You need a crypto exchange account because you need to buy Ethereal to pay the one-time fee of minting NFT; we will explain it in the next section.
And hey, if your NFT sells, you might want to withdraw your profits, convert them to another cryptocurrency, or do other things that a cryptocurrency exchange allows you to do.
If you don’t have a cryptocurrency exchange account, here it is A guide to help you make a decision.
Ethereum is the blockchain that most NFTs are built on. Ethereum, or ETH, is also the name of that network’s native currency. So when you sell and buy NFTs, you most likely use Ethereum.
Ethereum is listed on almost every crypto exchange (it is the second largest cryptocurrency, after all), so you will have no problem buying it.
But why buy Ethereum to sell an NFT?
To buy and sell NFTs, you will generally use a NFT Market, which are like eBay or Amazon for NFTs. By far the largest of these is OpenSea, which accounts for 97.8% of all Ethereum NFT trading. from October 2021. That is the market we will cover here.
Signing up for OpenSea costs Ethereum.
You will need to pay what is called an “initialization”, a one-time fee paid in Ethereum to register on the platform.
How much Ethereum will you need? well the gasoline price (as Ethereum’s transaction fee unit is called) fluctuates wildly, so there’s no good answer. Depending on network conditions (how busy it is), it can be as low as $30 or as high as $300.
Get a crypto wallet
NFT markets like OpenSea are powered by crypto wallets. There are many Ethereum wallets out there. but from afar The most popular is metamask (which, as an independent publisher decipheris funded by the Ethereum incubator ConsenSys).
MetaMask is a browser plugin and works best with Google Chrome or Brave. Once installed, it allows you to store Ethereum and Ethereum-based tokens (including NFTs).
Setting up a crypto wallet might seem daunting, but it’s quick and easy. Download and install metamask through their website and follow the instructions.
Once the little fox logo appears in your browser, click on it. It will take you through a few quick steps. You will create a password. Separately, MetaMask will assign you a “Secret Recovery Phrase”, a 12-word phrase that your wallet generates. You will need to keep it in a safe place, such as a piece of paper in a safe place, as anyone with the seed phrase will be able to access your wallet and the funds it contains.
There is also an option to buy Ethereum directly in your MetaMask, which we do not recommend due to commission fees that are higher than exchanges.
Send Ethereum to your crypto wallet
Now that you bought Ethereum on a crypto exchange and have your MetaMask up and running as well, it’s time to load up your crypto wallet with some Ethereum.
To send Ethereum from your exchange, go to your exchange’s “send” or “withdraw” page which allows you to move funds to a crypto wallet. You will have to enter…
the amount in Ethereum you want to send
your public Ethereum address
When you set up MetaMask, it automatically generates a public Ethereum address for you. It is displayed at the top of the MetaMask popup and starts with “0x”. Think of your Ethereum address as your bank account number on the blockchain.
Sign up to OpenSea using your crypto wallet
First, click on the little fox logo in your browser and enter your password to unlock MetaMask.
then go to opensea.io (use the same browser where your MetaMask is installed). Once on the website, click on “Profile” in the upper right corner.
You will be prompted to connect your crypto wallet, so choose your wallet.
OpenSea will ask you to accept the terms and conditions of your Metamask. It is a sign that your wallet has successfully connected with MetaMask! Click “Sign” if everything looks good.
Your “No Name” profile has been created! You will need to enter a username and email address to verify your account. You can include more details like social media, but none of that is necessary. Your Opensea account is practically ready to go.
If you took care of the verification email, then your profile should be good to go! Now it’s time to create your NFT.
Create your NFT
To mint an NFT on OpenSea, click “Create” next to your profile picture (just a green dot in this case!) in the top right corner.
Or if you’d like to mint multiple NFTs as part of a collection, click “My Collections” under your profile picture.
But in the rest of this article, we will only focus on “Create”, which is for an NFT.
Here’s the page where things get real!
You can upload a compatible file from your computer as NFT. You will need to name your NFT, but no other details are needed. But it is a good idea to write a short description.
For your first experiment, you can leave the rest of the options as default. After uploading a file and naming your NFT, simply scroll down and click “create”.
We’ll use a digital image as an example: a photo taken by your reporter in Antalya, Turkey.
AND clever. This is how your NFT will appear in OpenSea:
But it’s not for sale yet. To list your NFT for sale, click “sell” on the top right and the following page will appear.
You can sell it for a fixed price or you can put it up for auction. If you trade for a fixed price, you won’t pay the gas fee (remember, any transaction on Ethereum incurs these transaction fees). Instead, the buyer will bear the gas charge. For auctions, sellers pay for gas. Let’s set a stretch goal of 1 ETH for this photo.
Remember, OpenSea will take a 2.5% commission when you sell your NFT.
When you’re ready, click “complete list.”
Before it’s for sale, OpenSea will ask you to sign a few things through your MetaMask wallet.
Since this is your first time selling on OpenSea, you will need to initialize your wallet. This is where you can spend that Ethereum you bought and transferred to your wallet!
For wallet initialization, MetaMask will calculate a gas fee for you. If there is not enough money in your wallet, the “confirm” button will not appear (as is the case here). If there are enough funds, just click “confirm” and it will initialize in a couple of minutes.
OpenSea will also ask you to approve the item for sale and ask you to confirm the price you want to list it for. All you need to do is sign them through MetaMask.
And that’s it: congratulations on minting your first NFT!
If you want to understand the buy side of NFTs, take a look at this guide.
Minting in other NFT markets
OpenSea is very popular. But there are plenty of other NFT marketplaces that differ in how they handle the technical process, work with artists, attract audiences… or charge fees:
weird charges a 2.5% commission, paid by both the buyer and the seller.
Super rare charges a 3% transaction fee per purchase, paid by the buyer.
Foundation charges a 15% fee per sale, paid by the seller.
In most cases, you can also import NFT minted through other markets at OpenSea.
Minting on other blockchains
OpenSea also offers cross-blockchain support through Polygona separate network that allows you to move your Ethereum onto their network to trade without gas.
It is a process called “bridge”. But remember, the bridge costs gasoline fees, and it makes sense to bond a lot of Ethereum together rather than a few, since the fee will be the same. Except for gasoline, the Polygon NFT experience on OpenSea is the same as Ethereum NFT. Another blockchain available on OpenSea is Klaytn, a popular blockchain in Korea but with limited global appeal.
Flowone of the first NFT-focused blockchains, it is another alternative to Ethereum. NBA top shot, one of the first NFT projects, is based on Flow. Recently, NFTs were based on the so-called Ethereum-killer Solarium have too burst. At the end of September 2021, it is also possible send NFT between Ethereum and Solana.
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