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.

My process

1. 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.
2. 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.
3. 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.
4. 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.

Summary

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.