What is NFT Minting? And How Do You Do It?
In early 2022, a student in Semarang, Indonesia, named Ghozali managed to sell his selfie photos on the NFT marketplace, Opensea, with the lowest price at that time of around 0.3 ETH or Rp14.3 million. However, you must first complete the minting process before you can sell it on a marketplace. So what exactly is NFT minting? And, how do I mint an NFT on Opensea? Read further in this article.
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Ringkasan
- 🖼 Minting an NFT is a process of printing digital artworks/NFT into a token. The token then recorded and stored in the blockchain.
- 👨🏻💻 Anyone can mint NFT on Opensea because the process is simple, like uploading a photo to an e-commerce platform.
- 💵 Minting an NFT on Opensea is free of charge for the creator. The minting fee will be charged to the buyer when the NFT is sold.
What is NFT?
Non-fungible Token or NFT is a digital asset that has its uniqueness and is not identical to each other. NFT cannot be changed, copied, or destroyed. As a digital asset, NFT also has a commercial value because it has specific uniqueness.
Besides, NFT shows us ownership of artworks, music, trading cards, virtual land in the metaverse, concert tickets, characters or accessories in games, and so on. Having a unique and rare NFT is also a symbol of social status.
In addition, having an NFT can also give the owner access to special merchandise, live concert and virtual concert tickets and many other advantages.
The most owned NFT today is in the form of image or photo art. These artworks can be found in several marketplaces such as Opensea, Rarible, Magic Eden, Solanart, and other NFT marketplaces.
The NFT market’s trading volume peaked in January 2022. Since then, it has been in a downtrend in line with the bear market. Yet in Q3 2022, the NFT market grew and showed signs of recovery. Even during the current bear market, Starbucks announced that it will introduce an NFT collection that serves as digital collectible stamps as benefits for its customers. Also, the Opensea NFT marketplace still has the largest trading volume NFT compared to other marketplaces at 8.21 million US dollars (19/10/22).
Read What is NFT?
Selling NFT on Opensea
Opensea is the world’s first and largest NFT trading platform. Data from DappRadar, Opensea still dominates NFT marketplace. Everyone can sell and buy NFT on Opensea. You can sell your artwork such as images, music or song, videos and 3D animations.
Millions of digital artworks are available on Opensea at various prices. A mega project like Bored Ape Yacht Club and several other PFP collections have marketed their art for 10,000 NFT.
💡 PFP NFT or picture-of-proof NFT is an NFT specially designed to be installed on users’ social media accounts. In short, PFP NFT is an NFT profile picture. Examples of PFP NFT are BAYC, Cryptopunks, CloneX, Azuki, CyberKongz and so on.
You can also sell your artwork on Opensea because you don’t need special techno skills to mint NFT. Anyone can do this because it is as easy as uploading photos on e-commerce.
However, you should pay attention that NFT is not like cryptocurrency which can be bought and sold easily. NFT depends on the level of demand for your artwork. To increase your NFT demand, you can promote your project on social media, build a community, add benefits for NFT owners, and implement other marketing strategies.
How to Mint an NFT on Opensea
What is NFT minting? Minting an NFT is the process of printing digital artworks/NFT into a token. The token is then recorded and stored in the blockchain. Your name as the NFT creator will be recorded in the blockchain as proof of NFT ownership. Likewise with the name of the buyer who bought your NFT artwork. In other words, minting NFT is claiming ownership of NFT.
Because NFT uses blockchain technology, you need a crypto wallet to start minting an NFT. There are several wallets you can connect to, but the most popular is Metamask. Here are the steps for minting NFT in Opensea.
1. Create a crypto wallet
The most popular wallet used in Opensea is Metamask. To create it, you can visit the Chrome Extension on your PC then download and create a wallet. Make sure your secret recovery phrase is stored and kept confidential. It’s a good idea to take notes on paper or in a notebook so you don’t lose them.
2. Visit the marketplace Opensea.io and connect the wallet
To access Opensea, you don’t need to fill in your personal data. You need to connect your wallet by clicking the wallet icon on the top right and then selecting Metamask. Your wallet will be directly connected to Opensea. There are several other wallet options available on Opensea such as Coinbase, Phantom, Dapper, Fortmatic, and other wallets.
3. Click the “Create” icon at the top right of the website
To start uploading your artwork, you can follow these steps:
- Click Profile, then select My Collection to create your NFT ‘playlist’. You can skip this step if you only want to print one NFT.
- Click Create at the top right. You will be asked to sign an agreement that you will follow the rules at Opensea. This signing does not cost money, so you can click it immediately. Then a page like the one below will appear.
3. You can upload your artwork in the form of photos, videos, music/songs or animations.
4. Fill in the name and description of your artwork. You can also include a link related to your work or a personal link so that other users know more about your artwork.
5. You can fill in the Collection that has been created or it can be left blank.
6. You can also fill in Properties that can later function as filters to search for your artwork. For example, your artwork depicts a lion wearing a hat on the beach. Then the properties are character-lion, setting-beach, and accessories-hat.
7. In the Level column, usually use Collection to sort the level of your artwork. The higher the level, the more expensive the price.
8. You can also add Unlockable Content if the artwork is not for the public. And add Explicit Content if the artwork contains sensitive content.
9. Select the blockchain. Since you are using Metamask, the available blockchains are Ethereum and Polygon.
💡 The default blockchain on Opensea is Ethereum. Currently, you can mint NFT with other blockchains such as Polygon, Klaytn, Solana, Optimism and Arbitrum.
10. Click Create.
Yay! You have successfully created your first NFT!
After following the steps above, it means that your artwork is uploaded on Opensea. But other users won’t be able to buy your artwork because it has not appeared on Opensea page yet. You must sell it to make it available for purchase by other people.
4. Sell NFT
To sell your artwork on Opensea, you need to follow these steps:
1. Go to Profile and select the uploaded NFT.
2. Then select Sell at the top right.
3. Select the type of sale by selecting a fixed price or using the auction system. When you choose a fixed price, you can directly determine the price of the NFT that you will sell by entering the price in ETH or WETH.
4. Then determine how long your NFT will be in the market, for example, 6 months. After 6 months, you can still extend it.
5. If your NFT artwork is made for friends or buyers who have reached an agreement before, you can select More Option and then select Reserve for Specific Buyer.
6. Here you can see the fee for Opensea is 2.5% and for you is 3%. But there is no charge for the NFT listing process. The fee will activate when your NFT is sold.
7. After that, you can immediately select Complete Listing. Then a page like the one below will appear showing you the selling price of your NFT. Click Continue, then you have to sign this process through your Metamask wallet.
8. Done! You have successfully ‘minted’ your NFT and Opensea users can buy your NFT art!
How Much Does it Cost to Mint an NFT?
Opensea currently allows its users to make NFTs without paying any upfront gas cost. This is because Opensea has enabled the lazy minting system on the Ethereum blockchain. Lazy minting is the process of delaying the payment of the gas fee.
When you lazy mint, you can issue NFTs and sell them on Opensea. But actually, your NFT has not been recorded in the blockchain so this process does not use blockchain resources. Your digital works, which are standard ERC-1155 tokens, are stored on a centralized server.
The NFT will be minted when your NFT is sold. The minting fee will be included in the selling price so the buyer is responsible for covering all the gas costs.
However, not all activities on Opensea are gas free. When using the Ethereum blockchain on Opensea, some activities require a gas fee, such as when sellers accept NFT quotes, transfer NFTs to other users, purchase NFTs, cancel listed NFTs, and so forth.
Learn more about Minting NFT Gas Fee and How to Make Free NFT with Lazy Minting?
Buying Cryptocurrency at Pintu
You can start investing and purchasing cryptocurrencies in Pintu app. In Pintu, you can buy cryptocurrencies and other crypto assets in a safe and easy way.
In addition, Pintu app is compatible with various popular digital wallets such as Metamask to facilitate your transactions. Let’s download the cryptocurrency Pintu app on the Play Store and App Store! Your security is guaranteed because Pintu is regulated and supervised by CoFTRA and Kominfo.
References
- Opensea, What is an NFT, Opensea Learn, diakses 5 Oktober 2022
- TBN Editor, How to Do Lazy Minting on the Opensea?, Time Business News, diakses 5 Oktober 2022
- Andrey Sergeenkow, How to Mint an NFT, Coinmarketcap, diakses 5 Oktober 2022
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