Recently, I have seen many words such as MINTing an NFT on Twitter, etc. MINT is a term that means to create a new NFT.
In this article, we will explain MINT of NFT so that you can understand it.
- 1 What does it mean to MINT an NFT?
- 2 Steps to MINT your NFT
- 3 Things to keep in mind when MINTing
- 4 Summary about NFT MINT
What does it mean to MINT an NFT?
Now that you know something about NFT, let’s take a deeper look at what it means to MINT it. I don’t know if I can actually do it or how to do it. For those who do, we will explain it to you.
To MINT is to create and issue a new NFT
MINT means “to create or issue a new NFT,” which in Japanese means “to cast.” Minting an NFT provides objective proof of originality, as the creator’s information is recorded forever on the blockchain.
Once MINTed and NFTed, the subject digital data is published on the blockchain. It is safe to take this to mean that a new NFT is created. In other words, it is uploaded to the NFT marketplace and is on-chain.
In some blockchain games, MINT is also used to create new items by multiplying existing items and characters. Either way, it is still the same meaning of bringing a new NFT to the world.
When to be MINTed
NFTs also have a “List” process, which refers to listing the NFTs you have made. By listing, you can set the price and make money.
Minting refers to the process of converting a piece to NFT, and thus refers to the timing at which the piece is linked to the blockchain, regardless of whether it has a price or not.
Minting refers to the process of registering an item for sale and recording it on the blockchain.
Content that can be MINTed
Digital art, music, and in-game items are examples of content that can be MINTed as NFTs. The word “MINT” does not appear in digital art and music because they are primarily for sale, but the word “MINT” is frequently used for in-game items.
In the case of in-game items, the items are highly liquid, and some people make a profit by MINTing and selling them. If you do not own the item, you can MINT it and have it create new items for you, allowing you to participate in the game and build an advantageous position in the game.
MINT in NFT is used for a variety of purposes.
Features of NFT MINT
One of the features of NFT MINT is that NFTs are created by smart contracts. A smart contract is like a blueprint for creating NFTs on the blockchain, and if certain conditions are met, the contract is automatically executed.
Using smart contracts eliminates various hassles that occur in the process of creating NFTs, allowing NFTs to be issued efficiently.
Contracts (where NFTs are manufactured) are divided into proprietary contracts and shared contracts.
Proprietary contracts are a method of issuing NFTs from scratch by oneself, while shared contracts are a method of issuing NFTs by using a contract that has already been created by someone else. The well-known “OpenSea” is one of the shared contracts.
Even if OpenSea users do not have much knowledge about contracts and NFTs, they can easily create NFTs by using OpenSea’s shared contracts.
There are marketplaces where you can MINT for free
We will utilize blockchain technology to MINT NFTs, and to do so, we will MINT through marketplaces where you can list your NFTs.
There are more and more marketplaces in Japan where you can MINT, but if you want to MINT for free, we recommend HEXA. You don’t need to pay for virtual currency or gas, and you can complete the process in Japanese yen. It is the perfect marketplace for beginners.
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Anyone can easily MINT
Anyone with a computer or smartphone can easily MINT NFT.
Of course, you need to learn the initial settings and procedures, but you can MINT NFT as if you were posting a photo on a SNS. Illustrators, of course, but even ordinary people can MINT their own photos as NFT. Let’s give it a try first.
Steps to MINT your NFT
Now we will tell you how to create and MINT your own NFT.
Open an account at a domestic exchange
To mint NFTs, you must first purchase virtual currency. To do this, open an account at a domestic virtual currency exchange.
There are several virtual currency exchanges in Japan, but Coincheck or Bitflyer are recommended as the first to open an account. The main reasons are that they are easy to purchase, have easy-to-read charts, and have a large number of users.
Today, most of the opening procedures can be completed on the web, so you can start by opening an account at an exchange you are interested in.
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Purchase the virtual currency you need, such as ETH
Once you have opened an account and transferred Japanese yen to the bank account designated by the exchange, you can purchase virtual currency. Depending on the exchange, you may be able to purchase virtual currency from a “sales office,” where you can first purchase ETH, depending on the currency traded on the NFT marketplace.
Depending on the currency traded on the NFT marketplace, you can buy ETH first. The chart runs 24 hours a day, so if the amount is acceptable to you, enter and purchase ETH.
Transfer virtual currency to MetaMask
Next, transfer the purchased virtual currency ETH to MetaMask, a web-based wallet that you manage on your PC or smartphone.
The act of transferring funds from a wallet you own on a virtual currency exchange to your own wallet.
For more details, please refer to another article, but copy the address of MetaMask and paste it into the “Allocate to” field of the virtual currency exchange.
Specify the ETH amount and transfer the money. After a few minutes, if the amount you sent is reflected in MetaMask, the money has been received. Please note that a remittance fee will be deducted from the remittance amount.
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Create a place to manage your work in the NFT Marketplace
Once you have sent money to MetaMask, you are ready to MINT your NFT. First, select the NFT marketplace where you would like to MINT and list your work.
The best place to start is OpenSea.
It is an easy marketplace for beginners to MINT, and for experienced users, it has the advantage of making it easy to collect and sell after MINTing. Since the number of users is the largest in the world, it is a market that easily attracts attention.
After logging in to OpenSea, click on the round icon in the upper right corner, and you will find a place called “My Collections”.
When the page changes, press “Create a collection”; the collection is like a box for MINTing NFTs.
Please open that one and enter all information from the top.
The more information you provide, including the collection name, icons to display the collection, and links to connect to social networking sites, the better the impression of the work to be MINTed will be. Please make sure to enter all the information.
MINTing your NFT work
After completing the input, you will MINT your own NFT work.
Return to the top page of OpenSea, and click “Create” next to the icon in the upper right corner. The screen will change to the “Create New Item” screen, and you will upload the work you wish to MINT.
Now you can choose your name, collection, and the blockchain network you wish to exhibit on, either ETH or Polygon will do.
When you are done, click on “Create” and you will be able to MINT. You may also set the amount of money and the percentage of secondary distribution. Please enter the information.
Things to keep in mind when MINTing
Once you know how to do it, it is easy to MINT.
Anyone can become an NFT creator, and the market is sure to be very exciting, but here are some things to keep in mind when MINTing NFTs.
Always use original work
When MINTing an NFT, please be sure to use your own work. In consideration of what happens after the product is sold, any work that resembles a well-known character will be misunderstood.
When exhibiting NFT art, it is forbidden to use NFT versions of other people’s works as a prerequisite.
Each marketplace prohibits the listing of infringing items. In the unlikely event that you list another person’s copyrighted work as NFT, it constitutes copyright infringement.
In order to avoid copyright problems when listing, it is basically wise to convert original works to NFT.
Even if MINT is free, there is still a gas fee (commission)
Gas fee is the fee for MINTing an NFT. The gas fee cost is especially high for the ETH network.
The gas fee is not always constant, and the fee will be higher when the network is congested with many people trading, or when you set your own transaction processing speed to fast.
Avoiding congestion and slowing down the processing speed when sending money can reduce gas costs, but it can also make sending money slower and more stressful.
Although the number of users trading is lower than ETH, OpenSea offers the “Polygon” blockchain at no gas cost, and while you can still earn Ethereum using Polygon, you may not get the Ethereum that is the profit from the sale if you set it up incorrectly. Please do your research before using Polygon.
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Summary about NFT MINT
Now, let’s summarize about NFT MINT.
- MINT is the act of creating or issuing a new NFT and having the creator’s information recorded on the blockchain forever.
- MINTing is the act of creating and issuing a new NFT and recording the creator’s information on the blockchain forever.
- The process of MINTing requires purchasing virtual currency and transferring it to MetaMask. After that, you can MINT by registering for the marketplace where you want to sell your products.
- Minting an NFT is easy, but it is necessary to MINT an original work. Minting an existing work for profit may constitute copyright infringement.
Since MINTing and Listing of NFTs are two different acts, you can only MINT and keep a record of your work on the blockchain if you do not want to exhibit it.
As long as you understand the concept, you can enjoy NFT MINT in private.