Step By Step Guide to Mint an NFT
In this article, we’re going to take a look at the process of minting non-fungible tokens (NFTs). These are a type of crypto asset that has some interesting properties. They can be traded in a marketplace and they can also be used as an ownership token for individual items. The first thing you’ll need is a wallet to hold your NFTs. The next step is to find an ERC721 contract on the Ethereum blockchain. This will let you create your own NFT from scratch or use someone else’s code if you want to speed up the process. Next, it’s time for some coding! You’ll need basic knowledge of Solidity programming language and the Remix IDE. When you’re done, your NFT will be good to go!
Well then, let’s get started!
Step 1: Make a wallet
To start minting tokens you first need to have a place to store them. A wallet is an essential part of cryptocurrency and other digital assets management as it lets you send and receive transactions from one address to another. It also provides utility for protecting access to your tokens against theft or loss because it requires confirmation before any transfer can be made. Wallets come in many varieties but we’ll focus on two main types: hardware and software wallets.
A hardware wallet (or cold storage)is physical device such as Trezor, KeepKey or Ledger that stores the user’s private keys offline. Hardware wallets are a great option for people who want to keep their tokens safe from hackers and easily accessible when they need them. The downside is that cold storage wallets can be expensive and somewhat inconvenient to use because you need to plug them into your computer every time you want to make a transaction.
In contrast, an online or software wallet stores your private key on the company’s servers which gives it more functionality than a hardware wallet but makes it much less secure in exchange. These types of wallets can be free or charge a fee depending on how they’re used! Make sure you store your seed phrase in a safe place if you have this kind of wallet which lets you access your tokens even without internet connection.
Step 2: Find an ERC721 contract
The next step is to find a smart contract for your NFTs. This will let you create tokens with unique properties, set their token name and symbol as well as the total supply of tokens and more! These contracts can be acquired through different sources such as MyEtherWallet or EtherScan .
Before we move on it’s important to note that there are two types of non-fungible tokens: Ethereum Request for Comment 721 (ERC721) and NonFungible.com’s NFT standard. The main difference between them is that only the ERC721 complies with the EIP standards which means that other protocols can’t interoperate with them without conversion. ERC721 tokens are compatible with the Ethereum network while NFTs developed using NonFungible.com’s standard can be converted into ERC721 tokens if needed.
Step 3: Coding your token NFT
After you have the smart contract for your NFT, it’s time to do some coding! There are a few parameters that you need to pay attention to when minting an NFT. Let’s take a look at each of these properties in detail below:
Token name is the unique identifier assigned for this NFT and must match the corresponding smart contract address. It’s also very important because it will be used when displaying information about this NFT on a marketplace.
An 18-character string that consists of the hexadecimal representation of your token address which is needed to make your NFT unique and prevent it from being mistaken with another one.
Token symbol is similar to the token name except it’s shorter and represents an identifier such as dollar, euro or bitcoin. It can be any combination of lowercase letters (a-z), uppercase letters (A-Z) and numbers (0–9).
TotalSupply specifies how many tokens you will mint and they’re all created at once when you call the contract function “mint”. Minting ERC721 tokens has a cost based on gas consumption so make sure you have sufficient Ether in your wallet before minting.
Token symbols are used to display information about this NFT on a marketplace and should be chosen carefully because they’re the only unique identifier for your tokens.
Step 4: Minting your NFT
Finally, we’re ready to make our token! First, you need to add two additional variables when creating an ERC721 contract: tokenURI and tokenSalePrice_USD which will let you link back to your website or trade your NFTs on a marketplace such as OpenSea . For now, these variables don’t need any values assigned but it can be very useful when you want other users (and yourself) to find out more information about the tokens being sold.
The tokenURI will link to your website which can be used to find out more information about the token you are selling while the tokenSalePrice_USD variable lets buyers search for current prices of your NFTs on different marketplaces (such as EtherDelta , OpenSea and RareBits ). The token’s details page will display the price of each item in USD instead of ETH which is very important when comparing items with different base prices.
When you call the contract function “mint”, it creates new tokens and assigns them to addresses (your wallet address) who called this function. It costs gas depending on the amount of tokens that get created so make sure your wallet has enough ETH to cover the price.
Step 5: Using your NFT
The tokenURI that you will create lets buyers see what type of item they are getting when buying your NFTs. If the value of an ERC721 contract changes, all values will be updated automatically which means that once a buyer purchases this item, they can rest assured it won’t get taken away from them.
You can also add additional parameters to further customize how your tokens are displayed on different marketplaces such as EtherDelta , OpenSea and RareBits . These parameters include ETH-decimals , minter , minterFeeRate_percent, timestamp or status.
I hope you’ll join me on my Discord server https://discord.gg/SEK7FfudgW where we can chat about art, crypto, and everything in between. You can also find links to my OpenSea collections there. Thanks for reading!