NFTs, or non-fungible tokens, are digital assets that can be used to authenticate any type of file on a blockchain network. This technology became very popular throughout 2021, especially among digital artists looking for a way to ensure the originality of a work. In practice, anyone can create one of these tokens, including you. In this text, we will explain how to create an NFT through the OpenSea marketplace.
It is important to note that an NTF is a digital asset registered on the blockchain. So, first of all, to create one of these tokens it is necessary to study and select a network and platform. There are many options and not all of them are simple to use. That’s why we’re going to explain the easiest way to create and trade NFTs through OpenSea, the largest marketplace for non-fungible tokens.
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Understand how to choose a platform for your NFT
As much as we will bring you step-by-step thinking about how to create one of these assets through OpenSea, there are several other NFTs marketplaces available that can be used to create, buy and sell non-fungible tokens. It is worth noting that all NFTs publicly exist on a blockchain, so multiple platforms can display them and track their prices and sales simultaneously.
That is, once you have created and sold an NFT on OpenSea, that asset will also be available in a number of other markets. To determine the best platform to start creating non-fungible tokens, some criteria need to be considered and studied:
Know the types of tokens
NFTs come in a variety of token forms and different markets support different types of assets. The most common token standard is ERC-721. Each of these NFTs is unique, which is ideal for anyone looking to offer, 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 use a single smart contract to produce an infinite number of tokens. The OpenSea authoring tool uses this format to allow multiple “copies” of the same NFT to be created at once.
When publishing multiple NFTs under the same contract, the creator on OpenSea only needs to pay a single Ethereum network gas fee to start building their collection. ERC-1155 tokens are often used to generate a number of collectible assets, whether for games or digital works in the formats of images, videos, GIFs, and more. Several 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 create your NFTs. Your wallet will be the center of all operations. It usually represents your profile on each marketplace, as well as your login. In addition, this is where your crypto assets will be allocated, where cryptocurrencies will come from for purchases and fee payments, and where you will receive the values for the sale of your NFTs.
OpenSea currently supports over ten different digital wallets, including the most popular options like Coinbase and MetaMask. Ethereum wallets are the most used in the NFT universe. In my experience, MetaMask is one of the simplest and easiest options to use. Furthermore, it is also widely accepted in most non-fungible token projects and platforms.
As 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, whether as a person or a company.
Thus, your profile and digital assets are more likely not to be marked as part of a scam or fraud. Furthermore, this feature helps to add value to the tokens, as the platform assures the potential buyer that the origin of the NFTs is authentic. Marketplaces such as OpenSea verify accounts of notable companies or individuals, but they also flag profiles considered “high risk”.
Know the rates and the “gas fee”
This is perhaps the most important factor in choosing a platform. Depending on the marketplace and the blockchain chosen to create your NFTs, the fees and the so-called “gas fee”, the amount charged by the network to carry out the token smart contract, are different. 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 chosen platform can help. 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 he wants and the gas fee of the token itself will only be paid by the token buyer.
It is important to highlight that the choice of marketplace and blockchain impact the interest in the NFT in question. In the case of a digital artist, you are more likely to buy a token created on a consolidated 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 the testing platform to exemplify the process. The first step is to set up your digital wallet. In this step, I created a MetaMask to log into the platform and generate a profile.
Your digital wallet is extremely important and if you lose access to it, you will also lose your assets. MetaMask works as an extension for Google Chrome 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 setup and recovery key. Keep it safe. If you need to retrieve your wallet, you must provide this random string of words. If someone gets access to your key, they can access your account and move 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 website 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 connecting your wallet.
Create a collection of NFTs
After setting up a wallet and connecting it to OpenSea, you are ready to create your first NFT. While you can create and list tokens individually, it is recommended to create them within a collection to help visualize the assets in the massive OpenSea marketplace.
- Navigate to your OpenSea profile and click on My Collections.
- Select Create to create a new collection.
- Add a logo image, a featured image and a banner image.
- Give your collection a name, write a description and select a category for it.
- Choose the royalty rate you will charge all future resales of your NFTs.
- Select the accepted blockchain and payment methods; we recommend Ethereum for both.
- Select a display theme and click create.
Create NFTs for your collection
Once you’ve made your first collection, it’s easy to add an NFT to it. Just follow the steps below:
- Open the collection you just created and click “Add item” on the right menu.
- Upload a file to your NFT and give it a name.
- Fill in the properties, levels and other attributes if you like. Select the NFT supply and then determine which blockchain it will be created on. Ethereum is, again, the most recommended network.
- Click Create when finished.
Put your NFTs for sale
With your NFT created, you will be able to list it for sale on the OpenSea marketplace.
- To do this, select the token and click on “Sell”.
- Then, fill in the sale value of your NFT, and the listing period and click on “Complete listing”.
However, unless your token was created on a “gas-free” blockchain, you will have to pay a one-time startup fee and allow OpenSea to access your NFT items. Afterwards, you will provide a digital signature and your NFT will be published on the marketplace.
It is important to note that the value of this gas fee paid to create the smart contract varies depending on the demand for using the blockchain. This fee will only be charged when listing your first NFT. After this payment, you can create and list as many tokens as you like. The only additional fee is that charged by OpenSea, 2.5% of the sale price.