Many creators have sold NFTs for thousands, even millions, of dollars, and numerous companies have begun developing and investing in digital tokens. Now, the opportunities for NFT investment and creation seem better than ever.
In our article on Solana’s Candy Machine protocol, we provided a step-by-step tutorial on how to mint NFTs on the Solana blockchain. The protocol allows developers to configure the more advanced properties of their NFTs.
However, the process is rather technical and may be difficult for those first getting started with NFT creation. Fortunately, the OpenSea marketplace offers a more approachable alternative with their NFT creation tool.
Currently, OpenSea is one of the most popular NFT marketplaces, hosting over 1.2 million users and 80 million NFTs. It simplifies the buying, selling, and minting processes, allowing anyone to get involved in this lucrative technology.
In this blog post, we will provide a detailed, step-by-step tutorial on how to mint NFTs on the OpenSea marketplace. We will do this by helping you with:
- Selecting an NFT Marketplace
- Setting up your NFT Wallet
- Connecting your Wallet to OpenSea
- How to create your NFT collection
- How to mint your first NFT
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Step 1: Select an NFT Marketplace
Although we will focus on OpenSea.io in this article, there are several NFT marketplaces available that one can use to mint, buy, and sell NFTs. Note that because all NFTs exist publicly on the blockchain, multiple marketplaces display them simultaneously and track their sales and prices.
Consequently, once you have minted and sold an NFT on OpenSea, it will become available on a variety of different marketplaces as well.
To determine the best marketplaces for us to begin minting, we need to consider the following criteria:
NFTs exist in a variety of different token forms, and different marketplaces support different token types. The most common token standard is ERC-721, which was used to mint the first NFTs. Every ERC-721 token is rare and unique, offering consumers a chance to have propriety ownership of a digital asset. Many of the tokens on the OpenSea marketplace are ERC-721 tokens.
Another standard, ERC-1155, allows creators to use a single smart contract to produce an infinite number of both fungible and non-fungible tokens. The OpenSea creation tool uses the ERC-1155 standard to take advantage of this smart contract feature.
By publishing multiple NFTs with the same contract, sellers on OpenSea only need to pay a single initialization fee for their collection. ERC-1155 tokens are often used to represent game collectibles, as well as images, videos, 3D models, and more. A variety of other marketplaces, such as Rarible, also offer these tokens.
If you already have a preferred crypto wallet, finding a marketplace that supports that wallet is ideal. OpenSea currently supports 15 different wallets, including the most popular options like Coinbase and MetaMask. If you do not already have an Ethereum wallet, we recommend installing MetaMask with the instructions described in the next step.
Because creators can turn any digital asset into an NFT, user and content verification helps to ensure the originality and authenticity of NFT collections. Marketplaces like OpenSea verify accounts of notable companies or people, as well as accounts with high fraud risks.
Verification helps to reduce sales of copyrighted NFTs and discourages manipulative NFT trading techniques. Choosing a marketplace with thorough verification standards will ensure your customers of the authenticity of your account and your collections.
NFTs, especially rare collectibles, can be extremely costly and inaccessible to most consumers. However, some marketplaces allow users to buy partial ownership of an NFT with token fractionalization.
Sellers on these marketplaces frequently benefit from selling assets faster because they can sell them in more affordable portions instead of waiting for the highest bidder to buy the whole NFT. Likewise, buyers benefit from reduced costs and typically buy NFT segments more readily because of their affordability.
Different marketplaces have different fees and minting rates. Some may offer discounts, higher royalties, and referral bonuses as well. Finding which marketplace incentives benefit you the most requires trying out different ones and seeing exactly which useful features they have to offer.
Step 2: Set up your wallet
Before minting an NFT, users must first set up an Ethereum wallet to store their cryptocurrency and NFT assets. OpenSea allows users to select from over a dozen wallet options, the most popular being MetaMask.
To create a MetaMask wallet, follow this link to download the MetaMask Chrome extension and create an account. Once you have entered a password, you will receive a 12-word Secret Recovery Phrase.
MetaMask requires that you store your recovery phrase in a safe place and keep it secret from everyone. If you ever need to recover your wallet, you must provide this phrase, and If anyone ever learns your recovery phrase, they will be able to access your account and move your funds.
Step 3: Connect Your Wallet to OpenSea
After installing the MetaMask chrome extension, you can connect your wallet to OpenSea with a few simple steps:
- Navigate to http://www.opensea.io/ and click the wallet icon in the top-right corner.
- The website will list several wallet options. Select MetaMask (unless you prefer a different wallet).
- Accept the terms and conditions to finish connecting your wallet.
For more help setting up your Ethereum wallet, check out OpenSea’s tutorial.
Step 4: Create an NFT Collection
After setting up a wallet and connecting it to OpenSea, you can create your first NFT. Although you can produce and publish NFTs individually, We recommend minting your NFTs as part of a collection because they will typically receive more views and sales.
To create a collection, follow the steps below:
- 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 accepted payment methods; we recommend Ethereum for both.
- Select a display theme, and click create.
In your collection, you can publish related NFTs or different variations of a single NFT, each with individualized characteristics. You can think of this collection as your digital artwork portfolio. You’re free to add your latest designs, memes, or even drawings of adorable kittens.
You might be surprised to learn that there’s a dedicated category on OpenSea called “cryptoKitties,” which are stickers of cats that sometimes sell for tens of thousands of dollars.
Step 5: Mint your first NFT
Once you make your first collection, it’s easy to add an NFT to it. Just follow the steps below:
- 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.
For your first NFT listing, you will need to pay a one-time initialization fee and allow OpenSea to access your NFT items. Afterward, you will provide a digital signature and OpenSea will publish the NFT on the marketplace.
Note, the OpenSea NFT creation tool uses a technique called “lazy minting,” whereby OpenSea only pushes the NFT onto the blockchain after its first sale. So, your NFT will only exist publicly on the blockchain and be available on other marketplaces after you sell it through OpenSea.
That’s all there is to it. After following these simple steps, you should see your NFTs on the marketplace available for purchase. From here, you can share the link to your collection with others, add more NFTs, and maybe even use your NFTs in the metaverse.
I hope you found this tutorial useful and begin creating your own NFTs with the OpenSea platform. Stay tuned for more useful NFT tutorials and content, and check out our other useful article on the inner workings of the metaverse!