Guide to Minting NFTs on OpenSea
by Tom Nyarunda
Unless you've been living in space, there's every chance you've heard about the millions of dollars made from minting NFTs. Whether you're a newbie intrigued by the whole idea or an expert seeking to showcase your artistic prowess, minting NFTs is your chance to digitally immortalize your souvenir on the blockchain or make a fortune. We're about to show you an easy, breezy process for creating NFTs.
Introduction to minting NFTs
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain having unique metadata and identification codes that differentiate them from each other. Owners have total control over their tokens and can transfer to others or sell them on an NFT marketplace.
Even if you have zero knowledge of NFTs and blockchain technology, here is a hassle-free way to mint NFTs.
Step 1: Select an NFT marketplace
Begin by researching the different marketplaces available online to find the appropriate one for your NFT. Among the leading marketplaces are OpenSea (Ethereum blockchain), AtomicHub (Wax blockchain), and Rarible (Flow blockchain). OpenSea is popular among novices and charges a one-time fee for initializing your account the first time you list your NFT. However, note that only select marketplaces use other blockchains, meaning the exercise should be simple.
Step 2: Set up a crypto wallet
A crypto wallet is the equivalent of a bank account where you store digital assets like NFTs that you mint or buy. Apart from holding your private keys (password), a crypto wallet safeguards your crypto assets and makes them accessible – crypto wallets can be either physical or digital. Ensure that your chosen wallet is compatible with your selected NFT marketplace's blockchain. Popular examples are Coinbase and Metamask.
Step 3: Connect your crypto wallet to a marketplace
Once you've set up your crypto wallet, it's time to connect it to the desired NFT marketplace. If you choose to sell your assets on OpenSea, visit the website and click "create". You'll be directed to a tab showing a list of all the wallets compatible with the marketplace. Select the digital wallet you intend to connect with your OpenSea account – your wallet is now plugged in and ready for NFT trading.
Step 4: Create your NFT
We're now at the heart of the matter – minting your NFT. If you get it right and luck is on your side, you could, just like other NFT traders, change your life overnight!
From your browser, search for the OpenSea website, go to "My Collections" in the top right-hand corner of your profile and click on "Create a Collection." Follow these steps to create your first NFT:
Enter the required details to be able to upload the item you wish to sell as an NFT. Choose the file format and name, and add external links to your social media outlet and an appropriate description.
Select the blockchain you desire to mint your NFT (Ethereum in the case of OpenSea). Carefully verify that all the information you entered is correct (there's no going back after this step), and click on "Create".
Congratulations! You just created your NFT, and it's ready for trading.
Step 5: Decide on a pricing strategy
The three main ways of setting prices for NFTs are:
• Fixing the price – fix a price and place it next to the item.
• Timed auction – put your NFT up for auction for a predetermined period.
• Bidding – allow interested buyers to bid to buy it.
Step 6: Minting NFTs
Minting NFTs is converting your idea into a digital asset (NFT), associating it with a price tag, and selling it.
Step 7: List your NFT
Once you decide on a price strategy for your NFT, click the "Complete Listing" button to finish the process. If you did everything right, you'd see an announcement that your NFT is listed for sale.
Tom is a freelance writer with over 15-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.