Well, we have all heard the term mint and NFT, but what does it mean? And how is minting an NFT actually done?
In the new virtual world of digital assets we are all faced with a common problem, one which is somewhat unique to anything else we have experienced, proof of ownership. Proving ownership in the physical world has usually involved a receipt or paper document mabey a payment was made proving that you are the legitimate owners, however in the digital world we are faced with an almost paperless environment so how does one prove ownership over a digital asset such as image.jpg file or music.mp4 file.
Enter NFT, the Non-Fungible Token, a digital blockchain wrapper for your digital asset. The way it works is rather ingenious in that only one person can own the NFT at one time, so whoever owns the NFT owns the contents of that NFT.
Sounds great right? I can take a picture of my 3 year olds finger painting which is in PNG file format and wrap it in a Non-fungible token and now I am the legal owner of that picture. If my kids want the legal ownership of a picture a few years down the line I transfer the NFT to them now they are the owners.
Using NFT we are able to transfer legal ownership of digital assets. So how do I mint one?
First you need a get setup for this you will need the following:
Metamask Wallet most trusted for Ethereum
Some Ethereum crypto currency
Finally an NFT Drop event
Once you have the two basic items, find an NFT drop event that is happening using NFT Calendar, check the start date and be ready, remember most start dates are in UTC time not your local time.
When the time comes click the mint button on the project's official website it will open Metamask and connect to the website, once connected you can click confirm to mint your NFT. After minting you can visit opensea to view your NFT.
If you don't want to Mint someone else's NFT but rather make your own using your kids finger painting for example, platforms like Opensea allows you to upload your image and create the NFT on their website.