Non-fungible tokens have become an integral part of the global web3 ecosystem. This class of irreplaceable files of value is stored on the blockchain through a process known as minting. In this article, we dissect what minting is, and how it works.
- NFT minting is the mechanism by which a file is moved and stored on a decentralized ledger
- It is possible for an artist to mint NFTs for free through lazy minting
- Once minted, an NFT is permanently stored on the distributed blockchain network where it has been generated.
What is NFT Minting
NFT minting involves converting a file such as an image, audio, GIF, or video, into a digital asset on the blockchain. When this process is complete, such a digital asset is permanently stored on a distributed network known as the blockchain. You can learn more about what NFTs are here.
Upon minting, the NFT becomes a unique digital property that cannot be altered or manipulated. Thus, NFT minting is all about permanently storing a file on an immutable network.
How NFT Minting Works
As stated earlier, NFT minting is about transforming a file into a blockchain-native asset. However, there is a process involved in making this transformation seamless.
An artist will require an NFT infrastructure in order to convert a file into an NFT. They will also need a crypto wallet to complete the process. While it is quite possible to mint NFT on dedicated marketplaces, this comes with its own risks. Therefore, artists could deploy infrastructures like DeCir to mint their NFTs without the need for codes.
Decir even allows you to choose the kind of NFT you wish to mint. This could be product NFT like PFP, or membership NFT.
On DeCir, all you need to do is to connect your decentralized crypto wallet such as metamask. You can seamlessly upload all your files from your offline location such as your computer. You can also set NFT attributes, specify the rarity level, and set the mint number. Additionally, you can specify royalty percentage for sales on the secondary marketplace.
DeCir allows you to mint publish your NFTs across different marketplaces simultaneously. This is one of the things that sets it apart from the regular marketplace.
Can you mint NFTs for free?
The process of minting an NFT requires an artist to pay gas fees. However, it is possible to mint NFTs for free. This phenomenon is commonly referred to as lazy NFT.
When an artist decides to mint their NFT for free, they are not totally sidelining NFT minting fees. What happens is that they are able to delay the minting fee till the time when the NFT is purchased. Therefore, the collector pays the mint fee when they buy the NFT.
Lazy NFT minting could be a welcome approach for creative artists who are new to the NFT space and do not have the required funds to mint their NFT collection.
NFT provides a viable means of permanently storing files on an immutable network. Just like burning a document on a compact disc, minting helps to convert files into digital, blockchain-native assets.