Minting is the process in which a transaction is validated on the blockchain to create a new asset, with that asset being an NFT.
Some projects let users mint directly through their website, whereas others let you mint NFTs through Etherscan.
Etherscan is a blockchain explorer for the Ethereum blockchain that's used to review transactions and lets you mint an NFT directly from the contract.
In this guide, we'll cover the seven steps needed to mint NFTs directly from the contract and the FAQ's around minting.
Let's get started.
Locate The Contract Address
Start by locating the contract address for the project. This will usually be on the official project page or social media platforms. Telegram, Twitter, and Discord are great places to look if you can't find them on the website.
You can also find the address on OpenSea if the project is already minted. On Opensea, head to the collection and click on the "Details" tab. Here you'll find a "contract address" option.
Once you've found the address head over to https://etherscan.io/. There are other sites where you can mint directly; however, Etherscan is the easiest.
Copy The Contact Address To Etherscan
Copy the contract address and paste it into the search bar on Etherscan, then click enter. After clicking enter, you'll be taken to a new page with a "Contract" tab. This tab should have a green check next to it. If it doesn't, the project has not been verified and may be a risky investment.
Click on Write Contract
Underneath the Contract tab, you'll see three options:
- Read Contract
- Write Contract
Click on the Write Contract option to open a drop-down menu of 14 options. Number five is usually "Mint," though this can vary from one contract to the next. Click on this to open a second drop-down menu.
Connect Your wallet
At this point, you'll need to connect your wallet. Choose the wallet you want to hold your NFT in. You must pick the right network; otherwise, you won't be able to connect.
Enter NFT Details
Now you need to type out the amount you'll pay to mint (the gas fee) and how many NFTs you want. This can be done through the "MintNFTname" with "Payable Amount" boxes.
Check Your Wallet
Once entered, your newly minted NFT will be sent to your wallet. Congratulations, you just minted an NFT directly from the contract!
What If There Are No NFTs Left?
With more popular NFT collections, it's extremely common for NFTs to sell out (often in only a few days.) When this happens, you'll no longer be able to mint new NFTs. Instead, you'll need to look at NFT marketplaces such as OpenSea and buy from another owner.
Common Minting FAQs
What Is Minting?
Minting is the process in which a transaction is validated on a blockchain for new assets to be circulated.
What Is The Difference Between Minting And Buying An NFT?
Minting is the process of creating a new digital asset, whereas buying is the exchange of an asset that is already in circulation.
Can I Mint My Own NFT?
Yes, you can mint and sell your own NFT collection. You'll need a media file you want to mint, a crypto wallet to connect to the NFT marketplace, and crypto to cover the gas fees.
How Much Does It Cost To Mint an NFT?
The total cost will range based on the marketplace and the gas fees at the time of the mint. Some marketplaces let users mint for free; however, others charge a fee for listing.
What Is A Gas Fee?
Gas fees are a cryptocurrency term for transaction fees. They facilitate smart contracts and are required when minting an NFT. The higher the demand for a network, the higher the gas fee. For example, transactions on Ethereum will range dramatically in price throughout the day, depending on network demand.
What Is The Best Market To Buy An NFT?
There are many different NFT marketplaces; the most popular option is OpenSea. OpenSea has over 1.26 million active users, 2 million collections, and over 80 million NFTs. It offers cross-blockchain support across Ethereum, Polygon, and Klatyn.
Do I Need Crypto Experience To Buy An NFT?
No. You can mint an NFT if you're new to cryptocurrency or an expert. However, it's a good idea to learn about the industry before getting involved to reduce the risk of scams or investing in unprofitable projects.
Final Thoughts: Is Minting Directly From an NFT Contract Risky?
From 2020 to 2021, NFT scams increased by over 400%, with around $100m stolen from investors. Although this isn't common, you must be careful when minting directly from an NFT contract.
Always make sure you're buying from a verified project, and join various Discord channels to ensure everything checks out.