Minting

In the crypto market, minting refers to the process of adding a new token into circulation. These tokens can be either coins or non-fungible tokens. There are two different ways in which new tokens can be added into circulation.

The proof-of-work mechanism is used while adding new coins via mining, while the other method requires staking, using the proof-of-stake mechanism. The term minting is often used with the PoS mechanism to distinguish between mining.

The process of minting a cryptocurrency and NFT are also different. To mint an NFT, users need to create an Ethereum wallet along with signing up for an NFT marketplace. An NFT is minted, once the NFT is uploaded and the transaction is verified.