The NFT-Making Process Explained in Two Steps
In this article, Creatology identifies two fundamental steps for making a non-fungible token (NFT) and reviews the criteria for comparing the NFT minters who publish them.
Creating an NFT – Step 1 – Make Some Art
Producing art, music, or written works in your home, office, or studio is in the creative portion of the non-fungible token (NFT) process. Creative work continues all the way to the packaging and digital transference of the art to an NFT minting service provider.
Creating an NFT – Step 2 – Publish Your Creative Work
Think of minting an NFT as similar to publishing artwork or a book. Minting an NFT is publishing a unique digital asset on a blockchain so that it can be bought, sold, and traded.
NFT Minting and Marketplaces
After an NFT is uploaded, it is minted onto the blockchain. By minting an NFT, a file is turned into something that can be easily bought or sold through the blockchain.
Criteria for Comparing NFT Minters
Below is an ordered list of criteria, along with definitions and notes where applicable:
- Platform Name and Type:
- Definition: The name of the NFT platform and whether it’s a marketplace, gallery, or standalone minting service.
- Notes: Identify the platforms being compared and their primary functionalities.
- Definition: The cost to mint an NFT on the platform.
- Notes: Consider both upfront fees and any additional charges (like gas fees).
- Supported File Types:
- Definition: The types of files (JPEG, GIF, MP4, etc.) that the platform accepts for NFT creation.
- Notes: Some platforms support a wider range of file types, which can affect the versatility of the NFTs.
- File Size Limitations:
- Definition: The maximum file size allowed for NFT uploads.
- Notes: Larger file sizes might impact upload speed and blockchain transaction costs.
- NFT Minting Limitations:
- Definition: Any restrictions on the number of NFTs that can be minted by a single user.
- Notes: Some platforms may have tiered plans with different minting limits.
- Smart Contract Options:
- Definition: Choices for the underlying smart contract technology (Ethereum, Binance Smart Chain, etc.).
- Notes: Different blockchains offer varying levels of scalability and cost-effectiveness.
- Smart Contract Customization:
- Definition: The degree to which users can customize their NFT smart contracts (royalties, unlockable content, etc.).
- Notes: More customization allows for unique features in NFTs.
- Blockchain Transaction Fees:
- Definition: The fees associated with minting, buying, and transferring NFTs on the platform’s blockchain.
- Notes: High fees can deter users, especially during times of network congestion.
- User Experience:
- Definition: How intuitive and user-friendly the platform’s interface is.
- Notes: A smooth experience can attract more users, especially newcomers to NFTs.
- Display and Showcase Options:
- Definition: How NFTs are presented on the platform (gallery view, grid view, etc.).
- Notes: The visual appeal and organization can impact a buyer’s decision.
- Metadata and Description Options:
- Definition: The ability to add descriptions, tags, and metadata to NFTs.
- Notes: Rich metadata can provide valuable context and enhance discoverability.
- Royalty and Revenue Distribution:
- Definition: How royalties are distributed to creators upon secondary sales.
- Notes: This can affect the long-term income potential for creators.
- Community and Social Features:
- Definition: Features that encourage engagement and interaction among users and creators.
- Notes: A strong community can drive more attention and sales.
- Ownership Verification and Proof:
- Definition: Methods for verifying the authenticity of ownership.
- Notes: This is crucial for establishing the value and legitimacy of NFTs.
- Integration with Wallets:
- Definition: Compatibility with different cryptocurrency wallets for seamless transactions.
- Notes: Wallet integration affects the ease of managing NFTs.
- Security Measures:
- Definition: Measures in place to protect NFTs and user data from breaches and hacks.
- Notes: Security is paramount in the NFT space.
- Marketplace Exposure:
- Definition: How easily NFTs are discovered within the platform’s marketplace.
- Notes: Higher exposure increases the chances of sales.
- Resale Market Integration:
- Definition: Integration with secondary marketplaces where users can sell their NFTs.
- Notes: Easy resale options can attract creators and collectors.
- Community Governance:
- Definition: The involvement of users in decision-making processes for the platform.
- Notes: Community-driven platforms might have unique governance structures.
- Technical Support and Documentation:
- Definition: Availability of support and educational resources for users.
- Notes: Good support and documentation enhance the overall user experience.
Remember that the significance of each criterion might vary depending on your specific goals and preferences.
Creatology Creatives and Analysts to Assist
Creatology continues to research the world of NFTs, cryptocurrency, and blockchain miners to assist our creative community with crypto-decision making. Moving forward, we will distill and present information graphically using tables, charts, and other methods to guide readers through the decision-making process.
We’ll also be trying and testing crypto vendors and sharing real-world experiences.