As many of you already know, or don’t, NFTs are taking over the internet, along with the rise of Cryptocurrency! The amount of money people are making and paying for a digital piece of art is insane.
So in this blog, I’m going to share with you some things you need to know about and how to actually mint your first NFT on OpenSea.
Over the last few months, I’ve been doing a lot of research in this space & finally decided to pull the trigger. I’ve been working with one of my graphic designers on Fiver over the last couple of days to recreate and revive a drawing I once created back in high school.
What is an NFT?
First off, if you are new, you’re probably wondering what the heck is an NFT?
An NFT is a digitally unique identity. Think if it asa crypto token that has a unique serial number.
That’s basically what an NFT or non-fungible token is, a uniquely identified crypto token. Basically, an NFT is a digital asset that is not mutually interchangeable. It is a digital asset with proof of ownership and authenticity. In essence, it is any digital good that is unique. This explains the early use cases for NFT’s – digital art and collectibles.
Are NFT collectibles worth it?
NFT collectibles are just like any other speculative asset Collectibles gain value because of some combination of their history, story, cultural relevancy – and rarity, which is most important.
For the first time ever, the concept of rarity applies to digital items, thanks to the rise in technology of the blockchain.
One thing to pay attention to in this space is when you are buying NFT’s, you are not just buying the art. What NFT’s are – is the authentication layer to the new web. You are buying into a community – these tokens often have social benefits, utility, and access.
Some projects offer a revenue share for token holders. Others grant you access to exclusive parties events. Some send random digital rewards to your crypto wallet… the examples are honestly endless. They are different for each project, and the sky is the limit in terms of utility – it’s all up to the creativity of the team behind the NFT’s.
How else can NFT’s be used?
Many believe that NFT’s will disrupt many industries and it’s already happening. Physical and digital real estate ownership, sports, event ticketing, luxury good authentication, gaming economies, community building and verification, patenting, intellectual property rights, etc…
How To Buy And Sell An NFT?
The first thing you need to do is buy Ethereum.
There are many exchanges to purchase ETH from, but the easiest and most “user-friendly” option is Crypto.com
Note: there are several other cryptocurrencies that support NFT’s on their blockchain such as Solana and Cardano.
In this example, we will use Ethereum because it’s the most well known. It has the largest ecosystem and most of the prominent NFT’s currently exist on Ethereum.
Despite Ethereum’s high gas fees, ETH is the future and will continue to grow and become the most utilized coin in the market.
Once you have purchased Ethereum, you need to set up an ETC Crypto wallet.
The one we use is called MetaMask because it can be downloaded directly on your chrome or brave browser and it’s beginner friendly.
Setting up MetaMask wallet!
Click on MetaMask logo on the upper right hand corner of your browser.
Agree to terms and conditions.
Enter a password and click “Create” to create your wallet.
You will see a set of 12 words. This is called your “Seed-Phrase” which is a secret phrase that you should store somewhere secure. Never forget this because this is what you need to get access into your wallet.
NEVER share your seed phrase with anyone no matter what! If you ever lose access to your wallet, you can always recover it with these 12 words.
Now that you have set up your MetaMask, now it’s time to send Ethereum to it!
Copy your ETH address (It will always begin with a “0x”, followed by 40 characters.).
Send ETH from your Crypto wallet to your MEtaMask ETH address.
Now you’re ready to purchase an NFT.
Visit an NFT marketplace, such as Opensea, and connect your wallet.
Now you’re ready to shop and BUY your very first NFT.
How to Mint an NFT (in OpenSea)
Step 01: Connect your MetaMask
Step 02: Create a NEW Collection
Step 03: Add NEW item to mint your NFT
Step 04: Click the “Sell” button
Step 05: WISH a buyer comes for your NFT! Lol.
Really, it’s all about building hype and creating value around that NFT.
If someone finds value in it, they just might buy it… NO MATTER the price!