Non-Fungible Tokens or simply NFTs have emerged from blues in recent times. The digital assets were sold in the form of artwork which cost remarkably high. So what are these Non Fungible tokens and how to Create NFTs?
Before diving deep into the topic, let’s first understand what NFT is.
A Non-Fungible token is a kind of digital token that represents the real world or the virtual world. One can buy, sell, trade, or collect NFTs within the special trading platform called the NFT Marketplace. Therefore, when looking for an ideal blockchain for NFT marketplace development, some factors are to be considered.
Things to Consider Before Selecting NFT Marketplace
- Compatibility & Speed
The majority of the marketplace is compatible with a limited range of NFT projects. On the other hand, some platforms support multiple projects.
- Security & Scalability
Being Scalable here is the ability to process larger transactions per second within a secured environment. The NFT marketplace is required to be highly secured to protect the creator’s as well as the buyer’s information.
- Efficacy of Smart Contracts
The efficiency and the effectiveness of smart contracts are very important and hence to write bug-free, efficient and safe code becomes essential. Therefore, a smart contract containing the conditions between vendors & purchasers must be tested to achieve maximum flexibility.
- Convenience & Ratings
The marketplace should also be easy to use and support multiple NFT wallets as well as payment options. Also one can check out the other people’s experiences from their reviews
How to Create NFTs on OpenSea
Step 1: Select an NFT Marketplace
In this case we elaborated the steps to create an NFT on Opensea Marketplace, however you can feel free to any suitable marketplace to create NFTs.
Step 2: Set Up Your Wallet
A wallet is where you store your Ethereum and NFT assets and hence one must set up a wallet first. Opensea is compatible with many wallets but Metamask is the most popular one.
Step 3: Connect the Wallet to OpenSea
After setting up the Metamask wallet, navigate to the official OpenSea webpage and click on the wallet icon. The website will list multiple wallet options, select the one which you are using and accept the terms & conditions.
Step 4: Create an NFT Collection
After setting up a wallet and connecting it with OpenSea, it is time to create a new NFT. To do so, navigate to the OpenSea profile & click ‘My Collection’
Further, create a new collection and add a logo, a featured image & a banner image. Also name your collection and mention a short description of it. Do not forget to select the category. Importantly, choose the resale fee you want to collect from the buyers.
Select the blockchain you prefer and also the mode of payment and on selecting the display theme & click on create. Your new NFT is created!
How to Mint your First NFT
- Once you have created your own NFT, it’s very easy to add an NFT to it.
- Just open the collection, you want to add NFT, click on ‘Add’,
- Upload an NFT with a name
- Fill in all the attributes like properties, levels, etc
- Click on Create.
Further, to list your NFT you have to pay a one-time initialization fee and also provide Opensea access to your NFT. Once you upload your digital signature, Opensea will publish your NFT onto its platform.
Tips to Create NFTs on OpenSea
- OpenSea follows a technique called Lazy Minting where-in you can create your own NFT for free without paying gas fees to mint each NFT until it is sold.
- If you don’t have a large budget or you are a beginner collector then avoid marketplaces on Ethereum where the gas fees are pretty high
- The most common token on OpenSea is ERC-721 token which are rare & unique that offers consumers a chance to have prosperity ownership of a digital asset
- Verify your account which helps to reduce sales of copyrighted NFTs, disallowing the fake ones
- One can buy or sell NFTs in segments instead of buying the whole NFT which enables faster selling.