NFTs will revolutionize marketing, rapidly marrying physical goods and services with digital assets – a proven use-case, and more.
Blockchain advances (Layer 2) and reduced “gas fees” to mint NFTs will further fuel adoption.
More than the marketing and business applications, NFTs drive creativity and empower creators to realize revenue from the time they put into creating digital assets.
So, you want to mint an NFT? Here is a step-by-step guide on how to mint NFTs in Canada with low gas fees.
Follow these steps:
🚀 Step 1: Download and create a Loopring wallet (iOS and Android).
🚀 Step 2: Fund your Loopring wallet and pay creation fees. We used Wealthsimple‘s new crypto wallet to transfer funds (Ethereum) to Loopring.
The minimum funding amount to create a Loopring wallet was ~$120 USD (Feb. 27, 2022). We purchased $200 CAD (~$160 USD) of Ethereum via Wealthsimple. After fees, we were left with ~$88 USD in our Loopring wallet. That puts fees in the ballpark of $38 USD. Our understanding is that fees can vary widely, but that gives you an idea.
🚀 Step 3: Now that you have funded your Loopring “L1” wallet and paid the setup and “gas”/transaction fees, transfer funds to your “L2” wallet in the Loopring app – this will be used to pay to “mint” your NFT.
🚀 Step 4: Mint your NFT with Pinata and Loopring, following this tutorial. The cost to mint the NFT, a barrier to previous NFT adoption, was about $0.83 CAD.
🚀 Step 5: Ta da! You’ve now minted an NFT. Find an NFT marketplace and sell it for millions.
Questions, comments, feedback? Let us know.