NFT Guide: How to Mint and Sell Digital Assets

The digital gaming landscape has experienced remarkable growth in recent years, with a significant surge in both the number of digital gaming tokens and the global player base. In 2024, the global gaming market reached approximately $221.24 billion, a massive rise from $180.3 billion in 2021, reflecting the increasing shift towards online platforms

This substantial financial influx has prompted numerous businesses to capitalise on digital assets, particularly online gaming tokens. The gaming industry now routinely incorporates the purchase and sale of in-game items, presenting lucrative opportunities for individuals aiming to generate wealth through digital endeavours.

Understanding Digital Tokens

Non-fungible tokens (NFTs) are unique digital assets stored on the blockchain. Unlike cryptocurrencies such as Bitcoin, which are interchangeable, each NFT has distinct characteristics, making it one of a kind. These tokens can represent digital art, music, in-game items, real estate, and even virtual identities.

NFTs derive value from their scarcity, ownership verification, and community demand. Some of the highest-selling NFTs have fetched millions, with collections like CryptoPunks and Bored Ape Yacht Club gaining widespread recognition. In 2024, the global NFT market size was valued at approximately $33.3 billion, with expectations to reach $80 billion by 2028.

Two Different Types of Tokens

Utility Tokens

These tokens provide holders with access to specific services or products within a blockchain ecosystem. They are generally easier to create, as they are not subject to stringent federal securities regulations, allowing for quicker implementation without extensive legal compliance.

Security Tokens

These represent ownership rights to an asset on the blockchain. Minted through a process called tokenisation, security tokens are subject to regulatory oversight and embody investment contracts in underlying assets.

The Rise of NFTs

Non-fungible tokens (NFTs) have emerged as a transformative class of digital assets. Unlike fungible assets such as cryptocurrencies, where each unit is identical in value, NFTs are unique and indivisible. Built on blockchain networks like Ethereum, NFTs can represent a wide array of items, from digital art and collectables to real-world assets.

The process of creating an NFT, known as minting, involves converting digital files into blockchain-based assets. Platforms such as OpenSea facilitate this process, enabling creators to mint and sell their NFTs seamlessly.

Setting Up a Crypto Wallet

To interact with NFT marketplaces, you need a cryptocurrency wallet that supports blockchain transactions. Popular wallets include:

• MetaMask (Ethereum-based and widely used for NFTs)
• Coinbase Wallet (Beginner-friendly with multi-chain support)
• Trust Wallet (Supports multiple blockchains, including Binance Smart Chain)

Once you’ve chosen a wallet, secure it by storing your private key or seed phrase safely. Losing this key means losing access to your NFTs and funds.

Connecting Your Wallet

To engage with NFT marketplaces, users must first establish a digital wallet compatible with blockchain transactions. Wallets like MetaMask or Coinbase Wallet can be linked to NFT platforms, allowing users to manage their digital assets effectively. Once connected, users can personalise their profiles, detailing their interests and specifying accepted cryptocurrencies for transactions.

Minting an NFT

Minting an NFT involves converting a digital file, such as an image, video, or music, into a blockchain-based asset. The process begins by selecting the digital content you wish to tokenise and uploading it onto an NFT marketplace. Once uploaded, you will need to add metadata, including a name, description, and any relevant external links that provide additional context or authenticity to your work.

Choosing the right blockchain is an essential step in the minting process. Ethereum remains the most popular blockchain for NFTs, but alternatives like Solana and Polygon have gained traction due to their lower gas fees and faster transaction speeds. After selecting the blockchain, you will also need to determine the royalty percentage you will receive whenever your NFT is resold. Many creators set royalties between 5% and 10% to ensure they continue to earn from secondary market sales.

The final step in minting an NFT is paying gas fees, which are required to validate and register the asset on the blockchain. These fees fluctuate based on network activity, so monitoring the market and minting during low-traffic periods can help reduce costs. Once the minting process is complete, your NFT is officially live on the marketplace and available for listing.

Selling A Minted NFT

Once an NFT is minted, it must be listed for sale on the marketplace. Sellers can choose from different pricing models. A fixed-price listing allows buyers to purchase the NFT instantly at the set price. An auction system lets users place bids over a designated period, with the highest bid winning at the close of the auction. Some marketplaces also offer timed auctions, where the NFT is sold to the highest bidder within a specified timeframe.

Most NFT marketplaces charge a transaction fee for each sale. OpenSea, for example, applies a 2.5% fee per transaction. Some platforms also allow purchases using fiat currency, making NFTs more accessible to those unfamiliar with cryptocurrency.

Selling an NFT successfully often requires marketing efforts. Promoting the NFT on social media platforms such as Twitter, Discord, and Instagram can help attract potential buyers. Engaging with NFT communities and participating in discussions can also increase visibility. Collaborating with other artists or influencers can also help you gain credibility and drive sales.

The NFT Market

The blockchain gaming sector has witnessed exponential growth, with daily unique active wallets reaching 7.4 million in 2024, a 421% increase from the previous year.

Despite challenges such as market volatility and regulatory scrutiny, the global blockchain gaming market is projected to expand from $8.5 billion in 2023 to an estimated $314.3 billion by 2030, reflecting a compound annual growth rate (CAGR) of 67.6%.

Managing Gas Fees

Gas fees are an unavoidable aspect of blockchain transactions, but they can be managed effectively to reduce costs. One way to minimise expenses is by using Layer 2 scaling solutions like Polygon and Immutable X, which offer lower-cost minting and transactions. Scheduling transactions during off-peak hours can help avoid high congestion fees on networks like Ethereum.

Some NFT marketplaces also offer gas-free transactions, allowing creators to mint and list NFTs without incurring high fees. Platforms such as Rarible and Binance NFT provide reduced or zero-cost minting options, making them attractive alternatives for those looking to save on costs. Keeping track of blockchain activity and selecting the right platform for minting and selling can significantly impact the profitability of an NFT sale.