How does NFT mining work? – Step by step guide

NFTs have experienced quite a bit of buzz over the past couple of years. The non-fungible tokens have recently achieved very high selling prices. They are now in the mainstream. Many people now want to create an NFT themselves. This process is called NFT Minting. But how does this process work?

In this article we will introduce the process in NFT Minting and tell you what you need to consider if you want to create an NFT.

What are NFTs?

NFTs are non-fungible tokens. These are unique numeric objects that are not replaceable, that is, not iterable. So it cannot be copied and is therefore unique. NFTs are based on the blockchain and have a unique digital signature. In principle, this makes it impossible to rig NFT digitally.

NFT

Thanks to the blockchain technology and digital signature, the ownership structure of NFTs has been clearly demonstrated. This means that NFTs are very popular and can reach high prices due to the high demand. The digital art market in particular has been shaped by the rise of NFTs in recent years. But NFT use cases have also exploded in areas such as gaming.

What are NFTs based on?

NFTs are based on the blockchain. The blockchain provides the digital signature of the digital asset and ensures ownership is clearly stated. The blockchain that NFTs mostly rely on is the Ethereum blockchain. Through its smart contracts, it offers the possibility to create an NFT on it.

Another blockchain that has gained popularity in the NFT field in recent months is the Solana blockchain. Solana has a high transaction speed, which leads to high scalability. While most trading platforms offer NFTs based on Ethereum, there are others that focus on Solana NFTs.

How can you make an NFT on your own? – NFT Minting

The process of creating a new NFT is called minting an NFT. In principle, anyone can do NFT Minting. Most trading platforms for NFTs offer a minting process.

Since NFTs are based on the blockchain, the creator of the NFT receives a record on the respective blockchain that uniquely identifies it as the creator of the NFT. This provides extreme security for the artist/creator of their digital art marketplace.

Each NFT market uses a different minting method. To simplify the explanation, we would like to depict the creation process on the world’s largest NFT exchange, Opensea.

Click here to run NFT mining on OPENSEA or buy/sell new NFTS!

How does NFT Minting work on Opensea?

Below we would like to describe the Opensea NFT Minting process in more detail.

1. Link your wallet!

To start NFT Minting, you must first connect your wallet to the NFT platform, here is Opensea. To do this, go here to the Opensea homepage, and then click on the wallet icon in the upper right corner. There you can connect your own wallet. At the same time you can create a profile if you have not already done so.

open the sea

When you go to the Connect your wallet function, you select the relevant wallet and you will be redirected to the connection process. The use of Metamask as an Ethereum wallet is very popular.

Once you have connected your portfolio on the platform, you can complete your artist profile. Here you can write profile text, add a link to a website, and link to social media profiles. You can also select which cryptocurrency is accepted as a method of payment.

2. Create your first object!

To create your first NFT object, go to “Create” in the main menu above the header. On the next page you can load your first object directly. You can also name the object. Optionally, you can add a description and a link. You can also specify the blockchain, number of items, and group. At the end, click on the “Generate” button to complete the process!

Create NFT Mining

3. Make sure you have enough money in your wallet?

Mining an NFT and selling an NFT requires a certain amount of computing power. The transaction costs a certain amount of money, which is referred to as the “gas fee”. These transaction fees can fluctuate and you should check them as the creator of the content.

To pay for this process, you need a certain amount of credit in your wallet that you can use to pay for the NFT exchange. Openea gives you the opportunity to transfer ether from your cryptocurrency exchange account to your Opensea wallet directly from the platform.

NFT . Mining Wallet

Another way is to buy Ether Tokens directly through payment provider MoonPay using your credit card.

NFT . Mining Wallet

4. Put up your NFT for sale!

In the next step, you can make your NFT available for sale after NFT Minting. To do this, click on the “Sell” button and you will be taken to the sales page.

On the Sales page, you set the details of the sale. Choose either a fixed price or an auction! Then you set your price. It is important to note that Opensea pays 2.5% of the transaction fee. Other platforms have different fees.

The last step is to click on “Complete List”. Then the platform calculates the gas fee that the platform inquires from your portfolio. Once you pay for this and agree to the terms, the NFT will be listed.

What can you do with NFT Minting?

As a result of NFT Minting and your listing, you can use different functions of the NFT platforms to increase the likelihood of a successful sale and establish yourself as an artist on the platform.

For example, you can create a series of NFTs and form a set of NFTs from them. This increases the chance of your digital art being noticed.

You can also interact with users of the platform and build trust. This increases your chances of success for your NFT business over time.

CLICK HERE TO START NFT MINING BUSINESS IN OPENSEA!

We currently have an exciting quiz offer for you! You can have Premium Membership Try it for 1€/day for the first month. Consider giving it a try if you want to stay updated on the cryptocurrency market! You will receive trading ideas and professional trading support in the premium area. Moreover, you will often receive information about the latest coding trends at an early stage! So can our customers Also buy various NFTs early enough. If you want to read more about the premium beta offer, then click here!

Do you want to exchange ideas about blockchain games? Then come to our Blockchain game group and share ideas!


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