What Is An NFT?
An NFT represents ANY digital file including but not limited to:
- Art
- Video
- In game tokens
- Audio files
- Collectible items
Who Can Create NFTs? How Are NFTs Made?
Anyone who has the ability to create a digital file can mint an NFT. If you have access to a device that can get online and a little amount of patience, you too can make your very own NFT that is available for sale.
Ethereum and Minting NFTs
While many blockchains and cryptocoins can create and store NFTs, Ethereum is the most popular, trustworthy, and allows your NFT to be easily traded in NFT marketplaces which are like an online store to buy NFTs.
You will need a crypto wallet that contains Ethereum in order to create or “mint” an NFT. Meaning you must first purchase Ethereum which can be done by trading existing Bitcoin into Ethereum
A minimum suggested amount to budget for NFT minting is the equivalent of $70-100 USD in Ethereum per NFT you wish to mint, however, depending on the complexity of your NFT, you may want to allocate a larger amount. $70-100 is a good base minimum.
Opensea vs Rarible
Opensea
OpenSea is one of the first decentralised NFT marketplaces in the space, and was once proclaimed as the “eBay for Crypto Kitties”, but has since expanded far beyond mere collectibles, offering nearly all types of NFTs including domain names, virtual worlds and music. Perhaps the most notable distinction of the platform is its implementation of lazy minting, a program that allows creators to list NFTs as they wish and only pay for gas when they are sold.
Minting An NFT On OpenSea
OpenSea does not charge a fee for minting an NFT, however, you will pay a fee based on the final sale price of your NFT, which at the time of writing is 2.5% of final sale value.
Payment tokens are used to buy and sell your NFTs. OpenSea recommends using the following cryptocoins for trades:
- Ethereum
- WETH
- DAI
- USDC (US Dollar Coin, which is a cryptocoin, not to be confused with the fiat US Dollar)
You will need to connect your cryptowallet for the minting, buying, and selling of NFTs.
Again, Metamask is the recommended wallet to use on OpenSea but they also accept other wallets for your convenience.
CryptoWallets Accepted on OpenSea Include:
- Metamask
- Coinbase
- TrustWallet
- Portos
- Fortmatic/Magic
- Arkane
- Authereum
- Bitski
- Dapper
- Kaikas
- OperaTouch
- Torus
- WalletConnect
- WalletLink
Detailed instructions to upload your NFT can be found on the OpenSea homepage but tbh, if you can upload a photo to Instagram, you will have no trouble uploading your file for NFT minting on OpenSea.
Rarible
Rarible is a decentralised peer-to-peer marketplace for NFTs created by digital artists and creators. Users can purchase different types of NFTs including digital artworks, memes and other metaverse-based assets.
Minting An NFT on Rarible
Please note you MUST have a Metamask wallet already set up and you MUST already own Ethereum that is held in that wallet in order to begin minting an NFT on Rarible.
Rarible NFT Minting Process
Rarible is fairly straightforward in its minting process for NFTs.
You will simply do the following:
1.Begin at the Rarible homepage, https://Rarible.com
- Connect your Metamask wallet
- Once your Metamask wallet is connected to your Rarible account 4. you will select “Create Collectible”.
- Next, you will select “single” in order to create an ERC-721.
- Upload your image or file.
- You will then be prompted to fill in all necessary details about your NFT.
You then set your price for your NFT. Very similar to Ebay, you can set a reserve price where a buyer can purchase instantly OR you can let buyers bid auction style with the NFT sale being awarded to the highest bidder.
How do i transfer my OpenSea collection to Rarible?
If your NFTs are minted to the blockchain, they should just show up on Rarible automatically (assuming you are using the same wallet). HOWEVER, OpenSea's lazy minting method doesn't mint the NFT to the blockchain until someone buys it. This is how you can list for free, but since it isn't in the blockchain until someone buys it, it kind of 'doesn't exist' yet. If you were to transfer the NFT, you would pay the cost to mint it and transfer it and then it would exist on the blockchain. So if you had a separate wallet for Rarible you could do that. However, I'm assuming you wanted to 'mint for free' on OpenSea and then sell on Rarible, which doesn't really work using lazy minting.
Conclusion
While both platforms offer similar types of NFT listings for users to buy, OpenSea retains its crown thanks to its popularity, large user base and many supported assets that help users to sell their NFTs faster. NFTs are notoriously difficult to offload in bearish markets. Therefore, it follows that the most popular marketplace is also your safest bet to get a good return (or at least your money back) on your investment. Of course, trends and narratives drive the prices of specific NFT collections, and it’s important to check message boards on sites like Reddit and Discord to find out where the movers and shakers list their digital collectibles. OpenSea also offers lazy minting, which eliminates the risk associated with creating NFTs and losing money when they don’t sell.
On the flip side, Rarible offers more leeway in terms of royalty sharing, offering up to 3 times more than what OpenSea currently allows. And while OpenSea obviously takes the cake features-wise, its recent insider trading debacle has caused many users to be wary of the platform.
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