How to mint your first NFT on OpenSea? A step-by-step guide
Nicht-fungible Token (NFTs) werden zu einem wesentlichen Bestandteil der digitalen Landschaft. Sie sind einzigartige und nicht austauschbare Crypto-Assets, die auf der Blockchain ausgegeben werden, und die beliebtesten sind eingeschaltet Ethereum und Solana. Bis 2022 ist ihr Markt in nur einem Jahr von 350 Millionen US-Dollar auf etwa 15 Milliarden US-Dollar gewachsen.
In contrast to standard tokens, NFTs are not interchangeable. They serve as digital representations of items such as works of art, pictures, videos, or anything that can be tokenized.
We’ve seen brands of all kinds, from fashion to sports, and even real estate companies jump on the NFT bandwagon. Just recently, Nike acquired NFT collectibles RTFK as part of its digital transformation. Just like Nike, RTFK produces shoes, but digitally.
This is what awaits you in this article
What is NFT minting?
Minting is the process of tokenizing a digital file using cryptography. Tokenization is the process of converting an asset into a digital token that can be moved, stored, and recorded on the blockchain.
Anyone can easily coin an NFT. But while there are plenty of NFT marketplaces to start minting, we’re focusing on the largest decentralized platform for NFT collectors and artists – the OpenSea marketplace.
How do you make money selling your NFT on OpenSea?
OpenSea is a NFT-Marketplace where sellers are connected to potential buyers on the other side. There are currently millions of NFTs for sale in the marketplace. But don’t leave the wrong impression – the high demand resulted in an even higher supply.
Millions of NFTs are desperately waiting for a buyer who will never come.
So if you’re here “just for the money”, better think twice or think about how to position yourself in this fast-moving industry.
Before we get started, it is important to note that this is not what you are going to learn how to make money from your NFTs. It will guide you step by step to mint your first NFT and put it up for sale on OpenSea.
How to mint your first NFT on OpenSea?
NFTs are unique digital assets that are issued and stored on the blockchain. To start minting NFTs you will need one Walletthat can be connected to OpenSea. There are a few options here, but we recommend and use MetaMask as it is the most popular.
First, you need to link your MetaMask wallet to the OpenSea marketplace. MetaMask is a wallet that is available both as cold storage (when integrated into a physical HD wallet such as Trezor or Ledger) and as a browser extension for Google, Chrome and Brave. If you don’t have it, go to metamask.io and download it for your browser. Next, add it as an extension – you will see a tiny orange fox in the top right of your browser.
Important: If you are installing the wallet for the first time, watch out for phishing attempts and make sure that you are visiting the correct website URL. Read here for more safety tips.
Once installed, you can easily access it anytime you want to check your balance or send and receive money.
MetaMask lets you store ERC-20 tokens like Ethereum (ETH) – the currency you will likely use to buy and sell NFTs on OpenSea.
In addition, you also receive license fees at ETH: If someone has one NFT buys and resells from you, you will receive a percentage of that sale and it will go to your MetaMask address.
Warning: There are more security risks when using web wallets if they are not integrated into hardware wallets. To date, MetaMask has not suffered any major hacks, but users should be wary of ongoing phishing attacks and related scams.
For this reason, it is always advisable to use a hardware wallet. MetaMask supports the two most popular HD brands – Trezor and Ledger.
Before we start, you need to have some ETH in your wallet to pay the transaction fees. As mentioned earlier, ETH is the base currency and is used to pay fees for every transaction and confirmation on OpenSea with MetaMask.
First go to opensea.io and navigate the top right bar – click on Profile. A new page will appear asking you to connect your wallet. Choose MetaMask.
You will go to several prompts to give OpenSea the necessary permissions to use your wallet and money. Next, a signature request will appear and after logging in, a “Connect” screen will be displayed connecting OpenSea to your wallet.
Proceed by accepting the terms and conditions. You can easily access your credit via the wallet symbol in the upper right corner.
If your wallet is empty, simply click on “Add credit”. From here you can either make a crypto deposit or buy with a debit / credit card.
Just right? Now you need to create your first collection on OpenSea.
Create an NFT Collection
Now that your account is ready to start transactions on the Ethereum blockchain, it’s time to create your first NFT collection.
Go to your profile and select “My Collection”, click “Create” to create a new one. Your new collection consists of the logo image, the featured image and the banner.
Below you will find various properties to fill in, starting with the url of your collection on OpenSea, the description, category and links to your website and social networks.
You will be asked to enter your withdrawal wallet address. Go to WalletIcon and click your address. This is automatically copied and then pasted into the required field.
Next we have royalties – this means that every time someone resells an item you have created, you receive a reward and it is paid out monthly to the wallet of your choice. Royalties are programmed to reward creators for their work – you can set the percentage fee as shown below, up to 10% of the royalties.
New items will be saved on the blockchain of your choice, in this case we will use Ethereum, but you can too Polygon Select. This is a sidechain, a Layer 2 blockchain, that takes the workload of Layer 1 blockchains like Ethereum and runs them separately, resulting in higher throughput and lower gas charges.
Next, select the payment tokens to buy and sell your items. When you’re done, click “Create.”
Your collection is now discontinued! Now you need to add some elements – this is the actual imprinting process.
Emboss your NFTs on OpenSea
The process is straightforward. The AI takes care of all the technical aspects, so don’t worry about how it is actually shaped.
- Next, select the collection you want your NFT to appear in. In our example, we’ve selected the sample collection that we created earlier.
Enter the properties of your NFT such as eyes, color, ticker symbol, artist name, etc.
Complete the levels. For example, your NFT has a strength of 5/10 or one speed level.
Add some statistics to your NFT. These are numeric characteristics that appear as numbers.
Select whether it is unlockable content and explicit or sensitive content. This means that someone could gain the special content hidden in an NFT. For example, you can have a lottery in your NFT set up and hide the winner in unlockable content.
- Finally, choose the offering, that is, the number of copies that can be minted and the issuing blockchain.
- Click on “Create” and your new article will appear as a new NFT in your collection. You are free to offer it for sale at a fixed price or to the highest bidder.
It is important to remember that OpenSea’s revenue generating model is relatively simple, but costly. The platform takes up 2.5% of every transaction that takes place on it.
As you can see, imprinting on OpenSea isn’t as difficult as most people think. All you have to do is set up your digital wallet, connect it to the platform and start creating your collection. The process is similar to other marketplaces – all you have to do is check which marketplace suits you best.
Source: Crypto News Deutsch