The NFT market exploded in the second half of 2020, with one NFT art selling for $69 million. The JPG file named “Everydays: The First 5000 Days’, by Beeple is a virtual mosaic, and its sale has turned many heads in the world.
As of October 2020, the total number of sales in the domain of NFT art had exceeded 4.9 million. The total cost of the sales amounted to more than $128 million. It seems quite interesting when you have the opportunity for minting out good money from art with NFT, doesn’t it?
Non-fungible tokens or NFTs are unique tokens that represent a specific asset or goods, especially digital art and collectibles. They have basically shifted the common perspectives on the applications of blockchain. It is possible to sell NFTs in auctions, thereby opening up new avenues for creators to earn revenue.
Subsequently, the interest in NFT minting has been growing due to the continuously increasing interest of collectors in NFT art and collectibles. So, what is minting? It sounds like creating a coin, although in the digital form with NFTs can help in creating digital or real-world content. The search for the cheapest way to mint NFT comes from the general assumption regarding returns from NFT arts.
Here are the things you need to know about NFT Minting!
What does it mean to mint NFT?
In simple terms, Minting NFT refers to the process of turning a digital file into a crypto collectible or digital asset on the Ethereum blockchain. The digital item or file is stored in this decentralized database or distributed ledger forever, and it is impossible to edit, modify, or delete it.
Simply put, “NFT Minting” is the process by which your digital art or digital property is added to the Ethereum blockchain.
The NFT minting procedure is quite similar to how metal currencies are minted and circulated; non-fungible tokens are “minted” after they are produced. This procedure converts a basic file into a crypto asset that can be exchanged or purchased with cryptocurrencies on a digital marketplace without the use of a middleman.
During the minting process, the NFT’s author can schedule royalties from subsequent sales, which will be a fee he can collect if his work is sold to someone else or exchanged on the secondary market.
What is the Value of NFT Minting?
NFTs are a one-of-a-kind option in terms of improving intellectual property control for the art sector. It also gives you access to a bigger worldwide network of collectors that are interested in NFT and other collectibles. As a result, an NFT minting approach might be a profitable choice for democratizing ownership, sales, and acquisitions of one-of-a-kind digital assets.
How long does it take to mint an NFT?
It is difficult to predict how long the process of minting NFTs will take. However, the majority of NFT platforms, tools, and markets make the NFT generation process simple.
By default, the process of opening an account or login into the major NFT markets is as simple as installing the Metamask browser chrome extension, which is an Ethereum wallet.
Now, converting your digital material to NFT or submitting the file to NFT markets and putting it for sale is just like uploading a video to YouTube, a music file to Spotify, and even offering a digital item or product for sale on Amazon, Ebay, or Etsy.
What happens after you sell your NFT?
When you establish a new NFT, you ensure that the ownership of the artwork is recorded on the Ethereum blockchain, which is a distributed ledger or decentralized digital database that is entirely transparent and makes any stored data impossible to change.
Each NFT contains unique information that can be easily accessed on the distributed ledger and verified in real time by anybody anywhere in the globe.
Once your NFT has been minted, you may set an initial selling price, program the royalties you want to get in commission everytime your work is sold, quickly advertise your product on social media or your personal blog, or execute a ‘drop’ – set up a timed auction and wait for bids on your NFT.
If you offer your NFT for sale and someone is interested in purchasing it, they can bid on it. If you accept the offer, the records will be made public, the NFT token will be transferred to the new owner, and the owner’s name, as well as the history or facts of the transaction, will be recorded on the Ethereum blockchain.
VUUZLE MEDIA CORP LIMITED, SOON TO LAUNCH ITS OWN NFT MINTING PLATFORM & MARKETPLACE
Carrying the purpose of staying relevant in the field, Vuuzle Media Corp is now headed in the right direction. The company is currently working with a huge international team in launching its own NFTs through its official coin, VUCO.
NFT’S MARKET POTENTIAL
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
HOW WOULD VUUZLE’S NFT MARKETPLACE MAKE MONEY?
As a marketplace for NFTs (non-fungible tokens), rare digital items, and crypto collectibles, Vuuzle’s marketplace will rely on fees collected from successful transactions for making money. For example, from the seller’s perspective, the fee is 2.5%. This means that if you sell to someone for 100 ETH worth of an NFT, you would keep 97.5 ETH, and Vuuzle would keep 2.5 ETH (2.5%).
The simplest way to understand howour soon-to-be marketplace will make money is, think of it as the escrow service for blockchain collectibles.
Our platform will be free to use by the buyers of NFTs. Sellers of NFTs pay a certain percentage of commission on any sales made through the Vuuzle’s marketplace.
VUUZLE’S NFT MARKETPLACE: BUSINESS MODEL
Vuuzle’s marketplace is visioned to make money on the sale of NFTs through its system. An NFT is a digital certificate of ownership that is non-duplicable. It is a “smart” contract created using open-source code.
Once the code is written, it is “minted” as a permanently published token added to the Ethereum blockchain (ERC 721 or ERC 1155).
The business model for Vuuzle is straightforward and fair. The platform takes a certain percentage fee of each transaction that happens, helping the platform grow along with the NFT economy. This business model helps in bringing together blockchain gaming enthusiasts, NFT creators, and crypto investors on one platform.
HOW MUCH MONEY ARE WE TALKING ABOUT?
The fees projected to be earned by Vuuzle can go up dramatically, hitting around $200,000 for each month through the end of 2021 to the first quarter of 2022.
By rough estimates, Vuuzle will probably achieve huge mark-up profitability, to exceed in the collection of more than $35 million in fees with continually growing revenues.