What does it mean to “mint” an NFT?
The market for NFTs is growing by leaps and bounds in recent times.
This is due to the fact that more and more people perceive that it is a safe investment and with a very high profit margin in a relatively short period of time compared to other alternatives in the financial market.
But to correctly choose the types of tokens that are purchased and the value accumulation strategies so that they become more relevant to buyers, it is essential to have a good understanding of the market and the ways of operating with NFTs.
Therefore, we are going to explain some basic guidelines to start buying and trading with NFTs. We are also going to break down some of the most frequently used terms, so that you can better understand the information about trading NFTs.
What does lying mean?
Each NFT is unique, this is what gives it its market value and what allows transactions to be made with your information. Just like a tangible asset with an identification certificate (like car registrations, for example), tokens have unique strings of code that are uploaded to blockchain development services .
The blockchain is the mechanism through which cryptocurrencies and digital assets work, whose code is divided into small sections that can only be assembled if you have the certificate of ownership of those assets.
In this sense, the meaning of minting is basically to assign a blockchain certificate to a digital asset. Regarding the creation of value assets in the blockchain, that is, the creation and validation of unique certificates for digital assets, each platform has its own protocols and procedures. So the process of mining or uploading a certificate is different depending on the blockchain they use.
What is lying an NFT?
Considering the above, mining an NFT means creating a token or certificate of an asset and uploading it to the blockchain. To put it more simply, that NFT is given a unique identity that allows it to be traded and accumulate value. If this process is carried out correctly, your NFTs can be more attractive to buyers. In addition, they will have a safer investment, since these certificates cannot be stolen or compromised.
What is lying a Solana NFT?
Solana is a blockchain platform that has its own cryptocurrency and is based on the PoS approval system. This system, also called "proof of participation", is a protocol that requests proof to prove the possession of certain digital assets. It is a very efficient protocol, because the probability of finding a block of transactions and unlocking it is directly proportional to the amount of coins that are accumulated in the network. That is why a shielding effect is produced based on the possessions of each user.
Minting a Solana NFT consists of uploading new certificates using the blockchain chain used by this platform. The value will be supported by the way the code is built and by the means used.
Where are NFTs minted?
It can be done on any Blockchain platform that your particular system has. Obviously, they will have to adapt their means to the platform in which they are programming and uploading the certificates. Some of the most common alternatives to consider can be, for example, Bitcoin and Ethereum. To mint in Bitcoin, you must generate a series of satoshis with your own configuration. And so they are going to create a non-fungible token. For their part, to mint an NFT in Ethereum, they must create an address associated with a smart contract under the ERC-721 or 1155 format. This could be done through OpenSea, Mintable or Rable, among other alternatives.
How much does it cost to mint an NFT?
Depending on the platform they choose to mint an NFT, they will be charged a commission according to the declared value. For example, at OpenSea, this commission is 2.5%. This can represent a high cost if they have a high-value token, but they also have to take into account that there are platforms with more secure dynamics than others. Sometimes it is advisable to pay a higher commission, but have a higher visibility in the market and better security. In this way, it is possible to better take advantage of the advantages offered by each platform so that the answer to how much it costs to lie is in accordance with the interests with which we have created the NFTs to sell or hold.
Can you lie for free?
There are free alternatives to minting that are quite convenient if you are starting to create NFTs or want to try certain platforms. Obviously the results are more amateurish , but they can add value and are fully functional, so we recommend trying them out at an early stage. An option to mint for free is Mintable, which consists of an Etheteum Marketplace. If you want to try new alternatives and start entering the community, you can try this platform. Its gasless mining criteria allows you to upload NFTs completely free and very accessible.
So if you are researching the NFT market and want to start testing various tokens, you can start with simple platforms and gradually scale in complexity and value. Later you will be able to put together your own collections and you will be able to create much more attractive options for your buyers or to accumulate value.