$5 Billion. No, that is not the GDP of Maldives for the past year. It is the volume of NFTs traded on Opensea in the month of January. With NFT craze refusing to mellow down, Public blockchain data collected by Dune Analytics shows that OpenSea had more than $4.95 billion of Ethereum trading volume in January, plus over $79 million on Polygon, a sidechain scaling solution for Ethereum. Both are single-month records for each respective platform. At an industry level, NFT market has grown from $350M from a measly $15M just an year ago.
Getting FOMO’d already? Don’t worry. Today we plan to equip you with the art of minting an NFT on OpenSea. By the end of this post, you would be able to come up with your first NFT on the most famous NFT marketplace in the industry. How to mint NFT on OpenSea. Let’s get started.
What Are NFTs and Why Should You Learn About Them:
NFTs stand for non fungible tokens. These are non-interchangeable, unique records on the Blockchain that cannot be changed by anyone at will. This makes it an extremely powerful tool to validate the proof of ownership and authenticity.
With immense potential and possibilities, various brands have fiddled with the idea of NFTs lately. For example, Nike acquired RTFKT, which is a company that manufactures digital shoes. Adidas did a collaboration with BAYC or Bored Ape Yacht Club.
These gives us a fair indication that NFTs are here to stay. Its use cases may evolve over a period of time but the concept is not going anywhere, anytime soon.
What is NFT Minting?
This question comes across quite often. It is asked what is the difference between creating and minting an NFT. Minting is the process of tokenization of an asset using cryptography. In simpler terms, it is the process of creating a token that represents a digital asset (image, music, text etc.) so that it can be moved, stored and recorded on a Blockchain.
When someone talks about creating an NFT, they are referring to the creation of the asset (image, music etc.). So, minting is the next step in series after creation of an NFT.
There are multiple platforms out there that allow users to mint NFTs. Some of the key examples are Rarible, WazirX Marketplace etc.
However, in this blogpost, we would discuss the marketplace with highest trading volume: OpenSea.
What is OpenSea and Why You Should DYOR Before Minting NFTs:
OpenSea is the largest marketplace in the NFT space by trading volume. It connects the potential buyers with the digital art sellers. Although the frenzy makes one feel that they can millions by creating useless NFTs, one should note that currently the supply is way higher than the demand.
The idea here is to inform you that if you plan to trade NFTs, you might need a strong research to back up your decisions. Apart from that, creating NFTs isn’t just about putting them on a marketplace. As you would notice through this blogpost, minting an NFT is not a difficult task. However selling one requires some specific skills as follows:
As the madness around NFT space takes a backseat, only the NFTs with some form of utility will sell in the market. For example, a famous NFT project called ‘veefriends’ is created by entrepreneur Gary Vaynerchuk. On the face of it, these NFTs are hand drawn images of elephant, ant etc.
However, the real utility lies in the fact that these NFTs can be used as an entry ticket to annual ‘vee‘ conference. Some of the rare NFTs of this collection allow users to have a 1 to 1 session with Gary Vaynerchuk.
On the other hand, NFTs that do not offer such utility are bound to fail at some point. Something like crypto punks might hold on to their value because they were one of the first implementation of NFT use case in digital art. Other projects that are just replicating them might never see light of the day.
A very big element of NFT is marketing. You cannot simply list an NFT on OpenSea and expect it to sell just like that. The propensity of getting lost in the crowd is way higher if you take that route. A typical NFT project should have an element of marketing and community attached to it.
Buyers should feel connected to the project and have a common feeling of belongingness to the clan that trusts that NFT project. Bored Ape Yacht Club or BAYC has completely nailed this aspect of community. These group of holders are so tightly knit together that they conduct offline meetups as well.
You are unlikely to sell your NFTs until your community is aware of what is in store after you sell your entire collection. Think of NFTs like a loyalty card for your project. People will invest in it and stick around only if they see an incremental value of holding that card.
This could take the shape of free airdrops in future, collaborations, share of revenue, entry to a exclusive community etc.
The idea is to build a long term engagement rather than just selling and abandoning the project.
How to Mint NFT on OpenSea:
NFTs are digital assets stored on Blockchain. That is what gives them immense potential. In order to start minting an NFT, you would need a decentralized, non-custodial (where ownership lies with you) wallet to get started. There are multiple wallets supported by OpenSea, but for this example, we’d use the most common and famous wallet: Metamask.
Step 1- Create a Metamask Wallet:
Creation of Metamask wallet is a fairly easy task. Simply head over to the website metamask.io and hit the download button. The wallet can be downloaded as a browser extension or mobile application. For this particular tutorial, it is recommended to use a laptop throughout the process. Once you download the browser extension, simply follow the instructions of setting up a seed phrase and logging into your wallet.
NOTE: Make sure that you store this seed phrase in a safe location as losing it would mean losing your crypto.
Step 2- Connect Metamask Wallet to OpenSea:
First, go to opensea.io and navigate the top right bar – click on Profile. A new page will appear, prompting you to connect your wallet. Choose MetaMask.
You’ll go to multiple prompts for granting OpenSea the necessary permissions to use your wallet and funds. Next, a signing request will appear, and following the signing in, a “Connecting” screen will pop, which will link OpenSea to your wallet.
Once the wallet is connected, you might be prompted to add funds. Please note, that even if you are planning to mint an NFT and NOT buy anything, you would need some funds to pay for gas fees.
Step 3- Create Your First NFT Collection:
Now that you have connected your Metamask wallet, its time to create your first NFT collection. For that, simply hit the ‘create’ button next to the profile tab as shown in screenshot.
Once you hit the ‘create‘ button you would be asked to sign a transaction on Metamask wallet.
After that, it is an easy task of filling a form. A few items that need a little attention while filling this form are as follows:
A. Properties: Some textual traits that define your NFT. This could be gender, age etc.
B. Levels: This makes sense for a collection with different characters. Think of it as tradeable sports cards with each card represented by a unique set of characteristics like speed, strength and agility.
C. Unlockable Content: To add buzz and excitement around your project, you can add unlockable content which would be revealed once the NFT is purchased.
D. Supply: You can create multiple copies of this NFT as well.
Once you hit the create button after completing these details, you need to sign another transaction and that is it.
You have successfully minted an NFT.
Step 4- List it for Selling:
Once you mint the NFT, you can hit the sell button to list it on OpenSea Market. Once you hit sell, you can simply quote a price in terms of ETH, MATIC or USD.
So Should I get Started?
Well technically yes and no. Why yes? Because you are now well versed with the theory behind creating an NFT. But we would suggest that you first learn how to evaluate NFTs for trading. That will give you a deeper context of how to create a successful NFT project.
But hey, this was never a financial advice to begin with. So we’d be rooting for your success anyway.
Until then, got questions?
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Until next time..
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