If you’re looking to get your feet wet with Minting, buying and selling non-fungible tokens (NFTs), it makes sense that you’d look to OpenSea as your marketplace of choice.
The platform is an established name in the space and is the likely first choice for many NFT creators and investors.
In this article, I will show you how to mint an NFT on Opensea. But before we do that, let’s look at some of the basics of NFTs and why you will need a marketplace like OpenSea to mint your NFTs.
What’s the meaning of NFT?
NFTs are digital videos, images, or other types of digital art that have been recorded on the blockchain to ensure their authenticity. These tokens can be bought and sold as collectibles.
What is NFT Minting?
NFT minting is the process of creating unique non-fungible tokens on a blockchain. These tokens can represent anything from digital assets to real-world assets. The process of minting NFTs is handled by a special type of smart contract known as an NFT minting contract.
One of the most popular applications for NFT minting is the creation of digital collectibles. These collectibles are unique items that can be traded and stored on the blockchain
How does NFT work?
NFTs are created on blockchain platforms, such as Ethereum blockchain, and are stored in digital wallets. When a user wants to transfer an NFT, they use a smart contract to do so. This transaction is recorded on the blockchain, and it is permanent and tamper-proof.
What is OpenSea?
OpenSea is a Decentralized Marketplace for ERC-721 tokens. It is the first decentralized marketplace to allow for the buying and selling of non-fungible tokens.
The OpenSea marketplace has several features that make it unique among digital asset marketplaces.
One such feature is its dispute resolution system that allows buyers and sellers to resolve disputes without involving a third party. It also has a live chat feature that allows users to communicate with each other in real-time.
Why is the Opensea NFT marketplace the best?
OpenSea is the world’s largest NFT marketplace. It is the only platform that offers liquidity for all digital assets, including CryptoKitties, Decentraland, and Gods Unchained.
As the market leader, they are constantly innovating to provide the best possible experience for their users.
Some of our features include: – A user-friendly interface that makes it easy to mint, buy and sell NFTs and 24/7 customer support.
How to Mint an NFT on OpenSea?
Minting NFTs on OpenSea is a simple process. First, you need to create a new asset on OpenSea. This can be done by going to the Assets page and clicking the “Create New Asset” button. You will then be prompted to enter the following information:
1). Create an Opensea account – First, you need to create a new account on OpenSea. Once you have registered, log in with your Ethereum-supported wallet.
2). Create a collection (optional) – To create a collection, you’ll need to click on your account icon, then “My collections.”
Under the “Create new collection” option, click on “Create” to specify a collection name, then enter a description and upload an image that will be used for this collection of NFTs.
3). Hit Create – The next step is to click on the “Create” button in the top right corner of the homepage.
2). Upload your NFT file
Upload your NFT file [image, video, audio, or 3d file] this asset will be displayed on OpenSea and on any other websites that you link out to once your NFT is sold. You can upload up to 4 images but only one needs to be used by default.
3). Chose collection – If you already created a collection before, it’s ideal to specify the class of your NFT– for example, “collectible,” “art,” or “crypto.”
4). Enter Item name — This is the name of your asset. It should be clear and descriptive.
5). Description — Write a short description of what your asset is or does. For example, if you were creating a token for a new game called “Super Mario Bros.” your description could read “A token that allows players to use items in Super Mario Bros.”
6). Number of supplies — Enter the number of units that your NFT will be minted
7). Choose your blockchain
Choose the blockchain your NFT will be minted, note that if you choose to mint on the Ethereum blockchain you will be charged some fees while minting on the Polygon blockchain will be free.
8). Click on create
The final step is to hit on the create button and your NFT will be created. Furthermore, if you wish to publish your NFT on the Opensea marketplace for sale, you need to follow these additional steps below.
How to sell NFTs on OpenSea
To sell an NFT on OpenSea, you will need to navigate to your account page and select your profile image at the top right corner to reveal the“Sell“ option.
Once you have selected the transaction type, click Sell to navigate to your wallet, where you can select the NFT you wish to sell.
Once you have selected the NFT and navigated to the NFTs description page, click on “Sell” at the top right corner of the screen and enter the listing information like price and duration for the sale, alongside your royalty address.
After reviewing the details of this sale, you will be requested to sign a transaction on your wallet to confirm the sale.
Also, if you had imported the NFT from an external marketplace, you will need to undergo an extra confirmation process to permit OpenSea to sell the NFT on your behalf.
How to buy NFTs on Opensea
When you want to buy an NFT, the process is similar to how you would buy a cryptocurrency on Decentralized exchanges.
1). Explore the listed NFTs to find an NFT you would like to purchase. Once you have found one, ensure that you review the details, including its price history. Be sure to check for red flags of common NFT scams.
2). Verify that the NFT is real: After verifying that the NFT is the real deal, click on “Buy Now” to further review the purchase before you have navigated to a checkout page where you can find the final cost of your purchase.
if everything looks good, press the “Checkout” button to complete the transaction.
3). Click on “Confirm” to finalize the purchase. After completing the transaction, you can view the NFT in your wallet by going back to your profile page and clicking “In-Wallet.”
How much does it cost to sell NFT on OpenSea?
There are a few costs associated with selling NFTs on OpenSea. The first is the 2.5% fee that they charge for each sale transaction.
This fee goes towards maintaining and scaling Opensea infrastructure, as well as developing new features and integrations.
Additionally, Opeasea requires that all sellers maintain a minimum balance of 0.1 ETH in their account in order to cover gas costs.
On the other hand, if you are going to mint and sell your NFT on polygon blockchain, you don’t have to pay upfront and the only fee that you need to cover your NFT is 2.5% which will be deducted when your Item is sold out.
But if your NFT is minted on the Ethereum blockchain, you will roughly need about $100 – $200 though this might vary depending on the network congestion. Read: how much does it cost to mint an NFT?.
Why is my NFT hidden on OpenSea?
NFTs on OpenSea are hidden for a few reasons: There are a few possible explanations for why an NFT might be hidden on OpenSea. This might happen for the following reasons:
- To protect the privacy of the owner of the NFT
- To protect the privacy of the people who have interacted with the NFT.
- It could also be that the NFT has been flagged for a security issue.
What happens if your NFT doesn’t sell on OpenSea?
If your NFT doesn’t sell on OpenSea, it means that it wasn’t valuable enough to be worth someone’s time and money.
This could be for a variety of reasons – the NFT might not have any use cases or it might not be visually appealing. In some cases, the NFT might simply not be well-known enough to generate much interest.
If this is your case, you can always try selling it on a different marketplace. There are a number of options out there, but it’s important to do your research first to make sure you’re getting the best deal. You may also want to consider lowering the price of your NFT in order to attract buyers.
Does OpenSea support Coinbase wallet?
Yes, OpenSea supports Coinbase wallets. They also support other types of wallets, including Metamask, MyEtherWallet, Trustwallet [mobile only], and Ledger.
How do I sell NFT on OpenSea mobile?
To sell NFT on OpenSea mobile, follow these steps:
- Download both OpenSea and trust wallet or Metamask mobile apps from the Apple App Store or Google Play Store. Note you need to configure your wallet first: see how to set up a Trust wallet
- Create an account on OpenSea.
- In the “My Assets” tab, tap on the NFT you want to sell.
- Scroll down and tap “Sell Asset” on the right side of your screen.
- Next, enter the price for your NFT (in USD or ETH). The minimum price per NFT is $5 USD and there is no maximum price per token limit at this time.
- Specify the duration that your NFT will be available for sale. You can also choose whether or not to accept offers below your asking price by checking off “Price only” or “Price & Quantity” (if you want to get more money for your tokens).
NFTs are digital assets that are unique and cannot be replicated. They are minted on a blockchain and are used to represent everything from digital art to virtual collectibles.
OpenSea is a marketplace for NFTs. It is the go-to place for creators and investors to buy and sell NFTs.
I hope this guide on how to mint NFT on the Opensea marketplace helps you in creating your own fungible and non-fungible tokens.
Mint your Nft: Youtube tutorial