New to NFT Minting? Before You Can Mint a NFT
How NFTs Are Valued and Considered Collectibles
NFTs are valued based on a number of factors, including:
Scarcity: NFTs are unique digital assets, and their scarcity can contribute to their value. For example, an NFT that is one-of-a-kind or limited edition is likely to be more valuable than an NFT that is more common.
Rarity: The rarity of an NFT can also affect its value. For example, an NFT that is created by a famous artist or that features rare or unique attributes is likely to be more valuable than an NFT that is created by an unknown artist or that features common attributes.
Utility: The utility of an NFT can also affect its value. For example, an NFT that grants access to exclusive content or events is likely to be more valuable than an NFT that does not offer any utility.
Demand: The demand for an NFT can also affect its value. If there are more people who want to own an NFT than there are NFTs available, the price of the NFT is likely to go up.
NFTs are considered collectibles because they are unique and scarce digital assets. They can be used to collect digital art, music, videos, and other items. NFTs can also be used to represent ownership of physical assets, such as real estate or collectibles.
The value of an NFT can fluctuate depending on a number of factors, including the factors listed above. However, NFTs that are considered to be rare, valuable, or have a high level of utility are likely to hold their value or appreciate in value over time.
Here are some examples of NFTs that have been sold for high prices:
Beeple's Everydays: The First 5000 Days: This NFT is a collage of 5000 daily drawings by artist Beeple. It sold for $69.3 million at auction in March 2021.
CryptoPunk #7523: This NFT is a pixelated portrait of a punk with blue hair and a cigarette in its mouth. It sold for $11.8 million at auction in June 2021.
NBA Top Shot LeBron James Dunk: This NFT is a video clip of LeBron James dunking a basketball. It sold for $230,000 at auction in October 2020.
These are just a few examples of the high prices that some NFTs have been sold for. It remains to be seen whether NFTs will continue to appreciate in value in the future. However, the current market suggests that there is a strong demand for NFTs, and that they are considered to be valuable collectibles.
Polygon MATIC Minting Fees Explained
Polygon Matic minting fees are extremely low, usually less than $0.01 per transaction. The average fee for minting a free NFT on Polygon is around $0.003. This is in stark contrast to the minting fees on Ethereum, which can be hundreds of dollars or more.
The reason for the low minting fees on Polygon is because it uses a layer-2 scaling solution called Plasma. Plasma allows for faster and cheaper transactions by offloading some of the computation and storage requirements from the Ethereum mainnet.
As a result, Polygon is a much more affordable option for minting NFTs. If you are looking to mint an NFT without breaking the bank, Polygon is a great choice.
How to Install and set up MetaMask Wallet for Polygon Matic Network
Go to the MetaMask website: https://metamask.io/ and click on the "Download" button.
Choose the platform you want to install MetaMask on (e.g., Chrome, Firefox, Brave, etc.).
Follow the instructions on the screen to install MetaMask.
Once MetaMask is installed, open it and click on the "Create a Wallet" button.
Follow the instructions on the screen to create a new wallet. Make sure to write down your secret recovery phrase and store it in a safe place.
Once you have created a wallet, you will be able to see your Ethereum address. This is the address that you will use to send and receive MATIC tokens.
To add the Polygon Matic network to your MetaMask wallet, follow these steps:
Click on the "Networks" tab.
Click on the "Add Network" button.
Enter the following information:
Network Name: Polygon Mainnet
RPC URL: https://polygon-rpc.com
Chain ID: 137
Currency Symbol: MATIC
Block Explorer URL: https://polygonscan.com/
Click on the "Save" button.
Your MetaMask wallet is now set up to use the Polygon Matic network. You can now start sending and receiving MATIC tokens on the Polygon network.
Here are some additional tips for using MetaMask:
Always keep your secret recovery phrase safe. If you lose your secret recovery phrase, you will lose access to your MetaMask wallet.
Be careful of phishing scams. Never enter your MetaMask seed phrase into a website or give it to anyone.
Only connect your MetaMask wallet to trusted websites and dApps.
Always double-check the gas fees before you confirm a transaction.
I hope these instructions were helpful.
How To Get Polygon MATIC Tokens Directly from Metamask
Buying MATIC in MetaMask is a fast and one of a secure way. It reduces the number of steps involved in the conventional way of buying MATIC from any cryptocurrency exchange and transferring it to the wallet. You can easily bypass the transfer part of MATIC with this method of buying.
Buying MATIC inside MetaMask saves you time; you don’t need to buy somewhere else and transfer it to the wallet.
In this article, we’ve explained how you can buy MATIC inside the MetaMask wallet with Transak and MoonPay.
Before starting, in case you’ve not added the Polygon Network to MetaMask, you need to add it to buy and store MATIC inside MetaMask.
You can buy MATIC in MetaMask in 2 ways: