Minting an NFT refers to the act of publishing the digital item onto the blockchain. Once the item has been minted, the NFT's ownership rights can be tracked along the blockchain which allows for users to buy, sell, and trade the NFT.
How do I mint an NFT through RareCircles?
The first thing you will need in order to mint an NFT is a crypto wallet. RareCircles currently supports Metamask and Coinbase wallets. To learn more about how to set up a crypto wallet, click here. To mint an NFT, simply connect your wallet and follow the prompts on the screen to initiate the transaction. RareCircles utilizes an approach known as lazy minting to publish the token onto the blockchain at the point of purchase (think of this like the digital version of drop shipping).
Are there fees associated with minting an NFT through RareCircles?
Yes, there are always fees associated with the cost of validating the transaction, commonly referred to as gas fees. The cost of "gas" will depend on the blockchain you are minting on and on the network traffic at the time of minting. During periods of high traffic, you can expect more expensive gas fees compared to periods of low traffic. Gas fees are typically more expensive on the Ethereum Blockchain compared to the Polygon Blockchain.
Who is responsible for paying for these fees?
It will depend which blockchain you are minting on. If you are minting on the Ethereum blockchain, then the gas fees will be absorbed by the consumer at the point of purchase. It will automatically be added to the cost of the transaction. When minting on the Polygon blockchain, the gas fees are absorbed by the RareCircles.