers’ concerns and suggestions. To maximize your earnings, you can create more NFTs and list them on your marketplace sale list.
How To Mint NFTs For Free
You can mint NFTs for free by creating your token and paying a transaction fee to the platform after a buyer purchases. To create tokens for free, connect your wallet to your marketplace of choice, select ‘free minting’ and tap ‘create item.’ You only need to open the marketplace and e-sign the minting authorizations. Your profile will get created, but your wallet gets funds after a purchase.
The great thing about free NFTs is staying in control of your wallet. It may take long before you earn from free NFTs, but if you are consistent, you will gain over time.
Minting NFTs is a business like others, and getting meaningful proceeds from it requires dedication and consistency. With the growing number of people venturing into the token business, you need to build rapport with your clients and prospects to widen the scope of your market. Responding to your customers’ queries and having interactive sessions with them will help grow your customer base.
When getting to this venture, avoid the get-rich-quick mentality and work to achieve success.