Guide: How to Mint NFTs on Ethereum

Ethereum, the second-largest network, has revolutionized the world of NFTs for quite some time now. Ether has gained market value as the momentum of bitcoin slows down. Non-fungible tokens decentralized finance (DeFi) markets have made ETH prices surge severally. Ether’s price has surged more than fivefold over the past year.

The Ethereum network, which is open-source and decentralized, makes the growth of the NFT market rapid. According to data-tracking site Non-fungible, the total value of NFT sales on the Ethereum platform rose from $94 million to $2 billion in the first quarter. August marked the best performing month of Ether since April. The coin gained up to 350% this year compared to the 60% gain of bitcoin. Digital artists are reaping big thanks to the huge sales to a new crypto audience.

The Process for Minting NFT

Let us have a look at the process of creating an NFT and trading it on blockchain platforms.

Create the Asset

The first stage is creating the asset the NFT would represent. Creativity plays a very crucial role in this stage. Give your best shot at creating innovative and appealing artwork. There are many choices of media and digital themes such as abstract, audio, hyper-realistic, 3D illustrations, political and whimsical.

Buy Ether

Currently, Ethereum is the ‘mother’ of most NFT development projects. Minting art as NFT is coming up with documentation on the blockchain about the art piece. The documentation is a clear mark of ownership. It indicates the wallet address as the creator of the work. Moreover, transaction records are seen clearly on the blockchain ledger.

To create a record of the NFT art, one needs to pay for the transaction. The gas fees fluctuate according to the demand level of completing a transaction on the network. Recently the gas fees cost is around $70. Hence one needs ETH to pay for gas before minting. One can buy Ether (ETH) from a cryptocurrency exchange.

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Create a Non-Custodial Ethereum Wallet

One needs a non-custodial wallet to sell the work on the blockchain. A wallet is an account to carry out transactions and store crypto. A non-custodial wallet assists you in accessing the seed phrase. This ensures the cheapest way possible to mint NFT with no restrictions on accessing funds by exchanges. Examples of non-custodial wallets are Metamask, Coinbase, and Rainbow wallet.

Metamask and Rainbow platforms also allow users to buy cryptocurrency directly into their wallets.

Set up the Non-Custodial Wallet

Let’s use Metamask as an example. Below is how to set up the non-custodial wallet for the optimized cost of minting NFT

• Open the www.metamask.io website and install the extension.
• Click on the ”Create a Wallet.”
• Follow the next instructions and create a password. This password is not your seed phrase.
• Developers are obliged to copy their seed phrase and store it safely in a location they can retrieve. Losing this seed phrase might lead to loss of access to funds.
• Click on the ”Next” button to finish setting up the wallet.

Transfer Ether to the Non-Custodial Wallet

To transact ETH into the non-custodial wallet created, one is required to have your wallet address. This address is an account that allows transactions of coins between wallets. For the Metamask wallet, you can copy the address from the top section of the page.

The process involves a simple step of sending the ETH value you have bought to your wallet on the cryptocurrency exchange wallet. The balance is updated in the Metamask wallet once the ETH arrives.

Select an NFT Marketplace

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With a wallet and funds in the clutch, one now needs a platform to mint and list their NFT. Digital wallets use a QR code to connect easily and securely to the marketplaces. The choice of the best NFT marketplace depends on several factors.

Marketplaces like OpenSea, Zora, and Rarible are good places to create NFT with ease of use. OpenSea has zero gas fees for minting, but it requires one to pay for the first time when setting up their collection. The gas fees of the following NFTs minted on OpenSea are paid by the buyers of your work.

The NFT goes into your wallet after minting, and you can sell it on the platform of your choice.

Create The NFT

Various platforms have made it easier to create NFTs. The following are quick and easy steps of minting on OpenSea.

Open the www.opensea.io website. Click the ”Create” button that leads to a prompt asking you to sign in to your Metamask wallet.

The process of minting on OpenSea is called lazy minting. It involves the minting of NFT as part of a collection. On the ”My Collections” page, click on ”Create.” Then add a collection name, description, and logo. The developer can include more than one NFTs in their collection.

OpenSea NFT marketplace allows users to add items to their collection. Click on ”Add New Item” and follow the prompts. Upload a high-quality representation of the artwork and name it. Add descriptions and external links before clicking on ”Create.”

Benefits of Minting NFTs on Ethereum

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The various reasons that enable the Ethereum network to facilitate NFTs to work are:

• It is easy to prove ownership history through transaction history and token metadata that is verifiable publicly.
• Ownership cannot be stolen by manipulation of data once a transaction is confirmed.
• Trading of NFT can take place peer-to-peer with no interference from platforms that take large cuts.
• Ethereum network never fails, meaning the availability of your NFT is guaranteed.
• All Ethereum products share a similar ”backend.” This means one can easily trade NFTs across products. You can list your NFT on several products simultaneously, and all products will show up-to-date ownership information.

Final Word

Minting of NFT, as we have seen, is an easy task. It would be best if you were careful with the initial requirements for preparation purposes. Several NFT platforms have been very popular to a level that they have congested the Ethereum network.

Enthusiasts have a wide range of platforms to choose from for creating NFTs that are favourable to them. Analysts expect the value of these digital tokens to rise soon. With this guide, you can now get minting.

One downside of minting on Ethereum networks is the potential to become an environmental hazard. One Ethereum transaction consumes a lot of power. That produces a carbon footprint. Therefore, it will change in the future when the network switches from proof of work consensus to proof of stake.