OpenSea is the world's leading marketplace for buying and selling NFTs. With over a million transactions every month, it's head and shoulders above dozens of similar platforms. Maybe you've browsed through their product categories and thought, "How can I mint an NFT?" If so, this article is for you.
We'll walk you through how to create your very first piece of art, or any other digital item, on OpenSea.
OpenSea – How to Hit an NFT
There is no better place to sell art today than on OpenSea. This comes with many benefits. For example, you gain visibility while retaining actual ownership of your work. Plus, you get a commission each time someone resells your TVN. The more your NFT increases in value after resale, the more you benefit from it.
To create NFTs on OpenSea, you will need to buy Ethereum, create and link your crypto wallet to your OpenSea account, and upload your NFT. Below is a detailed guide on how to perform all these steps.
After Bitcoin, Ethereum is the most popular cryptocurrency currently in existence. In fact, most NFTs are bought and sold with. The first step to acquiring Ethereum is to create a crypto exchange account. If you don't already have one, you can try Coinbase, the most popular crypto exchange. From there, you can buy and sell cryptos like Ethereum.
Create a crypto wallet
After buying ETH, the next step is to create a crypto wallet. You will use this wallet to pay for and sell NFTs on OpenSea.
MetaMasque is one of the easiest wallets to use, and it is the preferred option on OpenSea. It is available as a browser plugin and works best with Google Chrome and Courageous. Once you install it, you can use it to store Ethereum and Ethereum-based tokens like NFTs.
Connect your wallet to OpenSea
You can connect your wallet to OpenSea in a few simple steps:
- Open the MetaMask extension in your browser and unlock it by entering your password.
- Go to http://www.opensea.io/ in the same browser and select "Profile" in the upper right corner.
- The website will prompt you to connect your crypto wallet. Choose MetaMask.
- Accept the terms and conditions.
- Enter your email and username to verify the account.
- Follow the verification email you receive.
That's it! You are now ready to hit your first NFT. If you are using another crypto wallet, start at step 2 and select the appropriate option in step 3.
Create your first NFT
After setting up a wallet and connecting it to OpenSea, you are now ready to create your first NFT. The best way to do this is to create a collection. Why create collections when you can just upload a single file? Well, NFTs receive the most exposure and are best sold as part of a collection. You can create different variations of an NFT with colors, shapes and more.
To create a collection, follow the steps below:
- Go to your OpenSea profile and choose "My collection".
- Select "Create" to create a new collection.
You can think of this collection as your digital artwork portfolio. You are free to add your latest designs, memes or even drawings of adorable kittens. You might be surprised to learn that there is a dedicated category on OpenSea for "cryptokitties", cat stickers that are bought and sold for sometimes tens of thousands of dollars.
Monetize the NFT
Once you've created your first collection, adding an NFT to it is easy. Just follow the steps below:
- Open the collection you just created.
- Click "Add New Item".
- Download an NFT and give it a name.
- Fill in the properties, levels, and other descriptions for the item.
- Click "Create" when finished.
That's it! You can now see your NFT in your collection. You can choose to keep it for display or sell it to the highest bidder.
Check your storage
Another thing to note before downloading your first NFT is the storage situation. NFTs stored on centralized servers are prone to technical issues. Instead, you'll want to store them on the blockchain or platforms like weaver and IPFS.
How much does it cost to mint an NFT on OpenSea?
OpenSea requires all new sellers to pay two fees before their first sale. These fees are not a fixed price, and you can control them if you know how. So what's the secret?
Well, these fees are transactions that run on the Ethereum blockchain. For this reason, it takes some processing power to create them. To compensate for this energy, you pay a “gas fee”. Depending on the price of gas at the moment, the charges may be higher or lower.
The first fee to set up your account to start selling costs between $70 and $300. The second transaction that grants OpenSea access to your NFTs is around $10 to $30.
Naturally, to save your money and pay the lowest fees, you want to open your account on days when gas prices are lower. Luckily, there's a website called Gas Now that lets you track gas prices. The best days to pay the fee are when the number is less than 100.
Fees on OpenSea are paid in Ether. This means that the cost also varies depending on the current value of the crypto against your currency.
Besides the two fees for the first sale, you must also pay OpenSea 2,5% of the NFT price when selling.
Note that OpenSea does not charge a fee for minting NFTs after the first sale.
You can use a variety of payment tokens to sell NFTs. The platform recommends the following cryptocurrencies:
- USDC (cryptocoin which stands for US Dollar Coin, not to be confused with US dollar)
What are NFTs?
NFTs, or non-fungible tokens, have taken the world by storm over the past year. These digital assets represent real-world objects such as artwork, game elements, music, images, or videos. Users can buy or sell NFTs with cryptocurrency.
Hit your first NFT on OpenSea
OpenSea is the main marketplace for buying and selling NFTs. Minting these digital assets anywhere else means less exposure and less chance of closing the deal. That's why most sellers showcase their best work on this platform. With a little research and creativity, you can do that too. And now you know where to start.
What categories do you want to create on OpenSea? Do you make NFTs to display or sell? Share your thoughts and experiences in the comments below.