How to Create an NFT
What Are Non-Fungible Tokens (NFTs)?
NFTs are a type of token that are going to completely revolutionize entire industries by changing the way we share and consume pretty much everything.
A “fungible” asset refers to something that is interchangeable with another unit of that same asset. A good example of a fungible asset is the US dollar. If I exchange my $1 bill for your $1 bill, nothing really changes. While they are two different pieces of fancy paper, both bills represent the same exact value. That’s fungibility.
Conversely, a non-fungible asset refers to something of a distinct value. There are no two exactly the same. A good example of a non-fungible asset is a house or a car.
A non-fungible token is where things get really interesting. We'll teach you how to create one.
What is 'Minting' an NFT?
In essence, minting an NFT means to publish your token to the blockchain. Minting can refer to the creation or buying process. Either way, minting an NFT always results in a transaction on the blockchain. Let's break down the two minting scenarios: creating and buying.
How Do You Create or "Mint" an NFT?
To create an NFT, you have to go through a publishing process. You can use platforms such as Opensea and Mintable to publish your own NFT creation so that it becomes available for others to buy. This self-publication process is known as minting.
If you are minting on the Ethereum blockchain, then you are also responsible for paying the gas fees to submit the transaction.
Step 1: Set up a Crypto Wallet
First thing’s first, you will need to get yourself an Ethereum wallet to store all your cryptocurrency and NFTs, before creating your OpenSea account. You can view a list of wallets accepted by OpenSea here.
One of the most common NFT wallets that people prefer to use is Metamask.io. If you would like some guidance on how to set up your Metamask wallet, check out this helpful guide: How to Set Up Your MetaMask Wallet.
Step 2: Buy Ethereum/or other cryptocurrency
How to Purchase Ethereum (ETH) on Coinbase And Send it To Your Wallet
- Go to Coinbase.com
- Sign in, or create an account
- Click Buy / Sell, and select Ethereum
- Click, Preview Buy, to confirm your order and then select, Buy Now, to complete your purchase.
- When your ETH is available (up to 15 days), send it from Coinbase to your wallet
- Open up your Metamask (or any other acceptable wallet) account and copy your wallet address
- Go back to Coinbase and select Portfolio, and choose Ethereum. Click, Send, and then paste your wallet address that you copied into the To field. (Always double check you pasted your full wallet address)
Step 3: Choose an NFT Market Place to Create & List Your NFT
Step 4: Create an Opensea Account
After you create your crypto wallet, Navigate to opensea.io and click the Profile icon. You'll then be prompted to connect your wallet. You will continue through multiple prompts, finishing with the connection screen. When you see "Connecting..." OpenSea to your wallet, you're almost done.
If you'd like to change your username, click the three-dot menu on the right side of the screen and select Settings. You will receive an extra security prompt, click Sign and you can begin updating your profile.
Now you can customize your bio, email address, profile photo, and more.
If you ever have trouble viewing your items, make sure your wallet is connected correctly. OpenSea is a window into your wallet address, showing all the NFTs inside.
Step 5: Create Your NFT
- Sign into OpenSea
- Go to Create, or choose Collection if you’re minting a collection
- Enter the name of your NFT and/or collection
- Upload any desired media for your NFT
- Customize your OpenSea URL
- Add a description up to 1000 characters
- Give your NFT a category to help others find it on OpenSea
- Enter in any social and website links
- Input a royalty percentage (up to 10 percent)
- Choose which blockchain you want to mint on (Ethereum or Polygon)
- Select Create
Congratulations, you have successfully minted your first NFT on the OpenSea NFT marketplace. Moving forward, if you created a collection, you can always mint new NFTs into that collection.
Keep in mind that you can not change the metadata of any NFT you mint. The metadata includes everything in the list above. So be sure to double check all of your work before minting your NFT.
Step 6: Determine the Listing & Sales Options
When you go to sell an NFT on OpenSea, you may notice that there are four different types of listing options available for you to choose from:
- Fixed price (Buy Now)
The fixed price listing option will put your NFT on sale for a Buy Now price. This listing strategy is straightforward and good if you have a set price for the NFT you're selling.
- Dutch auction (Begins high, ends low)
When you list your NFT using the dutch auction strategy, you are simply setting a starting price, ending price, and the duration of the auction. As time progresses, the original price decreases until reaching the set floor price.
- Auction (Starting price, or reserve price)
The Auction listing option is your standard English auction. You simply list your NFT for a minimum price and then you allow buyers to bid on it. You also have the ability to set a reserve price and you can accept any offer you would like.
- Bundle (list multiple NFTs as one bundle)
Bundling your NFTs is a great choice if you are looking to sell more than one NFT to the same buyer. When you bundle multiple NFTs, only one transaction is required as opposed to multiple, meaning you the buyer saves on having to pay numerous gas fees.
There are no costs associated with creating and listing an NFT on Opensea. However, OpenSea takes 2.5% of every transaction involving an NFT that a user chooses to list using OpenSea.
Creators can set a collection-level fee of up to 10%. This means creators can earn revenue every time their NFT is sold using OpenSea. The creator can modify this fee percentage at any time.
Keep in mind that if you are making a collection for someone else or as part of a group, OpenSea does not support contract level splits. So, if you need to split revenue between two parties, you will have to do it outside of OpenSea. You can find more information on Openseas fees via their help center.
To cancel a listing, click on Cancel listing at the top right of your item page. Please note, canceling listings requires a gas fee to make the item unavailable to other users. Gas fees are constantly changing depending on the volume of transactions on the blockchain. You can read more about gas fees here.
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