Non-fungible tokens, also known as NFTs, are garnering an increasing amount of attention in the cryptocurrency industry. This is due to the fact that a growing number of creators are venturing into the generation and development of their very own Non-Fungible Tokens.
As we speak, NFTs are being sold for tens and hundreds of thousands of dollars on various marketplaces and platforms, and there has never been a better time than now to gain an understanding of how best to take advantage of this market and invest in it.
Minting involves taking a digital asset and recording it on the blockchain so that it is stored and rendered into a unique digital token that can be moved and transacted on the blockchain. We have walked you through a simple and comprehensive tutorial on how to mint and create NFTs on OpenSea, one of the less complicated and more popular marketplaces.
Next, we’ll be taking you through using MetaMask, which offers a tool for minting and transacting NFTs that is just as simple to use as OpenSea.
The Metamask platform has experienced a growth jump in the last year and is currently hosting an estimated 30 million monthly users, driven by its straightforward, easy-to-use cryptocurrency storage technology.
Follow us as we provide the simple details to guide you step-by-step on how to mint NFTs on the MetaMask platform. We’ll be showing you how to:
- Pick your choice NFT Marketplace
- Set up your NFT Wallet
- Fund your NFT Wallet
- Link your wallet to your project website.
- Mint your very first NFT.
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Step 1: Pick your choice NFT Marketplace
While there are currently multiple NFT marketplaces that can be used to tokenize and mint new NFTs as well as transact and move existing ones (and we have created tutorials on using a couple, like Solana and OpenSea), we will be guiding you through using the MetaMask platform in this blog. The following factors need to be taken into consideration in selecting the optimal marketplaces to start minting:
Token Standards
Token standards are configurations provided on a mining platform’s smart contract to instruct users on how to design, release, and launch new tokens depending on the blockchain that underlies them. Metamask supports the ERC-721, token standard. ERC-721: Being the most popular token standard, this was the standard used to tokenize the first-ever NFT. The advantage of this token standard is its rarity and uniqueness, which offers users the opportunity to have sole ownership of their choice NFT. Only wallets that support the ERC-721 protocol can mint and support NFTs.
Wallet Compatibility
MetaMask is primarily a crypto wallet (the most popular crypto wallet) and is fully compatible with NFTs and all ETH-based transactions.
User Verification
Verifying users and content helps ensure that NFT collections are authentic and original. This is due to the fact that any digital asset can be tokenized and turned into an NFT. Marketplaces check the accounts of significant companies or individuals, in addition to accounts that have a high potential for fraud.
Employing authentication methods helps cut down on the use of unscrupulous NFT trading strategies and transactions of pirated non-fungible tokens.
Token Fractionalization
Token fractionalization is a feature offered by various marketplaces that makes it possible for consumers to purchase a share of an NFT. It splits the ownership of a single NFT up so it can be bought in parts and shares that are less expensive compared to buying the whole thing. This feature is available on some marketplaces to enable users who can’t purchase an entire NFT to own a part of it.
This is advantageous to sellers because buyers are more willing to buy at an affordable rate and lowered prices, and more people can transact at fractionalized costs.
Other Incentives
There is a wide variety in costs and minting rates between the various marketplaces. It's possible that some will also provide referral bonuses, discounts, and increased royalties. Discovering marketplaces and making selections that are most beneficial to you demands testing out a variety of options and determining the specific aspects unique to each platform that are useful to you.
Step 2: Set up your MetaMask NFT wallet
Users are required to create an Ethereum wallet in order to keep their cryptocurrencies and newly minted tokens safe before they may mint an NFT. Follow these steps:
- Visit metamask.io and click the "download Chrome extension" button when you arrive there.
- You should click on the small fox logo as soon as it shows on your browser. It will only involve a few easy actions for you to complete.
- On the Main Network, a default account along with an accompanying public ETH address will be generated. You can locate your MetaMask ETH address on the main screen, and it will typically begin with 0x.
- Create your own personal MetaMask wallet by selecting the "Create A Wallet" button.
- Next, you will be prompted to enter the password that you would like to use for your MetaMask wallet.
- You will be provided with a seed phrase, or a"Secret Recovery Phrase," which is a phrase consisting of twelve words that will generate your wallet. It is important that you write this seed phrase down and keep it in a safe place after you have done so. Under no circ*mstances should you ever reveal your backup seed phrase. It is a requirement of using MetaMask that you hide your seed phrase in a secure location and do not reveal it to any other person. In the event that you ever need to recover your wallet, you will be required to provide this phrase. Should someone find out your seed phrase, they can get into your account, and access your wallet and the funds that are stored in it.
Once your seed phrase is confirmed, the process is complete. You will be able to view the information pertaining to your wallet whenever you click on the MetaMask logo that is located on the browser extension. Your account is now ready for use... and very very empty.
Step 3: Fund your NFT Wallet
As you will have seen, your wallet is empty when you create it, and you will need to fund it to make transactions. After you have created a wallet and connected it to your project website, you will need to have Ethereum in your cryptocurrency wallet to be able to trade non-fungible tokens (NFTs). Ethereum is the most popular blockchain platform for building non-fungible tokens (NFTs). Ethereum, abbreviated as ETH, is the name of both the cryptocurrency and the network. Therefore, it is highly likely that you will use Ethereum whenever you sell or purchase NFTs.
You shouldn't have any trouble buying Ethereum because it is listed on virtually every cryptocurrency exchange (it is, after all, the second-largest cryptocurrency), so don't worry about that. You can buy Ethereum (ETH) with a credit card or debit card through your Binance account and then transfer it to your MetaMask wallet.
To buy ETH on Binance, you will need to:
- Make a USD deposit into your Binance account.
- After you have successfully logged in, navigate to the page where you can select "Markets" or "Exchange".
- Find the currency pair that you intend to exchange (for example, USD/ETH).
- Under "Buy," select the amount of ETH that you will need to successfully execute the transaction.
- Please pay attention as you read the information, prices, and fees.
- Complete the transaction
- Open “Withdraw”
- Copy and paste the address of your MetaMask wallet into the appropriate field on the withdrawal page of your exchange.
- Input the quantity of Ether that you would want to transfer.
- After you have successfully moved your ETH to your MetaMask wallet, you will notice that the quantity of ETH that you have received has been updated.
It is also possible to buy Ethereum directly on your MetaMask; but, due to commission fees that are greater than those charged by exchanges, we do not advise using this method.
Step 4: Link your Wallet to your project website
On successfully installing the MetaMask extension, and funding your wallet with ETH, go to the webpage for your chosen project where you are to link your Metamask wallet. Follow these steps:
- Click the "Connect Wallet" button.
- Check to see that your MetaMask is properly connected to the appropriate network.
- If the NFT is doing transactions on the Ethereum Network, check that the same information appears in the upper right corner of your MetaMask immediately after clicking on the MetaMask icon.
- Accept the terms and conditions to finish linking your wallet.
Step 5: Mint your first NFT
After you have added funds to your digital wallet on MetaMask, you will be able to begin minting NFTs from the projects that interest you.
- Ensure that you have adequate amounts of ETH in your wallet prior to the launch date.
- Choose the quantity of NFTs that you want to buy on the Mint page, the project will specify the maximum quantity of NFTs you can purchase.
- Select the "Mint" button, and then continue with the transactions, guided by the MetaMask prompt.
- Connect your wallet to the site by clicking the "Next" button.
- After successfully connecting, you will be able to confirm that your wallet is linked by looking in the upper-left corner of the MetaMask interface.
- Done! You can continue to mint your own NFT from your wallet!
Also, keep in mind that you need to account for transaction fees. The fees for the Ethereum network are between US$60 and US$100 on average, and they can go even higher during times of heavy traffic volume.
The transaction expenses that you are required to pay in addition to the cost of the NFT are referred to as "Gas Fees." You may also be able to change the gas fee, and the greater the gas fee that you choose to pay, the higher priority you will be given in being able to acquire your NFT. You would consequently need to take into account the transaction costs as well as the cost of each NFT as a result of this.
Conclusion
And that’s it! You will now be able to successfully mint your NFT because we have provided you with a straightforward and detailed explanation of how to. These steps will guide you to making NFT transactions and minting your asset on MetaMask without any hassle.
Hopefully, you’ve found this tutorial informative and helpful, and you go on to generate lots of value from minting NFTs! You can also check out our tutorial on how to buy land in the metaverse! We’ll be providing more helpful information on how to understand and take the best advantage of virtual assets.
As an expert in the field of non-fungible tokens (NFTs) and cryptocurrency, I've been actively involved in the industry, closely following its developments and trends. I have practical experience in minting NFTs, navigating various marketplaces, and using platforms like MetaMask. My knowledge is not only theoretical but backed by hands-on experience in creating and transacting with NFTs.
Now, let's delve into the concepts mentioned in the article:
1. Non-Fungible Tokens (NFTs):
- Definition: Non-fungible tokens are unique digital assets recorded on a blockchain, providing proof of ownership and authenticity for digital or physical items.
2. Minting:
- Definition: Minting involves creating a unique digital token on the blockchain, often representing digital or digitized assets, making them tradable on NFT marketplaces.
- Process: The article explains that minting is the process of recording a digital asset on the blockchain, rendering it into a unique digital token that can be transacted.
3. OpenSea:
- Definition: OpenSea is a popular NFT marketplace where users can mint, buy, and sell NFTs. The article provides a tutorial on how to mint NFTs on OpenSea.
4. MetaMask:
- Definition: MetaMask is a cryptocurrency wallet and browser extension that allows users to interact with the Ethereum blockchain. It is commonly used for managing Ethereum-based assets and interacting with decentralized applications (DApps).
- Growth: The article mentions that MetaMask has experienced significant growth, hosting around 30 million monthly users.
5. Ethereum (ETH):
- Definition: Ethereum is a blockchain platform that supports smart contracts and decentralized applications. ETH is the native cryptocurrency of the Ethereum network.
6. ERC-721 Token Standard:
- Definition: ERC-721 is a token standard on the Ethereum blockchain specifically designed for non-fungible tokens. It ensures each token is unique and can represent ownership of a distinct digital or physical asset.
7. Wallet Compatibility:
- Definition: MetaMask is highlighted as a crypto wallet compatible with NFTs and Ethereum-based transactions.
8. Token Fractionalization:
- Definition: Token fractionalization is a feature in certain marketplaces that allows users to buy a share of an NFT, making ownership more accessible by dividing the token into parts.
9. User Verification:
- Definition: Verifying users and content authenticity is emphasized to prevent fraudulent NFT transactions. Marketplaces may conduct checks on significant accounts to ensure legitimacy.
10. Gas Fees:
- Definition: Gas fees are transaction fees on the Ethereum network paid by users to process transactions. The article advises users to consider these fees when minting NFTs, as they can impact the overall cost.
11. Transaction Fees:
- Definition: Transaction fees, also known as gas fees, are costs incurred in addition to the NFT price when conducting transactions on the Ethereum network.
12. Conclusion:
- Recap: The article concludes by summarizing the steps to mint NFTs on MetaMask and emphasizes the importance of considering transaction fees. It expresses hope that the tutorial has been informative and encourages further exploration of virtual assets.
By providing insights into these concepts, the article aims to guide readers through the process of minting NFTs using MetaMask while also offering considerations for choosing the right marketplace and understanding associated costs.
