NFTs, or non-fungible tokens, are digital assets that can be used to authenticate any type of file on the blockchain network. This technique has become very popular throughout 2021, especially among digital artists who are looking for a way to ensure the authenticity of their work. Practically anyone can create one of these codes, including you. In this text, we will explain how to create an NFT through the OpenSea marketplace.
It is important to stress that NTF is a digital asset registered on the blockchain. So, first of all, to generate one of these tokens, you need to study and choose a network and platform. There are many options and not all of them are easy to use. Therefore, we will explain the easiest way to create and market NFTs through OpenSea, the largest marketplace for non-fungible tokens.
Understand how to choose a platform for your NFT
As much as we will be giving a step by step breakdown of how to create one of these assets through OpenSea, there are many other NFT marketplaces available that can be used to create, buy and sell NFTs. It should be noted that all NFTs are publicly located on the blockchain, so multiple platforms can view them and track their prices and sales simultaneously.
That is, once an NFT is created and sold on OpenSea, this asset will also be available on many other markets. To select the best platform to start generating non-fungible tokens, you should consider and study some criteria:
Learn about the types of icons
NFTs exist in a variety of token forms and different markets support different types of assets. The most popular token standard is ERC-721. Each of these NFTs is unique, and is perfect for those who want to give away, for example, a “rare” and authentic digital artwork. On OpenSea, most of the NFTs listed are like this.
Another standard is ERC-1155, which allows creators to generate an infinite number of tokens using a single smart contract. OpenSea’s creation tool uses this format to allow multiple “copies” of the same NFT to be created simultaneously.
By publishing multiple NFTs under the same contract, the creator on OpenSea only needs to pay a single fee (gas fee) from the Ethereum network to start building their pool. ERC-1155 tokens are often used to create a range of collectible assets, be it games or digital works in the formats of images, videos, GIFs, and more. Many other marketplaces such as Rarible also offer these tokens.
Choose a digital wallet
Another essential step is to choose a digital wallet that is compatible with the platform where you want to generate the NFT. Your wallet will be the center of all operations. It usually represents your profile on each marketplace, as well as your login. Additionally, it is where your crypto assets will be allocated, where cryptocurrencies will come in for purchases and fee payments, and where you will receive payments for selling your NFTs.
OpenSea currently supports over ten different digital wallets, including the most popular options like Coinbase and MetaMask. Ethereum wallets are the most widely used in the NFT world. In my experience, MetaMask is one of the simplest and easiest to use options. Moreover, it is also widely accepted in most non-fungible token projects and platforms.
Account Confirmation
Since anyone can create a digital wallet and use it to create and sell NFTs, it is recommended to look for platforms that have an identity verification system, either as a person or a company.
Thus, it is more likely that your profile and digital assets will not be flagged as part of a scam or scam. In addition, this feature helps add value to the tokens, as the platform assures the potential buyer that the NFTs asset is authentic. Marketplaces such as OpenSea check the accounts of high-profile companies or individuals, but also identify profiles that are considered “high risk”.
Learn about prices and “gas fees”
This is perhaps the most important factor in choosing a platform. Depending on the market and blockchain chosen to create your NFTs, the fees and so-called “gas fees,” the amount charged by the network to execute the token’s smart contract, vary. Ethereum has one of the highest costs to create one of these assets, while Polygon, another blockchain, is completely free.
Even when it comes to the Ethereum network, the platform of your choice can help you. OpenSea is one of the cheapest marketplaces for this, as you only have to pay the smart contract fee once. Then, the user can create and list as many NFTs as they want, and the gas fee for the token itself will only be paid by the purchaser of the token.
It is important to highlight that the choice of the market and the blockchain influences the interest in the NFT in question. In the case of a digital artist, you are more likely to buy a token that is created on a unified network and trusted platform.
How to create an NFT by OpenSea
With all these explanations, let’s go step by step on how to actually create an NFT. I chose OpenSea as a test platform to embody the process. The first step is to set up your digital wallet. In this step, you have created a MetaMask to log into the platform and create a profile.
Your digital wallet is very important and if you lose access to it, you will also lose your assets. MetaMask works as a Google Chrome extension for logging into crypto platforms. However, there is also a mobile app.
You must create a simple access password, but you will also receive a 12-word configuration and a recovery key. Store it securely. If you need to redeem your wallet, you must provide this random string of words. If someone has access to your key, they can access your account and transfer your funds.
Connect your wallet to OpenSea
After installing the MetaMask Chrome extension, you need to connect your wallet to OpenSea. The process is very simple, just click on the wallet icon in the upper right corner. The site will list several wallet options. Select MetaMask (unless you prefer a different wallet). Accept the terms and conditions and enter your password to finish logging in and linking your wallet.
Create a set of NFTs
With your wallet set up and connected to OpenSea, you’re ready to create your first NFT. While you can create and list tokens individually, it is recommended that you create them in a group to help visualize assets in the huge OpenSea marketplace.
- Go to your OpenSea profile and click on My groups.
- Select Create to create a new group.
- Add a logo, featurette, and banner image.
- Give your group a name, write a description and select a category for it.
- Choose the royalty rate you will charge on all future resales of your NFTs.
- select the accepted blockchain and payment methods; We recommend using Ethereum for both.
- Select Display Theme and click Create.
Create NFTs for your collection
Once you’ve created your first pool, it’s easy to add NFTs to it. All you need to do is follow the steps below:
- Open the group you just created and click “Add Item” in the left menu.
- Upload a file to your NFT and name it.
- Fill in properties, levels, and other attributes if you like. Select the source of the NFT and then select the blockchain on which it will be created. Ethereum is, once again, the most recommended network.
- Click Create when done.
Put your NFTs up for sale
With your NFT created, you can list it for sale on the OpenSea marketplace.
- To do this, select the token and click Sell.
- Next, fill in the value of your NFT sale, listing period and click on “Complete List”.
However, unless your token is created on a “gas free” (no fee) blockchain, you will have to pay a one-time startup fee and allow OpenSea to access your NFTs. Then, you will provide a digital signature and your NFT will be published in the marketplace.
It is important to stress that the value of the gas fee paid to create the smart contract varies with the demand for the use of the blockchain. This fee will only be charged upon listing your first NFT. After this payment, you can generate and list as many icons as you want. The only additional fee charged by OpenSea, is 2.5% of the sale price.