Lecture 8.0.0. Practical Session:
How to Create and Mint an NFT
Creating and minting your own NFT is a relatively straightforward process and doesn’t require extensive knowledge of the crypto industry. The following are the simple steps that you can use to create and mint your NFTs on EdaFace NFT Marketplace:
Step 1: Decide which Blockchain to Use
Decide on which blockchain you want to issue your NFTs. As at the writing of this manuscript, there are two blockchains commonly used for NFT creation and minting, and these are:
• Ethereum chain
• BNB Smart Chain (BSC)
Ethereum chain has the largest NFT ecosystem but charges expensive gas fees. Hence, it will be far cheaper to mint your NFT via BSC.
Indeed, because of BSC cheap gas fees, speed and ease of use, many people are minting their NFTs through it and it may overtake the Ethereum chain ecosystem in NFT minting volume.
EdaFace NFT Marketplace allows you to create and mint on both Ethereum chain or BSC.
Step 2: Open a Crypto Wallet
A good number of non-custodial wallets you can use are available. Common ones are Metamask, Trust wallet, Binance Chain Wallet, MyEtherWallet, etc.
If you don’t know how to set up your wallet, see the Lessons in Grade 4 of the Primary School of Cryptocurrencies.
Step 3: Fund Your Wallet
Login to your wallet and fund it with BNB. You may need about 0.03 BNB to create and mint your NFT on BSC and about 0.03 ETH to create mint on Ethereum chain.
If you don’t know how to fund your wallet, see the Lessons in Grade 6 of the Primary School of Cryptocurrencies.
Step 4: Choose an NFT Marketplace.
EdaFace NFT Markeplace a multichain platform, is rapidly growing to become the foremost NFT marketplace on BNB Smart Chain and Ethereum chain.
Transactions on EdaFace NFT Markeplace are incredibly fast, within seconds, and it is much cheaper (most times free) to create and mint on EdaFace. You can access EdaFace NFT Marketplace at: nft.edaface.com.
Step 5: Open EdaFace Account
Register and obtain an account with EdaFace by clicking on nft.edaface.com. This is free and requires only your username, email, and a secure password to protect your account.
Step 6: Connect Your Wallet
Click on “Connect Wallet” on EdaFace NFT Marketplace and select your wallet. If your wallet is unlocked (open), it will be connected.
Step 7: Click on “Create” button.
Once you have connected your wallet to EdaFace NFT Marketplace, click on “Create” button to reveal the minting page.
Step 8: Select the NFT minting format.
On the minting page, there are seven formats on EdaFace NFT Marketplace that you can choose from to mint your NFT:
(i). Single Minting
(ii). UniMultiple Minting
(iii). PolyMultiple Image
(iv). PolyMultiple Audios
(v). PolyMultiple Videos
(vi). Layer-by-Layer Minting:
(vii). Lazy Minting
Please, note that:
• You can only select one minting format for each minting time
• Lazy Minting is available for all the other six minting formats. Meaning that for each minting format you have selected, you can also choose to include Lazing Minting or choose not to.
Step 9: Upload Digital Asset
Upload the digital asset that you want to mint as NFT.
For video and audio NFTs, remember to upload the Thumbnail Files as well if you want customized backgrounds.
EdaFace NFT Marketplace allows you to preview the uploaded asset by simply clicking on “Preview” or “View.”
Step 10: Confirm Network Selection
Network refers to the blockchain network you are minting on. Therefore, confirm the blockchain network selection.
Step 11: Fill in NFT Details
Fill in the nine details of the NFT you want to mint, which include:
(a). Name
Note that the Name shouldn’t be too long, but something short and memorable for your targeted audience.
(b). Brief description.
Brief Description refers to what you want your NFT to be remembered for or associated with, e.g. it can be a description of why you created and minted the NFT.
EdaFace NFT Marketplace does not restrict the length of the description. However, the industry standard is that the description should be less than thirty-five (35) words.
(c). Create a Collection Folder
EdaFace NFT Marketplace is designed in such a way you can collect all your NFTs in one folder. You do this by clicking on “Select Collection.”
(d). Category
Select the category of NFT you want to mint. There are three NFT categories – Art, Collectible, and Gaming, which correspond to the three arenas of EdaFace NFT Marketplace. Thus, an Art NFT will be displayed on Art Arena, etc.
Note that each NFT has sub-category. Choose the correct category and subcategory for your NFT.
(e). Royalty
Decide how much you should charge for royalty. For upcoming creators, as a promotion tactic, you may want to keep your royalty fee at 0%; meaning no royalty charges as an advertisement strategy.
(f). Lazy Minting
Conform if you are Lazy Minting or not.
(g). NFT Quantity
Type in the number of copies of the NFT you want to mint.
Note the following:
• For Single Minting, you can only mint one per time.
• For Layer by Layer Minting, the number of copies you want to mint depends on the number of layers you upload.
You can know the number of layers you will need to upload to obtain a certain number of NFT copies by checking it up using the enclosed Measuring Rule, titled:
NFT Need to be Minted à Layers Needed (approximately)
(h). Whitelist Users
This refers to whether you want some specific wallets to be pre-approved to acquire your NFTs. You can insert these wallets at the specified places.
(i). Website and Social Media Links
For the purpose of advertisement, you may choose to link your NFT to your website, social media platforms, portfolio link, etc., by typing in the links here.
Step 12: Decide on Listing
When minting an NFT, you may choose one of the two options that are available for the display of the NFT:
(a). You may choose to leave the NFT in your portfolio account in which case only you will be able to see the NFT. If you choose this, you can later still display your NFT on the arena.
(b). You may choose to display the NFT at once, possibly for sale, on one of the three arenas of the EdaFace NFT Marketplace. If you choose this, you can later decide to withdraw your NFT from the arena.
If you want to put on sale the minted NFT by displaying it on the arena of EdaFace NFT Marketplace for potential buyers to see, then enable “List NFT.”
Once you’ve enabled List NFT, three Sale Options will be revealed. You will need to choose one of the three Sale Options for the sale of your NFT. These three Sale Options are:
(i). Fixed Price:
This means you will only receive one price offer from buyers.
(ii). Timed Auction
This means you will receive from buyers different bid price offers (“Bid Offers” for short).
Note the following three things about a Bid Offer:
• a Bid Offer is valid at or above the Minimum Bid price set by the NFT seller, which in this case is the creator
• a Bid Offer is valid within a specified time frame set by the NFT seller, which in this case is the creator
• The highest Bid Offer after the auction ends is the winning bid.
Thus, if you choose Time Auction sale, you’ll also have to set the start price (Minimum Bid) and expiration deadline. For more information, click: “Learn more how Timed Auctions work.”
(iii). Unlimited Auction
This means there is no Minimum Bid and no Specified Duration for the auction to take place. As the Seller of the NFT, you can start the auction with any bid price and end it at any time you so desire.
Step 13: Check the agreement boxes
EdaFace fights against any form of scams including plagiarism. Therefore, read through the Terms and Conditions, and if you accept them, check the appropriate boxes.
I declare that this is an original work. I understand that no plagiarism is allowed, and that the asset can be removed anytime if detected.
I have read and I agree to all the NFT Terms and Conditions and all legal requirements of EDA
Step 14: Create Item
When you have filled in all the parameters and accept the Terms and Conditions, click on “Create Item.”
Once you have done so, a page will pop out for you to click on 2 or 3 different buttons as follows:
• Create NFT
This will authenticate the connected wallet as the owner of the uploaded Digital Product using the wallet’s Private Key while at the same triggering blockchain smart contracts to add more unique identifiers to the Digital Product, making a completely unique, verifiable product.
• IPFS Upload
IPFS refers to InterPlanetary File System, and it is where your NFT file will be stored for easy access (see Page xxx). By clicking on this button, you will be uploading the meta contents of your NFT to IPFS.
Step 15: Mint NFT
This is one of the buttons that will be revealed once you start on Step 9. The minting button allows you to mint the uploaded Digital Product as NFT cards on the selected blockchain.
Congratulations for minting your NFT.
Note the Following Points:
(i). View Minted NFT
To view your minted NFT, click on “My Items” in your EdaFace account. “My Items” is accessible once your wallet is connected; you can access it by clicking on the wallet icon at the top right to see “My Items.”
If you have selected List NFT, you can go to EdaFace NFT Marketplace arena – Art, Collectible, or Gaming arena, depending on which category you have selected in Step 6(d) above – to view your minted NFT being displayed for sale.
(ii). Service Fees
The blockchain you are using will request you to pay gas fees for the creation and minting of your NFT. Therefore, keep some coins in your wallet for the gas fee (about 0.03 BNB for BSC or about 0.03 ETH for Ethereum chain).
BSC usually charges few pennies or cents as gas fees while Ethereum gas fees are much more expensive.