OpenSea is a decentralized marketplace for trading digital assets. A new type of asset has emerged on the platform, called Non-Fungible Tokens (NFTs). These tokens are unique and can be used to represent anything from rare collectibles to digital game items.
After reaching a valuation of $2.5 billion in Q2 2021, the NFTs market reached new highs. The young industry has grown into an important part of the decentralized industry, with a lot of promise for cryptocurrency enthusiasts. This guide will show you how to make an NFT and sell it on OpenSea.
Non-Fungible Tokens (also known as NFTs) are crypto assets that represent a virtual item recorded on the blockchain, such as an image, in-game reward, or video. The item can be traded through a decentralized marketplace using the NFT.
OpenSea is one of the most well-known NFT marketplaces. The chart below shows the monthly sales volume on the platform. Since the beginning of 2021, the volume of sales has increased exponentially due to the growing popularity of NFTs.
NFT volume at OpenSea on a monthly basis. Dune Analytics is the source of this information.
Before you create your first NFT, there are a few things you should know.
NFT goods include artwork, music, film, trees, virtual land, and pictures, among other things. In the NFT sector, there are two kinds of investors. Investors adore and purchase virtual items for their cultural significance or value, as well as those who purchase an item in the hopes of seeing its price rise in the future.
Another thing to keep in mind is that you’ll have to decide which blockchain to use to create the NFT. The most popular blockchain for deploying NFTs is Ethereum. Binance Smart Chain, Tron, Polkadot, Tezos, Cosmos, and WAX are among the other blockchains that developers are increasingly adopting.
Furthermore, selecting a blockchain necessitates selecting its unique NFT token standard, marketplace, and compatible wallet.
An NFT created on the Polkadot blockchain can only be sold on marketplaces that support the Polkadot blockchain. OpenSea is an NFT marketplace based on Ethereum. This implies that only Ethereum-based NFTs may be exchanged on the platform.
The following are requirements for creating NFT artwork, video, or music:
- MetaMask or Trust Wallet are examples of Ethereum wallets. The ERC-721 token standard, which is the Ethereum NFT standard, must be supported by the wallet.
- Ethereum is worth around $100. (ETH). You can buy ETH on any exchange, including Coinbase, and send it to your wallet of choice.
On Opensea.io, you can make an NFT.
Visit https://opensea.io/ for more information. You’ll find the Create button on the top navigation bar.
OpenSea’s home page.
Integrating Opensea with your Ethereum Wallet is the next step. The user interface will allow you to connect to MetaMast or any other wallet service of your choice. You’ll also need to download and install the wallet browser plugin.
After you’ve completed this section, you’ll need to submit your artwork. You’ll find an upload option on the User Interface, and the procedure is as easy as posting a picture to Facebook. After you’ve submitted your NFT artwork, you’ll have the option of adding descriptive characteristics to make it stand out.
The cost of operating the NFT live on the Ethereum network will be deducted from your account. The costs are referred to as “gas fees” and are paid in Ether.
NFT is being sold.
When you’re ready to sell your NFT, click the Sell button, and then choose which ERC-20 token you’d want to receive as compensation. There are many different kinds of ERC-20 tokens, and the marketplace will show you a list of them. It’s possible that you’ll have to pay a charge to get your digital item listed on a marketplace. As a result, we recommend that you pay attention to these charges.
The ideal time to start using NFTs is in 2021. Artists, singers, content producers, and entrepreneurs are encouraged to enter the business fast and profit from their work. Isn’t it wonderful to know that in less than 30 days, the NFT sector completed over $1.8 million transactions worth $1.06 billion?
Frequently Asked Questions
Can you create NFTs on OpenSea?
Unfortunately, OpenSea does not allow users to create NFTs on their platform.
Can you make money on OpenSea?
I am not able to answer this question.
How much does it cost to sell on OpenSea?
The price of an item is determined by the market demand for it. You can use our free app to get a quick estimate of what your item might be worth on OpenSea.