NFT Minting Tips
Written by Mike Antolin
Non-fungible tokens (NFTs) have taken over many industries by storm. More and more people are now opting to “tokenize” or turn their assets into NFTs.
An NFT is simply a digital asset or token representing an actual item. It could be art, real estate property, or even a tweet. Different NFTs have different values ranging from less than a dollar to millions of dollars depending on various factors like tangibility and utility.
However, like any other investment, individuals who want to invest in NFTs need to keep in mind a couple of things.
Below are some essential things you need to know before you make your own NFT.
You Can Mint Anything into an NFT
Yes, you read that right. You can mint any digital media into an NFT.
Remember, an NFT is a token that represents a digital asset itself. There are two definitions of NFTs including the following:
- From a technical NFT standpoint, anybody can mint anything and everything into a digital asset. For example, an autogenerated art piece can be minted as an NFT or the Mona Lisa can be minted 100 times.
- From a legal standpoint, you are the rightful owner of a particular digital creation that you mint. For example, music artists minting their own albums and songs to be protected under the court of law.
All and all, be mindful of the technical and legal definitions of an NFT.
Avoid Minting Your NFT on Several Blockchains
Before delving deeper into why individuals shouldn’t mint their NFTs on different blockchains such as Ethereum and Solana.
Let’s look at what minting is.
Once you create an NFT, the next step is to “mint” it. This is the process of tokenizing your asset, uploading it to a particular blockchain, then issuing the NFT as proof of its uniqueness or authenticity.
Typically, you will be required to pay a fee, otherwise known as a “gas fee,” for your physical asset to be uploaded on the platform.
So, why is it advisable not to mint your NFT on several marketplaces/platforms?
While you can mint your NFT on different blockchains, doing so will ruin your asset’s reputation and ability to sell. Remember, a non-fungible token is unique, meaning no two NFTs are the same or of the same value.
However, it is possible that a specific unique NFT is available in several marketplaces supporting the Ethereum chain.
If an individual sees your NFT on one platform but comes across the same NFT on another platform, they may begin to question its authenticity.
There’s No Guarantee That You’ll Sell Your NFT
Like any other asset, there’s no guarantee that your NFT will find a buyer. You’ll need to have a couple of tricks up your sleeve to get a prospective buyer for your non-fungible token.
For starters, do not take social media for granted. Look for NFT groups on Facebook, Instagram, and Reddit, among other social media platforms, and showcase your NFT. After all, how will people know about your NFT if you don’t tell them about it?
Another excellent tip is to provide a backstory for your actual asset. This tip can come in handy, especially if you’re an artist. When you advertise your NFT(s), include a backstory about what inspired your art pieces and how you envision yourself as an artist, to mention a few. Potential buyers can resonate with you and be compelled to buy your NFT(s).
Take Your Time When Choosing Your Blockchain
The first step to minting your NFT is finding the blockchain you’ll use to verify your non-fungible token’s authenticity and provide proof of ownership of the actual asset associated with the NFT.
There are many blockchains to choose from, so it’s best to take your time before settling on one. It is advisable first to understand the pros and cons of each blockchain.
Doing so will help you make a more informed decision on whether or not a particular blockchain is the ideal one for you.
Conclusion
Non-fungible tokens have been gaining popularity due to the potential value they can create. However, as many people are investing in them, it doesn’t mean that it will instantly bring you profits. So, it is essential to keep in mind the above factors before creating an NFT.
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