Manbir Singh MarwahNon-fungible Tokens, or NFTs have been creating a huge buzz in the blockchain space from the past few months, having played a major role in bringing Ethereum to the mainstream. As a result, people have been minting their own NFTs on blockchain and purchasing some appealing ones from various marketplaces. In this blog, we'll explore one of the world's leading NFT marketplaces, OpenSea.
For those who've been living under a rock, an NFT is a token for a real world asset that represents ownership on the blockchain, and doesn't have a fixed value. For example, if Leonardo da Vinci comes and clicks a picture of Mona Lisa's original painting and simply sells it at a marketplace, it could (probably would) sell for millions, since:
- The original creator is selling it.
- There's some story associated with the artpiece.
- There's no copy of that art available for sale by the creator, making it...
- An original digital artpiece that can not be shared, only transferred.
- Who doesn't love rare art? 👀
Now back to the guide! This will require you to have an Ethereum based wallet of your choice, such as MetaMask set-up, before you can start buying and selling some NFTs. You can learn more on how to do it through this blog. Once you're done, just dive right in, 'cause...
It's showtime at the metaverse! 🌌
Getting Started
Once you visit OpenSea.io, you'll see an option to explore/create an NFT, a few exclusive OpenSea drops, trending NFTs, resources to get started and an option to browse by categories.
Connecting Your Wallet
You'll need to connect your wallet and set-up your OpenSea account to get started with minting and purchasing the NFTs. We'll go ahead with MetaMask for this blog. Just click on the wallet icon at the top-right corner; a list of supported wallets will show up. Then simply select MetaMask from the list.
Once you've connected, set up your profile by adding a username, profile image, cover etc. You'll need to 'sign' each update through your MetaMask account to apply the changes to your OpenSea account.
Exploring and Purchasing an NFT
You can start exploring the NFTs that are minted by creators from across the world through browsing by category or clicking on Marketplace > All NFTs.
To purchase an NFT, simply select an asset from the list.
You can also apply filters to sort by price, categories, chains and more.
Click on Buy Now, agree to the OpenSea terms, and click on Checkout.
You'll need to sign the transaction from your wallet... and that's pretty much it! The asset will show up in your wallet in a matter of seconds.
Minting an NFT
There's a simple 4-step process for minting your first NFT collection:
As we've already set up a wallet, simply head over to the Create section to add your assets. You'll need to add social links, an appealing description, profile & banner images, and set a secondary sales fee. You can choose between auctions, fixed-price listings, and declining-price listings.
Here's a quick rundown of how it's like to mint your own NFT:
1. Create a collection
You'll have to add some details such as images, name, URL, description, blockchain you're adding the NFT to, payment tokens etc.
2. Add a new item to your collection
Here you'll need to add description and other details related to the specific item such as supply limit.
3. Set prices and post your listing
You can set a fixed price, highest bid or bundle for the NFT listing.
4. Confirm from your wallet
Finally, sign the transaction from your wallet, which will require some gas fees.
Once you're done, your item will be listed for sale on the marketplace.
Congratulations on minting your first NFT! 🎉
Some resources to learn more about this space:
- NFTs, explained, by The Verge
- Why NFTs brought Ethereum to the Mainstream, by ConsenSys
- OpenSea Docs
And finally, if you liked this blog, feel free to check out rest of my content and connect with me on Twitter. See you on the other side of the metaverse! ;) 🥂
Disclaimer: This blog is meant for educational purposes only and nothing from this blog should be taken as a financial advice. Please DYOR before investing.
