With Elon Musk endorsing Bored Ape on his Twitter profile by changing his profile picture to an image featuring various avatars from the NON-FUNGIBLE TOKEN collection, the doubtful standing of NON-FUNGIBLE TOKENs as the thriving lead of blockchain technology has become quite questionable. Originating on May 3rd, 2014, the concept of NON-FUNGIBLE TOKEN has revolutionized the concept of digital content/item creation. A lot of new nft Projects are contributing their bit in this non-fungible moment
Registration of one’s creation as NFT backed up by blockchain technology (static, non-changeable public ledger on a database allowing registering and tracking assets) allows all stakeholders to access the required information. This transparent tracking system allows for a secure royalty claim by the original creator, narrowing the chances for copyright violations and providing a sense of security to all stakeholders. Although its future is still unclear, the digital world’s increasing interest in the phenomenon is highly remarkable. NFT marketspace is booming right now with plenty of new nft projects coming with many benefits and web 3 metaverse opportunities.
Selling NON-FUNGIBLE TOKENs to earn money depends on a proper registration process. NON-FUNGIBLE TOKEN can be registered on a blockchain by a process known as minting. The following steps will help you mint your first or new NON-FUNGIBLE TOKEN project:
Select a NON-FUNGIBLE TOKEN Market Place:
A traditional marketplace is essential for the sale and purchase of products and services, and NON-FUNGIBLE TOKEN marketplaces provide space for selling and purchasing NON-FUNGIBLE TOKENs. If you dream of earning lifetime royalty from your digital masterpieces, you need to bag a place in a NFT marketplace that is best suited for you.
It is essential to note that just like you can’t sell gold in a vegetable market, you cannot sell all items in the same NON-FUNGIBLE TOKEN market. Different blockchain technologies support different NON-FUNGIBLE TOKENs, so one needs to choose a marketplace offering the NON-FUNGIBLE TOKEN standard matching their requirements. The top ten NON-FUNGIBLE TOKEN market places available online are:
- Open Sea
- Marketplace Portion
In addition, many other marketplaces are also available. Just google the best option for your digital item and get started.
Opt for the Right Blockchain Platform:
When minting your first or new NON-FUNGIBLE TOKEN project, registering it on a blockchain platform is the step that ensures and affirms your ownership. You require a certain amount of cryptocurrency in your NFT wallet. Multiple blockchain platform options are available online to help create a non-fungible token out of your digital item. At least 10,000 blockchain platforms are currently available for users with almost four types of blockchain networks. Availability of transparent trail of a NON-FUNGIBLE TOKEN sale and purchase record for all stakeholders happens through registration on blockchain. The most common among them are:
- Sawtooth Hedera
- HashgraphRippleQuorumHyperledger IrohaCordaEOSOpenChainEthereum Dragonchain NEO
- These are usually available as browser extensions or as mobile apps.
Ethereum is the most popular and widely used crypto-currency. Since it is acceptable on most cryptocurrency blockchain, it is wise to use it for initial minting. It will help avoid inconvenience while paying the gas fee and other transaction charges.
Calculate Gas Fee:
The gas fee is paid to mint a NON-FUNGIBLE TOKEN on any blockchain, as mentioned earlier, platforms. Instead of energy required to facilitate the minting process, it is an amount charged (in crypto-currency). Most NFT market places facilitate miners calculate the amount of gas fee through the easy process.
Create and Connect NON-FUNGIBLE TOKEN Wallet:
Cryptocurrency is the mode of transaction in NON-FUNGIBLE TOKEN markets. To facilitate transactions in these digital wallets must be created and linked to the desired marketplace. These wallets are online holders of cryptocurrency, which you will use as an investment to initially secure a place in the NON-FUNGIBLE TOKEN marketplace. Later, the same wallet will be used for other transactions.
- Most sites follow a simple (more or less the same) process of creating and connecting NFT wallets:
- Click the wallet symbol or create a button in the upper right corner.
- Install the wallet on a computer or use a QR code scanner to connect the wallet to a smartphone.
- Fill generated marketplace profile completely and clearly.
- This wallet’s address is registered on the blockchain as evidence of your ownership claim over the item you will list as NON-FUNGIBLE TOKEN.
Add Cryptocurrency to Your Wallet:
To complete the minting process and pay a gas fee is essential to deposit cryptocurrency in your digital wallet. For this purpose, you need to transfer some ETH from your choice of the crypto-trading app into your digital wallet. ETH is the cryptocurrency used to reward miners in return for their efforts in creating blocks for blockchain. If you have never purchased Ether before, you can use one of the other available payment methods.
In this case, keeping a tap on gas fees is essential due to the massive fluctuation these prices have been going through since the minting of NON-FUNGIBLE TOKENs. The “Lazy minting” option can also be available in some NON-FUNGIBLE TOKEN markets where miners do not want to risk an initial investment. Lazy minting allows the creator to hold on to the gas fee until the sale of NON-FUNGIBLE TOKEN. NFT is minted at the time of sale, and minting cost is added to the total cost of NON-FUNGIBLE TOKEN.
Create First Item:
Now that you’ve linked yourself to a marketplace via a wallet, click the “Create” button in the upper right corner. It will lead you to upload a digital file and name your NON-FUNGIBLE TOKEN. It is also where you can set up the royalty you intend to receive on every re-sale of your NFT, along with various other descriptions. Your first NON-FUNGIBLE TOKEN will be finally minted as soon as you click “Complete.”
With the advent and innovation in technology, ownership issues have become extremely sensitive. As metaverse is assumed to be the next big thing, crypto currency’s importance is not a questionable subject. NFTs (Non-Fungible Tokens) are assumed to play a vital role in preserving and safeguarding ownership rights and ensuring transparency. This concept is essentially important in the case of creators’ intention to earn life-long royalties. Following the steps mentioned above to mint or start a new NON-FUNGIBLE TOKEN project will help you successfully launch yourself in this newly trending marketplace.
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