In this NFT beginners’ guide, you will learn everything you need to know about NFTs and how to mint NFTs on the OpenSea marketplace.
In the world today, new cryptographic and blockchain technologies like Cryptocurrencies, Metaverse, and digital assets are taking over the internet. This is the right time to get involved and understand how the market works.
What is NFT in crypto?
The term “NFT” means “Non-Fungible Token,” and in crypto, when we say something is “non-fungible,” this simply means that the asset is unique and can’t be replaced with something else. For example, Bitcoin is a fungible token because you can send out as many bitcoins as possible and still receive bitcoins of any amount in your wallet. This means fungible tokens are divisible and can be replaced.
But on the other hand, non-fungible tokens are not divisible. Let’s take the Mona Lisa painting, for example. There is only one original Mona Lisa painting in the world. This means you cannot send someone part of the painting because there is only one original painting that was done by Leonardo da Vinci.
Non-fungible tokens (NFTs) are used to represent real-world artefacts like art, music, videos, and much more.
What is NFT Minting?
Minting in crypto is the process of tokenizing a digital file with cryptography. Tokenization is the process of exchanging sensitive data for nonsensitive data called “tokens” that can be moved, stored, and recorded on the blockchain.
Who can mint NFTs?
Anybody can easily mint an NFT. This is because no experience is needed to get started with NFTs. As long as they can provide proof of ownership of the asset, they can mint an NFT.
You will discover that there are many NFT marketplaces where you can start minting immediately, but this guide will focus mainly on the largest decentralized platform for NFT collectors and artists, the OpenSea marketplace.
The most popular blockchain platform for handling NFTs is Ethereum, and this is because of the higher possibility of making money as compared to other competitors.
What Do I Need to Start Minting NFTs?
Before you can think about minting your NFTs, there are three things you will need.
1. A Crypto Wallet
Since NFTs are unique cryptographic tokens, you will need a crypto wallet to be able to buy and sell NFTs. This is because NFTs are built on a blockchain network like Ethereum.
You can mint your NFTs with the MetaMask wallet because it allows you to store ERC-20 tokens, which you will be using to buy and sell NFTs on OpenSea.
You can install the MetaMask browser extension on your browser or visit metamask.io/ to download it.
2. An OpenSea Account
You will need to connect your MetaMask wallet to OpenSea. To do this, follow the steps below.
Go to opensea.io/ > and then click on Profile in the top right corner.
You should see a new page prompting you to connect your wallet. Now select MetaMask from the list.
Accept all prompts to grant OpenSea access to your wallet when you sign in.
Proceed to accept the terms and conditions and the linking process will be completed.
3. Fund your Wallet (Optional for now)
You will need to have a certain amount of Ethereum in your MetaMask wallet to be able to purchase and pay for gas fees when performing NFT transactions.
That’s all. Now that you have connected your wallet to OpenSea, the next step will be to create your first NFT collection.
How to Create an NFT Collection on OpenSea
To begin minting your NFT on OpenSea, you must first create a collection. Follow the steps below.
- First, go to your profile and select “My Collection” from the drop-down menu.
- Then, hit “Create” to start a new one. The new collection will be made up of your logo image, featured image, and banner.
- Next, you’ll fill in different properties like the URL of your collection on OpenSea, a description, a category, and external links to your website and social networks.
- The next section is for royalties. This is where you’ll fix the percentage of rewards you’ll collect if a user re-sells an item you originally created.
- Next, you will need to insert your payout wallet address. To get your address, go to the wallet icon and click on your address to copy it and then paste it into the required field.
- Now, select Ethereum as the blockchain where you’d like new items to be added by default. The other available option is Polygon.
- Finally, choose the payment token that will be used to buy and sell your items and then click “Create.”
That’s all. You have successfully created your first collection on the OpenSea marketplace. The next phase will be to start minting NFTs.
How to Mint your NFTs on OpenSea
We will try to make the process as straightforward as possible. You won’t be required to do much work because the AI will handle the minting process. Just follow the steps below.
- First, go to your collection and click “Add Item” at the top right bar.
- Next, upload a new piece of art. This can be images, audio, or 3D models.
- Add your item name, link, and description.
- Now, select the collection where you want your NFT to appear. You can choose the collection you created earlier.
- Next, fill in the properties of your NFT, like the eyes, ticker symbol, color, the artist name, etc.
- Also fill in the levels of your NFT and add some stats.
- Choose the type of content. 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.
That’s all. You can now sell your NFT at a set price or to the highest bidder.
It’s important to note that it is easy to make money with your NFT on OpenSea, but this will also come at a cost. The platform also takes 2.5% of every transaction that happens on it.
The process involved in minting NFT on OpenSea isn’t as hard as most people think. If you still have more unanswered questions about how NFTs work, see the FAQ section below.
FAQ on NFT
Why should I own an NFT? Can I make money on it?
One of the reasons why you should own an NFT is because of its speculative nature. This means you can make money when you sell for more or buy for less and then re-sell when the value appreciates.
There are different items that can become an NFT, and this includes paid content, music albums, skits, or even hot exclusive news. The list is endless.
How do I know if an NFT is authentic?
The fact that NFT ownership is recorded on the blockchain makes it easier to know the authenticity of an asset. You can go to the smart contract of the NFT to read and verify the metadata like Token ID, contract address of the collection, the blockchain that hosts the NFT, and other information.
The best way to know the authenticity and ownership of an NFT is to contact the owner. You can check their social media profiles to see if they have announced any NFT releases.
What fees do I pay for my first listing?
OpenSea is a peer-to-peer marketplace, so basically, they never escrow or hold your items. You are only required to complete two one-time transactions if this is your first time selling an NFT. This means you will only need to pay gas fees on OpenSea to initialize your account.
The new collection manager on OpenSea allows creators to mint NFTs without any upfront gas cost, as the NFT isn’t transferred on-chain until the first purchase or transfer is made.
You can also check out this article on the 8 most popular NFT marketplaces where you can also mint your NFTs.
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