In order to understand web3 emergent technology, I minted my first non-fungible token (NFT). This grassroots operational approach allowed me to get an in-depth understanding of how to think about NFT’s from a consumer point of view, as well as overcoming the technical constraints required to publish an NFT.
- In order to create an NFT auction of value, I decided to use a photograph I had taken eight years ago outside Farringdon Station in London. This poignant image has stayed with me for a long time. Victims of homelessness can be anyone, and they are part of our community – they could be our father, our child, or our brother. As this project was intended for proof of concept only, I decided to donate any revenue received to the homelessness charity, Beam. They do fantastic work, please check them out and donate if you can.
- In order to mint an NFT, I needed to decide who would pay the “gas fees” (this is the cost of the transaction itself – on the Ethereum blockchain this is a unit of Ether measured in GWEI). Although gas fees were low at the time, minting an NFT can have hidden costs and not everything is transparently communicated up-front. For this reason, I chose free minting (or lazy minting), where the gas fees are paid by the buyer.
- Although I had an OpenSea marketplace account, for this NFT I decided to list on Rarible so I could compare how the onboarding experience was different.
- After choosing the blockchain and marketplace, I needed to decide on the wallet I wanted to link them together. I already owned a Coinbase crypto wallet, but have found it cumbersome due to a separate mobile-based app that needs to be linked to a Coinbase account. This time I used MetaMask and it seemed a lot easier.
I would recommend you try minting your own NFT – it’s fairly simple, once you have an understanding of the concepts involved. In retrospect next time I would probably pay my own gas fees, as I imagine this would increase traction. I would also set it to be a timed auction, and make sure I have a budget for promoting the NFT on a social media paid-for campaign (rather than relying on organic growth). Donating the proceeds to charity is something I haven’t seen in other NFTs, and this could be a useful donation-generating mechanism for the non-profit sector.