Did you know that the highest-selling NFT so far (‘The Merge’ by Pak) sold for $91.8M? Yup. I bet one the first thoughts that rushes through your mind is, “how can I get in on this?”. Or better yet, “how do I create NFTs on Opensea?” as it’s one of most popular NFT trading sites.
In this post, I’ll walk you through creating your own NFT using Opensea. But perhaps, let’s first define the two words: NFT and OpenSea.
What is an NFT?
Non-Fungible Tokens are digital assets on a blockchain, kept secure by cryptography, that can be distinguished from one another by their unique identifying codes.
What is Opensea?
OpenSea is the world's first and largest digital marketplace for crypto collectables and non-fungible tokens (NFTs). While NFT investors highly regard OpenSea, it can be confusing for new traders, collectors, and artists.
How can you create an NFT on OpenSea?
Step 1: Choose your preferred NFT marketplace
The first step to creating your own NFT is choosing a marketplace.
Although there are several NFT marketplaces, we’ll be focusing on Opensea. Others include Rarible, Binance, Nifty Gateway, SuperRare and SolSea.
Step 2: Set up your wallet
Before minting an NFT, you’ll need to first set up an Ethereum wallet to store your cryptocurrency and NFT assets. OpenSea allows you select from over a dozen wallet options, with the most popular wallet being Metamask. To create a Metamask wallet, download the Metamask extension on Google Chrome and create an account.
Note that you’ll be required to enter a password, after which you’ll receive a 12-word Secret Recovery Phrase. This Recovery Phrase must be kept safe from everyone for the safeguarding of your funds, as anyone will be able to access your account with this.
Step 3: Connect your wallet to OpenSea
The next step is to connect your wallet to OpenSea. Navigate to http://www.opensea.io/ and click the wallet icon in the top-right corner. Select MetaMask from the list of wallet options (unless you prefer another wallet).
Step 4: Create an NFT collection
Next, create your NFT. Although you can produce and publish NFTs as individual entities, minting them as part of a collection tends to receive more views and ultimately, sales.
Create a collection by following these steps:
- Navigate to your OpenSea profile and click My Collection.
- Select Create to make a new collection.
- Add a logo Image, a featured image, and a banner image.
- Name your collection, write a description, and select a category.
- Choose the re-sale fee you will collect from all future resales of your NFTs.
- Select the blockchain and the accepted payment methods; we recommend Ethereum for both.
- Select a display theme, and click create.
Step 5: Mint the NFT
After making your collection, you can now easily add an NFT to it.
Here is how to add an NFT to your collection on Opensea:
- Open the collection you just created.
- Click Add Item.
- Upload an NFT, and give it a name.
- Fill in the properties, levels, and other attributes.
- Click Create when finished.
You must pay a single-time initialisation fee the first time you list an NFT on Opensea. This is different from gas fees. Gas fees are transaction fees paid to validators on Ethereum, and OpenSea doesn't control gas prices or profit from them.
The OpenSea NFT creation tool uses a technique called “lazy minting,” whereby OpenSea pushes the NFT onto the blockchain only after its first sale. This means your NFT will only exist publicly on the blockchain and be available on other marketplaces after you sell it through OpenSea.
If you follow these simple steps, you shouldn’t have any issues creating your first NFT. Happy minting!