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Sep 2nd, 2022.
2 min read
We will explore how NFTs are created to represent this content through a “mint”.
For starters - let’s explore the genesis of the term "mint".
Minting was first used to define the stamping of metal in order to create a coin. It was the process of converting a common metal into a standardized currency.
The term has since broadened to be used in defining the creation of something new and unique. New inventions, technology, or even certifications may now be referred to as ‘newly minted’.
Minting was adopted by the cryptocurrency community to define the creation of a new token. Tokens could be fungible or non-fungible as well as have a fixed or variable supply.
Minting refers specifically to the creation of the token with association to a piece of art, music, video, utility, or other data. It does not refer specifically to the creation of the data. Minting is better compared to the idea of ‘publishing’ something like a book or record.
This idea carries over to the world of cryptocurrency where the content of an NFT is created before the NFT is minted.
A “mint” in an NFT collection refers to the creation of NFTs in that collection. The mint can be initiated by the creator or a third party who wants an NFT from a collection. It can refer to both the act of creating the NFT or the event at which the NFTs are created.
Minting an NFT requires a fee to trigger an event on the blockchain. It can also require a fee to pay the NFT creator for their work. Other creators choose to enable the mint for free to enable access.
The process of minting an NFT will depend on if you are minting an NFT from a project's “mint” event, or if you are creating and issuing an original NFT yourself.
Each NFT Project runs their mint process differently.
Most NFT projects will have a website that you can connect to with a cryptocurrency wallet.
The project website will likely walk you through the process of minting the NFT by signing a transaction with your cryptocurrency wallet. This will result in the NFT being minted to your address.
The art or asset for the NFT you are minting is often already created. The mint brings the NFT into existence on the blockchain. This can help reduce the cost of the mint.
Some NFT “mints” are free, and others cost money. It is very important to be careful where you connect your web3 wallet, and what transactions and signatures you sign when connecting your wallet to a website.
NFTs are still a nascent technology with significant growth and innovation on the horizon. The web3 space will continue to evolve, making it easier to purchase and mint NFTs in the future.
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