What is minting an NFT and how to mint one

What is minting an NFT and how to mint one

Just like Shopify and Amazon created new age e-commerce millionaires, NFT marketplaces are quickly churning out the next generation of digital art moguls.

Talented digital artists like Beeple and Pak are using NFT marketplaces as direct means to sell their creation instead of relying on art commissions or sponsorships via centralized platforms like Instagram or Patreon, which take middle-man cuts or practice unfair censorship.

John Craine, co-founder of SuperRare on talented digital artists

While Beeple was already gaining attention for his art commissions before, his fame rocketed when his NFTs traded for millions.

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Beeple's Ocean Front sold for $6M in 2021

Along with professional digital artists, there are other types of creators who have the same access to selling NFTs: memesters, independent creators, influencers, and really anyone interested in selling digital work.

Last year, a 22-year-old Indonesian student accidentally become a millionaire after his expressionless selfies on Opensea went viral.

What does minting NFT mean?

Minting an NFT creates a unique crypto address that proves your ownership of the NFT. You can either convert your own art into NFTs or gain access to a project's whitelist for minting. The minting process occurs when the item is converted into a digital asset.

You can NFT-ize any type of digital file (JPG, MP3, MP4 etc.), with the process of NFT-izing each file type being similar.

Let's learn how you can create and mint your first JPG NFT!

Things to consider when creating your NFT art

Your NFT can be as professional or silly as you want. Like the 22-year-old's selfies above, you can NFT-ize random photos on your phone or create more designed, BAYC-style collections.

File Size

While there are no restrictions to the quality of images you can create, you have to comply with size limits of the NFT marketplace. For instance, a 4K 60-second long video can take up to 350 MB. Most platforms will not accept such a large file size because they degrade load times. Use the following list of NFT marketplaces and their file size upload limits from Cyberscilla to find the right fit for your file size.

NFT MarketplaceFile Minting Size/ Accepted File Types
OpenSea Maximum file size of 100MB
(Image, video, audio, and 3D model file types are supported)
Rarible
Maximum file size of 30MB
(PNG, GIF, WEBP, MP4, or MP3.)
Mintable
Maximum file size of 200MB
(All image formats, mp4 videos, and GLB 3D files.)
Foundation
Maximum file size of 50MB
(JPG or MP4 format)
SuperRare
Maximum file size of 50MB (Thumbnail: 10MB)
(Image, video, audio, and 3D model file types are supported)
KnownOrigin
Maximum file size of 75MB (Cover Image: 25MB)
(Image, video, audio, and 3D model file types are supported)

Tools for creating digital art

As mentioned above, creating your first JPEG NFT can be as simple as taking a selfie. But, if you would like to create more sophisticated art, you can draw your first NFT through graphics editing softwares:

Too soon for premium paid softwares? You can also start with free, powerful apps:

Follow this simple video to create your first digital art.

@brooklyn.nfts

How to make an NFT in 5 steps #nfteducation #nfts #opensea #bknfts #womeninnfts #cryptoeducation

♬ Cumbia Buena - Grupo La Cumbia
Simple steps on creating digital art for NFT marketplaces

All standard copyright laws apply to selling NFTs. Just like it is illegal to sell a Justin Bieber poster without license, it is against copyright laws to sell NFT that depicts someone else's intellectual property.

NFT marketplaces like Opensea and Rarible will take down copyrighted works in response to violation of copyright laws. Users who are repeat infringers can also be terminated from gaining access to the marketplace.

Where to mint NFTs

Most independent creators mint NFTs through NFT marketplaces like Opensea, Rarible, and Mintable. Before choosing your NFT marketplace, ensure that the platform supports the network you want to mint on.

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Quick tip: The Steakwallet explore screen updates weekly about the hottest NFT apps and marketplaces around. Stay informed and keep up with the happenings on your favorite network(s)!

Top picks for 3 popular networks:

Top picks based on platform performance and community

  • Opensea is the go-to, mainstream, top performing platform
  • Rarible is a peer-to-peer marketplace for NFTs, rare digital items, and crypto collectibles.
  • tofuNFT is where users trade NFTs focused on GameFi and collectibles

How to mint your NFT (using the Ethereum network on Opensea as example)

Previously, creators were required to pay a network fee for minting most of their NFTs. However now, OpenSea provides a default lazy minting feature, which exempts creators from paying network fees until they have sold their NFT. Technically, lazy minting is not minting an NFT because lazy minting means that your NFT is not on chain yet. The bigger platforms implemented this feature to make listing an NFT easier and more accessible.

After you develop your NFT art, you need a crypto wallet to "sign in" to Opensea.

Choosing your Wallet

Like most crypto apps, users "sign in" to their OpenSea accounts through a crypto wallet. When choosing your wallet, ensure it is easy to use and supports the blockchain you want to mint your NFT on. Here are 2 must-have wallets:

  1. Steakwallet (soon, omni.app)

We’re not too shy to say we think Steakwallet is the best NFT wallet and general Web 3 wallet around. Steakwallet is suitable for mobile-first users and, unlike most mainstream wallets, Steakwallet is designed with NFT management in mind. You can send, receive, and display your NFTs right on your wallet.

Steakwallet provides NFT support across all major blockchains, including Solana, Ethereum, Polygon, BNB, and many more. Whether you need to buy, send, or receive tokens, or authorize the minting of your NFTs on a variety of blockchains, Steakwallet makes it dead simple.

2. Phantom wallet

Phantom Wallet is a Solana wallet that allows you to mint NFTs on the Solana blockchain. Through Phantom, you can store, buy, send, receive, swap tokens and collect NFTs on the Solana blockchain. Most Solana NFT marketplaces only support selected wallets, one of them being Phantom. If you want to mint your NFT on Solana then this wallet is your go-to.

Bonus: You can import your Phantom wallet onto Steakwallet. Use steakwallet's NFT management features to manage your Phantom account by importing it to your Steakwallet.

Step-by-step guide on minting an NFT on Opensea

  1. On the top right-hand corner of the Opensea website, click the Create button.

2. Click WalletConnect.

3. With your Steakwallet app, scan the QR code and tap Connect.

4. Upload your JPG and fill in the details.

5. Once you are done with the filling in all the details, hit Create.

Congratulations, you now have an NFT that you minted by yourself on your profile!

Other FAQs about minting NFTs on OpenSea

Apart from minting on platforms like Opensea, are there other ways to mint my NFT?

Yes, there are. One way to dip your toes into minting NFTs is by using platforms that you have already been using. CocoNFT helps you turn your Instagram posts into NFTs. Try CocoNFT to test the waters first and enter the deeper rabbithole when you are more comfortable! Alternatively, if you are more technical, learn about minting NFT using Truffle and Infura.

Can I change my royalty fees?

Yes, you can. On OpenSea, you can set a royalty fee of up to 10%. OpenSea recommends that you set your rates to 2.5% so that the resale activities don't go stale due to high royalty fees. For example, BAYC creator fees are set as 2.5% and Doodles is set as 5%. Learn more about setting up royalty fees here.

Do I have to set the minting address as the royalty fee recipient?

No, you can pick and choose the royalty fee address on Opensea. This address can be changed anytime.

What is a primary sale and a secondary sale?

The primary sale is the first sale of your NFT. All the funds, apart from the platform fee (2.5% on OpenSea), go to you. The secondary sales start when the first buyer goes on to sell your NFT to another buyer. In the secondary sales, the creator only keeps the royalty fees.


More on Steakwallet

Steakwallet is a next generation multi-chain self-custodial Web3 wallet on mobile. Our goal is to give users one place to manage all their assets across chains and make engaging with Web3 as easy as never before. To achieve this, Steakwallet brings critical functionality natively into the app where we abstract away backend complexity and add market leading user experience. This includes Steakwallet’s signature 3-tap staking flows, which make participating in securing blockchain networks and earning yield as simple as ordering an Uber or a pizza. With our Explore Screen, Steakwallet allows you to find all the right dApps on any chain. With one simple tap via WalletConnect, you can now easily bridge, swap, and ape into any yield opportunity right from your phone. And with multi-chain NFT support, you can collect all of your favorite NFTs in one place and even set them as your background for to easily flex your collection. Now this is what a Web 3 wallet should look like!

Core Steakwallet Features

  • Your keys = your crypto
  • Multi-chain by default
  • Native staking flows
  • Discover the best of each chain on our Explore Screen
  • Best rates
  • Mobile-first

Come hang – join the Steakwallet community on Discord and follow Steakwallet on Twitter for all updates!


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