Minting Process in NFT - Some Simple Steps and a PS

Hi, again!

I'm "jumping in" to tell you some facts about Minting.

Certainly, people came across this word when they found out about cryptographic projects, in particular, NFT projects. So today I will write an article explaining this term, so that everyone can better understand. I am not an expert in the field, but I will try to be as clear as possible.

What is Minting?

Minting is the process by which we enter data into the Blockchain system.

Once the data has been entered, there is no way to delete it. Because the data exists on the blockchain, so the data can be viewed publicly. In other words, the data source is already public and verified.
Imagine your blockchain as a digital notebook. Like paper pages, these digital pages can only contain a limited amount of information.

So new pages are created regularly to store more information. These pages are blockchain blocks. To keep the blockchain network running smoothly, it is possible to create one block at a time.

Proof of stake is the inventory process that controls how blocks are created and how data is added to a block.

NFTs are usually created on the Ethereum blockchain, although NFTs can also be created on other blockchain systems (for example, NFT Top Shots on the Flow blockchain).

In short: you can imagine minting as the process of bringing products (data) to the Intellectual Property Department (Blockchain) for registration (entering data into the system of the intellectual property rights department).

What is Token Mintable?

The tokens that can be sent are ERC20 compatible tokens and add an extra feature: New tokens can be created at any time and added to the total offer. The ERC20 does not have this feature, which makes them a fixed supply token.

The role of the Minter

The role of Minter is an address that has special privileges to create new tokens, thus adding them to the total offer. There may be multiple Minter role addresses, but in reality, it's usually just one address. The first Minter is the address of the implementation of the smart token contract. An existing miner can add a new minter, grant you the privileges to become a minter again, or transfer your rights to another address.

Monetary and Mining

Note that the terms Minting and Mining are two completely different terms

Minting: This is done by sending a transaction that generates new tokens under the smart token contract. A call to the smart contract function can generate an unlimited number of chips without consuming energy.

Mining (I just explained the basics, not going into Mining): creating new tokens, but often limited by the consensus rule of that blockchain and necessary to expend energy. Mining has other purposes, such as securing the network and encapsulating new transactions in blocks.

How to embed assets in Blockchain?

You can now access NFT platforms to continue the Mint process. Platforms may include ENJIN, Rarible, ……

I will take the example of Mint data in Blockchain to form NFT. In other words, create an NFT:

Step 1: I will choose a platform for example Rarible:

Step 2: Then I will continue to connect my hot wallet (for example, I use Metamask...I always incline to call it "Metafox" lol!)

Step 3: Then I will continue to click on "Create collectible"

Step 4: Initialize NFT (enter name, price, ...)

Then there will be the interaction with the wallet to be initiated. As you can see, before assets are incorporated into the rare blockchain, you need to go through three steps:

1. Approve
2. Mint token
3. Sign and sell the order

After paying the fee for each step, you have successfully created your own NFT. In other words, you have successfully deposited your assets in the Blockchain.

Note

If you now have a lot of data in mind to sign up for your own NFT, then consider this. In fact, I successfully created an image on Rarible (ETH) on March 3. And it's really heartbreaking because when I created NFT, I spent about $ 2021 just to dissipate that an NFT was born.

In particular, the Mint is the part with the most taxes (almost $ 70-80). This is also a major barrier for investors who do not have much financial potential, with innovators accessing this potential Crypto-NFT market.

However, there have been a few projects that have made improvements to address this, usually ENJIN in development. JUMPNET so that users can MINT active at almost no cost.

These are just some simple steps to help you understand a few simple things about minting and its role in NFT industry.

THANK YOU!

Sending hugs to the community!

XOXO!
@regenerette thanks you for watching and reading!

PS For those that have a higher reputation in Hive being here for longer than my 2 months - Is there a place where we can find LeoFinance NFTs?
I'd love to have one!

Leo gif @mariosfame