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What The NFT

Minting NFTs

Learn about how to mint an NFT.

Minting Guide

So you’ve been in the NFT space for a while. You’ve possibly found a project that you like. But people keep throwing around the word “mint”. What exactly is that? 

Minting an NFT is a fancy term for buying your NFT or digital asset directly from the project for a set price plus any gas fees. In layman terms, it transfers the ownership of the digital file to your wallet address. And voila – you have minted!  

After the project “sells out” their collection minting will no longer be available, and to purchase a project’s NFTs, you’ll need to buy them off secondary markets such as OpenSea. At this point, the market (i.e. buyers and sellers) will determine the price.

Each project has its own minting schedule but most follow the same skeleton process. This begins at the mint website for a collection. Once you have been provided the official link for the collection, you will be asked to connect your wallet, pick how many NFTs you would like to mint, and then press the Mint Now or Buy Now button, confirm this transaction when it pops up in your wallet and that’s it! 

Once the transaction has been confirmed on the blockchain, the NFT will appear in your wallet but may take a bit longer to appear on OpenSea.

Security Reminder: Please do not click on any links other than the official ones posted by the project in their discord server. Fake links found in Direct Messages are a commonly used scam tactic to attract you to a different and malicious website. 

Staying Safe When Minting

If you have looked into NFTs, specifically the Twitter space, you may have seen numerous influencer posts about different NFT projects they’re supporting. Maybe you have seen ads on  social media for various projects that are “minting soon”. 

Don’t worry, you’re not alone! 

It seems that there are endless NFT projects minting every single day and deciding to mint or not to mint can feel like an impossible decision. 

Here’s some things you may want to consider in your decision making.

Every single successful project has a healthy balance of flippers (traders who buy and sell purely for a profit and generally do so in a short period of time after acquiring the NFT) and holders (consumers who mint an NFT with the intent to retain it for long term appreciation),  collectors (consumers who mint an NFT for its utility and art components) and investors (consumers who mint an NFT specifically for its financial return on investment). 

When deciding what you want to mint, it’s important to assess which of the above is your first priority. Which of these identities is YOU first and foremost?

Regardless of which approach you decide is yours, always Do Your Own Research (DYOR). No matter how much hype you may see around a particular collection or project, or even how little hype you may see, the best person to answer where your best interests lie is you! 

When deciding which NFT to mint, there are many signs and warnings you’ll want to keep your eye out for! Some of these can be a tell-tale-sign of the project and include! Some of these major signs include (but are not limited to):

Discord Membership: Is their discord full of real, active, and engaged members? Do you feel like you can enter the discord and connect with others? Be sure to keep an eye on how team members interact within the discord. Are the administrators and moderators engaged? Do they respond to questions appropriately and with well resourced knowledge? How is the discord organized? Is necessary information easily located? Are they assisting their members to become better educated or just filled with hype? 

Social Media Presence: Does the project have a solid social media presence? Not just followers count! Be sure to look at post likes, comments, and shares! Many pages can have a massive following, but little to no engagement! 

Roadmap: A HIGHLY crucial piece of examining an NFT Project. Be sure you read through the roadmap of the project. This will tell you what the project intends to achieve. When formulated comprehensively, a roadmap should display the intentions of the project Founders and explain the future of the project. Is everything on the roadmap attainable? Does it seem too good to be true or is the roadmap under developed? 

Art: A MASSIVE part of the value of an NFT Project is the art displayed on each individual NFT. When deciding which projects to mint, be sure to tap into your creative likings? Is it something you like to look at? 

Doxxed Team: Has the Founding Team of the project made their identities known? This may seem small, but this a crucial step, into understanding who’s behind the project and what they stand for. 

Utilities: Owning an NFT isn’t always just owning a pretty piece of digital art. Does the project you are researching provide unique utilities to their holders? Are these various advantages intriguing to you? 

Cost: Are you able to afford the minting price? In any financial investing space, you’ll see the approach of “only spending what you can afford to lose”. This is a very healthy approach to choosing which NFTs you want to invest in. If a minting price of a project is higher solely on the hype circling the project, be sure to evaluate if you’re able to maintain financial safety if you don’t see a return on the money you used to mint. Do not invest in a project without considering both the best and the worst case scenarios, and all the speculative space in between! 

One of the benefits to minting an NFT is the access you have to buy into a project at its earliest point. Minting enables you to be the first owner of the NFT. 

If the demand outweighs the supply, as with any market, then the cost of minting the NFT can be less than the sellable value on secondary market, regardless of what the individual NFT’s  minted appearance ends up being.

You have the added benefit of a lottery component. This relates to projects which engage rarity attributes and traits (as most generative collections do). Minting an NFT means you receive a randomly generated token, with randomly generated traits and these traits then each have their rarity evaluated. The lottery component means you could end up minting one with a high or low rarity (the higher the rarity score, generally the higher the value) at the same level of investment. 

Have a look at some of the more popular projects and their selling value on the secondary market. Here you will see that the difference that is established between a high and low ranking NFT can be quite extensive.

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