Minting basically refers to creating a certificate or token for an individual asset and then uploading the same to the main blockchain. It is the process by which unique and digital objects are created – thus, NFT mining refers to ‘creating an NFT’ and subsequently becomes just one with the particular token.
But NFT mining doesn’t just mean creating an NFT – it’s a little more detailed than that.
Simply put, minting a non-fungible token literally means coining the NFT, and that too on the blockchain.
Obviously, you will get the confirmation for owning an NFT – this way, your officially registered property will be related to a wallet forever until you change the ownership of the same since these are traceable as well as identifiable.
Stay tuned to find out more about NFT mining in the context of 2023.
But Wait, What Is An NFT?
So, you have a fair idea about what does minting a NFT mean – but wait, what is an NFT?
An NFt or non-fungible token is a type of digital asset that comes in the different forms of in-game items, music, videos, art, and so much more. These are bought as well as sold online, and that is too frequently with cryptos. Like multiple cryptos, these are generally encoded with similar underlying software.
While these have been around us since 2014, non-fungible tokens are only starting to gain popularity now since they have become one of the most well-known ways of buying and selling digital artwork.
The NFT marketing used to be worth a crazy 41 billion dollars alone in 2021 – an amount that makes the actual worth of the entire fine art market globally.
Generally, NFTs are just one of a kind or, at the very least, have a pretty limited run with unique identifying codes.
Arry Yu, MD of Yellow Umbrella Ventures and Chair of the Washington Technology Industry Association Cascadia Blockchain Council, in this context, said, “Essentially, NFTs create digital scarcity.”
This stands entirely in stark contrast to most of the digital creations, which are mostly infinite in the supply chain. Hypothetically, when you cut off the whole supply chain, it must increase a given asset’s value, assuming the same is in demand.
Wait, There’s More…
But several NFTs, at least in the initial days, were more like digital creations which are already existing in some different form elsewhere, such as ironic video footage from different NBA games or even securitized versions of various digital artworks that have already been floating around on Instagram.
Finding out the basic minting NFT meaning will not help – instead, understanding how the market works can also help.
Popular digital artists, such as Mike Winkelmann, also known as ‘Beeple,’ actually crafted a solid composite comprising around 5000 daily drawings, which ultimately led to the creation of a popular NFT in 2021 called ‘EVERYDAYS: The First 5000 Days.’ This particular art ended up being sold for a crazy 69.3 million dollars at Christie’s!
Anyone can also check out the different individual images – and even the whole collage of the images for free online. So then, why would people be interested in spending so much money when they can just download the image or even screenshot the same?
This is precisely because NFTs allow the buyers to own the original items. And not just that, it also includes a built-in authentication that serves as proof of ownership. In fact, collectors are more inclined to brag about their ‘rights’ so much more than the items themselves.
How Does NFT Work?
So you know what is NFT minting! You also know what an NFT is. But how does NFTs work?
Non-fungible tokens basically exist on blockchains which happens to be distributed ledger that starts recording transactions. Chances are that you think blockchains are the underlying methods that make cryptos possible.
Typically, NFTs are supported by different blockchains, but they exist typically on the Ethereum blockchain. A non-fungible token is minted or created from various digital objects that usually represent both intangible and tangible items, including,
- GIFs,
- Collectibles,
- Design Sneakers,
- Graphic Art,
- Music,
- Sports & Videos Highlight,
- Video Game Skins & Virtual Avatars, and
- Tweets.
| Did You Know?Jack Dorsey, Twitter’s co-founder, actually sold his first tweet for over 2.9 million dollars as an NFT. |
Essentially, non-fungible tokens are definitely like physical collector’s items, only these are digital. So a buyer basically receives a digital file and not the actual painting for their wall.
Additionally, the buyer also receives ownership rights that are exclusive. This is because non-fungible tokens can have a single owner at one time. Plus, the use of solid blockchain technology kinda makes it pretty simple to verify the ownership and transfer the tokens between the owners.
At the same time, creators can store certain information as well within NFT metadata. For example, artists can actually sign their artwork – they just have to include their signatures in the digital files.
What Is Mintable?
We cannot talk about NFT mining without answering what is minting NFT means IRL.
Minting non-fungible tokens in Ethereum is pretty expensive. This is one trend that has actually made multiple marketplaces, such as Hicetnunc in the world of Tezos, succeed. Then a platform known as Mintable made an appearance that typically allowed free NFT minting.
Thanks to Mintable’s ‘gasless mining,’ you can do some great NFT mining for free at this popular Ethereum marketplace – this is one feature that can actually contribute to making NFT mining democratic since this feature rules out the necessity of resources.
Additionally, Mintable’s marketplace works with Zilliqa, another blockchain.
Currently, we don’t have much clarity over whether or not you can do free NFT minting here – this is because the company doesn’t really use a secondary blockchain or even ‘a layer 2 network.’ At the same time, buyers are not required to pay the fees for gas mining.
It is highly likely that Mintable is covering the expenses like Opensea, but it is mandatory to pay a few fas fees initially on Opensea.
| If you want to be a part of the NFT world, then the best thing you can do is start investigating, obtain a whole lot of data, and definitely participate in different forums to enhance your knowledge on the same. The world of non-fungible tokens is big, but at the same time, it is a very profitable world. |
And It’s A Wrap!
And that’s a wrap on NFT mining. As we just mentioned, if you are interested to know more about NFTs other than just knowing about ‘what is minting an NFT means?’ – then you need to do some solid research, join forums, and definitely keep up with the market.
So, tell us what your thoughts are on NFT mining – and while sharing your thoughts, feel free to talk about NFTs in the comments below.
