With a solid daily trading volume of $7.32 billion, crypto collectibles are the most lucrative financial assets in the world. A lot of attention is given to the concept of “Minting” these days. Generally, it offers the power of authenticity to artists, designers, and publishers. Their unique work is converted into immutable and non-interchangeable digital artwork.
Further, Non-Fungible Token (NFTs) are an integral part of blockchain networks like Binance Smart Chain (BSC), Ethereum, EOS, Flow, Polkadot, TRON etc. Today, there are more than 1 million digital collectibles in the world as per CoinRanking. Hence, entrepreneurs can enter this booming industry through a cost-effective investment. They can purchase a White-label NFT minting platform from a trustworthy app development company.
Decoding NFT Minting
NFT Minting can be easily done by artists, content creators, musicians, photographers, and publishers on various digital wallets, distributed file systems, and online marketplaces. Sellers of artwork need to possess some cryptocurrency in a software wallet like Coinbase Wallet, MetaMask, MyEtherWallet (MEW), Trust Wallet etc.
For instance, artists must tap the “Mint an Item” option on Mintable. app, an NFT marketplace for trading ERC-721 assets. Content creators should upload their files containing audio, GIFs, memes, photos, videos, and many more. Further, they must enter details related to their listing of the crypto collectible.
What kind of data needs to be filled during Minting?
Generally, artists enter information like a short description, a title, a sub-title, and the type of asset. Importantly, they decide if the copyright is transferred when an investor buys it or not. Moreover, content developers can fix their royalty percentage (applicable when there is a secondary sale of their NFT).
Artists can tap any 1 of the 3 auction options (Buy Now, Declining Price, and Fixed Price). Finally, they have to satisfy all the terms and conditions before listing their precious digital collectible. Content creators have to pay minting fees for ensuring that their artwork integrates permanently with the blockchain network. Finally, the NFT is minted after spending some computational energy.
The top 3 NFT Minting platforms
It is the largest NFT marketplace in terms of trading volume ($46.50 million) as per DAppRadar. OpenSea functions on the sturdy Ethereum blockchain network. NFTs can be minted as artwork, domain names, music, individual tracks and albums, sports goods, and trading cards.
Artists can use several digital wallets like Arakane, Dapper, Fortmatic, MetaMask, Portis, Torus, and WalletConnect for minting their crypto collectibles.
They should connect their software wallet, create a new collection, add a new item, upload their unique NFT, and add details like a description, levels, properties, and stats. Importantly, content creators need not pay any fees for minting. Hence, there are no gas fees (in ETH).
It is the 4th biggest marketplace in the industry with a 24-hour trading volume of $749,940. The Rarible NFT trading platform sells some popular collections like Art Blocks, Bored Ape Yacht Club, Cool Cats, Meebits, and Pudgy Penguins. Artists can mint either ERC-721 or ERC-1155 crypto collectibles. They can opt for single or multiple collections.
Generally, content creators can upload different file formats like GIF, MP3, MP4, PNG, and WEBP. They need to include information like a short description, a title, properties of the NFT, royalty percentage (10 to 50), and size. Currently, the Rarible NFT marketplace imposes a service fee of 2.5%.
Artists follow 3 steps, approve transactions with their digital wallets like MetaMask or MyEtherWallet, upload the files, and mint the crypto collectible. They pay the gas fees indicated in Ether (ETH) and US Dollar (USD).
It is a popular digital art marketplace operating on the Ethereum blockchain network. SuperRare has witnessed a monthly trading volume of $12.59 million in the last 30 days from 983 users. All the assets of content creators get tokenized as a one-of-a-kind crypto collectible.
The NFTs on the SuperRare NFT marketplace are tamper-proof and reflect the artwork’s history. Hand-picked artists pay the gas fees in Ether (ETH). Importantly, the SuperRare prevents the minting of infringed, knock-off, and stolen content. It also does not allow the joint minting of digital collectibles.
The different stages of NFT Minting
- Create unique assets like artwork, fashion accessories, gaming weapons, memes, music, sports collectibles, trading cards, and tweets.
- Possess some cryptocurrency (preferably ETH) for paying the gas fees/ minting charges to the NFT marketplace. The rates vary depending on the blockchain network, the computing energy consumed, and the kind of asset.
- Register on an NFT marketplace like OpenSea, Rarible, and SuperRare by entering details like email addresses and social media accounts.
- Connect with a non-custodial wallet (like Coinbase Wallet, Fortmatic, MetaMask wallet, and MyEtherWallet). Artists have 100% control over their funds and there is no intervention of any central authority.
- Tap the create button on the NFT trading platform, upload the audio, photo, and video, add information like a description, a logo, properties, and title.
- Finally, artists can mint the NFT on an online marketplace. They pay the minting fees (usually in ETH) by transferring funds from their software wallet.
How do entrepreneurs benefit from NFT Minting platform development?
Cryptopreneurs can earn huge revenue depending on the number of digital collectibles minted by artists, filmmakers, meme creators, photographers, and publishers.
Accordingly, investors purchase the minted NFTs through Dutch or English auctions. Entrepreneurs will pocket auction fees, bidding charges paid by buyers, a commission on primary sales, gas fees, and transaction processing charges.
Owners of a White-label NFT minting platform will receive greater traffic by selling digital collectibles of award-winning artists and popular brands and celebrities.
They will experience a surge in daily user activity, execution of peer-to-peer (P2P) transactions, the total value of assets (TVL) locked, and trading volume. Hence, the returns in NFT minting platform development are higher than the costs.
Above all, NFTs are a rage in copyright trading, e-commerce, video gaming, and sports. Digital apes, cats, and penguins are fetching millions of dollars in sales daily. Moreover, the OpenSea NFT marketplace got a trading volume of $1 billion this month. The SuperRare platform also released its RARE token to ensure full decentralization for all the stakeholders.
Entrepreneurs can rake in rewards by purchasing world-class NFT minting software. They can contact an app development company now and reduce the gap between artists and investors soon.