Victor LukassoA Complete Guide to Minting your First NFT on OpenSea: NFT for Dummies
This article might be lengthy but I'll try to make it understandable, you can also drop a comment wherever you're stuck in the minting process and I'll come through via the comment section.
So, An NFT or a Non-Fungible Token is a digital asset that is stored in the blockchain. — Digital assets are files created electronically, and that exist as data held on a digital storage drive or computer system.
Navigation
- 1 Why is it called a “Non-Fungible Token
- 2 Who can create NFTs?
- 3 What do I need to Begin Minting NFTs?
- 4 Creating an NFT Collection on OpenSea
- 5 How to Mint Your First NFT
- 6 FAQS ON NFTs
— Why is it called a “Non-Fungible Token”?
A Non Fungible Asset is unique and cannot be directly interchangeable with each other and the Value of the NFT is given by the community.
NFTs are way beyond JPEGs & Gifs as many believe, because of their Uniqueness, NFTs can represent an Art, a picture, a meme, a tutorial, a skit, a tweet, a Song, Music Video, or basically any digital asset. NFTs also Work Perfectly For Real Estate.
You may wonder, "Can't I right-click save the NFT without purchasing?" This is true, but you would not be able to sell it at the value of the original.
— Who can create NFTs?
Anyone, from artists to entrepreneurs, musicians, videographers, social media influencers, and even TikTokers can create an NFT. No experience is necessary, and as long as someone can prove they created or legally own the content, they can mint an NFT.
Although, Millions of NFTs are desperately waiting for a buyer that will never come.
So, if you are here “only for the money,” you better think twice, or instead, better divert into other technology trends that are making waves.
— What do I need to Begin Minting NFTs?
In order to access the NFT Marketplace, you’ll need 3 basic things.
1. A Crypto Wallet: You’ll need to choose a wallet that is compatible with the blockchain network that supports the NFTs you wish to buy.
For example,
If you plan to buy or sell NFTs built on the Ethereum blockchain, you will need to use a compatible Ethereum wallet such as ‘MetaMask’.
MetaMask is compatible with OpenSea Marketplace, so you can install the browser extension for your browsers or visit https://metamask.io/ to download it.
MetaMask allows you to store ERC-20 tokens such as Ether (ETH) – the currency you’ll likely be using to buy and sell NFTs on OpenSea.
2. Next, this requires you to create an account on OpenSea:
Go to https://opensea.io/ > Click on Profile > A new page will come up, prompting you to connect your wallet, and select MetaMask from the list.
Accept all prompts to grant OpenSea access to your wallet > Accept all terms and conditions and your wallet will be successfully linked to your OpenSea account.
3. Fund your wallet (Optional for now): You will need to fund your wallet with the compatible Chain the NFT is built on before buying, listing or minting an NFT.
This means if you’re buying an NFT based on Eth, you must have a number of Ethereum in your wallet to purchase and pay for gas fees.
Ethereum is the most popular blockchain platform for holding NFTs, so the chances of selling, flipping NFTs and making money are higher on the Ethereum blockchain as it is more widely accepted.
Simple, right? Now you have to create your first collection on OpenSea
— Creating an NFT Collection on OpenSea
Now that your account has been successfully set up and linked, let's start by creating our first NFT collection.
1. Hover on your profile icon and select "My Collection" from the drop-down menu > Click on "Create a Collection" > Your new collection will be composed of the logo image, the featured image, and the banner.
2. Next, you'll fill different boxes which contain your URLs, the description, category, and links to your website and social networks.
3. Now, the next section is where you'll fix a per cent to be paid if a user re-sells an item you originally created, also called royalties. You can use the meta mask wallet you created earlier for this too.
4. Next, Select the blockchain where you'd like new items from your collection to be added by default, in this case, we'd go with Ethereum, but you can also choose Polygon.
5. Lastly, select payment tokens that can be used to buy and sell your items.
Your collection is now set! Now you have to add some items to it – which is the real minting process.
— How to Mint Your First NFT
- Go to your collection and click on "Add Item" at the top right-hand side
- Upload a piece of art, ranging from Image, Video, Audio, or 3D Models.
- Provide a name, description, and link.
- Now, select a collection you want your NFT to appear in and customize features such as Properties, Levels, and Statistics.
- Next, choose whether it’s unlockable content or explicit or sensitive content.
- Finally, choose the number of copies that can be minted, and the issuing blockchain.
- Click on “Create” and your new item will appear as a new NFT in your collection. You are free to offer it for sale at a set price or to the highest bidder.
In conclusion, minting on OpenSea isn’t as tough as most people think it is. You just need your digital wallet set up, connect it to the platform, and start creating your collection. The process is similar to other marketplaces – you just have to check out what marketplace suits you best.
— FAQS ON NFTs
— How Can you make money from NFTs?
NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit.
Alternatively, if you’re a content creator, you can sell Paid content as NFTs, Music Artists can sell Albums as NFTs, Comedians can sell Skits as NFTs, and Blogs can sell hot exclusive news as an NFT, the list is endless.
Basically, this takes away 3rd party which would normally be present in the traditional media as collectors will be buying directly from the creator on the blockchain.
— BUYING AND SELLING NFTs
Mint, sell, bid and purchase of NFTs happen in an NFT Marketplace. NFT marketplace is a platform where NFTs can be stored, displayed, traded and in some cases minted (created).
NFTs are usually purchased directly for a fixed price or through an auction.
An NFT collection will usually launch on a Website, with units of the collection available for mint at a pre-determined launch price.
After which it will be available for resale on the Secondary market which is the NFT Marketplace.
Early buyers can enjoy the privilege of selling at a higher price on the Marketplace as some projects could sell for 1000% to as high as 10,000% on the secondary market.
In some cases, buyers can offer an amount to the owner and attempt to negotiate a better price.
You can sell your minted collection by going to Click on Profile > Click on your Art > Click Sell
— NFT MARKETPLACES
The five most popular art-oriented NFT marketplaces:
1- OpenSea
2- Rarible
3- SuperRare
4- Nifty Gateway
5- Foundation
That's all on minting your first NFT on OpenSea and I hope you should have your own NFT at this junction.
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