A shocking incident has been reported where an unknown user spent 204 ETH worth $553k just to mint NFTs (Non-Fungible Tokens).
Apparently, the decision to mint the Tubby Cats collection for such exorbitant fees is a speculative bet, with the collections floor prices currently sitting at the 0.5 ETH floor price on NFT marketplace OpenSea. The collection would need to be close to double its current market value for the investor to reach a breakeven price.
What are NFTs?
This is probably one of the most talked-about terms in the domain of technology. Many are touting the arrival of non-fungible tokens or NFTs as the first step in transforming the digital representation of real-world assets. NFT assets have cemented their popularity in recent times, with many NFT artists earning millions from music, collectibles, and designs with the support of blockchain.
How to mint NFTs?
Now that you are ready to create an NFT, you should get familiar with some factors that could sway your decision on where and how to mint your first NFT. The first thing to have at the back of your mind is that several blockchains support the NFT token standard.
Once you mint your NFT on any of the blockchains listed above, it is most likely impossible to transfer them or sell them on other blockchains. Hence, take the time to research the pros and cons of each blockchain’s NFT ecosystem before making a decision. For this guide, we will explore the minting procedure for NFTs on Ethereum.
Currently, Ethereum is the most popular hub for NFTs. Ethereum is followed by Binance Smart Chain, which is more affordable when it comes to transaction fees. In other words, Ethereum and Binance Smart Chain host the biggest marketplaces for NFTs and offer more exposure to NFT buyers.
Note that the blockchain you choose will determine the array of NFT marketplaces you can choose from. For the Ethereum blockchain, you can access a rich list of NFT platforms including OpenSea, Rarible and Mintable. On the other hand, the NFT marketplaces particular to Binance Smart Chain are BakerySwap, Juggerworld and Treasureland.
How to Mint an NFT on Ethereum?
It is quite easy to create an NFT on Ethereum. All you need is an Ethereum wallet that supports NFTs and an account on an Ethereum-focused NFT marketplace. Some examples of wallets that are compatible with NFTs are Metamask, Trust Wallet, and Coinbase.
We will explain how this process works on OpenSea and use Metamask as our wallet provider. Note that you must have created an Ethereum address or wallet on MetaMask before heading to OpenSea
