HOW TO MINT YOUR NFTs ON OPENSEA?
This is newer in art and graphics distribution (and even better, monetization), an NFT is a non-fungible token, meaning it has a unique value that is created and stored on the blockchain. Primarily, NFTs are created and stored on the Ethereum blockchain, but there are other tokens that can make creating and storing NFTs easier. For our purposes today, we will be using the Ethereum blockchain.
What is an NFT? (you can find more detailed information here)
An NFT represents ANY digital file, including but not limited to:
on game chips
Who can create NFTs? How are NFTs made?
Anyone who has the ability to create a digital file can lie an NFT. That's how it is. ANYONE. You. Your grandmother. The annoying guy at the end of the hall. Anyone.
If you have access to a device that can be online and a bit of patience, you can also make your own NFT available for sale.
How are NFTs made?
NFTs are mostly created using one of the different programs: OpenSea and Rarible.
Both OpenSea and Rarible use Ethereum for the storage of their NFT and to facilitate the trading of your NFT.
Ethereum and NFT minting
Many blockchains and cryptocurrencies can create and store NFTs, but Ethereum is the most popular, trusted and allows your NFTs to be easily traded on NFT marketplaces, which are like an online store to buy NFTs.
You will need a crypto wallet containing Ethereum to create or mint an NFT. Which means you have to buy Ethereum first, which can be done by exchanging existing Bitcoin for Ethereum (which I don't recommend at the time of writing) or the more fiscally prudent approach, by buying Ethereum for the purpose of mining NFTs using a fiat currency. like the US dollar.
A suggested minimum amount to mint an NFT is the equivalent of $100 USD in Ethereum for each NFT you want to mint; however, depending on the complexity of the NFT, you may want to allocate a larger amount. $100 is a good number to start with.
Best app to mint and trade with NFT
The easiest to use and most recommended app to use when mining your NFT is called Metamask. This is a free app available on the iTunes and Google Play stores.
Mining an NFT on OpenSea
OpenSea does not charge a fee for mining an NFT; however, you will pay a fee based on the final sale price of your NFT, which at the time of writing is 2.5% of the final sale value.
Payment tokens are used to buy and sell your NFTs. OpenSea recommends using the following cryptocurrencies to perform the transactions:
USDC (US dollar currency, which is a cryptocurrency, not to be confused with fiat US dollar)
You will need to connect your crypto wallet to mint, buy, and sell NFTs. Again, Metamask is the recommended wallet to use at OpenSea, although they also accept other CryptoWallets accepted at OpenSea include:
Metamask, Coinbase, TrustWallet, Portos, Fortmatic / Magic, Arkane, Autereum, Bitski, Dapper, Kaikas, Torus, OperaTouch, WalletConnect, WalletLink
Detailed instructions for uploading your NFT can be found on the OpenSea home page, but honestly, if you can upload a photo to Instagram, you won't have a problem uploading your file to mint an NFT on OpenSea.
Mining an NFT in Rarible
Note that you MUST have a Metamask wallet already set up and you MUST already have Ethereum in that wallet to start mining an NFT on Rarible.
Process of mining an NFT in Rarible
Rarible is pretty straightforward in its process of mining an NFT.
You will simply do the following:
1. Start at the Rarible home page, https://Rarible.com
2. Connect your Metamask wallet
3. Once your Metamask wallet is connected to the Rarible account, select [Create Collectible];
4. Then select [single]; to create an ERC-721
5. Upload your image or file
6. It will ask you to fill in all the necessary details about your NFT
7. Next, set the price of the NFT. Very similar to Ebay, you can set a reserve price where a buyer can buy instantly or you can allow buyers to bid auction style with the NFT sale awarded to the highest bidder.
Final Thoughts on NFT Minting
As NFTs are gaining traction as an emerging asset class, albeit volatile, I predict they will be very lucrative for traders. Artists will do themselves a disservice by not digitizing their art into an NFT.
If you can create digital art, NFT minting can be a new source of income for you that you won't regret.
Go ahead, mint your NFTs, collect the bag and win all the money (or crypto in this case).