How to mint a NFT
NFTs have emerged as a revolutionary way to own, sell, and trade digital assets. But what does it cost to mint an NFT on Objkt, and how does one go about it?
Cost & tips
You'll want about $2 in Tezos (XTZ) to mint 1 collection with 10 different NFTs.To mint an NFT you first need to create a collection which costs 1 XTZ on Objkt.comA NFT costs between 10 to 15 cents to mint.
Each NFT can have up to 10,000 editions.Editions can be bought by collectors/fans,
or the artist can send them to fans and friends for a cost of less than 2 cents.If you make too many editions, collectors may be less likely to buy them unless you're already very famous.
Get to know NFTs
Imagine you've just created a painting, a piece of music, or even prompted an AI to come up with something interesting.An NFT is like a special digital sticker you put on it that says, "Yep, I made this and this is the real deal."This sticker — the NFT — lives on a decentralised ledger known as a blockchain, which is basically a super-secure list that anyone can check but no one can mess with.
Marketplaces
NFT marketplaces like objkt are the galleries or shops where these digital treasures are displayed and traded. They're places where anyone who fancies themselves a digital art collector can browse, buy, and sell these NFTs.
Benefits
Because each NFT is unique, it can be bought and sold just like any piece of art or collectible.One benefit for the artist is they get royalties automatically paid every time their NFT is resold.
Another benefit for the artist is they don't need to distribute through a label who often charge for their service or take a huge cut out of their earnings.The benefit for fans is they support the artist directly with NFT artists commonly receiving 97.5% of the payment.This is more beneficial for the artist than the fan, but there's an intangible benefit for fans who will know that their support will actually go to the artist.
Royalties
Compare what objkt gives artists - 97.5% with the split from other platforms:
| Platform | % that goes to artist's label | % that goes to artist |
|---|---|---|
| Apple Music | 52% | N/A |
| YouTube Music | 70% | N/A |
| Spotify | 70% | N/A |
| Bandcamp | N/A | 80% |
Setup a Tezos Wallet
To mint an NFT on objkt, you must first set up a Tezos wallet, which will serve as your own digital account for holding and transacting in Tezos (XTZ) tokens and NFTs.This is distinct from a cryptocurrency exchange account (like Coinbase, Kraken & Binance) which you might also need to setup an account with if you wish to buy tezos (XTZ) or to cash out to your bank account.A popular choice for this is Kukai, which is a user-friendly Tezos wallet that can be set up quickly using a social media account.To learn more about Kukai, visit their website or checkout our other website Tezos Rocks which explains a bit about the different account options on Kukai.
How to login to objkt
Click the door icon, then choose Kukai Wallet and accept the connection in the page with Kukai open.This works both on Desktop and mobile.If it doesn't work try reloading the page.
Image credits