The hype around NFTs is real. If you are getting into the world of NFTs you probably heard about the term ‘Mint’ before.
You most likely also hear about ‘Mint Dates’ but what do they even mean?
What does ‘minting an NFT’ mean?
When you mint an NFT, a digital artwork becomes a part of the Ethereum blockchain–a public ledger that can’t be altered.
It’s impossible to modify, delete, or update the digital good or file since it’s stored in a decentralized database.
Have you heard complaints about gas prices being too high?
I’m sure it’s something most everyone has experienced at some point or another.
Did you remember when I told you that once an NFT is minted it becomes part of the Ethereum blockchain?
Well, on the Ethereum network, every transaction has a cost, and this cost is paid with the cryptocurrency Ether (ETH).
These ‘Gas fees’ are not fees created or charged by the NFT creator or marketplace you are using, they are paid for using the Ethereum blockchain.