Minting is the process of creating or generating something. “MINTING” in Blockchain terms mean; verifying information, producing a new block (cryptographic data), and recording that information into the blockchain.
An NFT or new cryptocurrency can be minted. Minting an NFT means converting digital data into digital assets recorded on the blockchain.
FACTORS THAT INFLUENCE MINTING
- The choice of a blockchain network for which an NFT is minted is important. A blockchain can be chosen based on; a) Adoption Rate and Functionality: The more engaging a Blockchain is, the greater its possibility of growing and future use cases. b) Scalability: This refers to the ability of a Blockchain to achieve high transaction per second (TPS). c) Security: How safe and secure the information on a Blockchain is of great importance. d) Smart contract functionality: The functionality of a Blockchain’s Smart Contract servers as the backbone of any NFT.
- The applications and utilities of an NFT should be considered before minting an NFT. There are various use cases of NFTs ranging from; Vouchers, ticket passes, IDs, metaverse, etc.
- The price of minting and gas fees is crucial. Based on the type of project; a higher mint price may imply the project is focused on initial sales rather than long-term vision.
- Choosing the right Marketplace to showcase your products. An ideal market must offer; good payment systems, commissions and support for chosen blockchains and cryptocurrencies.
* MINTING TOOLS
• Crypto-wallet that supports DApp interaction (Example: Coinbase, Metamask, Wallet Connect, Fortmatic etc.)
• Cryptocurrency; for purchasing NFTs.
PUFFERSQUAD™ (PFS) Will be minted on the Ethereum Blockchain, allowing more usability and adaptability to future development.
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