Mint, Buy, And Sell NFTs With VPN.com
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NFTs combine art with blockchain technology to give patrons a new way to support content creators. As you’ve seen the news stories about NFTs making millions of dollars, you’ve probably considered making your own NFTs. Anyone can make NFTs if they’re willing to put in the effort–and once you know how to mint an NFT, you’ll earn cryptocurrency and join the trading community. NFT services can do a large chunk of the work for you while you focus on creating more assets.
What Is NFT Minting?
A non-fungible token (NFT) is an asset that traders buy and sell with cryptocurrency. NFTs can be anything, but they often take the form of memes, collectibles and digital art. When you mint an NFT, you’ll add it to the blockchain as a one-of-a-kind asset. Since the blockchain records data publicly, anyone can verify the existence of your NFT. Third parties can’t tamper with the NFT because the blockchain is permanent and resistant to hackers.
Once you mint your NFT, you’ll place it for sale on an NFT marketplace. When someone buys your NFT, you’ll get cryptocurrency in your wallet that you can spend, save or invest. The blockchain records each transfer of ownership so you can look up the NFT’s history whenever you want.
How To Mint An NFT
Minting an NFT requires time, money and knowledge. If your NFT takes off, you’ll see a return on your investment; if not, you’ll gain valuable insight into the world of cryptocurrency. You can create more NFTs or move onto other aspects of trading crypto.
Create Your NFT
To start, you’ll need an asset to convert into an NFT. An NFT can be virtually anything: digital art, collectibles, virtual trading cards, AI-generated art, memes, videos, music, GIFs, event tickets and online gaming assets. You could turn photographs in your camera roll into NFTs, although you’ll need buyers to make a return on your cash investment.
Established artists with large followings make thousands of dollars off their work. If you don’t have a following yet, browse an NFT marketplace like OpenSea to see the current NFT trends. Check out the top NFTs, then look at users’ public galleries to see what people are buying. Make up your own concept without copying their ideas exactly–you’ll gain an audience if an original idea takes off.
When inspiration strikes, make the artwork or prepare the asset. You could use existing artwork if you have a digital art portfolio. Do you have a video or meme that went viral? The “Disaster Girl” meme featuring Zoë Roth sold for $500,000 on the NFT marketplace. You can also sell decentralized domain names that you bought from a domain registry. If you want to surprise the buyer with extra features like music or video clips, include these with the file.
Open A Crypto Wallet
To buy, sell and earn cryptocurrency, you’ll need a digital wallet. Your wallet tracks your cryptocurrency, facilitates sales and transfers, and records your balance. As Crypto.com.au points out, wallets don’t store the cryptocurrency–instead, they track the place where your cryptocurrency is located on the blockchain. Since each blockchain is different, you’ll need a wallet that supports the types of currency that you buy.
When you open a wallet, you receive a randomly generated password that you’ll use to access the cryptocurrency. You can’t change or recover this password–if you lose it, you lose access to your cryptocurrency. Unfortunately, a 64-character string of letters and numbers is hard to remember. Some wallets provide a seed phrase made of words so you can remember the key more easily. Either way, store the password somewhere so you don’t lose thousands of dollars in crypto.
Types Of Wallets
Crypto wallets come in two types: software and hardware. A software wallet stores your information online so you can access it anywhere. Software wallets are more convenient, but if a hacker finds the key, they could steal your crypto–and since you can’t change the password, you’ll have to open a new wallet.
Hardware wallets are physical devices that store your cryptocurrency offline. To access your crypto, plug the device into a computer. Unlike software wallets, hardware wallets can’t be hacked unless someone steals the device. However, if you lose the device, you’ll lose your cryptocurrency.
In addition to the basic features, each wallet comes with unique features that make your experience easier. Depending on the provider that you choose, this could include a mobile app, transaction history, an NFT gallery, cloud storage and the ability to send, buy and transfer cryptocurrency directly through the platform. Shop around to find the best digital wallet for you.
Opening A Wallet
To open a wallet, sign up for a platform, enter your personal information and save the key that the provider gives you. You’ll get an address that you’ll share with people who want to send you cryptocurrency. This process is usually free and takes minutes to complete.
Once you’ve found a provider, join an exchange so you can add cryptocurrency to your wallet. You’ll need to buy cryptocurrency that supports NFTs like Ethereum or Solana. Sign up with your personal information, then view the current rates. Some exchanges offer live updates so you can watch the price fluctuate in real time.
If your wallet is empty, you’ll have to buy cryptocurrency outright. Most exchanges have a variety of payment options, including PayPal and credit card. If you’ve bought cryptocurrency before, you could exchange the crypto in your wallet for an NFT-supported currency. Later, you can sell the crypto that you don’t use or trade it for another type of crypto.
Join An NFT Marketplace
To sell your NFT, you’ll need to sign up for an account on an NFT marketplace. Connect your wallet to the marketplace, then add your information and customize your profile. Your account allows you to mint NFTs, buy NFTs and interact with the community.
Mint Your NFT
Once you’ve signed up, mint your NFT by placing it for sale on the marketplace. Upload the file, add a name and description, and choose your settings. Next, set the price and choose an auction or fixed-price sale. If you choose to hold an auction, users will bid on your NFT until the auction ends.
Finally, pay the transaction fees to add your NFT to the marketplace. If you have enough cryptocurrency, the marketplace will deduct the fees directly from your wallet. Otherwise, you’ll have to add more crypto to your wallet to cover the fees.
When your NFT goes live, wait for people to bid on the NFT or make a purchase. Your NFT’s data appears on the blockchain, which records every transaction and transfer of ownership. Buyers can resell the NFT, display it in their gallery or keep it in their private collection.
How Much Does It Cost To Mint An NFT?
Minting an NFT isn’t like posting an ad on Facebook marketplace–you’ll need to pay fees just to get your NFT on the market. Most platforms only accept crypto, so load up your wallet before you start minting. Cryptocurrency itself often costs hundreds or thousands of dollars. Check the current prices to get an idea of how much minting an NFT costs; just remember that the price changes daily.
According to Liquid, miners earn tokens by mining and encoding blocks on the Ethereum blockchain. However, they also earn tokens by charging gas fees for transactions. Each transaction requires computational power. By charging a gas fee for the effort, miners earn more crypto and have an incentive to mine on the Ethereum network.
When you request a transaction on the Ethereum blockchain, you’ll need to set a gas limit. This is the maximum amount that you’re willing to pay for gas. Generally, 21000 is the limit, although miners charge more for complex transactions. The price also goes up when a large number of people request transactions at once. Check a website that tracks the current gas rate before you start a transaction.
Setting a high gas limit ensures that miners will process your transaction quickly. They’ll still get to your transaction if you set a lower limit, but you’ll have to wait longer. Essentially, you’re bidding against other traders for the miners to tackle your transaction first.
Make sure you pay more than the standard limit so you don’t run out of gas. If you do, you’ll lose the gas without receiving a completed transaction in return. Your miner will return the difference if you overpay, so don’t be afraid to overestimate how much gas you’ll need.
As gas price fluctuates, you could pay more or less for an NFT transaction. Many artists wait for gas prices to drop before they add their NFTs to the marketplace. If the price is too high, you could pay hundreds of dollars in fees–more than you’d make from selling the NFTs. Gas fees keep people from overloading the Ethereum network, but they also take a percentage out of your profits.
NFT marketplaces often charge gas fees for transactions. For example, OpenSea charges fees when you do any of the following:
- Open your account and start selling NFTs
- Sell an NFT that you minted through another service
- Accept an offer on your NFT
- Give someone your NFT
- Take your NFT off the marketplace
- Buy an NFT
- Cancel a bid on an auction
Note that this applies to the Ethereum blockchain. Some blockchains, like Polygon, have no or reduced gas fees.
Can You Hire An NFT Service?
Minting an NFT takes time and effort that you could otherwise spend on NFT development. Companies like VPN.com offer minting services for clients who want to see large returns on their investments. VPN.com mints your NFTs to the Solana blockchain to increase efficiency and decrease gas fees.
What Is Solana?
Like Ethereum, Solana is a cryptocurrency that’s compatible with NFTs. According to MomentRanks, Solana uses the Proof-of-History (POH) platform to make mining faster and more environmentally friendly. Solana can handle over 50,000 transactions per second with minimal gas fees.
If you mainly work with Ethereum, investing in Solana grants access to a separate NFT market. Open a new wallet if your current wallet isn’t compatible with Solana. You could buy Solana outright or trade your existing crypto and start minting NFTs on the Solana blockchain.
Benefits Of Hiring An NFT Service
VPN.com works with premier clients who are prepared to pay $10,000 or more for an NFT minter. That sounds like a high price tag, but NFT sales have racked up millions of dollars, reaching $8.2 million in December 2020. A serious investor could make thousands of dollars from producing NFTs.
While you create more assets, an NFT service mints your assets to the Solana blockchain. This frees up time for you to launch collections, make digital art or develop virtual gaming assets. You’ll retain full ownership over the NFTs–the service mints the assets, but they don’t buy them or distribute them on your behalf. Once they’re minted, you’ll sell, auction or distribute your NFTs on the market.
VPN.com mints assets within 30 days so you can release hundreds or thousands of NFTs with minimal downtime. For more information, fill out the form on the VPN.com website to request a consultation.
You can’t mint an NFT without cryptocurrency, so prepare to invest at least a few hundred dollars into your project. However, once you get started, you’ll join a marketplace that racks up millions of dollars each year. Minting your NFT places it on the blockchain to record transactions and provide proof that the owner has a real, one-of-a-kind asset. After you mint your NFT, you can sell or auction it on an NFT marketplace.
Minting your NFTs is an essential part of the process, but it requires time and effort that detracts from your output. NFT services like VPN.com mint assets on your behalf so you can focus on generating a high volume of NFTs. During this process, you’ll retain full ownership of your assets. Afterward, you’ll sell them and earn cryptocurrency in your wallet that you can use to start your own NFT gallery.