Popular crypto artists are making thousands of dollars from the sale of non-fungible tokens (NFTs). You might be wondering how you can get in on the action too. Keep reading to find out how you can create, mint, and sell your own NFTs.
What is an NFT?
A non-fungible token (NFT) is a unique digital asset that represents a digital or physical asset on a blockchain. The asset could be a tokenized MP4 video, art, a sports card, in-game objects, or any rare asset or collectible that carries value.
You cannot exchange one NFT for another the way you would with fungible cryptocurrencies. That is why NFTs are referred to as non-fungible.
Once you purchase an NFT, it acts as a digital certificate of authentication, proving that you are the owner of that particular item. Blockchain technology ensures that anyone can trace an NFT back to its original issuer.
Ethereum is the most popular blockchain for creating NFTs. However, you can also use Algorand, Binance Smart Chain, and a handful of other blockchains to mint NFTs.
How to Mint and Sell Your Own NFT
Here is the step-by-step process of minting and selling your own NFT on OpenSea:
- Visit the OpenSea website.
- Click “Create.”
- Next, click “Get MetaMask” or “Use a Different Wallet.”
- You will see the available MetaMask versions when you select this wallet. You can install the wallet on your web browser or your iOS or Android phone.
- For this process, install the browser extension. Note that the extension is compatible with Brave, Chrome, Firefox, and Edge.
- Open the extension and click “Get Started.”
- Create a new wallet or import an existing one. When creating a new wallet, write down the backup phrase and store it in a safe place in case you ever need to restore your wallet.
- Add funds to your Ethereum wallet. To do this, buy ETH on an exchange and send it to your MetaMask wallet.
- Next, go back to OpenSea and click the wallet icon on the top right-hand corner of the screen.
- Connect the platform to your MetaMask wallet.
- Click the “Create” tab and select “My Collections.”
- Hit “Create” and fill in the details required.
- Once you are done, you can click the edit button to configure the commission you will get on sales, add social media links, and choose which tokens you will accept in your store.
- Next, click “Add New Item.” The platform will open your MetaMask wallet, asking you to sign in. Click “Sign.”
- Enter the details needed to mint your NFT. These details include an image, video, or audio of the item your NFT will represent, the name of your NFT, a description, and the NFT supply.
- After you click “Create,” you will have an NFT that you can sell.
- Hit “Sell.” Sellers can set up a fixed or declining price, auction the NFT, or bundle it with other items for sale.
- Enter the price of your NFT. Moreover, you can include an ending price if you prefer or create a private sale.
- Once you are satisfied with your listing, post it or schedule it for sale at a later date. OpenSea will ask for your signature to finalize the listing.
Keep in mind that OpenSea will take a 2.5 percent fee when your sale is successful. Also, when you sell an NFT for the first time on OpenSea, you will complete two transactions that will incur Ethereum gas costs. The first will initialize your account for sell orders. The second will allow the platform to access your item when the sale takes place. The gas cost is the network fee for adding your NFT to the Ethereum blockchain and deploying a smart contract.
Once you create an NFT and list it, you can view it on the marketplace and as a collectible in your wallet. You can also mint more NFTs and add them to your collection.
OpenSea uses the Wyvern Protocol, a set of audited smart contracts. According to the platform, Wyvern is a decentralized exchange that sets up a proxy for every user. The platform does not control the proxies that Wyvern creates. Instead, users have to approve access to every contract.
Minting your own NFT can be a fun way to understand how NFTs and blockchain technology work. It can also be a way to supplement your income if you have an artistic vein and can produce NFTs that collectors are willing to pay for.
However, minting an NFT will cost you Ethereum gas costs, which can be as high as $100 per NFT. So you will have to sell your NFTs for a substantial amount to make a profit.
The NFT market is still in its early stages, and many crypto experts argue that valuations have gotten out of hand because of the current hype around NFTs and crypto art. However, if you can produce high-quality crypto art, you could find yourself earning a surprisingly high amount of crypto for your NFTs.