The craze for non-fungible tokens (NFTs) has spiked sharply over the past year. The rising demand from both crypto novices and enthusiasts has also prompted many artists to explore the idea of putting their art on sale via this unique mode. NFTs can provide substantial exposure to an artist's art, music, or videos. An animated GIF, the Nyon cat, for example, recently sold for $590,000 demonstrating the power of the NFT marketplace.
NFTs by an artist do not give the art copyright to the buyers. This helps in making a clear distinction between the owner and buyer. The NFT collector only owns the original copy of the art and not the intellectual and creative rights for it. Artists retain intellectual rights, giving them immense freedom if they want to implement that piece of art in any other venture they take part in. The artist also receives royalties every time the piece of art is resold in the marketplace.
But, how are these NFTs minted and where can you mint one? WazirX is one such platform that allows the minting of NFTs. However, as of now, minting on WazirX is on an ‘invite only’ basis for artists and creators from India and other parts of South-East Asia. The minting is done on the Binance blockchain, and sales take place using WazirX’s native token WRX on the platform. Now let's take a look at how you can mint and sell your art on the WazirX NFT marketplace.
First, visit the WazirX NFT marketplace website. You will see a connect on the button top-right corner of the site. Connect your metamask wallet to the WazirX platform. You can only connect a metamask wallet with the platform as of now. If you do not have a metamask wallet, you can get it as an extension on your browser or as an app on your phone through metamask’s website. Click on the connect button, choose the account number you are comfortable with, and click on next.
The option ‘allow this site to add a network’ will pop up. This will add the Binance smart chain network to the metamask wallet. After clicking allow, the wallet will switch the network from Ethereum to Binance. After switching the network, you will see another pop-up to register yourself on the WazirX platform. Enter a username, display name, and email address. You can also customise your profile further on the site.
Now that you have a profile, you are good to start the process of minting your NFT. Click on your profile, and you will see the option to ‘become a creator’. Click on it. You will need to fill up an application form which the site will review. You will get a response typically within 3-4 weeks. After you get approval, you will be able to see an option to create an NFT when you log in to your profile.
You will be redirected to the NFT creation page when you click on it. Here, you will have to upload your NFT (png, jpeg, mp4, and gif files are accepted). Enter the title of your NFT along with a description. Don't forget to set the royalty percentage and the initial price for your NFT. There will be a service fee of 5 percent when your NFT gets sold on the platform. After you have entered all these details, hit the upload button.
You will now see an option to escrow the NFT. Confirm the escrowing process as it is necessary. You will also have to list the NFT on the platform. And voila! You have just minted your first NFT on the WazirX NFT platform. (This is a partnered post)