Many Ways to Buy an NFT

There are a few ways of buying an NFT.  One way is to buy an NFT on an NFT marketplace.  Another way to buy an NFT is to mint an NFT directly on an NFT Project’s website.  During the “mint phase” of an NFT Project, you can purchase an NFT directly from the Project’s website.  When you mint an NFT, you are, in essence, creating an NFT.  Conversely, when buying an NFT on OpenSea, you are buying an already minted NFT.  

Create Your Own NFT

There is another more direct way of obtaining your own non-fungible token that does not require buying someone’s already minted or created NFT.  Minting or creating your own NFT Monkey or Monkey NFT directly from a non-fungible token Project’s main website is another way to purchase an NFT.   In this blog post, we look at the benefits of minting an NFT Monkey versus purchasing a Monkey NFT on a secondary marketplace.  

To mint anything is to create something that is brand new and this includes the minting of an NFT Monkey.  This is the first characteristic of minting an NFT that is different from just purchasing an NFT on a Marketplace.  When you mint anything, including an NFT, you are creating something for the first time.  You are part of the actual creation process, and whatever NFT Monkey you create, that NFT Monkey will be one of a kind and unique.  No one else will ever create that exact NFT.  It is a pretty cool concept.  

united states mint

The United States Mint.

How to Mint an NFT

To mint an NFT the consumer must first go to the NFT Project’s website.  You can find a NFT Project’s official website by following their Twitter or Discord channels.  Once at the NFT Monkey or any NFT from the NFT project’s website, the consumer is purchasing the Monkey NFT at mint price.  The NFT Monkey Project determines the floor price for minting an NFT.  The mint price is the amount of cryptocurrency needed to mint or to create the NFT Monkey.  

When someone purchases an NFT on OpenSea the NFT itself has already been minted.  It could have been minted years ago or the NFT could have been minted just a few minutes ago.  But rest assured, when purchasing an NFT on the secondary markets, you are not minting an NFT.  You are purchasing an NFT in a marketplace.  You are purchasing an NFT that already has had at least one owner.  

Conversely, when someone purchases an NFT on OpenSea they are not minting the NFT.  The NFT collector is purchasing the NFT on a secondary market.  Here, we look at some of the benefits of creating an NFT Monkey on a Monkey NFT Project’s website versus purchasing an already minted Monkey NFT on a secondary marketplace.  

Indeed, when minting an NFT, the purchaser of the NFT is actually part of the creation process.  When creating an NFT, you are also the first owner of the NFT itself.  This is the first major difference between creating an NFT and purchasing an already created NFT on OpenSea, or another NFT marketplace.  

Benefits Of Minting an NFT

Second, the price to create an NFT Monkey is usually lower than it is to purchase an already created Monkey NFT on a secondary marketplace like OpenSea or Magic Eden.  Many projects have exploding in price after mint has sold out.  For example, the Bored Ape Yacht Club original floor price to mint a Bored Ape was .08 Ethereum.   As of April 2022, the minimum or floor price of a Bored Ape Yacht NFT is 109.5 Ethereum on OpenSea.  

Further, the CryptoPunks, the “original” NFTs, were minted for free.  Now, the minimum price to obtain a CryptoPunk, as of April 2022 is $191,000.00.  This appreciation and return on investment could only be seen by being early, which in the case of NFT is at the minting or creation stage of the NFT Monkey, Monkey NFT or other NFT project.  

Do Your Homework

Of course, one must do their own due diligence before making any investment of any kind, and this includes investing in any NFT Project.  Of course, like any asset, There are NFT projects that do not increase in value over time.  Each art collector and NFT collector must make their own decisions.  Pieces of art to be looked at and admired just like traditional art, so while NFTs can and should be used as amazing investment opportunities, NFTs are also to be respected for the artwork and the vision they create.  

CryptoPunks NFTs for sale

CryptoPunk NFTs for sale in the Spring of 2022.

Creating an NFT is a cool experience.  You can get in on the ground or the “floor” level of an NFT Monkey and watch the project grow.   Also, the NFT owner continues to get utility just by holding the NFT.  This could be airdrops of valuable NFTs.  It also could be the benefit of giveaways, or simply valuable information on other NFT Projects. 

Thank you for checking out our blog!  Stay connected for future articles, updates and new on our NFT Project, Awk Monks!  Also, if you like NFT Monkeys, you’ll love our Ultimate Monkey Guide now available for free at:  The Ultimate NFT Monkey Guide.