Crypto Gloss

Mint

Minting is the act of creating a new NFT (Non-Fungible Token) on a blockchain — the moment at which a digital file or smart contract token definition is transformed into a unique, verifiable on-chain asset with a specific token ID, assigned to the wallet address that called the mint function, and permanently recorded in the blockchain’s immutable ledger — typically occurring during a collection’s official launch event when buyers pay a mint price (plus gas fees) to claim one or more tokens from a fixed or open supply, with the resulting NFT then being transferable, listable, or displayable across any compatible marketplace or wallet. Minting is distinct from buying an NFT on the secondary market: a mint is the NFT’s creation event and first ownership assignment, while a secondary purchase transfers an already-existing token between wallets.

How Minting Works

The Technical Process (ERC-721)

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  1. Collection creator deploys ERC-721 smart contract on Ethereum
    Contract defines: max supply, mint price, metadata base URI
  1. Buyer calls the mint() function on the contract:
    Sends ETH equal to mint price + gas fee
    Specifies quantity (usually 1–5 per transaction)
  1. Contract executes:
    Checks: supply not exhausted, mint limit per wallet not exceeded
    If allowlist: checks that caller’s address is whitelisted
    Increments token counter → assigns unique tokenId to caller’s wallet
    Emits Transfer event: address(0) → buyer wallet (from zero = new creation)
  1. On-chain state updated:
    ownerOf(tokenId) = buyer wallet address
    Metadata accessible at tokenURI(tokenId) = IPFS/Arweave link

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What Gets Stored On-Chain vs. Off-Chain

Data Location Notes
Token ID On-chain Unique integer per NFT
Owner address On-chain Updated on every transfer
Contract address On-chain Identifies the collection
Metadata URI On-chain Points to JSON file
Image/animation Off-chain (IPFS/Arweave) Not stored on-chain (too expensive)
Traits/attributes Off-chain (metadata JSON) In JSON file linked by URI

Mint Types

Standard Mint (Fixed Supply)

  • Minting ends when all tokens are claimed
  • Price is fixed in ETH or SOL

Open Edition Mint

  • Minting window open for a set time period (e.g., 24–48 hours)
  • Anyone can mint; final supply is whatever demand generates
  • Examples: Jack Butcher’s Checks, many Art Blocks editions

Dutch Auction Mint

  • Buyers choose when to mint based on acceptable price
  • Prevents bots from having advantage over humans (no single gas-war moment)
  • Examples: Artblocks Curated drops, many 2022–2023 collections

Free Mint

  • Sometimes used to reward community or drive volume
  • Risk: Gas wars more intense (no price deterrent to demand)

Allowlist Mint → Public Mint

  • Phase 2: Remaining supply opened to public
  • Reduces gas wars; rewards engaged community members

Mint Costs

What the Buyer Pays

Total cost = Mint Price + Gas Fee

Mint Price: Set by creator (0 ETH for free mints, 0.05–1+ ETH for paid)

Gas Fee: Variable; depends on network congestion at mint time

= Gas Used × (Base Fee + Priority Fee)

= ~100,000–300,000 gas × current gas price

Can range from $5 to $500+ during congested mints

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Revenue to Creator

Creator receives: Mint Price × Tokens Sold

Gas fees go to: Ethereum validators (not creator)

Platform fees: OpenSea, Manifold, etc. may take 2.5–5% of primary mint revenue

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ERC Standards for NFTs

Standard Use Case Key Feature
ERC-721 1-of-1 or limited edition NFTs Each token ID is unique and non-fungible
ERC-1155 Semi-fungible (editions, gaming items) Multiple copies per token ID; gas-efficient
ERC-2981 Royalty standard Defines on-chain royalty percentage for secondary sales

History

  • 2017: CryptoKitties launches on Ethereum — first viral NFT mint event; causes network congestion
  • 2017: ERC-721 standard proposed by Dieter Shirley (Dapper Labs)
  • 2018: ERC-721 officially finalized as Ethereum standard
  • 2021 Mar: Beeple’s “Everydays: The First 5000 Days” sells at Christie’s for $69M; NFT mainstream awareness
  • 2021 Aug: OpenSea volume surges; PFP collections (BAYC, CryptoPunks) drive mass mint interest
  • 2021–2022: Gas wars become defining feature of popular NFT mints
  • 2022–2023: Allowlist systems, Dutch auctions, and open editions spread as gas war alternatives
  • 2024–2025: Minting expands to Solana, Base, Polygon; Ethereum L1 minting costs drop dramatically post-EIP-4844

See Also