Seeing that anything can be an NFT on our last blog. In this blog, we will go into detail on how digital art or other items actually become an NFT. Do you just create an article and tell people that you are now an NFT? Of course not!
The minting or minting of an NFT is how digital art is added to the blockchain, a decentralized public ledger that cannot be altered or interfered with.
NFTs are tokens that are “minted” once they are produced on the blockchain, similar to how physical coins are minted and brought to circulation.
What you have to know is a lot of energy is used to mint an NFT, i.e. to add it to the blockchain. When miners solve complicated problems in order to add a block to the ledger.
They expend this energy in the form of massive electrical bills. This huge expenditure of energy is the reason why blockchain is so criticized.
NFT creators pay for this expended energy in the form of gas fees on the blockchain. In order to mint an NFT, the creators must pay a network fee which is called a gas fee. The gas rate varies according to the demand and the use of the network.
Due to the current popularity of NFTs and the huge demand for Ethereum. Gas fees on the blockchain might range from $30 to $100.
How to mint an NFT?
The mint process is usually done on the NFT collection website itself. In order to mint the chosen collection, we must first set up a wallet and deposit funds into it. The best known is MetaMask although there are other alternatives.
Once we have enough funds to mint, we connect the account to the platform and execute the minting process by pressing the ‘mint’ button, As soon as the transaction is confirmed, You will already have the NFT in your possession and its attributes will be unlocked.
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