Setting up music NFTs (or minting) can be tedious, but it doesn’t have to be. In this article, we’ll show you 7 simple steps on how you can mint your NFT and begin to make profit.
If you don’t already know about NFTs, before you proceed, check out this article to learn about the basics: Music NFTs: Everything you need to know.
What is Minting?
Minting NFT simply means the process of taking a digital asset and converting the digital file into a digital asset stored on the blockchain. Simpy making or setting up NFT as a commodity that can be bought and sold.
Through a minting process, you’re able to define the condition of sales for your token whether you want to run an auction or sell a token at a fixed price. Also, during this process, you pay a fee known as “gas price” to have your asset written and validated on the Blockchain.
Gas prices fluctuate and the NFT platforms vary in the cost ($1 to $100) to mint an NFT,
However, some popular NFT marketplaces, such as Openseas and Rarible, use lazy minting as the minting process for NFTs where you don’t have to pay the gas fee. With lazy minting, the purchaser incurs the gas fees.
Decide on your item
Which of your intellectual properties are you turning into an NFT? Album cover? music? A tweet? Lyrics? Behind the scene footage? Decide on the unique digital asset.
Choose your blockchain
Once you’ve selected your unique digital asset, it’s time to start the process of “minting” it into an NFT. Minting begins by determining the blockchain technology you intend to use for your NFT. The most popular among NFT artists is Ethereum (CRYPTO:ETH). Other popular options include Tezos, Polkadot, Cosmos, and Binance Smart Chain.
Set up your digital wallet
A digital wallet (also called an e-wallet) allows you to access your digital assets. If you don’t already have a digital wallet, you’ll want to set one up to create your NFT since you’ll need some cryptocurrency to fund your initial investment. The top NFT wallets include Metamask, Enjin, Math Wallet, Binance Chain Wallet, Trust Wallet, and Coinbase Wallet.
Purchase cryptocurrency
Once you set up your digital wallet, you’ll want to buy some cryptocurrency. Most NFT platforms accept Ether, the cryptocurrency of the Ethereum blockchain platform. If you already own some cryptocurrency elsewhere, you’ll want to connect it to your digital wallet so you can use it to create and sell NFTs.
Connect the wallet to a marketplace
Once you have a digital wallet and some cryptocurrency, the next step is to start selling your NFT. Where else do you sell if not a marketplace.
Some of the best NFT marketplaces include Block Party, Mintable, SuperRare, Zora, Nifty Gateway, Opensea, Rarible, and ThetaDrop.
You’ll need to research each NFT marketplace to find a platform that’s a good fit for your NFT. For example, Zora allows artists to sell songs and receive 100% of the initial sale. Meanwhile, Mintbase guides you through the process of creating your smart contract, and the fee is 2% of every item sold, and they are perfect if looking for a way to certify your concert tickets.
What things should I consider before choosing a Marketplaces for my NFT?
You want to consider the following before choosing a marketplace:
- Marketplace Size: which blockchain has the largest number of NFT buyers and sellers?
- Secondary Markets: are there other marketplaces that can be used to sell and trade NFTs on the network?
- Additional apps and services: what kinds of wallets, exchanges and other services are available on the blockchain network?
- Mining fees: creating NFTs can be very expensive sometimes. You want to look for a marketplace that’s fit for your budget and payment plan.
- Contract and Profit margin: how much of your money do you stand to gain on this marketplace? Do you enjoy 100% royalties or part of it? You want to choose a marketplace that has potential to give to automatic lifelong passive income streams.
Once you’ve selected your NFT marketplace, you’ll need to connect it to your digital wallet. Doing this, you’ll be able to pay the necessary fees to mint your NFT and hold any profits.
Upload Your File
Now that you’ve chosen your preferred NFT marketplace, you’ll find an actionable guide for uploading your digital file to their platform. That guide shows you how to turn your digital file (a tweet, GIF, MP3, PDF, or other file type) into a marketable NFT.
Set up the sales process
The final stage is to decide how you want to sell your NFT. Depending on the platform, you can:
- Sell it at a fixed price: which only allows the first person willing to meet your price to buy your NFT.
- Set a timed auction: which allows interested parties to submit their final bid before the deadline.
- Start an unlimited auction: this is opposite of a timed auction. People submit their bid, but there’s no deadline. You end the auction whenever you want to.
If you set up an auction, you’ll need to set the minimum price. Also, you have to set your royalties to continue cashing in on your NFT if it resells on the secondary market, and if timed, you have to set how long the auction will hold. Keep marketplace fees in mind when setting the minimum price because you don’t want to lose money on your NFT sale because you’ve set the price too low.
CONCLUSION
NFTs have the potential to revolutionize the music industry and the way artists make money. This isn’t something you want to sleep on. Although most people don’t know about it yet, that doesn’t mean you shouldn’t invest right now. The earlier the better.
If you’re one of those who don’t know what NFT is? Check out “Music NFTs: Everything You need to Know” to learn all the basics. It’s the simplest article to equip you with the knowledge you need on music NFTs.
Cheers.
