MINTING NFTs
Creating an NFT can be done through various methods, from coding it yourself to using NFT marketplaces with different benefits, royalties, and fees.
Coding an NFT:
- Choose a token standard: Decide whether to use the ERC-721 or ERC-1155 token standard. ERC-721 is the original standard for NFTs, supporting unique tokens, whereas ERC-1155 allows for both unique and fungible tokens.
- Write a smart contract: Using the Solidity programming language, write a smart contract that defines the NFT properties and adheres to the chosen token standard. Solidity version 0.8.0 or higher is recommended. You can use OpenZeppelin’s libraries as a starting point, as they provide secure and audited implementations of the ERC-721 and ERC-1155 token standards.
- Compile the smart contract: Compile your Solidity code using the appropriate version of the Solidity compiler (solc) or an online IDE like Remix. This process translates the human-readable code into bytecode that the Ethereum Virtual Machine (EVM) can execute.
- Test the smart contract: Before deploying to the mainnet, test your smart contract on one of Ethereum’s test networks, such as Ropsten, Rinkeby, or Kovan. These networks simulate the Ethereum network, allowing you to identify and fix any bugs or issues without risking real assets. Use tools like Truffle (v5.3.0 or later), Remix, or Hardhat (v2.0.0 or higher) to deploy your smart contract on a testnet.
- Store the digital asset: Upload the digital asset you want to tokenize (e.g., image, video, or audio file) to a decentralized storage platform like IPFS (InterPlanetary File System) or Arweave. This step generates a unique hash that serves as the asset’s permanent, tamper-proof address.
- Link the digital asset to the NFT: In your smart contract, reference the unique hash generated in the previous step. This links the NFT to the digital asset stored on the decentralized storage platform.
- Deploy the smart contract to the mainnet: Once you’ve tested and refined your smart contract, deploy it to the Ethereum mainnet using the same tools mentioned in step 4 (Truffle, Remix, or Hardhat). Be prepared to pay gas fees in ETH for the deployment.
- Mint the NFT: After deployment, call the minting function in your smart contract to create the NFT. This function assigns the NFT to a specific Ethereum address (the owner) and updates the total supply of NFTs for that contract.
- Interact with the NFT: Your NFT is now live on the Ethereum blockchain! You can interact with it using popular Ethereum wallets like MetaMask, view it on platforms like OpenSea, or transfer it to other users.
- Remember, developing and deploying an NFT smart contract requires some knowledge of the Solidity programming language and the Ethereum ecosystem. If you’re new to these areas, consider learning the basics through online resources, tutorials, and forums to ensure a successful NFT creation
Numerous NFT Marketplaces offer user-friendly ways to mint NFTs without coding. Each marketplace has its unique features, benefits, and fees.
- Largest NFT marketplace, with over 20 million assets.
- Supports Ethereum and ERC-721/ERC-1155 tokens.
- No upfront minting fee, pay gas fees only.
- Customizable royalties (typically 10%, but adjustable by the creator).
- User-generated content platform with over 300,000 users.
- Supports Ethereum and ERC-721/ERC-1155 tokens.
- Upfront minting fee (0.01 to 0.05 ETH, depending on the asset).
- Royalties set at 10%.
- Curated platform, requires an invite, and hosts around 5,000 artists.
- Supports Ethereum and ERC-721 tokens.
- Upfront minting fee (0.1 to 0.5 ETH, depending on the asset).
- Royalties set at 10%.
- Exclusive platform, strict artist selection process, and features over 1,000 artists.
- Supports Ethereum and ERC-721 tokens.
- No upfront minting fee, pay gas fees only.
- Royalties set at 10%.
Other platforms worth considering are Mintable, Zora, and Objkt.. Each platform offers its unique set of features, fees, and supported blockchains.
Minting costs (gas fees) depend on the Ethereum network’s congestion, and they can vary. As of September 2021, gas fees ranged between 30 and 200 Gwei, depending on the transaction speed. Choose the method and marketplace that best suits your needs regarding royalties, fees, and user experience.
