NFTs (or non-fungible tokens) are blockchain-based tokens that offer proof of ownership of digital and real-world assets. NFTs have surged in popularity in the last year, with NFT artworks selling for millions. But how do you create or mint NFTs of your own?
In this beginner’s guide, we’ll discuss the process of minting NFTs on OpenSea (the most popular NFT marketplace).
Create a crypto exchange account
First, you’ll need to create a crypto exchange account if you don’t have one already. You’ll need an account to buy Ethereum and pay the one-off fee to mint NFTs. And, if your NFT sells, you’ll be able to cash out your profits or convert to another cryptocurrency.
Set up a crypto wallet
NFT marketplaces work with crypto wallets. MetaMask is a popular Ethereum wallet that operates as a browser plugin. Once installed, it allows you to store Ethereum and Ethereum-based tokens and NFTs.
To set up your wallet, you’ll need to create a password. You’ll also be assigned a ‘Secret Recovery Phrase,’ a unique 12-word phrase that generates your wallet. Make sure to store this in a safe place, as anyone that gains access to your seed phrase will be able to access your wallet and the funds in it.
Send Ethereum to your wallet
Once you’ve set up your crypto wallet, you’ll need to send some Ethereum to it. To send Ethereum, go to the exchange’s “send” or “withdraw” section, enter the amount you want to send, and your Ethereum public address (when you set up a MetaMask account, it will automatically generate an Ethereum public address).
Sign up for an NFT marketplace
To buy and sell NFTs, you’ll need to use an NFT marketplace. OpenSea is the largest NFT marketplace and accounts for almost 98% of Ethereum NFT trade.
To sign up for OpenSea, you’ll need to pay for a one-off ‘initialisation’ cost in Ethereum. It’s important to note here that the initialisation is based on the gas price (the unit of Ethereum transaction fees), which fluctuates hugely depending on how busy the network is.
Sign in to your MetaMask account. Then, go to opensea.io using the browser where your MetaMask is installed, and click “Profile.” You’ll be asked to connect to your crypto wallet and accept some terms and conditions. Then, you’ll need to enter a username and email address to verify your OpenSea account.
Mint your NFT
To mint NFTs on OpenSea, click “Create.” (To create a collection of NFTs, click “My Collections.”) You can choose to upload a supported file from your computer as an NFT. Name your NFT, write a short description, and then click “create.”
To list your NFT for sale, click “sell.” You can choose to sell it for a fixed price or put it up for auction. If you’re selling it for a fixed price, you won’t pay for the gas fee, the buyer will. For auctions, the seller pays the gas. Also, note that OpenSea will charge a 2.5% commission if your NFT sells.
Click “complete listing” when you’re ready. You’ll then have to sign a few things through your MetaMask wallet and initialise your wallet (when selling on OpenSea for the first time). If there are enough funds, click “confirm,” and your wallet will be initialised in a few minutes.
OpenSea will also require you to approve the item for sale and confirm the price you wish to list it for. Sign off through MetaMask, and your first NFT is minted!
Disclaimer: THIS IS NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.