The NFT craze has exploded over the past year: the market value of non-fungible tokens in 2020 was $250 million, while today the digital art market is worth over $14 billion. to over 14 billion dollars. NFTs can be found on various platforms on which it is possible to create and sell them. Among these, the most used is OpenSea, one of the few marketplaces that allow you to create NFT for free. In this article you will learn what are the advantages and risks of NFTs and how to create and sell them on OpenSea.
In this article you will learn what are the advantages and risks of NFTs and how to create and sell them on OpenSea.
Table of Contents
Why Create and Sell NFT: Benefits and Risks
Let’s go in order. What is an NFT? Simply put, an NFT, or non-fungible token, is a digital certificate that attests to the ownership of a physical object or a digital file and guarantees its authenticity by means of its registration on the blockchain, usually that of Ethereum. We therefore emphasize that an NFT is not the work, but the certificate of ownership.
Future of collecting or a bubble? With NFTs the possibilities of gain are unlimited. Just think of the work “Everydays: the first 5000 days” by the digital artist Beeple, which earned him no less than 69 million dollars. In digital environments there is a risk of losing the concept of originality; this is where NFT comes in, giving the work a unique character that it does not otherwise possess.
But despite the enormous potential of NFT, we must not forget the criticalities, first and foremost the theft of digital works by hackers, who then resell them on NFT marketplaces without the knowledge of the artists. Not to mention that NFTs, not being able to disregard the blockchain, carry all the disadvantages of cryptocurrencies, including the high environmental impact due to mining.
How to Create NFTs on Opensea
The first thing to do is to create a wallet, i.e. a portfolio, based on Ethereum in which to store both your NFTs and ETH that will be used to pay commissions (gas fees). The most used wallet is MetaMask, but there are also others, such as Coinbase and Bitski. If you don’t have Ether yet, you will need to buy some on the main exchanges and send them to the wallet.
With that done, it’s time to create an NFT on OpenSea. Once you reach the home page of the site, you will first have to create your own profile on the platform. Then, to begin the procedure, just click on Create: the first time, the platform will ask you to match a wallet and allow you to assign a name and description to the collection in which the NFT will go.
At this point, by clicking on Add New Item it will be possible to choose which file you want to transform into NFT, making sure that it respects the weight limits indicated by OpenSea. The next step is to configure the digital object you are creating, assigning a name, a brief description, a link and so on.
Once created, the NFT can be collected, given away, shared or made available for sale.
How to sell NFTs on Opensea
If you are interested in selling an NFT, all you have to do is click on the Sell button, located in the top right corner, and set your selling preferences (fixed price or best offer, reduced price over time, planning for a future time, and so on). Once you have established these details, you just have to wait for a possible buyer. When the work is purchased, OpenSea will take a 2.5% commission.
Where ERC-721 tokens, i.e. tokens created for the Ethereum network according to its smart contract standards, are present in your wallet, you must pay two transactions before proceeding with the sale, one to authorize the sale and the other to allow OpenSea to access the cryptocurrency.
Since this is a terrain still little explored, one wonders if it is worth creating and selling objects such as Non Fungible Tokens and if it is convenient to do it on OpenSea. The answer is yes: we know in fact that in all sectors technology has lowered the barriers to access, and this, thanks to NFT, can also be achieved in the fields of art, music and fashion because these tools on the one hand allow creators to earn on their digital works, on the other hand they provide buyers with a unique certificate of ownership.
As for OpenSea, it’s a platform founded in 2017 by Devin Finzer, a software engineer who cut his teeth at Google. It is one of the most important and reliable NFT marketplaces in the world and, as we have seen, it stands out for its ease and immediacy of use. Finally, we remind you of the importance of dedicating time to training, so as not to leave unprepared and limit risks, and to be very vigilant because hackers are always lurking.