Potential Investment For Expats and Teachers In Thailand: NFTs: The Basics About NFTs

The rise of Non-Fungible Tokens (NFTs) is generating more and more questions from artists and creators looking to sell their work on the blockchain. The first steps can be challenging for many. What are crypto wallets? Is Ethereum secure? It’s a common experience. How to turn your art into NFTs and list them on NFT websites.

Key terms

Non-Fungible Tokens (NFTs) – Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-backed ownership. NFTs include digital art, collectibles, virtual reality items, crypto domain names, and ownership records for physical assets, among others. Check out our CEO’s ever-popular overview of NFTs and how we got here for more information.

Ethereum – Ethereum is a blockchain, and ETH is the currency used to transact on the Ethereum blockchain.

Gas fees – Think of gas fees as Ethereum blockchain transaction costs. Gas fees are set by supply and demand across the network (blockchain), not by OpenSea.

Crypto wallet – A crypto wallet is a software program or hardware device that stores and retrieves digital assets.

Your wallet address is unique. People will use this address to send crypto or NFTs to your crypto wallet.

In case you forget your password or lose access to your wallet, your secret recovery phrase can be used to retrieve your crypto. Whenever you begin trading with your wallet, back up your secret recovery phrase in multiple locations. You should never store your secret recovery phrase on an online cloud storage service or share it with anyone.

A collection is a body of work, much like a store or gallery. Do not get confused if you see someone referring to an OpenSea collection as a store or gallery – they are the same thing. To keep things simple, we call them collections.

User safety

Although cryptocurrencies and blockchains offer many benefits, it is important to do your research on how to safely store funds and digital items before you jump in. Crypto and NFTs in your wallet are your responsibility. You should never share your password or seed phrase with anyone.

Setting up your wallet

To store your crypto and NFTs, you will need a wallet. Using Google Chrome and installing the MetaMask wallet extension is recommended. For your reference, here are the MetaMask FAQs! After installing OpenSea, click the icon in the top right corner, then click My Profile. Follow the instructions in your wallet after clicking Sign In.

Creating your collection

You should see your account page – empty for now, but we’re working on it! Next, click Create at the top, then My Collections. Click Create under the ‘Create new collection’ heading, enter the name of your collection, a description, and upload an image. At this point, we’re just setting up your collection so that you can display your work. You can edit all this later on. When you click Add New Items, you will be taken to what is effectively your collection’s back office.

Fine-tuning your collection

Before you create your first NFT, you should do a few things. A personalized banner can be seen in the image above. Press the pencil icon in the top right corner to upload yours. You want your banner to look different on different devices, so choose a size around 1400 x 400 and avoid text. Click here to see how the e9art banner looks on OpenSea. Payout display pending payments due for secondary sales (yours will be empty for now), and Visit lets you view your public collection.

The payouts page

By pressing Edit, you can add things like social links and update the image/description/name. There’s also an option to choose which payment tokens you’d like to accept (leave them as they are if you aren’t sure) and to set a secondary sales fee of up to 10% on this page. In order to receive 5% (for example) commission on all future sales of your NFTs, just type 5 in the relevant box and enter your wallet address into the field that pops up underneath. When you’re done, click Submit Changes and you’ll be taken back to your back office.

Creating NFTs

Click Add New Item to create your first NFT. You will see an option to upload metadata, including the image/video/audio file and the NFT name, on the next page. You can also enter a description and add an external link (examples include a high-resolution image file or a personal website).

The first steps of the create new item flow

The number of versions you make of a piece of work will be shown as an edition number in the stats section, so if you plan to make five copies of a given piece, you will need to indicate this in the stats section. Rather than creating more individual tokens and noting the edition number in the stats as recommended, if you wish to make more than one copy of the same item (token ID), you can Reload the page by adding enable_supply=true to the URL at the top. After that, the supply field should be editable. Changing the supply to 100, for example, would require you to create 100 individual sales listings (after you have created the NFT) with a quantity of 1. Since it is not currently possible to list 100 items for sale at once and let buyers choose how many they want to purchase, adjusting the supply is not yet possible during the creation process.

When you include properties and levels in your collection, it makes it easier for buyers to filter your work. The property ‘Year of creation’ would be ‘2021’. Since these fields are case-sensitive, be careful when adding the same attribute to multiple NFTs.

On the create new item page, you can add properties, levels, and statistics.

You can also add unlockable content that can only be accessed by the item owner. Unlockable content includes higher resolution files, contact information for redeeming physical items, access keys, and more.

Unlockable content

Click Create and sign the message in your wallet when you’re done. As there is no charge to create NFTs, there will be no gas fees (transaction costs). You’ll notice your very first NFT sitting nicely beneath the search bar after clicking create.

Editing NFTs & freezing metadata

Each NFT has a pencil icon in the upper right corner if you want to edit it. Adjusting tokens can only be done when you own them, so make sure they are just right before listing them for sale.

Click the pencil icon in the top right corner of the NFT to edit

Additionally, editing allows you to freeze your metadata onto a decentralized storage service. Press Freeze at the bottom of the page.

Freeze your metadata

Click on Submit Transaction if you’re happy to proceed. OpenSea doesn’t charge, but you’ll have to pay a gas fee to complete the process.
To freeze your metadata, you’ll need to pay a gas fee.

Listing your items for sale

You can list your NFTs on the public-facing asset page for one of your items by pressing Sell. You can choose between a fixed-price listing and an auction. Once you’re satisfied, click Post Your Listing and follow the instructions in your wallet. To list on OpenSea, you’ll need to pay a gas fee if you’ve never sold before. Because of congestion on the Ethereum blockchain, this transaction, which creates a personal trading smart contract for your wallet, is currently expensive, but it only needs to be done once. In addition, if you list the items in a currency other than ETH, you’ll also have to approve the token for trading, which incurs another (much smaller) gas fee. The second time around, you won’t have to pay anything since it’s a one-time fee.

When accepting an offer on an item that you have not previously listed, you will be asked to approve WETH (Wrapped ETH, which is used to make offers on OpenSea), as well as to pay the gas fee. For fixed-price listings, buyers pay the gas, but sellers pay when they accept offers.

The listing page

If the market is busy and the transaction takes a while to complete, you can close the page and come back later. If you go to set up the listing again, the system will recognize that your wallet has completed the transaction, and you won’t have to pay any fees.

Purchasing Ethereum (ETH)

Purchase slightly more ETH than the amount quoted when you press ‘Post Your Listing’ from a reputable and regulated seller in your region. Due to network congestion, the gas fee required for setting up your trading account fluctuates between $50 and $250. We wish we could lower this fee, but until the network is scaled effectively, we have no power. Watch these numbers if you want to track how prices are changing and wait for a dip. Return to OpenSea and wait for your wallet to reflect your new balance. After the funds are received, you can begin the listing process.

Rankings

Leaderboards do not matter in art, but those who are interested in discovering more artists often visit the OpenSea rankings page. The climb to the top is steep, but many traders filter by ‘New’ and ‘7 – DAY CHANGE’, so you’ll have plenty of opportunities if you generate a few early sales.

My NRTs:

https://opensea.io/collection/an-orange-circle

https://opensea.io/collection/happy-birthday-cake

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