How To Mint NFTs? Step by step guide on how to mint NFTs |
Posted: February 27, 2023 |
What is Minting? (How to Mint NFTs) What to add as a pre-mined NFT? (Mint NFTs) This article explains how to mint NFTs, by introducing and reviewing each of the main steps in the Minting process. Minting is the process of bringing any asset to its “final point” in order to produce its real-world counterpart.
Some of the most important assets that have been used to mint tokens, are: Gold, Silver, Copper, Real Estate, Bitcoin, and Ethereum. There are many different methods to mint an NFT, such as: Pre-mining nf-tim (a.k.a. Proof-of-Stake) Airdrop Paying users for tokens The process to mint any type of asset can be long and/or complicated and most of the time it involves a third party, hence why it is known as a “Minting” process. The Minting process is a part of the Token Creation process (see my previous article: A Minting process consists of: (1) Preparing the Asset Minting is the process of bringing any asset to its “final point” in order to produce its real-world counterpart. Some of the most important assets that have been used to mint tokens, are Gold, Silver, Copper, Real Estate, Bitcoin, and Ethereum. In the next sections, I will be explaining in detail the first steps of the minting process, starting from the assets themselves. 1. Gold 1.1 The Asset Gold is an element, not a token, so it doesn’t have a native token representation. It is used as an asset because, while it is a finite resource, its value keeps increasing over time. If we want to create a Gold token, one way to do it would be by creating an Asset Token Offering (ATO) of the Gold token. In the ATO, new Gold tokens will be issued based on an actual supply of Gold stored on the Asset Manager. Let’s get to the steps! 1.2 The Minting Process The Minting Process of an asset is composed of different steps:
(1) Preparation of the Asset This is done by either (i) selling existing Gold to investors (ii) purchasing all existing Gold from central banks, or (iii) creating a company that will store the Gold. 1.3 The Different Aspects of the Minting Process Let’s review the different aspects of the Minting Process: The Minting Contract: it is a contract that runs on top of Ethereum and which defines the minting conditions for a certain amount of Gold. Gold Minting: This is the minting process of the actual Gold token, which can be done in several ways: (i) Buying the required Gold from central banks, (ii) Selling the required Gold from central banks, (iii) Creating a company that will store the Gold. Asset Token Offering: This is the process to create new Gold tokens, which can be done in two ways: (i) Selling Gold, (ii) Buying Gold. 2. Silver 2.1 The Asset Silver is another element, which is not a token and is not an Asset (i.e., it has no fixed supply). But as a commodity, its value increases over time, like Gold. 2.2 The Minting Process The Minting Process of a commodity, like Silver, is composed of different steps, which are the same as in the case of Gold, except that in this case, there is no Asset Token Offering, as it is not a token. 2.3 The Different Aspects of the Minting Process Let’s review the different aspects of the Minting Process: The Minting Contract: it is a contract that runs on top of Ethereum and which defines the minting conditions for a certain amount of Silver. Silver Minting: This is the minting process of the actual Silver token, which can be done in several ways: (i) Buying the required Silver from central banks, (ii) Creating a company that will store the Silver, or (iii) Selling the required Silver.
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