Minting an NFT is the process of turning digital art into a non-fungible token on a blockchain. After minting, NFTs can be bought & sold using cryptocurrency.
*Compared to major competitors. Terms and conditions apply. This is not investment advice or an investment recommendation. NFTs are shown for illustrative purposes and the types of NFTs available may vary. Cryptocurrencies, including NFTs are highly volatile, subject to significant price risk, and may not be suitable for you.
Thousands of NFTs change hands daily. Digital artists and collectors are excited about the financial potential of NFTs.
Creating and selling an NFT is a great opportunity for an artist to get their work to fans without going through a dealer. It also offers dealers a chance to sell and trade a large number of pieces without having to contract with pricey auction houses or set up a traditional art show. Additionally, the speed with which NFTs can be sold and traded is exciting and is quite a change from the slow pace of the traditional art market. By having their piece as an NFT and by design on a blockchain, the artists also assure authenticity of their work and can specify royalties every time cryptocurrency changes hands to exchange the work in perpetuity.
If you’re interested in minting your NFT, take a look at our guide below. We’ll teach you what you need to know.
You want to make sure to have already created your crypto wallet in order to make purchases seamless. Different NFT platforms offer different pricing models. Some allow you to either set a fixed price for your piece or allow a public auction option.
Certain platforms also grant you royalty fees for future sales of your NFT. That means that after your initial sale your piece can still make you money.
Here’s how to sign up for an account with FTX:
You will likely create an NFT based on your particular skills and interests. It’s also good to investigate the NFT market as it’s fast-moving and you want to be well-prepared for what’s out there.
You want to keep collectability in mind. For instance, 2022 is the Year of the Tiger. If you were to do a series of Chinese zodiac-related pieces year by year and were to stop production of one year’s card as the next year comes up — or “burn,” that is remove from circulation, a certain number of un-purchased pieces — the previous year’s card would attain a certain rarity, and therefore be more desirable to collectors, and in theory more valuable.
Be sure you understand an NFT trading platform’s policies and fees before submitting your NFT.
FTX offers a streamlined process. To sell your NFT on FTX, click “MINT,” then “List new NFTs,” where you’ll see a listing application. You will have to fill out the following fields:
Once you’ve submitted your piece, platform monitors will review it before minting it to the blockchain. This can take several hours, or even days. You can set the time your NFT is scheduled to “drop” on the platform. This can be a great opportunity to advertise your NFT: Getting people excited about what you can offer is a major part of selling your pieces.
FTX asks for a $10 submission fee for NFTs. Our submission team will get back to you usually within 72 hours.
On top of platform fees, different blockchains have different operational costs, and therefore user fees, which vary. In fact, they vary quite a bit. During periods of high demand blockchain gas fees go up. This means even the day of the week you choose to mint your NFT could affect gas prices. You may wind up paying these prices if you choose to mint without using a specific platform.
NFT minting is highly dependent on the law of supply and demand. You will also want to take account of trading platform fees, submission fees, and so on. Minting an NFT does not have to be expensive, but there may be a monetary cost involved that you should be aware of.
The cost to mint an NFT varies. Because minting fees differ, it’s hard to quote exact numbers. In some cases, these fees can climb to hundreds of dollars. The most popular blockchains do not charge nearly that amount — if they charge anything at all. Let’s take a look at a few of these blockchains:
Be aware of fees and look into using a platform that keeps fees low. FTX generally charges less in platform fees than competitors and allows for lazy minting for creators for whom the bottom line is top priority.
You will need to advertise the existence of your NFT. You might do what many artists in the digital age have done, recruit fans and potential customers on social media. Many artists, NFT creators, and cryptocurrency supporters use social media as a way of capturing the fast-moving nature of the industry while engaging with consumers’ questions directly and quickly in real time.
Access to open media platforms allows you many opportunities to advertise your NFT collection. You could create an attention-grabbing promotional video and upload it to YouTube; TikTok is increasingly popular with a younger, tech-savvy audience; and hosting a Reddit AMA would give potential customers a chance to ask detailed questions and room for you to answer them with some nuance. Chat applications like Discord allow artists to create buzz for new projects while grouping potential buyers according to prize and raffle results. They also allow the artists to interact with potential customers in real time.
Ready to mint your NFT and get your work out there to consumers? Let FTX help! We offer lower fees than competitors, and options to suit your preferences. Be sure to check us out regularly for all things NFT, crypto, and DeFi.