How to Create NFT on OpenSea For Beginners

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The NFT craze has created a lot of buzz. It has attracted more and more digital entrepreneurs with its eye-catching price tags and a myriad of NFT marketplaces to choose from.

In the past year, Popular auction house Christie’s even sold an NFT digital art for a whopping $69.3 million. This digital art is the EVERYDAYS: THE FIRST 5000 DAYS. A digital collage created by Mike “Beeple” Winkelmann, a renowned digital artist. This digital art has been the most expensive NFT sale in NFT history.

With the amount of money involved with NFTs, you might want to give it a shot. You might want to make and sell NFTs, and who knows, NFT enthusiasts might purchase them for a reasonable price.

This article will be helpful to you since this will talk about the step-by-step process of creating an NFT on a popular NFT marketplace called OpenSea.

What Is NFT And How Does It Work

Non fungible tokens or NFTs are cryptographic assets existing in a blockchain with one-of-a-kind codes and metadata that make them different from one another. Most NFTs are secured in the Ethereum blockchain.

These non fungible tokens can represent real-life objects, in-game items, or virtual baseball trade cards by NFT designers. They also run on a blockchain, a decentralized digital ledger that tracks documents, transactions, and the ownership and authenticity of digital assets.

A one-of-a-kind collectible asset, such as physical art, would be its physical counterpart, for which you might receive an ownership certificate authenticating its originality and genuineness. With its blockchain technology, the NFT eliminates the need for these certificates attesting to your ownership. Each NFT, however, has a unique digital signature that a user cannot share. The NFT owner can verify ownership by using this digital signature.

This digital asset is nothing like cash or cryptocurrencies. Unlike actual money or cryptocurrencies, which are fungible, NFTs cannot be traded or exchanged for one another.

NFTs represent something unique, distinct, and indivisible, such as a photograph or intellectual property. Some examples are artworks, academic titles, trading cards, game assets, music composition, movies, utility, stock shares, service or subscription access, and a variety of other non-fungible items.

How Significant Is OpenSea As An NFT Market

The NFT buzz has been top of the news in the digital world, with OpenSea making it more popular. OpenSea has become an eBay or Amazon of the digital content world. OpenSea is a decentralized application (dApp) that provides a user interface for connecting to the blockchain.

OpenSea is one of the most popular NFT marketplaces in the NFT space. This marketplace is similar to Etsy, and Amazon, except all the listed items, are unique digital collectibles in the form of NFTs that users can buy, sell and mint.

OpenSea’s platform offers a large number of digital materials available, and signing up and perusing the options is absolutely free. It also assists artists and inventors, and it gives a straightforward method for NFT minting. The name of the platform is apt because it is an open marketplace that accepts more than 150 different payment tokens. If you’re new to the NFT world, OpenSea is a great place to start.

OpenSea also supports a myriad of crypto wallets. MetaMask, Coinbase, and TrustWallet are among the wallets supported by the said marketplace. Polygon (MATIC) and Klatyn are two blockchains that OpenSea supports. Over 150 payment alternatives, including stablecoins like USDC, are available, guaranteeing that anyone may purchase and sell things on the marketplace.

OpenSea’s transaction volume increased by over 1400 percent in early 2021, outpacing competitor Rarible, a 600 percent growth. In February of 2021, the platform alone sold $95 million in digital items.

How OpenSea Works

OpenSea is a decentralized marketplace that utilizes smart contracts to acquire and trade one-of-a-kind digital items. Smart contracts allow users to safeguard the custody of their NFT collections on the platform, ensuring the creator’s effort is protected. OpenSea allows NFT transfers, but after linking OpenSea to a compatible Web3 wallet like MetaMask, you can deal directly with other users on the blockchain. Furthermore, Polygon blockchains have been established by the corporation to enable quick and low-cost trade.

OpenSea is also non-custodial. This means that no central party has control of the transactions on the platform.

OpenSea Strengths

One of the most prominent NFT marketplaces, OpenSea, has its advantages because NFT aficionados tend to be drawn to it for buying and selling NFTs.

One of the benefits of using the OpenSea marketplace is that it allows the NFT inventor, such as a digital artist, to create their own NFTs and collect royalties proportional to the token’s value.

For purchasing and selling NFTs, the platform has some of the lowest gas fees and commission prices. Even without prior knowledge of blockchain or code, you may quickly establish your NFT collection in this marketplace. Furthermore, this service is free, whereas most competitors charge for NFT creation.

Buyers may also quickly search through NFT collections, filtering by price, status, native blockchain, and token rarity. Buyers can cast a bid, make an offer, or buy right away and pay the NFT’s asking price, depending on the type of auction. Buyers can also view each NFT’s purchase history, including how many times sellers sold it, bought it, and how much it cost.

There is a variety of crypto wallets that are supported by OpenSea. Some of these digital wallets are the popular ones like the MetaMask Wallet and Coinbase Wallet.

NFT Minting on OpenSea Expounded

Minting an NFT is the process of transforming digital files into crypto assets that are held on a blockchain.

The digital products or files will be stored in a decentralized public ledger or database and will be impossible to edit, modify, or erase. Minting refers to uploading a specific item to the blockchain, which is similar to how a producer mints a real coin.

The NFT creators can arrange royalties from each subsequent sale throughout the printing process, which will become a commission they can collect each time their work is sold to someone else or traded on the secondary market.

NFT minting is a term for “store on blockchain.”

In OpenSea, the creators of the NFTs can schedule royalties from each next sale, which will become a commission they can receive each time their work is sold to someone else or traded on the secondary market.

OpenSea’s NFT Minting Starter Kit

There are several but simple steps involved in the process of minting NFTs on OpenSea marketplace. You should start the process by purchasing a cryptocurrency ETH. Next you only need to set up and connectin a crypto wallet to your OpenSea account, next is to upload the digital file you will create as an NFT.

The specific steps to minting NFTs on the OpenSea marketplace are detailed below.

  1. Buy Ethereum (ETH)

Ethereum is the second well-known cryptocurrency after Bitcoin. The popularity of ETH is evidenced by the fact that many NFT markets that provide transaction services use it. To purchase Ethereum, you must first open an account on one of your preferred trading platforms.

We are talking about Zipmex, of course. You may easily purchase ETH through the Zipmex exchange. Make sure you complete all of the KYC (know your customer) verification processes after you’ve created an account

  1. Create a Crypto Wallet

After you buy purchase ETH, the next step you have to create a crypto wallet. You will use this digital wallet to sell and buy NFTs in OpenSea. You also have to choose compatible wallets with the OpenSea platform.

MetaMask wallet is a user-friendly wallet. The most popular wallet on OpenSea is this one. You can store Ethereum-based tokens in the eth wallet once installed.

  1. Connect Wallet to OpenSea 

After you have created a crypto wallet, you can now connect this crypto wallet to the OpenSea marketplace by:

1.   Open the MetaMask plugin in your browser and input your password to unlock it.

2.      In the same browser, go to http://www.opensea.io/ and select “Profile.”

3.   The webpage will prompt you to link your cryptocurrency wallet. Select “MetaMask.

4.       Accept the terms and conditions as written.

5.       To verify your account, enter your email address and username

 6.    OpenSea will send a verification email to you. In the verification email, click the link. 

Create Your First NFT on OpenSea

You have done setting up your wallet and connecting it to OpenSea. Now, it’s time to create your first NFT. Pre-mint NFTs is another name for this stage. Creating OpenSea NFT collections is the best way to go about it.

You may create personalized content of NFT with multiple colors, forms, and other features. Follow the steps below to make a collection:

  1. Select “My Collections” from your OpenSea profile.
  2. To make a new collection, click “Create.”
  3. Consider this collection to be your digital art portfolio. You can create graphics, memes, or even lovely kitten pics that you can sell.

The Future of OpenSea Marketplace

The future of OpenSea as an NFT marketplace is yet to be seen. As big companies flocked to the NFT market, buying and creating NFTs, and with so many NFT marketplaces to trade, it is not really clear how OpenSea will set its gameplay. But one thing is certain: OpenSea will continue to be one of the largest non-fungible token marketplaces in the following years.

OpenSea will always face competition as the premier NFT marketplace. The vampire attack by LooksRare was both shocking and successful. While comparable approaches may reduce OpenSea’s trading volume in the short term, its substantial market share may enable it to maintain its position as the industry leader in the long run.

OpenSea raised US$300 million in a Series C fundraising round headed by Paradigm and Coatue in January 2022, bringing its valuation to US$13.3 billion. While the firm has stated that it is not actively seeking an IPO, hiring a seasoned CFO in 2021 indicates that it may be.

The cumulative trading volume on OpenSea increased 646-fold in 2021, topping US$14 billion. According to NFT investment bank Jefferies, the NFT market will exceed $35 billion in 2022 and $80 billion in 2025. OpenSea may be the premier NFT marketplace for the foreseeable future due to its size advantage.

Key Takeaway 

Making NFTs and minting them on OpenSea isn’t as complicated as rocket science as most people think it is. You only need to set up your digital wallet, connect it to the site, and start creating your NFT collection.

The OpenSea marketplace itself streamlines and simplifies the procedure. After you set up, connect, and upload, you’re ready to start trading NFTs.

Some of these processes, like OpenSea, are comparable to that of other marketplaces. After learning from this guide how you mint and create NFT in OpenSea and the future that awaits this popular marketplace, you simply have to figure out which marketplace is ideal for you.

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