NFTs 101: How to Mint An NFT on OpenSea & Rarible?

If you have wandered around these NFTs market and wondered, “How can I mint an NFT?” Then, this is the article for you.

OpenSea is the world’s top marketplace for buying and selling NFTs. With over a million transactions every month, it outperforms the dozens of similar services. Another new face in town that we need to mention is Rarible, it has just become even more accessible and easy to use when their latest feature allows you to create NFTs at zero cost. 

NFTs are quickly becoming an important aspect of the digital world. They are one-of-a-kind and non-transferable crypto assets issued on the blockchain, with Ethereum and Solana being the most popular. In just one year, their market has expanded from $350 million to about $15 billion by 2022.

NFTs, unlike regular tokens, are not interchangeable. They function as digital representations of items such as artworks, photos, movies, and anything else that can be tokenized.

We’ve seen brands of many types, from fashion to sports to real estate, hop on the NFT bandwagon. As part of its digital shift, Nike has bought NFT collectibles RTFK. RTFK, like Nike, manufactures shoes digitally.

What is Mint an NFT?

Mint is the cryptographic process of tokenizing a digital file. The act of converting an asset into a digital token that can be moved, stored, and recorded on the blockchain is known as tokenization.

Anyone can easily create an NFT. However, while there are other NFT marketplaces where you can begin minting, in this article, we’ll concentrate on the largest decentralized network for NFT collectors and artists, the OpenSea marketplace.

How to Mint An NFT on OpenSea?

NFTs are one-of-a-kind digital assets that are issued and held on the blockchain. To begin minting NFTs, you must have a wallet that can connect to OpenSea. There are other choices here, but we’ll advocate and use MetaMask because it’s the most popular.

First, you must connect your MetaMask wallet to the OpenSea marketplace. MetaMask is a wallet that is available as both cold storage (when combined with a physical HD wallet such as a Trezor or Ledger) and as a browser extension for Google, Chrome, and Brave.

You can store ERC-20 tokens like Ether (ETH) on MetaMask, which is the money you’ll most likely use to buy and sell NFTs on OpenSea. You also get royalties in ETH: when someone buys an NFT from you and resells it, you get a share of the sale, which goes to your MetaMask account.

Be cautious: if web wallets are not coupled with hardware wallets, they pose more security threats. So far, MetaMask has not been hacked, however, users should be cautious of continuous phishing attacks and associated schemes.

Before we begin, you must have some ETH in your wallet in order to pay transaction fees. As previously stated, ETH is the base currency, and it is utilized to pay transaction and confirmation fees on OpenSea using MetaMask.

Step 1: Connect your MetaMask Wallet

To begin, go to opensea.io and click on Profile in the upper right bar. A new page will display, requesting that you connect your wallet. Select MetaMask.

Give OpenSea all of the permissions it needs to access your wallet and sign the signature request.

Accept the Terms & Conditions to proceed. The wallet symbol in the top right corner allows you to instantly access your funds.

If you don’t have ETH, just click “Add Funds”, you may either make a crypto deposit or use a debit/credit card.

Step 2: Create an NFT Collection

It’s time to start making your first NFT collection now that your account is ready to process transactions on the Ethereum network. Go to your profile and select “My Collection,” hit “Create” to start a new one. Your new collection will be composed of the logo image, the featured image, and the banner.

Below are various properties to fill out, beginning with the URL of your collection on OpenSea, followed by a description, category, and links to your website and social networks.

Then there are Royalties, which means you get a reward every time someone resells an item you developed, and it’s paid out monthly to the wallet of your choice. Royalties are designed to compensate creators for their efforts; you can specify the percentage fee as stated below, up to 10% in royalties.

You will be asked to insert your payout wallet address. Go to the wallet icon and click on your address, it will automatically copy it, then paste it on the required field.

New items will be saved on the blockchain of your choice; in this case, Ethereum, but you can also use Polygon. This is a sidechain, which is a Layer-2 blockchain that separates workload from Layer-1 blockchains like Ethereum and performs it separately, resulting in higher throughput and lower gas prices.

Then, select the payment tokens with which you want to buy and sell your things. When you’re finished, click “Create.” Your collection has now been completed! Now comes the actual minting procedure, in which you must add various objects to it.

Step 3: Mint An NFT on OpenSea

Go to your collection and hit “Add Item” at the top right bar. You will be redirected to the NFT item creation page. This page allows you to upload your NFT file from images, audio, or 3D models. Then, add details to your item (name and a description).

Next, choose the collection in which your NFT will appear. Fill in the properties of your NFT, like the eyes, color, ticker symbol, the artist name, etc. Fill in the levels. For example, your NFT has a 5/10 strength or speed level. Add some stats to your NFT. These are numerical traits that show as numbers.

Select if the content is unlockable and whether it is explicit or sensitive. This means that someone could be the lucky recipient of the special contents hidden in an NFT. For example, you might create a lottery in your NFT and hide the winner in unlockable content.

Finally, select the supply, or the number of copies that can be minted, as well as the issuing blockchain. Click “Create,” and your new item will be added to your collection as a new NFT. You are free to sell it at a fixed price or to the highest bidder.

Note: OpenSea’s revenue-generating mechanism is simple but taxing. Every transaction that occurs on the site is subject to a 2.5% fee.

How to Mint An NFT on Rarible?

Like OpenSea, you also need to have a MetaMask Wallet to mint an NFT on Rarible.

Step 1: Connect your MetaMask Wallet

Go to https://rarible.com/connect then click “Sign in with MetaMask”. If this is your first-time sign-in on Rarible, there will be a window pop-up asking you to give permission to connect your MetaMask Wallet

Step 2: Create your NFTs

Next, you just need to click on “Create” in the upper right corner. Then choose the Blockchain that you want to create your NFTs

After that, you need to decide if you want to create a ‘single’ or ‘multiple’ collectible. ‘Single’ is the option for a one-of-a-kind collectible, while ‘multiple’ is for an editioned collectible.

Select a collection. This is the contract that will be used to create your NFT. You have the option of using the default Rarible contract or creating your own. It’s worth noting that making your own will cost you a lot of money in gas fees.

You must now upload your artwork. It can be uploaded in the following formats: JPG, PNG, GIF, WEBP, MP4, or MP3. You’ll also need to give your NFT a name and provide a description to go with the artwork, as well as any other features like pixel size, resolution, and so on.

Then you can decide whether or not to sell it. If you do not wish to sell it, turn the toggle off, and you will only be minting the NFT. When you’re satisfied, click ‘Create item’ to confirm your wallet.

And that’s it! Voila! You’ve just minted an NFT on Rarible.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

KAZ

Coincu Ventures