Creating your first NFT on Opensea
So I will be using Opensea to create my NFT. Non Fungible Tokens.
What are Non fungible tokens ?
To get started this tweet sold for $2.5million. This is the first tweet on twitter by Jack Dorsey. Please argue with me on why somebody would pay heck of an amount and I will convince you with my reasoning. You will have to understand people like showing off and marketing something the right way brings more revenue. I am assuming you would have watched the movie ‘Ready Player One’. Now consider this to be the future, the virtual world. In the virtual world you would need your own land and your own assets(NFTs) to attract people and get them to visit your place. This attraction would need big names or great advertisements from real world. What better than being the owner of first tweet by Jack Dorsey? What better than holding a monkey from Bored Ape Yacht Club ? What better than having your own virtual store in TCG World?
So NFTs are digital assets like music, art, images, videos, land, web address or anything which could be digitized and sold to people. There would always be only one and one owner of these digital assets. There could be multiple copies of it, however there would always be one owner of the tweet by Jack Dorsey or a painting of Mona Lisa. And blockchain networks like Ethereum, Solana, Polygon can confirm it by being the validator.
Now let’s look at creating an NFT on OpenSea
Right now OpenSea supports Ethereum and Polygon as the blockchain networks where this NFT could be minted and deployed.
For Ethereum the gas fees is higher, so you might end up paying $50 just to get the NFT uploaded into Opensea to be sold; while Polygon is relatively cheaper and would not require any gas fees.
For this NFT sell, we will use Polygon as the blockchain since there’s no gas fee.
We will need a wallet where the transactions can happen. We will use Metamask as the wallet which basically stores our crypto.
We have choices though. Screenshot below :
Please check my blog on wallets and metamask for more information. When you create your wallet, please store your secret key in multiple places because if you lose it there’s no way to recover it.
You can install Metamask as an extension on browser and connect the same with Opensea.
After connecting Metamask to your OpenSea account :
- Click on create on top right corner. You will be asked to give permission on metamask. Approve the popups by signing in.
2. Once done. Select the image and provide name and description.
3. Select Polygon as the blockchain from Blockchain dropdown list and leave supply, collection and properties fields as blank/empty.
Property is used to describe the uniqueness of the NFT.
Collection is used to have similar NFTs stored in a single collection.
Supply is the number of NFTs that you are trying to create.
4. We are done. Click on create .
5. We have the NFT created but we still need to mint it so that it is ready to be sold. Minting is a process of creating an address for this NFT and storing it in the blockchain so that people can view and buy it.
6. Click on Sell. Provide the selling cost for this item and complete you listing.
Remember OpenSea charges 2.5% of your profit from every transaction. So the service fee is 2.5%. Do not get confused about service fee; it’s not gas fees. Since we selected Polygon Blockchain there’s no gas fees. If you would have chosen Ethereum, you had to pay gas fees to mint it so that the item was sellable.
That’s it. We are done creating our first NFT.
Remember to keep your secret key provided by wallets like Metamask safe and secure with you. Like email and phone number is the solution to reset your password and login to your account in case you forget the password; similarly this secret key(a combination of words provided by wallets) is the key to unlock your account.
Please reach out to me at vivek.sinless@gmail.com or on my LinkedIn for freelancing work. Happy leaning. Cheers :)
