Tokenizing creative work to mint NFTs has become a rewarding profession. Whether you’re the creator or a crypto expert, NFT minting has never been easy. You’ll find many apps, cryptocurrency wallets, or NFT marketplaces that keep you informed on NFT minting.
However, have you ever thought of the exact process of minting a Non-Fungible Token (NFT)? Also, what are the provisions that you need to create an NFT and create a trade around it? Many of the NFT marketplaces and crypto apps may not answer these fundamental questions on NFTs.
Here is the best part! This article shows you exactly what you’re looking for. Continue reading to learn the prerequisites of NFT minting, step-by-step NFT creation on OpenSea, and how to sell that. Additionally, you’ll learn about the robust Ethora Engine that can offer an automated platform for all of these complex tasks so that you can focus more on creativity.
Why Should You Make NFT on OpenSea?
If you want to create, buy, or sell NFT from one secure place, OpenSea is one good option. It’s popular and demanding among creative individuals who wish to make an extra buck by monetizing their artwork through NFT trading.
The platform has recorded crypto and NFT trading volume of more than USD 6.5 billion. OpenSea doesn’t create any limitations on NFT assets. The creator, collector, and trader can open their accounts and invest in NFTs.
It’s also somewhat cost-effective than other similar NFT marketplaces. You pay one upfront fee. Then minting, listing, and selling becomes somewhat free. In the NFT universe, the cost depends on your revenue model.
The Market place offers various revenue models for your NFT so that you can gain the maximum profit from your hard work.
Prerequisites of Creating an NFT on OpenSea
You’ll need to take the following preparations to mint NFT on OpenSea:
1. Crypto or Ethereum Wallet
Ethereum Wallet is the vital resource that you need if you want to create NFTs. You might want to go with any ETH wallet of your preference. However, you also need to study the NFT marketplace first before creating a wallet.
Not every NFT marketplace will allow any ETH wallet linking. For OpenSea, there is a list of compatible ETH wallets that NFT creators and buyers can use on OpenSea. The list keeps changing. Therefore, for an updated list you may visit the OpenSea Support page.
2. ETH Cryptocurrency for the Gas Price
You’ll need to pay the gas fee on the Ethereum blockchain for NFT minting. For now, users can’t pay the gas fee on OpenSea using fiat currency like Euro, Pound, or US Dollars. You’ll need cryptocurrency.
ETH or WETH is the most trending cryptocurrency for NFT minting on OpenSea. However, you can also use other cryptocurrencies like UNI, USDC, WHALE, DAI, etc. OpenSea supports more than 150 cryptocurrencies.
3. OpenSea Account
You need an OpenSea account before you can start minting NFTs. Then again, you’ll need an Ethereum wallet to open the OpenSea account. The following is a step-by-step guide for creating an account in OpenSea:
- Create an account on any crypto wallet service like MetaMask, Coinbase Wallet, WalletConnect, Bitski, etc.
- Now visit the OpenSea website.
- Click on the Wallet icon on the top-right corner of the website.
- Scroll through the right-side menu that appears.
- Select the crypto wallet in which you’ve got an account. It’s better that you first see the accepted wallet list and then create a crypto wallet.
- If your wallet isn’t available on the list you won’t able to link it with OpenSea.
- Let’s say that you have chosen MetaMask. You’ll see a new page that prompts you to install the Chrome extension, Android app, or iOS app, depending on the device.
- Once installed, you need to digitally sign in to your wallet from OpenSea to link it with the NFT marketplace.
- You can now personalize your OpenSea profile.
- Click on the Account icon on the top-right to access Profile and Settings.
- You need to update the details like Bio, Email Address, User Name, Images, and Social Links.
Creating an NFT on OpenSea
Creating an NFT on OpenSea is a breeze. You may follow these simple steps:
- Log in to your OpenSea account using your pre-registered Ethereum wallet.
- You must create a collection of NFTs first. For example, black and white photography for a photographer and so on.
- Go to Profile and then select My Collection to create a collection.
- Alternatively, you can start minting NFT by clicking on the Create option in the top-right corner.
- Choose a name for the Collection or NFT.
- You ought to upload your creative artwork to the OpenSea server.
- OpenSea will create an URL for the digital asset. Customize the URL for better reach and memorability.
- You write a description of the NFT. The text should be of up to 1000 characters.
- You must choose a category for your NFT so that traders and collectors can easily locate that on OpenSea.
- You may also link the NFT to your website or social media links to boost visibility and marketing.
- You may also include a royalty percentage of up to 10 percent.
- So far you have created the metadata for your NFT. Ensure that these are all correct and then proceed to the next step.
- Now, you need to choose the blockchain system on which you want to create the NFT. You may choose between Polygon or Ethereum.
- Hit the Create button to mint your first NFT on OpenSea.
- For collections, you can come back to your collection to create more NFTs of a similar kind.
Selling Your NFT
Your NFT will show up on the Profile section once it’s ready. From here you need to take the following steps to list the NFT for sale:
- Visit the Profile section of your OpenSea account to find the newly created NFT.
- Select the digital asset that you want to put on sale and then click on Sell.
- You’ll be able to choose a price for your NFT on this page.
- You may also schedule the listing in case you want to sell the NFT on any future date.
- You can also set a privacy level for your NFT. For example, you can keep privacy off so that anyone can see and buy your NFT. Or, you can activate privacy and then select some addresses to which you want to make your NFTs visible.
- OpenSea will only charge a flat 2.5 percent commission on the sale transactions.
Tips and Tricks
When dealing with NFTs on OpenSea, You need to be highly cautious and meticulous. You may follow these tips to get started:
1. Setting a Price Model
You need to choose a revenue model for your NFT so that you can make the maximum profit. The revenue model will depend on the type of NFT that you’re minting. You can go through some historical NFTs that performed well and do something in line with those.
There are four listing options are Fixed Price, Auction, Dutch Auction, and Bundle. You need to choose any one from these four.
If you’re simply pursuing a hobby you can go with the fixed pricing system as this takes short time to sell provided that there are enough buyers. If you’re planning to sell a bunch of NFTs, choose the bundle system.
Don’t give away the account’s security code or security phrases to someone else. Even if someone from OpenSea contacts you for any issue that you might have reported, be extremely cautious.
In most cases, scammers contact you saying that they are from OpenSea. Don’t accept such requests in any form. Submit your account-related queries only through the official support channel of OpenSea.
You also need to exercise caution when dealing with bid pricing. The buyer may send you a bid in another cryptocurrency than the one you have mentioned. Occasionally, scammers try to trick you this way.
Don’t accept any bids unless the price matches your quote and also the cryptocurrency of your choosing.
3. Gas Speed
You also need to choose an appropriate gas speed before minting your NFT. Gas price is highly volatile. Hence, your NFT minting could become slow if you choose an incorrect gas fee and speed. You may refer to the ethereumprice website for the current gas fee indicator.
Dappros’ Ethora Engine for NFT and Tokenized Communities
The Ethora engine of Dappros is the “Facebook for blockchain” or “decentralized WeChat.” It is the most advanced, secured, and trusted no-code or low-code platform for developing an NFT app or crypto wallet.
Dappros offers the most advanced technologies and workflow for decentralized ledger, tokenization, and social media messaging. You can easily deploy the app for iOS and Android smart devices as the Ethora engine is based on React Native.
If you want to utilize ERC-721 for NFT items and ERC-20 for cryptocurrencies, the Ethora engine is the right choice. You can create NFTs on the Ethora app effortlessly instead of going through complicated processes on NFT marketplaces.
Whether you need to create, sell, collect, gift, or trade NFTs, Ethora engine packs everything about NFT in one powerful app.