use OpenSea as the primary example in the creation of NFT, You can create NFTs on other websites like Rarible and Mintable.
OpenSea underwent changes by the end of 2020 that allows you to create your own NFT art on the platform. However, they’ve added a new collection gallery that allows a simple way to mint NFTs and start selling them on the marketplace.
1. Cost of Minting NFTs
you should know of the cost of minting an NFT. To this end, watch out for gas fees. Think of gas fees as transaction fees. NFTs on OpenSea and many other platforms operate on the Ethereum blockchain. With how popular NFTs and decentralized applications have become, the gas fees have risen high. During busy times, gas fees can reach well over USD 50 worth of Ethereum.
So how do you save money on gas fees? You should pick times of the week that have the least activity. The chief scientist at blockchain startup DEXTF shows that early weekend morning is the best time to save on gas fees. Be aware of when Ethereum activity reaches highs during Hong Kong, Singapore, Taiwan, and China hours, or UTC + 8, as blockchain has become widely accepted there. With something as monumental as a digital Yuan powered by blockchain coming into effect, it’s no surprise that you should avoid those busy hours if you want to save on gas fees.
You should always check out the terms of how gas fees work in your chosen marketplace if you want to make sure you know exactly how much you’re spending. For example, OpenSea charges you for gas fees once a purchase has been made. Other marketplaces will charge you right away.
2. Creating a Wallet
To open up an account on a lot of the platforms, you should use a Metamask wallet if you’re a beginner. Although there is an abundance of wallets to choose from, Metamask is the simplest way to begin minting NFTs onto any Ethereum-based platform. Quick tip. While Metamask is an amazing application to use for several decentralized applications, leaving your earnings on Metamask isn’t the most sound idea. Although hacks are rare, it isn’t the safest wallet. Use it to create accounts on various platforms to sell NFTs, but it’s advisable to transfer your profits to a hardware wallet whenever possible. Hardware wallets are broken down to the bare essentials, making the security a monumental task to breach.
3. Creating a Collection
So after you set up your wallet, you can click My Profile and connect your Metamask with OpenSea. After which, you can click to create your own collection. Once there, you can choose an image for your collection and give it a name as well as a description.
now you can start creating items by clicking on add new item. You’ll be sent to a page where you can post your media as a new item in the collection.
From there, you’ll be able to upload an image, video, audio, or 3D model as your NFT and name it. If you have a link that relates to the image, you can provide that source as well. This will give potential bidders a better idea of what you’re selling. You can also add a description to add that shows up when buyers are bidding for the NFT. Giving properties to NFTs creates categorical definitions of what the NFT is composed of. For example, a Hashmask collectible will have different eye color, skin color, mask color, etc., from other Hashmask collectibles.
Levels and stats will be mainly used by those who are minting collectible items with varying characteristics. For example, you can enter in the speed or power of a particular card in a card game, the numbers for those attributes, levels to show values in a progress bar, and stats to show numerical traits as numbers. You can add unlockable content as well, making it so that the owner of the NFT unlocks something outside of the owned NFT. Lastly, you can determine the supply or the number of copies that will be minted.
Users won’t get charged upfront for creating items in your collection with OpenSea. OpenSea calls this lazy minting, where the gas fees for NFTs minted will be paid later. Once a user buys the NFT, the user will also pay for the artwork and gas fees associated with it.
4. Selling to the general marketplace
After minting your artwork, you can set the price as fixed, as an auction to the highest bidder, or as a bundle. Although Ethereum is the usual currency used to place bids, you have the option to bid for Dai or USDC. You also have the option to include the ending price, the price reduced over time as the buyer is found, scheduling for a future time so the NFT can be bought at a later date, and the privacy that has the option for one single address to buy. And when it’s bought, OpenSea takes 2.5% of the cut.
One thing to note about the advantage of tracked transactions on the blockchain is setting the royalties for artworks. They allow the owner to gain a percentage of the money every time the NFT makes a sale on the platform. To set this up, go back to your collections. You should see your new collection and the edit button. From there, scroll down until you see the word Commission and set your rate below. You can set the royalties on OpenSea to as high as 10%. Other platforms, like Rarible, can set the royalties to as high as 30%.
5. The NFT in the Marketplace
From here, we can see what a finished product looks like from a buyer’s standpoint. All the details that we saw in the creation phase are intact, like properties and price. You can even check out the price history and offers being made to this particular Hashmask. Once here, the user can choose to buy the NFT and own it to buy and sell.