There are a number of internet marketplaces where NFTs can be purchased and sold, but OpenSea remains the most popular. Over a million monthly transactions make it stand out from the dozens of other platforms. You should read this article if you wondered, “What is the process for minting an NFT?” when browsing their product categories.
Let’s take a look at how to make your first piece of digital art or other types of content using OpenSea.
NFTs: What Are They?
There has been a surge in the popularity of non-fungible tokens in recent months. These digital assets represent real-world elements such as artwork, in-game purchases, music, photos, and films. In addition, cryptocurrencies can be used to purchase or sell NFTs.
What Is the Cost of Minting an NFT on Opensea?
OpenSea requires all new sellers to pay two fees before making their first transaction. The costs you incur aren’t set in stone; if you know how to manage them, you can reduce them. So what is the key?
Blockchain transactions on Ethereum are included in these fees. As a result, they require a bit of processing power. To compensate for that energy, you pay a “gas fee.” Petrol prices determine how much this fee is.
In order to begin selling, your account needs to be set up for between $70 and $300. After that, an additional $10 to $30 transaction will be required to make your NFTs available to OpenSea.
It makes sense to set up your account when petrol prices are low so that you can save money and pay the charge when it is cheapest. A website called Gas Now allows you to monitor gas costs. Fees should be paid on days when the number drops below 100.
There is an ether fee on OpenSea. In other words, prices fluctuate according to the relative price of a cryptocurrency to your currency.
A 2.5% fee is also required when you sell the NFT, in addition to the two initial costs. As long as the initial transaction has been completed, OpenSea won’t charge you for manufacturing NFTs.
There are several payment tokens available for the purchase of NFTs.
We recommend the following cryptocurrencies:
- Ethereum
- WETH
- DAI
- USDC
How Do I Sell My NFT and Make Money on OpenSea?
On the other side, vendors can connect with potential customers through a marketplace called OpenSea. As a result, the market is filled with millions of NFTs for sale. This shouldn’t mislead you; however, there was actually a supply increase due to the massive demand.
There are millions of NFTs waiting impatiently for customers who will never appear. In other words, you should reconsider your position in this business if you’re just in it for the money.
Using the instructions below, anyone can mint their own NFTs and list them on OpenSea for sale.
OpenSea NFT Minting Guide
There is no better place to buy and sell art than OpenSea today. The benefits of doing so are numerous. By doing so, you retain true ownership of your work while gaining additional exposure. Every time your NFT is resold, you receive a commission. As the value of your NFT increases, you get more out of it.
The only way to mint NFTs on the platform is by purchasing Ethereum, setting up your cryptocurrency wallet, and uploading your NFT. Below is a detailed explanation of how to accomplish each of these tasks.
Buying Ethereum
In the current cryptocurrency market, Ethereum ranks second after Bitcoin in terms of popularity. The majority of NFTs are bought and sold using it. It is necessary to create an account on a cryptocurrency exchange before you can buy Ethereum. For those who don’t already have one, you can try Coinbase, one of the most popular cryptocurrency exchange sites. Digital currencies, such as Ethereum, can be purchased and traded here.
Minting an NFT requires a certain amount of Ethereum depending on the current gas charge; a mini is a good starting point. It may seem confusing to understand what a gas charge means, but it refers to something Ethereum has to pay cryptocurrency miners. Due to factors such as new account registration fees, Ethereum payment method, and more, OpenSea does not have any influence over gas fees.
In order to establish your account and gain access to the item, you will have to invest two gas costs. However, the present service fee of 2.5 % and the royalty fee of 10 % need not be paid upfront for transactions using your NFT.
OpenSea Crypto Wallet Tutorial
A cryptocurrency wallet must be created after purchasing some ETH. On OpenSea, you will use this wallet to purchase and sell NFTs.
MetaMask is the most popular wallet on OpenSea, which is easy to use. With Brave and Google Chrome, it performs best. It is accessible as a browser plugin. It allows you to store Ethereum, NFTs, and other Ethereum-based tokens.
Opensea Wallet Integration
The following steps will guide you through setting up your wallet with OpenSea:
- First, enter your password to unlock the MetaMask extension in your browser.
- Click on Profile from the top-right corner of the website at http://www.opensea.io/.
- Upon visiting the website, you will be prompted to choose MetaMask as your crypto wallet.
- Verify your account by accepting the terms and conditions and entering your email address and username.
- You will receive a verification email. Please follow the instructions.
- It’s that simple! Your first NFT is now ready for minting. Alternatively, you may start from Step 2 and choose the appropriate option during Step 3.
First NFT Creation
Once you’ve created your wallet and connected it to OpenSea, you can start creating NFTs. In order to achieve this, it is most effective to create a collection. Uploading one file is easier than building collections, so why build them? Collections of NFTs are the most effective way to sell them since they get the most attention. In addition, it is possible to customise colours, forms, and other features of one NFT in a variety of ways.
The steps below will guide you through creating a collection:
- You can access your OpenSea collection by going to your profile.
- Then, select Create to make a new collection.
Your digital art resume can be found in this collection. If you have a recent piece of artwork, a meme, or even an illustration of a cuddly cat, we want to see it. OpenSea has its own category for “cryptokitties,” stickers of cats that can fetch hundreds of dollars.
Minting The NFT
Adding an NFT to your first collection is easy. Here’s how to do it:
- First, click on the newly created collection.
- Next, add an item by clicking the Add Item button.
- Give a name to the NFT when you upload it.
- Describe the item’s properties, levels, and other details.
- When you are done, click Create.
That’s all there is to it! You can see it there now that you have added your NFT to your collection. If you want to display it or sell it to the highest bidder, you can do so.
Storage Verification
The storage problem should also be considered before you upload your first NFT. Centralised servers can malfunction when NFTs are kept there. So it is best to keep them on the blockchain or alternative systems such as Arweave and IPFS.
The Final Words
NFTs are most commonly purchased and sold on OpenSea. These digital assets can be mined elsewhere, but their visibility and chances of being closed are lessened. This marketplace allows merchants to display their best work. With a bit of research and imagination, you can do it, too. And you now know just where to begin.
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