Analyzing the Importance to Create an NFT Minting Platform

Unquestionably, the whole globe cannot stop talking about the metaverse. Creators can easily monetize their content now. They can set a price, organize auctions, receive bids from investors, and sell their limited-edition assets to investors. Importantly, the trading volume of Non-Fungible Tokens (NFTs) surpassed $3.5 billion in the last 1 month. Are you an entrepreneur looking to transform the creator economy? Start NFT minting platform development now. 

How have NFTs witnessed tremendous growth? 

• It was Beeple’s sale of 5000 art images for $69 million on Christie’s, an online auction platform that spurred this new revolution. 

• Today, there are several NFT marketplaces around the world. The popular ones include OpenSea, Rarible, Axie Infinity, CryptoPunks, NBA Top Shot, Decentraland, Foundation, SuperRare, The Sandbox etc. 

• Moreover, cross-chain compatibility is another big trend now. This will help content creators to transfer assets and process transactions quickly without paying hefty gas fees. 

• For instance, the OpenSea platform operates on the Ethereum blockchain and the Polygon sidechain. Moreover, Rarible allows investors to trade Non-Fungible Tokens (NFTs) from 3 blockchains, Ethereum, Flow, and Tezos. 

• Importantly, many industries are adopting NFTs now. It includes artwork, entertainment, fashion, hospitality, music, sports, real estate, e-commerce, software etc. 

• Overall, as per NonFungible, a data tracking portal, around 35.03 million collectibles sold for $20.83 billion. Interestingly, the number of secondary sales (17.61 million) have surpassed the primary sales of 17.42 million. 

• As web 3.0 takes centre stage, the metaverse will witness several trends like tokenization of physical and virtual assets, the integration of deep technologies like Artificial Intelligence (AI) and Machine Learning (ML), Augmented Reality (AR) and Virtual Reality (VR), low gas fees due to the emergence of sidechains like Polygon, and personalized digital avatars. 

The step-by-step process to mint an NFT

• Users need to register on an NFT marketplace. For instance, various trading platforms are operating on blockchains like Ethereum, Binance Smart Chain (BSC), Flow, Solana, WAX, Waves, Tezos, Hedera Hashgraph, Hyperledger, Ronin etc. 

• Subsequently, content creators need to finalize the concept for minting their NFTs. For instance, the OpenSea marketplace has several categories like Artwork, Domain Names, Music, Photography, Sports, Trading Cards, Utility Assets, and Virtual Worlds. 

• Users need to choose different software and hardware wallets for processing transactions. For example, OpenSea allows creators to use wallets like Authereum, Bitski, Coinbase Wallet, Dapper, Fortmatic, Kaikas, MetaMask, OperaTouch, Torus, Trust Wallet, MyEtherWallet (MEW) etc.

• Moreover, creators should upload their files like images, videos, audios, 3D artwork, etc on the NFT marketplace. 

• The details are stored on decentralized storage systems like InterPlanetary File System (IPFS) and Filecoin. 

• Subsequently, they should enter information like a description of the asset, a short title, and also add their social media profile links. Later, artists must set a price for their rare NFTs. 

• They can press the mint option. The digital file gets stored on the distributed ledger. Thus, no one can edit and modify the details anytime. Artists have to pay the gas fees. Generally, this depends on the type of blockchain, the level of traffic, the amount of energy used, and the computing power. 

• Likewise, buyers can distinguish whether an NFT is rare or not while placing bids. They should click the asset offered for sale and tap the details section. For example, every ERC-721 NFT is distinguished based on a contract address and token ID. Investors can see information like the transaction hash, block number, date and time of transfers, and the transaction fees. 

• Transparency is ensured as quantitative data like the changes in prices, history of offers, and the date and time of minting and listing is showcased. 

What are the latest trends in NFT minting for artists and brands? 

Minting of multiple collectibles - For example, Enjin is a platform that offers a suite of tools for individuals and business firms. Importantly, users can mint several assets like artwork, games, music, and sports goods. Currently, Enjin has supported 27,000 projects. Artists have minted around 1.16 billion tokens and around 856,000 assets have been transferred on the platform. 

QR code distribution - Content creators can use either single or multiple QR codes for distributing their Non-Fungible Tokens (NFTs). They can choose a specific number of users for giving away crypto collectibles. 

In-app trading - DApps are the reason why interest in the metaverse is skyrocketing. Individuals can create a project and monetize content easily. They should establish an account, enter details like name, images, and description, and link their hardware and software wallets. Later, users can mint custom coins and unique collectibles quickly. 

Moreover, in-app trading helps users to get rewards from games, tickets and passes for participating in events. Besides that, business firms will receive benefits like the flexible setting of trading fees, scalability, cross-chain transfer of assets, tamper-proof storage of assets, and military-grade security measures. They can also use APIs for integrating their NFT collection with decentralized applications (DApps), games, and other websites. 

Wrapping Up

The Web 3.0 era is here now. Want to take full advantage of it? Connect with an NFT minting platform development company and leap ahead in the metaverse.