What is NFT minting?
NFT minting is the process of creating NFTs from a contract on the blockchain.
The NFT contract is just code deployed to the blockchain. The NFTs are not in circulation until they are minted. In the contract are instructions for:
- How many
Minting can mean using a contract deployed by someone else to mint an NFT.
It can also mean that you mint your own NFT through a marketplace or by deploying a contract to the blockchain.
What do you need for NFT minting?
- The selected blockchains base currency.
- A web3 wallet
- A minting site, contract address or NFT marketplace
- Enough crypto to pay for the mint and transfer fee
On some marketplaces and exchanges you don’t need to pay any transaction fees.
Don’t forget to secure your NFTs with a Trezor hardware wallet (affiliate).
What is minting from a collection?
- Minting grants the user a random NFT out of the predetermined amount with certain attributes.
The traits of the NFT determine how rare it is. There is often a set price for minting and how many NFTs you can mint.
- Mint: 0.03 ETH
- Max amount: 10
A project usually creates a Discord channel where users can get whitelisted to mint. A way for some users to be early to the project.
How to mint NFT on a project’s website:
- Connect wallet
- Select amount to mint
- Sign a transaction and pay.
How to mint your own NFT
On marketplaces like Opensea you can mint both single NFTs and a collections with properties and rarity.
- Go to Opensea
- Connect your wallet
- Select Create
To create a collection go to collections.
What is OpenSea lazy minting?
Lazy minting on OpenSea is when you create your NFT collection and list it. But the metadata is stored off-chain and the NFT is only minted on the blockchain when it’s purchased. Opensea lazy minting is enabled by the ERC-1155 token standard for NFTs.
Depending on the type of auction either the seller, the buyer or OpenSea pays for the gas.
The first time you use OpenSea you need to pay gas for 2 transactions to setup your account.
Blockchains where you can mint NFTs:
Usually you need to pay taxes on both crypto and NFTs. We use Koinly as our crypto tax software (affiliate).
What’s NFT minting from a contract?
Some projects launch just the NFT contract. The website for minting is only a frontend for the contract on the blockchain.
As a user you can access the contract through a block explorer like etherscan (on Ethereum). Which serves as a simple frontend to the contract.
- Go to contract
- Write contract
- Select amount
- Select price
To be able to send the transaction you must know the amount and the price you can mint.
How much does it cost to mint an NFT?
This cost of minting depends on:
- The gas fees on the selected blockchain.
- The project’s price for minting (if it’s not your own project)
The gas fees depends on supply and demand of that blockchain and what type of blockchain it is. Ethereum is the most popular and the most expensive.
Gas fees on Ethereum can be: $20 – $200 for a single mint
And the cost to mint can be: 0.01 – 1 ETH
However on a blockchain like Polygon the transaction fee is only a couple of cents.
Read more about what NFTs are.
Minting Q & A
The process of creating the NFTs from the contract on the blockchain. The contract has all the instructions for the NFT project, but the NFTs are not in circulation until they are minted.
It can mean to mint an NFT yourself through a marketplace.
Or mint from a contract someone else has created.
No. It costs transaction fee and the cost of minting set by the creator.
However many platforms cover the minting cost. Opensea don’t mint until there is a purchase and/or transfer so creating the collection or NFT is free until that point.
Use Binance, FTX or Coinbase NFT marketplaces. On Opensea you can create your collection or NFT and there are no fees until the sale.
The actual transaction does not take very long. A couple of seconds up to a minute.
If you’re minting your own NFT you have to add all the media and metadata before you mint.
Sure, why not? It’s still very early in a technology that probably will be huge going forward.
No. Minting is the creation of an NFT on the blockchain. A transaction is sent to an NFT contract and the NFT is minted into circulation.
Mining is the process through which transactions are processed and the economic security of a blockchain is upheld.