The Philippines has the most number of non-fungible token (NFT) holders worldwide with 32% of the correspondents, and forecasted to increase to 41.5%. Because of the increase in popularity of blockchain play-to-earn games, spearheaded by Axie Infinity, Filipinos are starting to look at this technology of purchasing and creating their own NFT. Traditional artists are learning to use these online platforms like Opensea.io to present their work of arts as NFT.
How to Start Minting on Opensea?
Opensea is the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs).
Before minting, you need to have your Metamask installed to your internet browser, preferred to have Brave Browser, to secure your connectivity. If you don’t have Metamask installed, you can go to https://metamask.io/ to download the browser extension.
Secure your seed phrase, a 12-chronological word password, by writing it on a piece of paper, not online.
Make sure to fund your Metamask before minting your first NFT.
For more information about Metamask, refer to this article.
After logging in to your Metamask, you can proceed to opensea.io.
Click “Create”. If it is your first time to login, connect your Metamask wallet and sign in.
The website will redirect you to a page where you can upload your work and for you to fill out the form.
Note: File types supported: JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF. with a maximum size of 100 MB.
After completing those fields, you’ll be able to customize your NFT further. This includes placing it in an existing collection, or adding properties, levels, stats and even unlockable content.
You can even select which blockchain you wish to mint your NFT on.
Once you’re done customizing your NFT, click “Create”.
Congratulations, you have just made your first NFT.
How to sell your NFT on Opensea?
On the Opensea website, click “Profile”.
At the upper right side of your uploaded NFT, click “Sell”
The next screen is the listing page, where you can choose the price and type of sale.
There are two types of sale:
- Fixed Price sale is where the price is fixed.
- Timed Auction sale is either selling your NFT to the highest bidder or selling it at a declining price. Note: Setting bidding for the highest bidder requires WETH (wrapped ETH) to make an auction. Opensea will cover the gas fee if sale goes beyond 1 ETH but if the sale is below 1 ETH, you have the choice to decline the sale or shoulder the gas fee.
You can also set a duration for the sale. The default options are 1 day, 3 days, or 1 week but you can also set a custom duration using the calendar.
You can also make bundled sales and reserve your items for specific wallet addresses. These are commonly used for whitelisting.
In all those options, you will see the potential fees from the sale listed at the bottom. In this case, this sale includes OpenSea’s Service Fee of 2.5% and a Creator Earnings of 10%, for a total of 12.5%. This is the highest percentage that can be deducted from an NFT sale on OpenSea.
This article is published on BitPinas: How to Mint on OpenSea | NFT Guide Philippines