Since the Ethereum blockchain is the most popular and has the largest environment for creating, buying, and trading cryptocurrencies, we’ll be addressing how to construct an NFT on it in this post. We will utilise OpenSea in this example. Although there are many other platforms, OpenSea is the most well-known marketplace for all types of NFTs. Anyone can start using OpenSea because there is no application process or acceptance into the platform.
- How to exchange fiat currency to cryptocurrency.
- How to create a crypto wallet.
- How to open an account on OpenSea.
- How to create a collection.
- How to create an NFT in your collection
If you haven’t done so already, you’ll need to exchange fiat currency (dollar, euro, pound sterling, etc.) into Ether. Ether is the native currency of the Ethereum blockchain. To do this, you can use Coinbase to exchange your money. Coinbase is a platform for buying and selling cryptocurrency, so you can set up an account on there and exchange as much as you need. In some regions, Coinbase may not be available. There are other platforms for exchanging cryptocurrencies, so you’ll have to check which one is accessible in your region.
Once you’ve got some ETH ready, it’s time to create a crypto wallet and download it to your browser so you can instantly connect and make transactions on NFT marketplaces. You can create a Coinbase wallet (different to your main Coinbase account, you’ll have to transfer the money to your Coinbase wallet), or other wallets such as MetaMask, Trust Wallet, and Fortmatic.
Here are useful MetaMask FAQs. Many users choose to use MetaMask, or have multiple wallets.
It is very simple to set up these wallets, simply follow the instructions listed on the wallet sites. Once you have created your crypto wallet, you can now transfer your ETH to your wallet.
Now that you’ve set up the basics, it’s time to create your first NFT.
Go to OpenSea and click in the top right corner on My Profile, then press Sign In and follow the instructions to connect your wallet.
Once you’ve signed in, click Create at the top, and then click on My Collections. You may be asked to verify that it is your account by digitally signing in. It’s just a quick one-click confirmation.
When you get to the My Collections page, this is what you’ll see.
Next, click on the blue Create button. A window will pop up where you can upload your artwork and add a name for it and a description. At this point you’re just creating a folder for your NFTs, this is not the part where you’ll be creating an NFT.
After you have added your artwork with all the information, it will be added to your collection. You’ll see there is a big grey space where you can add a banner.
Click on the pencil icon in the top right corner to add your banner. Your page will look like this.
It’s time to create your NFT!
Click on the blue button that says Add New Item. Now you can upload your artwork, song, video,etc. You can add the name of your NFT, an external link to your webpage or to more information about it, and a description.
You can also choose what special features you want to add to it to make it more valuable and unique.
Click Create. You’ve minted your first NFT! The artwork should be visible in your collection now.
- OpenSea charges 2.5% on every sale you make.
- You can edit your collection to receive royalties on future resales of your NFTs (the money from the royalties will automatically go to your wallet).
- You may also be charged to activate other currencies or auction types.
- There are two transactions you’ll need to complete before you can sell. They are both free except for the gas fee. These are:
➞Initializing your account to do sales (this is only done once);
➞Allow OpenSea to access the items in your collection when there is a sale.
Once you’ve completed these two steps (which will pop up when you’re setting up your account and creating the NFT), you’ll be asked for your digital signature to confirm your listing. From there on, you will not pay gas fees for future sales (the buyer pays them).
Exception to the rule (information gathered from users, it is not stated on OpenSea): Although OpenSea has gasless minting, if you accept a bid lower than your asking price, then you, the seller, will be responsible for the gas transaction.