Table of contents

• Ethereum NFTs vs. Polygon NFTs
• About Ethereum
• About Polygon (MATIC)
• Polygon vs. Ethereum: Gas Fees
• Polygon vs. Ethereum: Consensus Mechanism
• Polygon vs. Ethereum: Stateful Architecture
• Polygon vs. Ethereum: Transactions Speed
• The Bottom Line
• FAQs

Ethereum NFTs vs. Polygon NFTs

Before moving on to all the significant details, let’s take a look at a small comparison table of the two well-known blockchains – Ethereum and Polygon:

About Ethereum

So, let’s start with Ethereum – how does it work and why is this blockchain so popular nowadays?

Ethereum is considered the most popular blockchain in the NFT world, with the help of which we’re able to launch our own NFTs. It works just like a car: to make it run, we need gasoline; Ethereum, in turn, requires gas fees to complete any of our transactions. Gas fees are used to reimburse miners for the energy they take to verify a transaction, and it’ll fluctuate depending on how crowded the network is.

Ethereum Advantages

• Popularity. Since Ethereum is quite popular nowadays, more people are familiar with it – most NFT collections are launched precisely on this blockchain.
• Security. Even though Ethereum’s gas fees are higher than its competitors offer, it makes the network more secure.
• Unique features. The Ethereum blockchain has one unique feature that is available only here: instead of selling NFTs for a fixed price, users can auction their artworks.

Ethereum Disadvantages

• High gas fees. As we’ve noted above, Ethereum requires pretty high gas fees – $50 to $200, and you’ll have to pay money no matter which transaction you want to complete. That’s why you should always have enough ETH in your wallet.

About Polygon (MATIC)

Now, let’s talk about Polygon.

Polygon is a protocol and a framework that makes it possible to build and connect Ethereum-compatible blockchain networks. Actually, it’s kind of an alternative to Ethereum – it was developed to solve all the problems Ethereum faces, such as high gas fees, no sovereignty, and lack of scalability. In most cases, Polygon’s transactions are much cheaper and faster than those of its competitor.

Polygon Advantages

• No gas fees. What’s great about Polygon is that it doesn’t require any gas fees for creating and selling NFTs on the network. However, keep in mind you’ll still have to pay a small amount of money if you’d like to convert ETH to Polygon on OpenSea.

Polygon Disadvantages

• Lesser-known network. In comparison with Ethereum, few people are familiar with Polygon. That means that if you’re selling your NFTs, people might not be ready to buy them due to their unfamiliarity with the blockchain.
• Less secure. Since Polygon doesn’t charge any fees for its transactions, it can be considered a less secure blockchain.
• No auctions. Unfortunately, if you choose Polygon, you’ll only be able to sell your digital tokens – the auction feature is only available on Ethereum.

Polygon vs. Ethereum: Gas Fees

Regarding gas fees, Polygon can really delight you – as we’ve already mentioned, you don’t have to pay insane money to mint your NFTs. So there are no gas fees directly connected with using Polygon on OpenSea. However, if you’d like to buy an NFT on Polygon, you’re required to pay indirectly. The thing is that it’s possible to do that only via Polygon ETH. Anyway, it’s much cheaper than in the case of Ethereum, right?

Ethereum’s gas fees average between $50 to $200. Unfortunately, that makes it almost impossible for people with small portfolios to make any swaps. Such fees can be classified into one-time fees and recurring fees. The one-time fees, in turn, are subdivided into the Initialization fee and Auction Approval Fee. What does this actually mean? As soon as you’ve decided to sell your NFT on Ethereum via OpenSea, you must pay a one-time initialization fee. This payment isn’t fixed since it depends on the current gas fee.

Even though the Ethereum network charges fees, it offers its users a unique opportunity to auction their artworks. For example, Polygon doesn’t have such a feature, along with other blockchains. However, if you’re willing to be a part of an auction, you’ll need to approve the use of a special token – WETH (Wrapped ETH). Just bear it in mind while choosing a blockchain for NFT minting.

Polygon vs. Ethereum: Consensus Mechanism

Currently, Ethereum uses the Proof-of-Work (PoW) consensus mechanism, drawing power from several miners worldwide who actively participate in it. PoW requires a lot of processing power, thereby limiting user participation. Even if Proof-of-Work helps ensure the security and complete decentralization of the Ethereum network, it suffers from a drop in productivity.

Polygon uses a combination of technologies to create a fast blockchain network, along with connectivity to the Ethereum network. It uses the Proof-of-Stake (PoS) consensus mechanism to secure the network and create new MATIC tokens. Therefore, by delegating in the Polygon network, users can also receive rewards – its own MATIC tokens.

Polygon vs. Ethereum: Stateful Architecture

Ethereum is a great example of a stateful architecture – it records all the transactions as they exist. When any transaction takes place, the entire network has to update its copies to reflect the change. As a result, the network operates much slower compared to other blockchains.

Polygon provides a tool, as well as a significant component of the new borderless society and economy. The sidechain works the same way as other POS blockchains. In addition, exchanges are present as a cluster in the Ethereum network.

Polygon vs. Ethereum: Transaction Speed

In terms of transaction speed, Polygon takes first place among all the blockchains. It’s able to process 65,000 transactions per second, so we can confidently say this network is unmatched today. Plus, it doesn’t matter who you are – anyone, including ordinary users, developers, etc., will find this tool handy.

Ethereum works on a distributed network. There, each member has a copy of the accounting register, which is absolutely identical to that of the other participants. The responsibility for the operation and administration of the network lies with distributed record-holders. That’s why Ethereum has limits on the number of transactions per second. Moreover, it’s pretty crowded, so people are forced to pay a huge commission or wait in line.

The Bottom Line

Polygon is truly the best blockchain to launch an NFT project with high-frequency and low-value transactions. On the other hand, Ethereum is the best blockchain for low-frequency and high-value transactions.

So, if you’re planning to launch about 7,000 to 10,000 NFT artworks, we recommend you consider Polygon. If you’re sure all of your digital tokens will be sold, even if they’re costly, it’s better to choose Ethereum. However, keep in mind that Polygon can easily help you save money if you have such an aim.

In the end, everything depends on you – just choose the most convenient option, given your wishes and purposes. Remember that it’s worth learning all the crucial info in advance to avoid every possible difficulty during the process. We sincerely hope our detailed guide helps you to make the right decision. Thank you for reading, and dive into the NFT world wisely!

FAQs

If you still have some questions about both blockchains, we suggest you have a look at our FAQs list. Here, we’ve put together the most popular questions among users – just look through them, and we’re sure you’ll find the answers to all of your remaining issues.

Is Polygon faster than Ethereum?

It’s true. As we’ve mentioned in our guide, by choosing the Polygon blockchain, you benefit from both high transaction speed and relatively low gas fees.

Is Polygon a good crypto investment?

Actually, it depends on your investment purposes. Polygon can be a perfect option for long-term traders. Short-term investors, in turn, are exposed to higher risk and have a greater chance to lose. In 2022, according to the experts, the network is considered a pretty good crypto investment.

Should I use Ethereum or Polygon on OpenSea?

Definitely! However, again, both blockchains have their own advantages. As we’ve noted above, Ethereum provides its users with a unique feature to auction NFTs, and Polygon offers faster transactions and cheaper gas fees. What’s better to choose? It’s up to you

The post Ethereum vs. Polygon: Which is Better for NFT Minting? first appeared on Hate Race.

However, to be successful in the crypto world, you should know the key process: how to mint NFTs on the NFT market. That’s why HateRace.com prepared this detailed guide for newcomers to help them avoid all the possible difficulties and mistakes. So read carefully, and perhaps your own works will soon succeed. Let’s get started!

Table of contents

• What does minting an NFT mean?
• Who can mint NFTs?
• How to mint NFTs?
• How to sell your NFT?
• Top 5 marketplaces to mint NFTs
• The bottom line
• FAQs

What Does Minting an NFT Mean?

Before moving on to the process itself, let’s take a closer look at the basics – what does NFT minting actually mean?Minting is a process that helps a creator to convert their uploaded content into a crypto asset on a blockchain protocol. In the future, it can be put up for sale. So, in other words, once you’ve created your own NFT, thanks to minting, you’ll be able to publish it on different NFT marketplaces.

Who Can Mint NFTs?

What’s great about non-fungible tokens, just as with ordinary art, is that absolutely anyone can create, sell, buy, and mint them as well. In fact, it’s possibly even better:  you don’t need any messy art supplies to get started – just desire and some simple skills. So, even if you aren’t a professional artist, don’t give up – nowadays, there are multiple examples of how ordinary people have become famous by creating their own NFTs, even though they didn’t know any professional tricks.

How to Mint NFTs

Now, let’s see what you need to mint NFTs successfully – below you’ll find a full guide on how to mint non-fungible tokens in 7 simple steps. Just be attentive and follow all the instructions carefully, and you’ll avoid every possible difficulty. Good luck!

1. Create an account on a crypto exchange

First of all, you need to create an account on a crypto exchange if you don’t have your own yet. Since most NFT marketplaces are currently based on the Ethereum blockchain, it’s quite important to have ETH in your wallet to be allowed to mint your artwork. Otherwise, you won’t be able to pay the one-time fee to complete the process successfully. The crypto exchange will help you liquidate the crypto as well if you want to convert it into traditional fiat.

2. Get a crypto wallet

The next thing you have to do is get a crypto wallet if you’re planning to buy or sell NFTs on any NFT marketplace. It’s often recommended to choose MetaMask – it’s the most reliable wallet, used with the majority of popular platforms, such as OpenSea. You can easily download MetaMasks’s plugin from its official website. What’s so great about this crypto wallet is that you’re able to buy ETH directly from it. However, keep in mind that the commission fee for a transaction is much higher than on the exchanges.

3. Send Ether (ETH) to your crypto wallet

After you’ve set up your wallet, you need to send ETH from your exchange to your wallet. Actually, all exchanges allow their users to transfer crypto with a public address – if you open your wallet plugin on the browser, you’ll see your own public address there.

4. Sign up to an NFT marketplace and link your wallet

Once you’ve opened your wallet, visit the platform of your choice and go to your user profile. There, you’ll be able to connect your wallet with the NFT marketplace. However, you’ll also notice that your profile is still unnamed – just enter your email address and a username to verify your account. After that, you’ll be totally ready to mint your NFT.

5. Verify your marketplace account by email

What key details should you know about verifying your account?

• As we’ve noted above, first, you need to provide your email address and a username.
• Also, don’t forget to agree to the terms and conditions.
• If you did everything correctly, you’ll receive a verification email – click the link provided, and the process will be completed successfully.

6. Create your NFT

Before minting an NFT, you need to create it. So first, let’s take a closer look at all the crucial steps to take.

1. First of all, you need to set up an Ethereum wallet – for example, MetaMask or Rainbow.
2. Then, buy a small amount of ETH.
3. Once you’ve purchased Ethereum, connect your wallet to the NFT marketplace of your choice where you’ll create your first NFT. That’s it!

Here’s a key thing you should always bear in mind: your digital token must be creative and unique. Otherwise, nobody will be ready to pay real money for such artwork. So don’t be lazy – take your time and come up with a great idea of what your own NFT will look like.

You can find a full step-by-step guide on how to create your own non-fungible token on our website – HateRace.com.

7. Mint your NFT on the selected NFT marketplace

Finally, we’re ready to mint our NFT! Below you’ll find small step-by-step instructions on how to convert your uploaded content into a digital asset on a blockchain protocol.

1. First, press “Create” – you’ll be automatically redirected to a page where you can upload your NFT. Make sure your artwork meets the format allowed on your marketplace.
2. It’s time to name your NFT and upload it. Then, scroll down and click on “Create”.
3. That’s it! If you did everything correctly, your digital token will appear on the NFT marketplace. However, don’t forget you still need to list it for sale.

How to Sell Your NFT

We’ve shown you how to create and mint NFTs, but what about selling? Let’s have a look at the process.

On your NFT page, there is a special “Sell” option. Press the required button, and you’ll be automatically redirected to a page where you’ll have an opportunity to auction your NFT or sell it for a fixed price. If you’re going the fixed price route, select the amount to sell it at and complete the listing to finish the process.

Before your artwork is available on the NFT marketplace, the platform will require you to initialize your wallet. Finally, confirm the selling price through the wallet. Congratulations!

Top 5 Marketplaces to Mint NFTs

Where is it possible to mint and sell NFTs? Here are the top 5 marketplaces to do that:

1. OpenSea

OpenSea is currently considered one of the most popular and reliable platforms in the digital world. It was launched in 2017 by Devin Finzer and Alex Atallah and is based on the Ethereum blockchain. Users can considerably benefit from choosing OpenSea – there, they’re able to mint their NFTs for free, almost with no gas fees. However, the platform can charge a one-time fee for account registration, as well as require you to pay a small amount of money if the NFT you’d like to list on OpenSea was minted somewhere else.

2. Rarible

Another great option for those who want to mint NFTs is Rarible. This platform is also built on the Ethereum blockchain and works similarly as well. However, unfortunately, Rarible doesn’t offer free minting like OpenSea or Mintable – there, you’ll be required to pay fees for the process, and they’re actually a bit higher than competitors charge.

3. SuperRare

Everything you need to know about SuperRare is that this platform is powered by the Ethereum blockchain like OpenSea and Rarible, and was created with the idea that collecting is a social activity – there, collectors join and collect in a social environment with each other. So, if you like working in a team and communicating with people, you’ll definitely love this place.

4. Foundation

The Foundation platform also works on the basis of the Ethereum blockchain but is considered unique in the sense that it makes live auctions easier for digital artwork. So, if you’re thinking of buying or selling NFTs at a set price, it doesn’t work like that – Foundation chooses an auction process similar to leading auction sites such as Christies. In addition, before moving on to all the operations on the platform, you need to join the Foundation community.

5. Binance

Last but not least is Binance, an attractive platform, as well as a true giant on the crypto market. One of the key advantages of Binance is its convenience. There, you don’t need to transfer ETH to a wallet like Metamask – all the operations can be completed directly from the exchange itself. Thanks to that, you’re also able to save some money on gas fees. Actually, Binance can be considered the most secure and convenient platform on our list, so pay special attention to it while choosing a place to mint your NFTs.

The Bottom Line

In recent years, the NFT world turned out to be an easy way to show your artwork to the entire world and earn money. However, remember that this movement is still in its infancy. Minting NFTs isn’t a get-rich-quick scheme – it requires some upfront fees to sell your non-fungible tokens anyway, and there is no guarantee that somebody will wish to buy them.

Bear in mind one golden rule: keep your wits about you. It’s better to learn everything in advance to avoid unpleasant consequences in the future. We sincerely hope our step-by-step guide helped you to get a full understanding of the NFT minting process. If you missed something essential, just come back to our article and refresh your memory together with HateRace.com. Thank you for reading!

FAQs

Still have some questions about NFT minting? Don’t worry – we suggest you have a look at our FAQs list where we’ve put together the most popular questions among the users from the digital world. We’re sure you’ll find the answers to all of your outstanding issues.

The post How to Mint NFTs: Step-by-Step Guide first appeared on Hate Race.

If you look at NFT marketplaces, you can see that non-fungible tokens have skyrocketed over the past few years alone. For instance, according to DappRadar, NFT trading exploded from $100 million in 2020 to an unbelievable $22 billion in 2021. Moreover, the overall cost of the top 100 NFTs amounts to an impressive $16.7 billion.

But what actually is an NFT? And is it possible to create your own? It might be a bit challenging to get a full understanding, but don’t worry about that – our detailed guide will provide you with all the necessary information, including about NFTs themselves, as well as how to create one. So let’s get to it!

Table of contents

• What is an NFT?
• How do NFTs work?
• Who can create an NFT?
• How to make and min an NFT
• How to sell your NFT?
• FAQ

What is an NFT?

NFTs (non-fungible tokens) are unique digital assets that are stored and verified on a blockchain and cannot be replaced with any other asset with a similar cost. Here’s a great example: if you’d like to exchange Bitcoin, you can – as a result, you’ll get absolutely the same coin. In the case of NFTs, it’s impossible – that’s why they’re called non-fungible tokens.

Usually, NFTs are presented in the form of pictures, videos (sometimes, they can be fragments of a video game), music, GIFs, and collections of costly items.

NFTs are considered quite valuable since these assets can have only one possible version. In short, an NFT can have the only one owner – nobody is able to change its ownership or mint the same NFT on the blockchain. Considering this feature, NFT creators and owners have the ability to set their own prices for their assets.

How do NFTs work?

The technique required for the creation of NFTs is called cryptography. In the crypto world, people call this process minting. So, if you’re willing to mint NFTs, you need to pay for creating smart contracts with the help of cryptocurrency.

But what are smart contracts? Smart contracts are fragments of software code that allow a blockchain to store information securely and transparently. These codes help to manage the ownership and transfer of NFTs.

Who can create an NFT?

If you have a desire to create your own NFT, we’ve got some great news for you – anyone who has a small amount of money is able to make NFTs. Nowadays, several NFT platforms provide their users with special tools that allow them to create an NFT, as well as attach unlockable content to their files. So, it doesn’t matter who you are – an artist, a collector, or an entrepreneur – using simple tools for minting NFTs available on NFT marketplaces, you have an opportunity to create your own unique digital token.

How to make and mint an NFT

Now that we’ve learned all the necessary information about NFTs, let’s move on and take a closer look at the main question – how to make and mint your own NFT? Below you’ll find a detailed step-by-step guide that will help you avoid any mistakes and get things right on the first try – just read carefully, follow the instructions accurately, and you’ll be able to successfully create your own digital token.

1. Decide what type of NFT you want to create

First of all, you need to come up with a creative idea – it should be something original that can be digitized and turned into tokens. Bear in mind the following golden rule: only something unique has any value. Otherwise, no one will want to pay real money to acquire ownership of such an asset. For example, it could be some kind of a banner, an image, or a GIF animation. Plus, it’s even possible to make an NFT for real items, such as collectibles or a photo with a celebrity’s autograph. The concept of uniqueness plays a significant role, so think deeply about what can attract a wide audience.

2. Choose an NFT marketplace

Once you’ve decided what your NFT is going to look like, you can choose an NFT marketplace – a place where you’ll mint your piece.

Nowadays, there are several different NFT marketplaces, so choosing the best one might become a pretty challenging thing. Obviously, each marketplace has both advantages and disadvantages – that’s why it’s recommended to do your own research in advance. We’re ready to help you – below you’ll see the top 4 NFT marketplaces that are considered the most secure and reliable ones. So let’s take a closer look at all the necessary details.

OpenSea

OpenSea is the first NFT marketplace, launched in 2017. The platform is considered the most popular one among its competitors, and the way it works is the same as a decentralized community – users can control their assets, as well as cryptocurrency wallets and addresses themselves.

The main feature of OpenSea is the broad variety of categories. The most popular ones include art, sports, trading cards, and projects of famous artists. In addition, you can buy NFTs in the form of audio, a domain name, or a 3D object.

Here’s what else you should know:

• Blockchains used: Ethereum and Polygon
• What you’ll need: an ETH wallet
• Creator fees: 2.5% of your sale

Rarible

Rarible is a project launched in 2019 and focused on digital art. For activity on the NFT platform, users can receive internal PARI tokens.

On Rarible, you can make, buy and sell NFTs in the following categories: art, photography, games, metaverse, music, memes, and others. Unlike OpenSea, Rarible offers NFTs only from its own marketplace. People usually use the WETH coin for trading. It can be bought for ETH, FLOW, and XTZ.

Here’s else you should know:

• Blockchains used: Ethereum, Flow, and Tezos
• What you’ll need: An appropriate digital wallet, according to your choice of blockchain
• Creator fees: It depends on the blockchain; there is also the option for free minting.

Holaplex

Holaplex is another NFT marketplace that operates on the Solana blockchain and offers its users multiple tools to make their own NFT without any difficulties. The platform has an easy-to-use interface and allows users to create NFT stores and marketplaces without code. Holaplex is considered one of the most popular places to make your own NFT since in 2021, it raised $6 million in a seed round led by blockchain-focused investment firm CoinFund.

Here’s what else you should know:

• Blockchain used: Solana
• What you’ll need: Phantom and Arconnect wallets,
• Creator fees: about 0.000005 SOL ($0.00025) per transaction. Fees can fluctuate, but actually, they’re almost zero.

Objkt

The last NFT marketplace we’d like to tell you about is Objkt, the largest FA2 marketplace. It operates on Tezos and allows auctioning and trading tokens across smart contracts. The Objkt platform provides its users with a wide range of tools, as well as offers a different UI experience to Hicetnunc (HEN).

What does it mean? Anyone who has a HEN-based NFT is able to log in to its official website, and their HEN-based NFTs will appear in their collection on the platform. In addition, HEN artists and collectors can sell their NFTs by auction, which is a distinguishing feature of Objkt that hasn’t yet been included in HEN itself.

Here’s what else you should know:

• Blockchain used: Tezos
• What you’ll need: One of the compatible wallets: Spire, Temple Wallet, Galleon, Kukai Wallet, Umami, or AirGap Wallet
• Creator fees: 2.5% of your sale

3. Set up your crypto wallet

Finally, when you’ve chosen an NFT marketplace, you need to enter your account and find the interface that will help you add your new NFTs. As a rule, on all such marketplaces, you don’t need to register – account sign-in is done through an Ethereum wallet. If you don’t have one yet, you should create it – for instance, the most reliable and safe one is MetaMask. Other common wallets are Enjin, AlphaWallet, and Trust Wallet.

MetaMask wallet is presented in different versions – you can even install it as a browser extension. Keep in mind that all the operations will be completed with this wallet, so take care of its safety – use all the security settings. Plus, the wallet is used to authorize the platforms to run NFTs.

4. Buy cryptocurrency to fund your wallet

After you’ve created your crypto wallet, it’s time to buy cryptocurrency. This is necessary because you need to be able to pay gas fees to mint your NFTs. The simplest and most convenient way to do that is to create an account with a reliable exchange, such as Binance, Kraken, or Crypto.com. Since the process doesn’t take a lot of time and effort, it can easily be completed on your smartphone.

Now that you have an account, you can enter the system and buy cryptocurrency. If you’re willing to mint NFTs, you’ll need Ethereum (ETH) or Solana (SOL) coins – it just depends on the blockchain you’re going to use. After you’ve done that, you just need to transfer coins to your wallet. Below, you’ll find a small step-by-step guide that will help you to avoid any mistakes and complete the process successfully:

1. First of all, you need to enter your exchange.
2. After that, find the Wallet tab and open it.
3. Press “Withdraw” and choose the required currency.
4. Then, fill in your wallet address in the Address field.
5. Once you’ve done the previous step, select the right network (ERC-20 for ETH, Solana for SOL).
6. Finally, enter the amount and tap “Withdraw”. That’s it!

5. Create your first NFT

We’re happy to say that we’re at the finish line! Now, we’re going to share with you some recommendations that will definitely help you while creating your first NFT. Of course, each of us chooses our own way, but you still should think about how your art will translate digitally. Below, you’ll find all the helpful tips you need; just read carefully and bear in mind all the critical details when you make your own piece of art. So let’s check!

1. First of all, use all the tools and materials you’ve already found.
2. You can invest in new knowledge or technologies, but only if necessary.
3. Here’s the simplest – find people just like you and share knowledge.
4. Take a closer look at the audience that, in your opinion, will like your piece of art, and bear them in mind while creating NFTs.
5. Think about how your NFT will look – for instance, will it have any visual, audio, or written components? Or perhaps all of them?
6. Select a file type. For example, the OpenSea platform, which we told you about before, accepts JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF.
7. Think carefully about the file size – usually, the platforms have some limits.
8. Another crucial thing is the accessibility factor. So, for instance, if you’re planning to create your first NFT in the form of your spoken-word poems, think about people with visual and/or hearing loss. In this case, it’s better to add subtitles.

6. Connect your wallet and mint your NFT

Let’s look at an example with OpenSea – actually, it’s always a great place to start.

At the top of the site is the main menu, where you’ll see the button “Create”. Once you’ve pressed it, a special form will automatically open – there, you’ll need to upload a required file in one of the following formats: JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, or GLTF. The size should be no more than 100 MB.

Actually, the form is large. First of all, you’ll need to add a file, enter its name, and provide a link to the site (optional). Next, you need to add a description and select the collection. After you’ve done the previous steps, the necessary options will be connected – blocks with characteristics, statistics, and so on.

At the bottom of the form, choose the print run (how many copies will be created), as well as the required currency. If you’re only willing to issue a single copy, leave the number 1. As for the currency, it’s better to leave Ethereum.

Once you’ve completed these steps and clicked “Create”, you’ve already got your own NFT token, which can be put up for sale. After that, you can go to its buyer card and set the price.

7. Set up an auction for your NFT

Your final step will be the following: you should decide how you’d like to monetize your NFT. Depending on the platform, you can:

• Sell your digital art at a fixed price. If you set a fixed price on your NFT, the first person who’s ready to buy it and meet that cost will be able to buy your digital asset.
• Set a timed auction. Such an auction will provide those interested in your NFT art a time limit to submit their final bid.
• Start an unlimited auction. The name speaks for itself – in this case, there are no time limits. Instead, you have an opportunity to end the auction at any time you like.

Also, you’ll need to specify the minimum price (if you set up an auction) and set your royalties to make an income from your NFT if it resells on the secondary market, as well as think about how long it’s better to hold an auction (if timed).

That’s it! Now you know how to make your own NFT in 7 simple steps! If you have some difficulties with the process of NFT creation, just remember that you can always come back to our guide and clarify all the necessary details. In addition to our instructions, below you’ll find the answers to another crucial question – how to sell your NFTs, as well as an FAQ list that will definitely solve any outstanding issues.

How to sell your NFT

So, you’ve figured out how to create an NFT token – it isn’t so complicated, right? But now, you want to find out how to profit from the tokens you’ve created. However, it’s pretty difficult to find a buyer for such an asset. Is your “product” really in demand, and is its value relevant? Actually, you can make a start from the examples on NFT marketplaces.

We recommend you not look at the prices of offers that have been on sale for a long time – they may even not find a buyer. Instead, it’s better to keep track of the value of tokens that have already been sold. In this case, the profit directly depends on the advertising and popularity of the author. Even though there are a lot of offers on the market, it’s possible to get ahead of all the competitors – to do this, you should:

• Create something original;
• Sell an entire NFT collection;
• Offer some bonuses;
• Connect effective advertisements;
• Promote the author’s name.

Don’t be under any illusions – making money on NFTs isn’t easy, just like any other business. It’ll require start-up investments and a competent approach as well. In addition, you not only need to enter NFT marketplaces, but also ensure effective sales and attract potential buyers. Of course, don’t forget that each of your tokens requires a growth prospect, and one of your main aims is to provide it.

FAQ

Still have some questions about NFT creation? If so, take a look at our FAQs list – there, you’ll definitely find the answers to all of your remaining issues, as well as familiarize yourself with the key definitions in the world of NFTs.

The post How to Make Your Own NFT: Beginner’s Guide 2022 first appeared on Hate Race.

However, not everyone knows a lot about such a way to spend time on the Internet joyfully and profitably. If you’re one of those newbies, we’ve got some great news for you – our detailed guide will give you the answers to all of your questions. Today, we’re going to tell you about the way play-to-earn games work, if it’s possible to make a good income playing such games, how to cash out from them, and much more. So read carefully, and let’s get to it!

Table of contents

• What are play-to-earn games?
• How do play-to-earn games work?
• How much should you spend to get started?
• How much income can you make from play-to-earn games?
• How to cash out from play-to-earn games?
• Bottom line: how profitable are play-to-earn NFT games?
• FAQs

What are play-to-earn games?

Let’s start with the basics – what actually are play-to-earn games?

As we’ve noted above, play-to-earn games are just a way to spend time on the Internet enjoyably and profitably at the same time – simply by playing a game, you’re able to create a good crypto income.

Actually, without going into technical details, everything looks straightforward: a player starts playing a game and performs various actions (for example, “upgrades” his/her character, expands his/her territory, etc.) as usual. However, in the case of play-to-earn games, they receive a reward for it – the tokens of the project. These tokens can be exchanged for real money on crypto exchanges in the future.

A great example of a play-to-earn game is Axie Infinity based on the Ethereum blockchain. This game includes both standard video game elements (for instance, adventure mode, PvP battles, and tournaments) and gameplay with the old blockchain game model. Axie Infinity is available for Windows, Android, Mac OS, and iOS.

How do play-to-earn games work?

Since play-to-earn games are a mix of gaming and finance, they automatically fall under the GameFi category – each game encourages players to play and progress with the help of money.

There are actually two main ways to earn money by playing P2E games:

• Earning in-game cryptocurrencies. Going back to Axie Infinity – if you complete all the necessary missions, you can receive Axie Infinity’s Smooth Love Potion (SLP).
• Earning or trading in-game NFTs. Each non-fungible token can be a valuable item of any collection, character, etc. in the game. It just depends on the game you’re playing – they can be simply cosmetic or serve a critical purpose there.

Here’s another great example of a play-to-earn game – the Hate Race project.

Hate Race is both a game and an NFT collection – it’s a sharp satire on the modern world and its puppeteers, presented in the form of a rat race. The characters in the game compete against each other in their true guise of ugly rats.

Hate Race differs greatly from other similar projects – its economy has been carefully designed. Regarding the profit and features, here’s what its team is really proud of:

• Only 21 million coins. The project is to issue only 21 million coins to have a chance to actively control the free circulation and maintain the high value of the coin.
• 5% burnt. 5% of the prize pools are burnt with every rat race – this reduces the free circulation.
• You can do more than just play there. Hate Race also offers its customers an NFT collection that was created by a recognized artist, a master of satire – other common projects don’t pay so much attention to such detail, using primitive pixel art.

To get more detailed information about the project’s team and its specifics, you can visit its official website at HateRace.com.

How does a blockchain secure play-to-earn games?

Actually, P2E games aren’t a new development on the market. The main difference between crypto games and normal online games is that all the currencies and items of crypto games are located on a blockchain.

Blockchain has several qualities which make it easy to prove ownership, legitimacy, and rarity. Since it’s supported by a distributed network of computers (users) containing copies of the blockchain data, nobody can make any changes on the network – delete data, replicate it, or something else.

Thus, blockchain-based games provide their players with some guarantee that there won’t be any fraud or corruption. In addition, since it’s impossible to copy or paste on the blockchain, items are absolutely unique – such a feature makes it possible to create real value for in-game assets.

How much should you spend to get started?

We suggest you take a look at the example of the two most popular games – Axie Infinity and BlockChainRpg, where the first requires an investment, and the second one allows you to play for free.

Let’s start with Axie Infinity. To start playing the game, you will need to buy three Axies. On average, it will cost $700 – not a small amount. The payback is about two to three months, which is considered a long time by the standards of virtual currencies.

If you take a closer look at the Axies’ chart, you’ll see that the price, in general, is growing. As soon as the token appeared, its price was only $0.15, and then it peaked at $160 – early investors were able to make a considerable profit. Therefore, it’s always worth looking for alternative projects that are in the development stage.

By the way, here’s one interesting fact: the price of a piece of land sold in Axie Infinity was equal to the cost of a real villa, which amounts to several million dollars.

As for the game BlockChainRpg, there is no need to buy any tokens to get started – you just need to open a WAX wallet, which takes only a few minutes.

The idea of the game is pretty simple – you need to press only one button to let your character go into battle. Once the battle is over, you can receive $GOLD, which can be exchanged for stablecoins in the future.

As soon as the project was launched, one click of the button brought gamers up to $20. However, when the number of players significantly increased, the token rate dropped, because everyone wanted to exchange crypto for fiat currency.

In addition, we’d like to add a couple of words about the HateRace project. If you’re willing to try playing such a unique P2E game, here’s what you’ll need to make your first-ever attempt:

1. Since it’s an auction, you need to buy an NFT first. You can use the well-known OpenSea platform – https://opensea.io/collection/hate-race-skins.
2. Once you’ve bought the NFT, you’re ready to play – just drop your rat into the race and enjoy the game!

How much income can you make from play-to-earn games?

Actually, this is one of the most pressing questions, since users want to know how much money they can make by playing. Let’s take a look at the statistics.

In August 2021, about one million people were playing Axie Infinity. The monthly trade turnover of the gaming marketplace (the place where NFT tokens are bought and sold) reached up to $1 billion. The developers’ revenues, in turn, were about $21 million.

At first, the game functioned on the Ethereum blockchain, but later, it was transferred to the closed sidechain Ronin with cheaper transactions in order to save money.

However, gamers are not only making money, they are also spending money. After all, it takes about $200 to start playing, $700 to improve combat characteristics for greater military success, and $2,000 to build a team for a battle. If you need to multiply your characters, you will have to spend 4 AXS and anywhere from 150 to 3150 SLP tokens.

According to open data, active players who visit the virtual world every day can earn about $500 to $1,000 in real income per month. As a consequence, several stories began to appear about various people who have plunged into the gameplay and quit their jobs, completely switching to “working” in the game.

How to cash out from play-to-earn games

Nowadays, there are many ways to cash out from blockchain games. However, we’re going to tell you about the 3 main ones – just read carefully and follow all the instructions.

MetaMask

The first way to cash out is with the help of MetaMask, one of the most popular and reliable electronic wallets. MetaMask has been serving as a middleman for both Ronin and Binance, especially in the first months of the Ronin blockchain.

If you’re planning to use MetaMask as a way to cash out from your P2E game, you need to install the app – it’s possible to do this through its official website. In addition, make sure your seed phrase is secured well to avoid being hacked – you can write down your phrase on a piece of paper and hide it in a safe place.

Below, you’ll find a small step-by-step guide on how to complete the process of cashing out via MetaMask:

1. MetaMask is on the Ethereum network by default. First of all, if your game is based on another blockchain (for instance, Binance Smart Chain), you need to change it – enter your Binance account to transfer your Axie Infinity’s SLP from MetaMask.
2. Once you’ve done that, go to “Crypto Deposit” and find “SLP”.
3. Then, choose “ETH Ethereum ERC20” (if your SLP is on the Ethereum blockchain) or “BSC Binance Smart Chain BEP20” (if it’s on the Binance Smart Chain).
4. When you’ve chosen the required network, you’ll see the address – copy the whole address that starts with “0x”.
5. After that, go back to your MetaMask and press “SLP”.
6. Next , tap “Send”.
7. Then, enter your Binance address in the required field and put in the amount you want to transfer.
8. Once you’ve done that, press the “Next”.
9. If there is enough money to complete the transaction, just wait a little bit, and the amount will be transferred to your Binance account successfully. That’s it!

Ronin

Another option to cash out from your play-to-earn game is Ronin.

A Ronin wallet allows you to store the following tokens: SLP, AXS, WETH, BUSD, and RON. Previously, you were able to make 100 free transactions per day, but now, each wallet gets only 20 free transactions – once you’ve used them, you’ll be charged with RON as gas fees.

Binance NFT marketplace and P2P

The Binance NFT marketplace is well-known and one of the most fast-paced platforms among its competitors. It was launched in 2017, and nowadays, it has the largest volume of trades worldwide.

There are actually two ways to cash out through Binance: Peer-to-Peer (P2P) trading and withdrawing XRP. Let’s take a closer look at each one:

• Peer-to-Peer (P2P)

1. First of all, you need to proceed to “Wallet” and then press “Fiat and Spot”.
2. Once you’ve done that, if you want to convert SLP to USDT, tap “Convert”; if you want to sell your SLP directly to P2P, tap “Transfer”.
3. After that, transfer your SLP from “Spot” to “Funding”.
4. Now, you can sell your SLP on P2P and get the payment either through Gcash or to your bank account. To go to P2P, switch to “Trade” and then press “P2P”.
5. Finally, when you’re ready to sell your SLP or USDT in P2P, tap “Sell” and after that, choose the cryptocurrency you’re using. And that’s it! Binance will notify you as soon as the seller sends the payment.

• Withdrawing XRP

1. If you choose this option, remember that you need a Coins.ph account to make a transaction. Suppose you already have your SLP in the Spot wallet in Binance – first, choose “Trade” at the top of the website and then press “Convert”.
2. After that, select SLP and XRP as the currency and enter the amount you’d like to convert.
3. Once you’ve done the previous step, confirm the quotation.
4. Then, to receive the XRP address, log in to your Coins.ph account.
5. Select XRP on your wallet and find your address.
6. After that, go back to your Binance account.
7. Next, go to “Withdraw” and choose XRP. Enter your XRP address in the first field.
8. Then, confirm the pop-up window.
9. Use your tag from Coins.ph to MEMO. After that, enter the amount you’d like to withdraw.
10. Finally, enter your 2-Factor Authentication (2FA), submit, and wait a little bit until your XRP is deposited in your Coins.ph account. Congratulations!

Bottom line: How profitable are play-to-earn NFT games?

When it comes to crypto earnings, play-to-earn games are something new on the market, and if you want to take advantage of such an innovative project, it’s always better to be among the first to try it.

It’s not a secret for anyone that P2E games allow people to make a good income – as we’ve mentioned in our article, many people have changed their jobs, choosing a much more enjoyable and profitable option. However, bear in mind one crucial thing: take care of your safety, as no one is guaranteed protection from bad tokenomics or even scams.

We sincerely hope that our guide helped you to get a full understanding of play-to-earn games, as well as the way to cash out your earnings. Remember that you can always come back to this article and refresh your memory with all the most important info. So enjoy the game, play wisely, and thank you for reading!

FAQs

Still have some questions? If so, here’s a list of FAQs – there, you’ll definitely find the answers to all of your outstanding issues.

The post What Are Play-to-Earn Games & How To Cash Out Crypto first appeared on Hate Race.

• What is an NFT?
• How does NFT work?
• Brief history of NFTs
• What is NFT used for?
• What is the difference between an NFT and cryptocurrency?
• Examples of NFT
• How to buy NFTs?
• How to sell NFTs?
• Why are NFTs controversial?
• The bottom line
• FAQs

What is an NFT?

Let’s start with the basics – what are NFTs in general?

An NFT (non-fungible token) is a unique token that cannot be replaced with something else. In other words, you can’t change your own NFT to another one like, for example, Bitcoin – if you trade your coin, you’ll get absolutely the same BTC. In this case, it doesn’t work like that – an NFT is non-fungible, so if you try to exchange it, you’ll receive something completely different.

Here’s a great example to help you understand better: say you trade your Squirtle and get a 1909 T206 Honus Wagner in return. As we noted above, you’re making an exchange with two quite different pieces of art.

How does an NFT work?

Now that we’ve understood what NFTs are, let’s move on.

First of all, we should mention that NFT technology is a part of the blockchain. Blockchain is a system that stores information about all the previous operations inside the chain in blocks, and each entry in such a chain is called a token.

Thanks to those tokens, anyone can easily secure the rights to any unique digital art – a picture, video, or object in a game. In other words, an NFT allows you to buy not the product itself, but the ownership of it, by attaching a token with the data about the owner to the file.

Brief history of NFTs

The first experience with NFT began with the appearance of so-called “colored coins” based on the Ethereum blockchain, and the first project was CryptoPunk, at the heart of which were 10,000 non-fungible tokens called “punks”. In essence, the project was a blockchain marketplace.

If we look from today’s perspective, CryptoPunk can be considered a kind of digital “antiquity,” and not a common one, but the best representative of this category.

In the same year, 2017, another project was launched – the CryptoKitties – which promoted non-fungible tokens, putting them into the mainstream. At the end of the year, it was just a primitive online cat breeding game. However, the project proved successful for at least two reasons: the speculative mechanics with clear and user-friendly rules, and the viral story – the cats were colorful and funny.

The second wave came in early 2018 when investors showed interest in using a new way to own digital assets.

Around the same time, cryptocurrency funds and venture capitalists became curious about non-fungible tokens as well. Thus, for example, the organization Immutable managed to attract about $15 million, and Mythical Games pulled in $19 million.

What is an NFT used for?

Now, let’s take a closer look at the main fields where NFTs can be used:

Digital content

Firstly, NFTs are often used in digital content. The reason for that is the following: since content creators control the creator economy, their income increases thanks to NFTs.

Gaming

The second popular field is the gaming industry. If you’re a fan of gaming, you’ll be happy to get some advantages from NFTs. For example, in most cases, you need to buy something for your character. Thanks to non-fungible tokens, it can become profitable – once you’ve finished with the necessary items, you can sell them and recoup your money.

Investment and collaterals

You might not have heard about this, but DeFi (Decentralized Finance) apps allow people to borrow money with the help of collateral. Since DeFi and NFTs use a common infrastructure, they’re working on the possibility to do the same thing with non-fungible tokens.

Domain names

Here, everything is straightforward: NFTs just help users to make their domain names more catchy and valuable.

What is the difference between an NFT and cryptocurrency?

Actually, there is considerable confusion between cryptocurrency and NFTs. However, the key difference is that cryptocurrency is a digital asset that can be used to buy goods and services, while an NFT is a digital asset that represents a unique physical item/virtual item. Also, as we’ve already noted, cryptocurrency is fungible, while an NFT cannot be replaced with something else – it’s unique.

Examples of NFT

Below you’ll find examples of the most well-known NFTs. Let’s take a closer look at the features of each one:

NBA Top Shot

One of the most well-known NFTs is NBA Top Shot – a partnership between Dapper Labs (makers of the CryptoKitties game) and the National Basketball Association (NBA). But what’s special about this NFT?

NBA makes various movies for Dapper Labs, and they, in turn, digitize the material, making it available for sale to people. The key thing is that they use different angles and digital artwork to make it absolutely unique. So if somebody tries to make a perfect copy and sell it later, they’ll fail – the work will be recognized as a counterfeit.

By the way, the venture has already earned $230 million in sales.

CryptoPunks

As you remember, CryptoPunks marked the beginning of the NFT era. The project’s impact helped to inspire the NFT ERC-721 standard and launch the current crypto art movement. Even though there was a large number of tokens (10,000), they were sold pretty fast.

Doodles

Another popular NFT is the Doodles collection – an NFT market project run by its community, which consists of 10,000 images by e-artist Burnt Toast. Each “doodle” token is generated from 100 possible features, which include face shape, hair, hats, body, and background.

The Doodles project is a DAO that requires the purchase of NFTs for membership. Their owners receive not only digital art but also voting rights to manage the project. All DAO members can collectively decide how funds from the community treasury are spent.

VeeFriends

VeeFriends is an NFT project initiated by entrepreneur Gary Vaynerchuk, one of the biggest supporters of non-fungible tokens. He’s also chairman of VaynerX and CEO of VaynerMedia.

The key feature of this project is the following: each of the VeeFriends tokens acts as a ticket to Gary’s multi-day conference. Such an innovation makes VeeCon the world’s first conference with NFT tickets.

How to buy NFTs?

If you’re planning to buy NFTs in the near future, we recommend you use our small step-by-step guide that will help you avoid any mistakes and get things right on the first try:

1. First of all, you’ll need to create your own digital wallet to be sure all of your NFTs are in a safe place.
2. Once you’ve created a wallet, you’ll have to buy a cryptocurrency – it depends on what currencies your NFT provider accepts. The best example is Ethereum. As for the platforms you can use, the most reliable ones are OpenSea, Coinbase, Kraken, etc.
3. Finally, you’ll be totally ready to move your purchases from the exchange to your wallet. That’s it!

By the way, don’t forget about the following critical thing: some exchanges may charge fees while completing a transaction.

Where can i buy NFTs?

As we’ve already mentioned, it’s better to choose the most reliable platforms to buy NFTs. Below, you’ll find a list of the most popular ones:

• Rarible. Rarible has attracted the attention of a large audience thanks to a vast set of tools and a simple and user-friendly design. New tokens here aren’t moderated. Initially, there wasn’t even a commission, but in 2020 it was added, and only then the monetization of the service began.
• OpenSea. The second well-known NFT marketplace is OpenSea. There, you’ll be able to buy and sell NFTs, including the ERC721 and ERC1155 standards, as well as discover various digital commodities.
• Foundation. The Foundation platform is kind of exclusive: you can only get in through an invite – a personal invitation from a participant who is already inside the platform and, in addition, has successful sales, i.e. is a sought-after artist.

How to sell NFTs

Here’s another small step-by-step guide that will help you sell NFTs without any problems:

1. To sell an NFT, first of all, you need to connect your Ethereum wallet to the platform of your choice.
2. If you have already created an NFT, you will be able to click on the token and see the “Sell” option – to complete the transaction, you need to press the required button.
3. If you’re storing an NFT created by another person and want to sell it, the process is also straightforward – just click on the asset and select the same “Sell” option. That’s it!

Why are NFTs controversial?

Even though it’s possible to earn big money with the help of NFTs, there is some debate that the tokens have a considerable impact on the climate. Actually, it’s true. The thing is that when blockchain assets, including NFTs, are created, it takes a lot of computing power, and thus energy. Unfortunately, this can easily lead to unpleasant consequences for the environment.

The bottom line

Now, we think you know precisely what NFTs are, as well as the way they work, why they’re popular and controversial at the same time, and so on. Just keep in mind one golden rule: it’s better to learn everything in advance before you dive into the NFT world and start buying or selling non-fungible tokens. We hope our guide will help you in this aspect. Thank you for reading!

FAQs

Still have some questions about NFTs? If so, we recommend you take a look at our FAQs list – there, you’ll find the answers you seek.

The post What Are NFTs? Non-Fungible Tokens Explained first appeared on Hate Race.