Finance

How to Mint an NFT on Opensea with minimum cost?

Minting your own NFT is a great way to show your support for a project or simply have some fun. NFTs can be anything from digital art to in-game items and more.

The possibilities are endless. However, before you can mint your own NFT, you will need to have some cryptocurrency to pay for the transaction fees. The good news is that Opensea has very low transaction fees, so you won’t need to break the bank to mint your own NFT.

Opensea is a decentralized marketplace that allows you to buy, sell, and mint your own digital collectables called Non-Fungible Tokens or NFTs. This article will show you how to mint your own NFT on Opensea with minimum cost.

create new nft - mint an nft on opensea
create new nft – Mint an NFT on Opensea

How to mint an NFT on Opensea?

Today, there is no better venue to sell art than on OpenSea. There are several advantages to doing so. For example, you may increase your visibility while still maintaining control over your work. Plus, every time someone resells your NFT, you get a commission. The more your NFT appreciates in value after resale, the more money you make.

Buy some crypto – Ethereum

Ethereum is the most widely used cryptocurrency today, second only to Bitcoin. In reality, it is used to buy and sell most NFTs. To obtain Ethereum, you must first open a crypto exchange account.

If you don’t already have one, Coinbase, the most popular crypto exchange site, is a good place to start. You may purchase and trade cryptocurrencies like Ethereum from here.

The amount of Ethereum you’ll need to start minting NFT changes according to on the gas fee required at the moment, but a mini is a decent starting point. The concept of a “gas charge” may appear convoluted, but it is just the amount of Ethereum required to pay the cryptocurrency’s miners. OpenSea does not influence gas fees, which are determined by factors such as account registration fees, Ethereum payment method, and other factors.

As a result, the initial investment amount is determined by the two gas payments involved with creating your account and gaining access to the item.

How to create a Crypto wallet on Opensea?

Once you have some cryptocurrency, you will need to create an account on Opensea. Creating an account is simple and only requires an email address. You will also need a digital wallet, of course.

MetaMask is one of the easiest wallets to use, and it’s the one that OpenSea recommends. It’s a browser extension that works well with Google Chrome and Brave. You can use it to store Ethereum and Ethereum-based tokens like NFTs once you’ve installed them.

Link your wallet to Opensea

With a few simple steps, you can link your wallet to OpenSea:

mint an nft on opensea
Create a collection

In your browser, open the MetaMask plugin and input your password to unlock it. In the same browser, go to https://www.opensea.io/ and pick Profile from the top-right corner.

When the page asks you to link your cryptocurrency wallet, select MetaMask. Accept the terms and conditions and validate your account by entering your email address and username.

Follow the instructions in the email you received for verification. That concludes our discussion. You’re now ready to create your first NFT. If you’re using a different crypto wallet, skip to Step 2 and choose the appropriate choice in Step 3.

Start creating your own NFT on Opeansea Marketplace

You’re now ready to produce your first NFT after setting up a wallet and linking it to OpenSea. Creating a collection is the best approach to do so. Why make collections when you can just upload a single file

NFTs, on the other hand, get the greatest attention and are best sold as part of a collection. You may construct multiple variants of a single NFT by changing the colours, forms, and other details (Mint an NFT on Opensea).

create new item - mint an nft on opensea
Create new Item

Follow the steps below to make a collection:

Go to your OpenSea profile and select My Collection from the drop-down menu.

To create a new collection, click Create.

This collection may be viewed as a digital portfolio of your work. You may share your most recent designs, memes, or even drawings of cute kittens. You might be astonished to find that “cryptokitties,” stickers of cats that are purchased and sold for tens of thousands of dollars, have their own category on OpenSea.

How much does it cost to Mint an NFT on Opensea?

Before making their first transaction, all first-time vendors must pay two fees to OpenSea. These costs aren’t set in stone, and if you have the know-how, you can manage them. So, what exactly is the secret?

On the other hand, these fees are transactions on Ethereum’s blockchain. As a result, creating them necessitates some processing power. You pay a “gas charge” to compensate for that energy. The cost may be more or lower depending on the current gas price.

createnewcollection - mint an nft on opensea
createNewCollection

The first charge to set up your account and begin selling might range from $70 to $300. The second transaction, which gives OpenSea access to your NFTs, should cost between $10 and $30.

Naturally, you’ll like to set up your wallet on days when petrol costs are lower to save money and pay the lowest charge. Fortunately, there is a tool called Gas Now that allows you to keep track on gas costs. The days when the number falls below 100 are the best for paying the fees.

On OpenSea, fees are paid in Ether. This means the price changes based on how much the cryptocurrency is worth now compared to your currency. You must additionally pay OpenSea 2.5 per cent of the NFT price when it sells, in addition to the two fees for the initial sale.

After the initial sale, OpenSea does not impose fees for minting NFTs.

To sell NFTs, you can utilize many payment tokens. The platform recommends the following cryptocurrencies:

  • Ethereum
  • WETH
  • DAI
  • USDC (United States Dollar Corporation) (crypto coin that stands for US Dollar Coin, not to be confused with US dollar)

The trick to Avoid Paying Upfront Gas Fees on NFT

So, now you know that you have to pay gas fees on your NFT, which could be a large sum of money for most people. There are two ways to avoid upfront gas fees.

Method 1: Using Polygon Blockchain

  • Head over to OpenSea and create an account. Make sure you already have a MetaMask or Coinbase wallet.
  • Navigate to ‘My Collection’ and Click on ‘Create new collection’ on the OpenSea dashboard.
  • Set up your NFT artwork, by adding your file, add logo, banner, name and description.
  • Choose Polygon blockchain for minting your NFT without paying gas fee.
  • Now, click on “Add Item” to begin.

Method 2: Using Lazy Minting

The second method is referred to as “Lazy Minting.” It is essentially a method for avoiding gas fees when selling and creating NFTs. However, the NFT is paid in this manner by the purchaser of the NFT collection.

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