KEY POINTS

  • NFT is becoming a global craze
  • A guide to knowing how to earn money out of the new tech
  • Before diving into the NFT space, consumers should know how to mint their first NFT

The Non Fungible Token craze is explosive with various industries expressing their interest in the new trend. More and more people want to jump on the bandwagon hoping to cash in on the growing craze. If you are among those who want to dip your toes into the NFT mania, here are some tips on how to mint your own NFT and make money.

Before proceeding with the tips, consumers need to be familiar with several terms used in the NFT space such as blockchain, minting and non-fungible token. Blockchain is a technology that keeps digital records of the provenance of a digital asset. 

Simply put, blockchain is a public digital ledger of transactions run by a network of computers. Minting an NFT is the process of publishing a unique token on the blockchain. 

McRib limited-edition NFT McRib limited-edition NFT Photo: McDonad's Blog Post

Non-Fungible Tokens or NFTs, on the other hand, are blockchain-based tokens that prove provenance or ownership of digital items like video files, images and at times, physical assets. Now that the terms have been defined, it is time to answer the biggest question of all--how can you mint NFT and make money out of it?

Minting an NFT from scratch requires one to have access to an NFT marketplace and a crypto blockchain. To accomplish this, one needs to create a digital wallet, purchase the cryptocurrency and link the digital wallet to an NFT marketplace.

Next is to determine the unique digital asset you want to transform into an NFT. It can be anything from a picture, a painting, music, video game collectible, GIF, meme, or even a tweet.

It is worth noting that the NFT's rarity determines its value. But, before minting anything, it is important to make sure that the customer owns the intellectual property rights of the item. Creating an NFT that one does not own could become a legal issue.

With the digital asset ready, you can mint the NFT.  The NFT marketplace that the customer has chosen has a step-by-step guide on how to upload the digital file to their platform. This will allow any digital asset or file to be transformed into a marketable Non-Fungible Token.

The last and final step in the NFT minting process is deciding how to monetize the NFT.  Customers can sell it at a fixed price, set a timed auction, or set an unlimited option depending on the platform.

It is also important to set royalties in case the NFT resells on the secondary market this can ensure that the first owner could still cash in. When setting a price for an NFT, it is crucial to keep fees in mind. Some beginner NFT sellers lose money for setting their prices too low and not considering the fees.