We saw a boom in the NFT space in 2021. This is a concept that was preconceived in 2012 as “THE COLORED COINS CONCEPT”
Colored Coins were regular Bitcoins, but each had a mark on them, that determines what it is going to be used for. In essence, each of them was the same but served different purposes thereby making them unique.
The Colored Coins concept could never be realized because of the limitations of Bitcoin, however, it did lay the foundation for the experiments that led to the invention of NFTs.
The concept of NFTs came to the limelight when Ethereum was backed up with the introduction of a set of token standards, allowing the creation of tokens by developers.
The token standard is a subsidiary of the smart contract standard, including; informing developers on how to create, issue and deploy new tokens in line with the underlying blockchain technology.
Today, the mere unrealistic concept has become a widely known technology that a lot of people have made money from.
In this blog post, we’ll explain, vividly, what an NFT is and guide you on how to create an NFT on Open sea. we’ll answer the following questions;
- What are NFTs?
- Why Opensea?
- How Do I set up an NFT Wallet?
- How Do I Connect my wallet to Open sea?
- How to create an NFT Collection
- How to mint an NFT
So let dive in without further ado.
What Are Nfts?
NFT is an acronym for “NON-FUNGIBLE TOKEN”
A fungible good or item is an item that’s mutually interchangeable with another item. The value of this item is universally accepted to be equal.
For instance, I can exchange my 100 dollars note with two 50-dollar notes anywhere it’s accepted. The two 50 dollars notes hold the same value as the 100-dollar note.
You’ll agree with me that non-fungible is the opposite of fungible, therefore, non-fungible goods are not mutually interchangeable. They are one-of-a-kind (Unique), an example is a vehicle.
Two Prado jeeps parked at a car stand auctioned for sale, one pre-owned by Dangote and the other by a young guy.
You’ll agree with me that the car pre-owned by Dangote will have a higher price tag than that of the guy irrespective of the fact that it’s the same model of car. This is because the value of the two cars is perceived differently.
Now, what is a token? A token could be said to be a digital certificate stored on a secured and distributed database called “Blockchain”.
A non-fungible token (NFT) is a token that possesses a unique identifier and has additional parameters that allow you to store certain information on it. That unique identifier is what makes a token non-fungible. The additional information can be any information such as text, images, audio, and video files.
Opensea as we know it is the largest NFT marketplace and is the most preferred NFT marketplace due to several reasons. I’ll highlight a few of them below:
- It is User-friendly for beginners:
Open Sea makes it simple for users to trade NFTs without any prior experience.
- They have a huge Liquidity Pool:
What this means is that users can easily buy or sell Ntfs more quicker.
It’s noteworthy to mention that for one to trade Nfts (buying and selling Nfts) in the Opensea marketplace, you’ll need a digital currency(e.g ETH), a crypto wallet, and an OpenSea account.
How Do I Set Up An Nft Wallet?
NFT wallets can be seen as the software used to communicate with the blockchain networks to safely access, send and receive Nfts. They are various wallets you can use to store your Nfts like Coinbase wallets,metamask, etc. For this article, we’ll use metamask.
- Download the MetaMask app to your smartphone
For iPhone users, you can download it on App Store.
Android users can get theirs on the Google play store.
- Click “Get Started”
- For new users, click “Create a new wallet”
- Follow the prompts to choose your password and confirm it
- Then copy and keep your seed phrase safe
- Confirm your seed phrase
- Congratulations if you followed this instruction because you’ve successfully set up your metamask wallet.
How Do I Connect My Wallet To Open Sea?
- Click opensea.io.
Create an account if you have none.
- Click on profile and click on “connect wallet”.
- Select Metamask or any other wallet and follow the prompts to finish the process
How To Create An Nft Collection
An NFT collection is where you can publish related NFTs or different variations of a single NFT each with unique characteristics. It’s More or less a digital artwork and portfolio.
To make a collection, follow these steps:
- Go to your OpenSea profile and then click My Collection.
- To create a new collection, click Create.
- Include a logo, a featured image, and a banner image.
- Give your collection a name, a description, and a category.
- Select the resale fee you will receive on all future resales of your NFTs.
- Choose the blockchain and accepted payment methods
- Choose a display theme and then click Create.
How To Create An Nft On Opensea
Minting an Nft is simply adding artwork to your collection. It is very simple and straightforward. All you need do Is follow the following steps;
- Open the newly created collection.
- Select “Add Item”. This is where you upload your already designed artwork.
- Give your NFT a name and upload it.
- Fill in the blanks with the properties, levels, and other attributes.
- When you’re finished, click Create.
Pending on the Blockchain you are using to mint, You may need to pay a one-time initialization fee to grant OpenSea access to your NFT items for your first NFT listing (You don’t need any fee if you use the Polygon network). Following that, you will provide a digital signature, and OpenSea will publish the NFT to the market.
Minting an Nft is very simple and by now, after reading this article, I hope you’ve been able to know how to create an NFT on Opensea.
If you follow the steps correctly, your NFT will be listed on the marketplace and available for purchase right away. This article has successfully gotten you started on your NFT journey. I hope you found it useful!