After hearing the news of photo NFTs being sold for $69 million, I began looking for ways to make my own NFTs and sell them. My first research question then was how much it costs to mint an NFT. But surprisingly, it didn’t take a long time for me to sell my First NFTs. Today, a lot of things can be sold as an NFT, including photos.
Before you can mint your first NFTs on any market and sell them, there are some concepts that you need to understand in order to avoid spending much on gas fees and also be able to sell your NFTs faster.
In this post, I will show you what NFT is, the average amount you should budget for gas costs, and how to sell photos as NFT on Opensea. So let’s get started.
Table of Contents
What is NFTs?
NFTs are unique digital assets that are built on a blockchain in order to track their ownership and prevent duplication. Items like video games, digital art, music and other audio files, virtual houses, and cars can be converted to NFTs.
For you to convert any of the above digital assets to NFTs, you need to mint them on NFT marketplace. Minting them on any market involves uploading and launching them on a blockchain network, which will help to tokenize them and keep track of their ownership.
NFTs can be bought, sold, or traded like other cryptocurrency assets. Most people buy NFTs as an investment, while others buy them for fun.
How much Does it Cost Mint NFTs on OpenSea?
The cost of minting an NFT on OpenSea depends on the Network you have chosen. It takes absolutely nothing to mint your NFTs on OpenSea if you have selected the polygon Network.
However, if you have chosen Ethereum as your preferred network type, you will have to pay an account initialization fee before you can mint your NFTs. The cost of this initialization is usually between $100 and $300.
After paying the initialization fee, OpenSea allows you to mint NFT without paying an upfront fee. The gas fee related to the minting is transferred to the customer that buys your NFT.
How to Sell Photos as NFT on opensea
As of the time I am writing, Opensea supports four major Blockchains for NFT minting on the platform: Ethereum, Polygon, Solana, and Klaytn. But the most popular one is the Ethereum Network.
In this guide, I will be using the Polygon blockchain. You can use Ethereum or any other, but know that you may need to initialize your account.
So below are step-by-step guide on how to sell photos as NFT on Opensea:
Step 1: Download and set up a Metamask wallet.
In order to sell photos as NFT on OpenSea, you need a crypto wallet. In this guide, we will be using a metamask wallet.
Follow this link to download Metamask for either Chrome, iOS, or Android. You will see a page like this.
Install the chrome extension and Click on “get started”, you will be taken to a page like this:
You can choose to install it on IOS or Android. Whichever one you choose, the process remains the same.
If you have an existing account, click on connect and you will be prompted to enter your seed phrases.
However, If you don’t have a metamask wallet, click on “Create account”. Then input a password to create an account.
Copy your Recovery phrase to a notebook (keep it secure).
You will permanently lose your crypto and any NFTs you’ve gained if you forget your seed phrase!
Confirm your secret recovery phrase by selecting the items in the order you copied it.
Also, if you are connecting your existing metamask wallet, you will be prompted to input your seed phrases. Find them and fill them accordingly.
If the registration was successful, you should see a page like this.
Then click on “done.”
Step 2: Link your Metamask wallet to OpenSea.
Once you have setup your metamask wallet, go to OpenSea and click on the Wallet symbol at the top-right corner. Select Metamask Wallet and confirm the connection (you will be prompted).
Click on “Next” and click on Connect to complete the process.
Step 3: Fund Your Wallet with Ethereum
When you mint an NFT on a blockchain, miners create some blocks to tokenize your digital asset. These miners are being paid for that, and this reflects the minting fees some NFT marketplaces charge. So you need to fund your metamask wallet to cover these gas fees.
If you are using the polygon blockchain, minting is free and you don’t necessarily need to fund your wallet with Ethereum.
If you’re using the Ethereum blockchain, you can fund your crypto wallet in the following ways:
- Direct Deposit
- Transferring from ledger to wallet
- Transferring from another wallet
After funding your wallet, you can proceed to the next step.
Step 4: Create Your NFTs.
You have two options for minting NFTs. You can either create a single item or a whole collection. In this guide, we will demonstrate how you can create a single item. Click on create icon as shown below and upload your NFT files.
In the below picture, I have uploaded a photo as an NFT.
You can create a collection by navigating to profile>My Collection>Create Collection.
You can upload other files like videos, audio, or 3D models. Just know that the extension must be one of: SVG, MP4, WEBM, MP3, WAV, OGG, GLB, JPG, PNG, GIF, MB. Also, the maximum file size should be 100MB.
Fill in the following fields as needed.
Name: Give your NFT a unique name.
External link: you can include the link to your NFTs’ detail page.
Description: This is where you include a description of your NFTs. You can also include relevant information about the NFT or unlocked items available upon purchase.
Collection: You can add your NFT to an existing collection if you have
Properties: Textual traits called “properties” are frequently employed to define specific components of an item or character in an NFTs image.
Textual traist is shown in the image below:
Level: Levels indicate how well or poorly an attribute fits within the context of the specific NFT item. Level is shown in the image below:
Stats: In NFT collections, “Stats” is a numerical trait that typically denotes the strength, importance, or rank of a particular trait.
Unlockable Content: Unlockable content is content that can only be accessed by people who possess a specific NFT. Any type of content can be included. Unlockable content might be improved versions of the NFT’s images, videos, access to private forums, or even straightforward discount codes.
Setting your asset as explicit and sensitive content, like pornography and other not safe for work (NSFW) content, will protect users with safe search while browsing OpenSea.
Supply: “Supply” is where you specify the maximum number of copies you can create for the token.
Blockchain: You select the blockchain on which you want to launch your NFT. Ethereum is the most used, but with a high gas cost. While Polygon is a gas-free blockchain, you can choose Polygon if you opt for less cost.
Freeze metadata: Here, you can choose to lock your NFTs’ centralized file storage. This will incur more charges, and you probably don’t want to spend on it.
Once you are up to this point, hit the create Icon to finish creating your NFT.
Step 5: List Your NFTs For Sale
If you selected the ethereum blockchain, you will need to initialize your account, which usually costs between $100 and $300.
In order to list your NFT for sale, you must select “sell” at the top right corner and input the price for your NFT. You will see a page like this:
Type: Here, you need to choose whether you will sell at a fixed price or at a timed auction.
Duration: You need to select how long you want your NFT to be on sale.
Price: You specify how much you want to sell your NFT for. It is best to use ETH.
Click complete listing to put your NFT for sale.
OpenSea charges a 2.5% service fee, and this will be deducted when you sell your NFTs.
How Much Can you make Selling Photo as NFT?
NFT creators make money in two major ways. The first is by selling their NFTs and the second is through royalty fees.
The average sale price of an NFT is $1000+. Some are worth a million dollars, while others are worth only $100. To be able to sell your NFTs at or more than the average price, you must make sure your work is appealing enough to potential buyers and also put effort into promoting it.
In addition to selling NFTs, you can make money as a creator through royalty fees. A royalty is a percentage of your NFTs’ resale price that you will earn as the original creator.
Most NFT creators usually set their royalty fee at around 5–10%. although some set it higher than this.
Where can I sell NFT photos?
Opensea and Rarible are the most popular marketplaces where you can sell your NFT photos. The process of minting your own NFTs on OpenSea is very simple. First, you will need to create a crypto wallet account with Metamask (or other supported wallet) and connect it to the marketplace. Next, you’ll need to upload your photos by selecting the Create option from the NFT menu.
With this guide, you have learnt what NFTs are, how much it costs to mint your NFTs, and most importantly, how to sell photos as NFTs on Opensea. You can now take your first step towards making your first $1000+ with your digital assets.
If you have any questions, you can leave them in the comment section below. I will do my best to reply.
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