Non-fungible tokens are digital representations of unique artwork that could be anything from an image, a music file, a text file, or a video clip. In 2021, these tokens awed many by selling at auctions for millions of dollars a pop. With such news becoming commonplace, a lot of people are now looking into these digital assets and how they too can reap from this new art form. The good news is, anyone can create an NFT and monetize it, through a process called minting.
The minting process
Sign up on an exchange
Before you can begin creating NFTs, you first have to get ahold of some cryptocurrencies. In any case, if you succeed in selling your token, you’ll be paid in crypto, and you’re definitely going to want to convert that into your fiat currency of choice, or into other crypto coins. Either of these actions will require you to have an account with a reputable exchange platform.
The exchange you choose must offer Ether coins, which is the currency for the most commonly used platform for minting NFTs. The good news is, ETH is such a popular cryptocurrency, it is next to impossible to find an exchange that doesn’t offer it.
Buy some ETH
As aforementioned, Ethereum is the most common platform on which NFTs are minted. ETH is its native currency, so it is the most commonly used token for paying minting fees. What’s more, the most common NFT marketplace is OpenSea, and it usually charges an initialization fee when you sign up. This is more often than not paid in ETH.
As for how much Ethereum you’ll need to pay these fees, there is never a constant number. Ethereum is famed for its high gas fees especially when there is congestion on the network. Therefore, the fees applicable to you will depend on the traffic on the network at that moment. This could range anywhere from $30 to around $500.
Open a crypto wallet
To be able to pay the fees we just spoke of, you will need to connect a wallet to the minting platform. For our purposes today, we shall be minting on OpenSea, currently the biggest NFT marketplace. There are several wallets that are compatible with OpenSea, but the most common and easiest to use is called MetaMask.
MetaMask can be downloaded from their website, and it comes in form of a browser extension. It is best to use this wallet with Google Chrome. Once downloaded, install the extension and follow the prompts to set up your wallet. Notably, you can buy ETH straight from MetaMask, but this process tends to charge higher commissions than most exchanges.
Send ETH to your MetaMask
Recall that we purchased some ETH in step two. When you purchase crypto from an exchange, it is usually stored on a hot wallet right on the exchange platform. To send these tokens to your wallet, simply go to your MetaMask and copy its Ethereum public address. This should start with the letters “ox”.
Next, go to your exchange and select send or withdraw, select Ethereum as your token, the amount of ETH you wish to transfer, paste your public address and complete the transaction. It may take a few minutes for the funds to show up in your wallet.
Sign up to OpenSea
Using the same browser your MetaMask wallet was installed on, go to the website opensea.io. Once it loads, click on profile at the extreme top right. It will open a webpage prompting you to connect your wallet. From the list of compatible wallets, choose MetaMask. Accept the terms and conditions by clicking on sign, and you’ll officially have an OpenSea account.
From here, you can personalize your account by adding a username, email address, and other details like your website and social media if you wish. Once you’ve verified your email, you are now ready to create your first NFT.
Upload your artwork
On OpenSea, next to your display photo, you will see a create button. Click on that. If you wish to upload multiple files to create a collection of NFTs instead, click on my collections. This should be right below your profile photo.
From the create page, you can upload a high-definition version of the file you intend to tokenize into an NFT. Again, this could be an image, an audio file, a video, or even a 3D model. It should also be in one of the listed accepted formats, and shouldn’t exceed 100MBs.
After uploading, you will need to name your NFT, and add a small description of it. Here, you can also choose the blockchain you want to mint on. Apart from Ethereum, OpenSea is compatible with Polygon and Klaytn blockchains. Once chosen, click create, and voila, your NFT is created.
List your NFT for sale
Minting your NFT is not enough – you have to list it for sale if you intend to profit from it. To do this, click on sell at the top right of the OpenSea platform. You can choose to sell it at a fixed price or put it up for auction. Fixed price will save you from paying gas fees, but for auctions, you as the seller get to pay this fee. Once you’re done, click on the complete listing and your NFT will be up for sale.
Remember that OpenSea charges a 2.5% commission on your selling price. Additionally, before your NFT goes up for sale, OpenSea will need to initialize your wallet if you’re a first-timer on the platform. This is where you will need to pay the initialization fee we spoke of earlier. MetaMask will calculate the required fee amount in ETH at that moment.
In conclusion
The process of creating NFTs is called minting. A crypto wallet loaded with ETH and an OpenSea account is all you need to mint this token. If you are a first-timer, OpenSea charges an initialization fee from your MetaMask wallet. Additionally, if you choose to auction your NFT as opposed to selling it for a fixed price, the gas fees will be charged to you as the seller. If you choose the latter, the gas fees are charged to the buyer.
