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Rachel Welch

11 October 2022 169 Read NFT

What Does it Mean to Mint an NFT?

Minting an NFT is a way for digital content to become a part of the Ethereum blockchain. It is similar to the process of minting a metal coin. After it is created, an NFT can be traded on digital marketplaces. It also allows the creator to schedule royalties for subsequent sales, which are commissions earned when the work is sold or traded.

In traditional finance, a government body mints money, whereas in the blockchain, minting is decentralized and anyone can mint digital assets. This way, anyone can create a digital art piece or create a piece of music. An NFT, however, represents ownership of a specific digital asset, which is different than traditional currency.