CHAPTER 6
In this chapter, we’ll go through, step by step, creating an NFT and minting it (putting it on the blockchain) from scratch. Even if you’re a complete noob, you can do it. No prior NFT, blockchain, or technical experience is necessary. So, get ready to join the NFT craze.
The main steps for doing this are as follows:
· Creating the main content and other aspects of your NFT
· Creating a cryptocurrency wallet (specifically a MetaMask wallet)
· Creating an account on OpenSea (the largest NFT marketplace)
· Creating a collection on OpenSea
· Minting your NFT on OpenSea
To keep the process as simple as possible, let’s focus on creating a digital art NFT, the most popular type of NFT.
Creating the Aspects of Your NFT
The first step is to create all of the aspects of your NFT. NFTs can have all of the following aspects, as covered in Chapter 2, “What Are NFTs?”:
· Main content
· Name
· Preview content
· Description
· Traits
· Unlockable content
· Perks
· Ongoing royalty
· Supply
· External link
We’ll go through each, one by one, but not in that order.
Main Content
This is the first and foremost step to creating your NFT, as the main content is the heart of your NFT.
Projects such as Meebits use images of 3D characters as their main content, with buyers able to unlock the actual 3D files once they own the Meebit (more on unlockable content later). Created by the people at Larva Labs, known for CryptoPunks, Meebits are 20,000 artificial intelligence (AI)–generated characters with varying rarities. The idea behind Meebits is for people to use these characters as avatars in virtual worlds, video games, and virtual reality (VR). So, owners unlock an OBJ file allowing them to import the character into animation and modeling software. But the main content is a simple image that people can use to show off their collection.
It can be daunting to look at headline‐grabbing projects such as Meebits and think, “I can’t possibly create something as visually appealing as this.” But don’t fret; you can keep it simple and just take a picture or video with your phone or use an image or video from your phone’s photo gallery.
If you’re feeling creative, you can make a piece of digital art. If you like to draw or use traditional materials, feel free to do that and then scan (or take a picture of) your artistic creation to make a digital file.
If you’d like to create a work of digital art in a digital medium, you can use these free software programs, websites, and apps:
· Krita (Krita.org), downloadable software for Mac, PC, and Linux
· Infinite Painter app for iOS and Android
· Bomomo.com, a website for creating abstract art
· Pixelart.com, a website for creating pixel art
We don’t have any particular recommendations. Try them out. Matt did (see Figure 6.1). For other options, visit the Resources page of The NFT Handbook website: TheNFThandbook.com/Resources.
As far as the dimensions of your photo or artwork go, any size should be fine. But note that larger would be better than smaller, so the image can be displayed on large screens. However, it’s not an absolute requirement. The image should be as high resolution as possible, but keep in mind that marketplaces have a file size limit. We’ll be minting your NFT on OpenSea, which allows a maximum file size of 40 MB.
FIGURE 6.1 Abstract art image Matt created with Bomomo
For video, the quality should be at least HD, but keep it relatively short to stay within the maximum file size limit.
If you have a specific idea for an image but don’t have artistic talent, you can hire someone to bring it to life. A couple of good sites to check out for that are Fiverr.com and Upwork.com.
Sometimes, the main content of the NFT is in the unlockable content, in which case you will still need an image for the NFT. For example, Matt created an NFT of a short story he wrote for an assignment in 8th grade. The story is in the unlockable content, and the main image is the cover he drew for the story.
If you’re planning to use the image or likeness of someone famous, there may be some legal issues associated with that. Also, do not just grab any image off the Internet for your main content because that could be a copyright infringement. For a thorough discussion of these and other potential issues, see Chapter 9, “Legal Aspects of NFTs.”
Name
This is pretty straightforward. Once you have your main content, what would you like to call your NFT?
The name of your NFT is essential and shouldn’t be overlooked, as it’s the first way to stand out in the crowded marketplace. When Sarah Meyohas got into NFTs in 2015, the conceptual artist made an instant splash with the name of her work: Bitchcoin. In an interview with Yahoo Finance, Sarah describes Bitchcoin as “an artwork, a sincere funding model introducing blockchain, tokenization, and a satirical prediction of meme‐ification into the realm of fine art.” Six years later, these trends have become impossible to ignore.
Bitchcoin was created as a currency that collectors could use to redeem for Sarah’s physical artworks in her collection “Cloud of Petals” or to hold as an investment. Today, cryptocurrency and NFT collectors have proven Sarah correct, gravitating toward anything ironic or “meme‐ified” in this space. And the Bitchcoin play on words has seen a big lift from collectors because the name catches your attention, while the artwork and story add substance.
For the purposes of this chapter, we’re going to create a unique 1 of 1 NFT. If you like, you could put “(1 of 1)” in the name, although it’s certainly not necessary. Usually, this would be done in a collection to distinguish it from other NFTs that are part of a series (have multiple editions), for example, (1‐of‐1) GRONK Career Highlight Card.
If you plan to make more than one edition of your NFT, then you could put “(x of x)” in the name, for example, Julian Edelman INCREDELMAN XLIX (14/30). We usually see the “(x of x)” or “(x/x)” at the end of the name, particularly if it’s a multi‐edition NFT, but at the beginning is fine too.
Preview Content
If you’re using an image or GIF as your main content, there will be no separate preview content. However, if you would like to use an audio or video file as your main content, you will need to create an image (or GIF) as your preview content. Just follow the steps listed earlier. Ideally, the preview image would relate somehow to the audio or video file. Generally, a frame from a video would be used as the preview image.
Perks
As discussed earlier, perks are not technically an aspect of the NFT but are designed to incentivize someone to buy the NFT and increase the NFT’s value.
Gary Vaynerchuk, for example, has built his entire collection of VeeFriends around perks. With a total of 10,255 NFTs, he’s broken down the rarity of his NFTs based on the perks of owning one. For example, 9,400 of the “admission token” VeeFriends give owners admission to his VeeCon conference for the next three years, and 555 of the “gift token” VeeFriends grant owners a minimum of six physical gifts sent to them each year for the next three years. And at the rarest level, 300 “access token” VeeFriends come with varying levels of personal access to Gary V, including a bowling session, group brainstorming sessions, and one‐on‐one advising.
Perks can be anything. Just make sure it’s something that you have the right to deliver (it doesn’t belong to someone else) and that it’s already in your possession. You don’t want to be in a situation where you promise to deliver something that you don’t have.
An important note about perks: You usually don’t want to provide the perk to every future owner of the NFT, and you can’t if it’s a unique item. That’s why perks are often limited to the first buyer, such as the highest bidder of the initial auction. Or, you could say that the perk will go to whoever owns the NFT on a specific date. For example, the perks of VeeFriends are mostly redeemable every year for three years, and they define the year clearly as starting May 6th, when the project was released. VeeFriends owners must take an additional step of verifying their ownership of the NFT, at which point the number of perks redeemed is tracked clearly, so that the perk can’t be used more than as specified.
Of course, you can provide the perk to every future owner of the NFT if you like. We just don’t recommend it because it could get out of hand quickly if the NFT is transacted frequently.
Unlockable Content
Is there any content that you would like to provide that only the owner of the NFT can access? As discussed in Chapter 2, it could be any type of content, such as an image, a video, a PDF file, login credentials for a website, your email address, or just some words of wisdom.
As mentioned, each Meebit comes with an OBJ file as its unlockable content. But if you recall from Chapter 2, the unlockable content in the NFT can be text only. So, if you’re providing an actual file (image, video, and so on), then you will need to store that file securely somewhere on the Internet and provide a link to the file. Ideally, the file would be password protected, so not just anyone can access it. After all, as unlockable content, it should be available only to the owner of the NFT.
If you’re offering perks, you must include in the unlockable content information how the buyer can access the perks. If the perk is a physical item, include your email address with a note for the owner to email you and that you will email (or snail mail) them the perks. You can also do the same for unlockable content; that you will email them the file or a link to the file. We recommend not using your primary email address for this, but instead, you should set up a different email address specifically for this purpose. You don’t want your primary email address floating around forever, and you don’t want the buyer or any future buyers constantly emailing you.
Note that it’s your responsibility to deliver the unlockable content and perks and ensure that the unlockable content remains available for the owner, and future owners of the NFT. If you’re not willing to take on this responsibility, do not include any unlockable content or perks.
Description
This is also pretty straightforward. You want to describe your NFT. Some people keep it short and sweet, while others like to give a lot of detail. In fact, you don’t even need to provide a description at all.
Here are some tips for describing your NFT:
· If your NFT is a 1 of 1, then mention that. Use words like “unique” or “one of a kind.” Although implied, you could also note for extra emphasis that the NFT will never be minted again. If the NFT is part of an edition, mention the edition number and total number of NFTs in the edition. For example, “This NFT is number 5 in an edition of 30.” Or you could say, for example, “This NFT is limited to 30 editions. Each edition is sequentially numbered.” You could also add “No further editions will be minted.”
· If you’re offering perks, these must be spelled out in the description. Be as clear and precise as possible. You don’t want any misunderstanding about what you’re offering. Also, as discussed, if the perks are limited to the first buyer, you must be clear about that. For example, the (1‐of‐1) GRONK Career Highlight Card NFT states, “In addition to winning the Career Highlight NFT card, the highest bidder of this auction will be awarded….” It might be better to be even more precise. Instead of “this auction,” it may be preferable to say, “the initial auction.” Note, this is not intended to be legal advice. You just want to be as precise as possible so that no issues arise later.
· Also, as discussed, alternatively, you may want to add a date such that only the owner of the NFT on that date can redeem the perks. Since the NFT could be transferred on that date, there could technically be two (or more) owners on that date. So, be more precise and include a time with the date, and also state the time zone. For example, “Must be holding this NFT at 12:00 pm EST May 8, 2021, to redeem this offer.”
· If you have unlockable content, you can mention what it is in the description or keep it a complete surprise. We suggest mentioning what the content is, particularly if it will add value to the NFT and pique the curiosity of potential buyers.
Sometimes, the unlockable content is the main content of the NFT, for example, if you wrote a poem or a short story for your NFT. In such a case, you would certainly want to mention it in the description.
Ongoing Royalty
This feature allows you, the NFT creator, to earn from future sales of your NFT. Every time your NFT is sold (at least on the marketplace on which it was created), you will receive a certain percentage of those sales. And you can choose the royalty percentage.
Note that if the percentage you choose is too high, that’s going to be a disincentive for future owners of your NFT to sell it. Let’s say, for example, you choose a royalty of 50 percent. If someone buys your NFT for one ETH, then that person would have to sell it for at least two ETH to make any profit. And the marketplace is going to charge a percentage as well.
We recommend a royalty of 10 percent, but you’re free to charge whatever you like.
Supply
Like the vast majority of NFTs, the supply of your NFT should be 1. This will simplify the NFT creation process, won’t dilute the value of your NFT, and will streamline the process of selling your NFT.
External Link
On OpenSea, you can provide a link that will appear on your NFT’s detail page. The link should lead to a web page with more detail about the NFT. For example, if there’s a great story behind the NFT and it’s too long to fit in the description, you can put the full story on a separate web page. You can link to any page, really, but it should be related to the NFT.
The external link is entirely optional. If there’s no relevant page to which you can link, that’s fine—no need to include one.
Creating a Cryptocurrency Wallet
If you’re not already on the blockchain, this is the exciting part of getting onto the blockchain and entering the world of cryptocurrencies. To create your NFT, you’re going to need a cryptocurrency wallet. More specifically, you’re going to need an Ethereum wallet, in which you can hold ETH, ERC20 tokens, and NFTs. There are other blockchains that support NFTs, but we’re going to focus on Ethereum, the most popular NFT blockchain.
Creating a MetaMask Wallet
There are several different Ethereum wallets to choose from, but we’re going to use MetaMask, the most popular wallet and easiest to use. It works as an extension to your browser: Chrome, Firefox, or Brave. So, you’ll need to be using one of those browsers to continue. Please download and install one of those browsers if you do not have any of them. Links are available on the book’s Resources page at TheNFThandbook.com/Resources. Also, note that all links mentioned throughout the book are available on the Resources page.
You can also use the MetaMask wallet on your phone, either iOS or Android. But since we will be minting an NFT, we recommend doing it on a computer. So, if your main content is on your phone, make sure to transfer it to your computer.
1. The first step is to go to MetaMask.io using one of the three browsers mentioned (see Figure 6.2).
2. From there, click the Download or Download Now button. You should arrive at a page similar to the one shown in Figure 6.3.
3. Click the Install MetaMask button. Your browser’s name will appear on the button as well. Note that if you’re using the Brave browser, the button may say Install MetaMask for Chrome. It’s OK to click and continue with Brave.
4. On the next page, click the + Add to Firefox button, Add to Chrome button, or Add to Brave button.
Your browser will prompt you whether you want to add the MetaMask extension. Click Add or Add extension.
5. On the next page, click the Get Started button. You should arrive at a page similar to the one shown in Figure 6.4.
FIGURE 6.2 MetaMask home page
FIGURE 6.3 MetaMask download page
FIGURE 6.4 New to MetaMask? page
On this page, you can import an existing MetaMask wallet. So, after you create your MetaMask wallet, if you would like to use it on a different browser or device, you would click the Import wallet button. Of course, you can also create a new MetaMask wallet on a different browser or device, in which case you would have more than one MetaMask wallet, which is fine.
For now, since this will be your first MetaMask wallet, click the Create a Wallet button.
6. On the next page, you can choose whether you’d like to share anonymized data with MetaMask to help them improve the wallet’s usability and user experience. Either selection is acceptable.
7. On the next page, you will need to create a password. Obviously, you should make one that no one will be able to out. Either memorize it or write it down and store it in a safe. Do not store your password on your computer.
Note that this password will be specifically for the browser and device that you are currently using. If you import your MetaMask wallet to a different browser or device, you will need to create a new password specific to that browser/device. So, although it will be the same MetaMask wallet (with the same content) on the other browser/device, it will have a different password.
8. Click and review the terms of use. Afterward, select the box indicating that you have read and agree to the terms of use.
9. Click the Create button. You should arrive at a page similar to the one shown in Figure 6.5.
FIGURE 6.5 MetaMask Secret Backup Phrase page
The secret backup phrase is the key to your wallet. Anyone who has this secret backup phrase can import your wallet into their browser (see step 5) and transfer out (steal) all of your cryptocurrency and NFTs. In Chapter 3, “Why NFTs Have Value,” we discussed some common scams to be wary of—it was not an exhaustive list. Scammers will try to get you to reveal your backup phrase. Do not do it. Do not reveal your backup phrase to anyone at any time.
The Importance of Your Backup Phrase
Never disclose your backup phrase.
Also, it’s vitally important that you do not lose the backup phrase. If you lose your computer, it crashes, or you’re no longer able to access it for whatever reason, the only way you can access your wallet is to import your backup phrase (see step 5) on a different device. If you lose or cannot access your backup phrase, then you will not be able to access your wallet, and all of your cryptocurrency and NFTs will be gone. Well, they actually won’t be gone; you just won’t be able to transfer them or sell them.
There are also some tips on this page. Let’s address each one:
· We recommend that you do not store this phrase in a password manager like 1Password. If someone can access your password manager, your wallet is toast.
· We do recommend that you write the backup phrase on a piece of paper and store it in a secure location. A secure place is not a desk drawer. A secure location must be a safe or vault—someplace for which a key, combination, passcode, or biometric reading is required. Also, the page suggests that if you want even more security, write the backup phrase down on multiple pieces of paper and store each in two or three different locations.
As mentioned, these locations must be secure. Note that multiple locations make your backup phrase more secure against losing it but less secure against theft—the more places that the phrase is located, the more places that can be compromised.
· Memorize the backup phrase. We feel that this is optional. Some people may find it challenging to memorize 12 random words, although creating a mnemonic might help. For example, “My very educated mother just served us nine pies” is a mnemonic for the planets in the solar system (assuming Pluto is still a planet). Do not solely rely on memorizing the backup phrase because if for some reason you cannot remember it 100 percent, you’ll be out of luck if you need it.
· We do not recommend that you download the backup phrase, but you may keep it stored safely on an external encrypted hard drive or storage medium. Let us elaborate. Encrypted hard drives, flash drives, and other storage media are suitable for storing your backup phrase, but only if the drive or other storage media is encrypted. You can also keep your backup phrase on your computer in a password‐protected folder, which is technically a mountable drive. For detailed instructions on how to do this, please refer to the book’s resources page at TheNFThandbook.com/Resources. Rather than downloading the phrase directly to your computer, we recommend mounting an encrypted drive or password‐protected folder, opening TextEdit or Notepad, cutting and pasting or typing in your backup phrase, and saving the text file in the encrypted drive or password‐protected folder.
Now that you’re aware of the gravity of the backup phrase, click CLICK HERE TO REVEAL SECRET WORDS on the MetaMask site. Write down the words (following the previous recommendations). Know that the order of the words matters, so make sure to write them down in order. Click Next.
10.On this page, click each word of your backup phrase in order. If you make a mistake, you can rearrange the words in the box by clicking and dragging. Click Confirm when done.
11.On the next page, again heed the warnings. Finally, when finished reading, click All Done.
You may see a pop‐up about swapping. Do not start swapping now—you can always do that later. We will cover swapping in Chapter 8. For now, close the pop‐up.
That’s it. Congratulations. You’ve just created a MetaMask wallet.
About Your MetaMask Wallet
You should now be on a page similar to Figure 6.6.
Your Address.
If you click Account 1 toward the top of the page, your address will be copied to the clipboard. This is your public address. Think of it like a regular (snail mail) address. If someone were to mail you a check, you would give them the address to where they should mail it. Similarly, if someone were to send you ETH, an ERC20 token, or an NFT, you would first send them your MetaMask wallet address, the place to where they would send the ETH, tokens, or NFTs.
FIGURE 6.6 MetaMask wallet
As we discussed in Chapter 3, you can enter your address into a block explorer such as Etherscan.io or Ethplorer.io to see all the contents of the address and all transactions to and from the address. Anyone with your address can see this information, which is fine; it’s just part of the transparency of the blockchain.
Click the three dots to the right of Account 1 and select Account Details. A pop‐up will show your full 42‐character address as well as the QR code for your address. Most mobile wallets can scan a QR code address rather than having to cut and paste the address and send it to someone.
You can also change the name of the account in the pop‐up by clicking the pencil icon. Click the check mark to save your changes. It’s not necessary to name your account, but doing so may be helpful if you’ll be using multiple accounts in the wallet. Why would you need multiple accounts? For example, if you want to have more than one account on a particular NFT marketplace, you will need an address for each account. Or, you might want one address for NFTs and another address for cryptocurrency trading. There’s no right or wrong reason, and you can create multiple addresses.
To create an additional address, click the circle in the upper right of the page, and then click Create Account. Enter a name for the account if you like, and then click Create. That’s it. You can toggle between accounts by clicking the circle in the upper‐right corner again.
A note about using your address: always cut and paste it (or use the QR code). Never type out your address, especially for someone who will be sending you cryptocurrency or an NFT. If you make a mistake on just one of the numbers or letters, you won’t receive what they’re sending.
The remainder of the wallet shows your assets (how much ETH and other tokens you have in your wallet), their current value, and activity (transactions in and out of the wallet). Note that each account in your wallet has different assets and activity.
Note that, technically, NFTs and cryptocurrency are not stored “in” your MetaMask wallet. Instead, they are stored on the Ethereum blockchain. Each blockchain asset (NFT, cryptocurrency token) has an associated address. The blockchain assets that you own are associated with an address that’s in your wallet.
Accessing Your MetaMask Wallet.
To access your MetaMask wallet, click the fox icon in the upper‐right corner of your browser. If you don’t see it there, click the puzzle piece icon in the upper‐right corner and then click MetaMask in the list of extensions. We recommend pinning the MetaMask icon to the browser for easier access. First, click the puzzle piece icon to bring up the list of extensions. Then, click the pushpin icon to the right of MetaMask on the list of extensions. If you’re using Firefox, the fox icon should automatically be pinned to your browser.
If you use your wallet frequently, it will remain active. After a certain period of time, you will need to enter your password to regain access to the wallet. If you want to log out of the wallet, click the circle in the upper‐right corner of the wallet, and click the Lock button right below the circle. We highly recommend logging out of (locking) your wallet if you share your computer with others or there are others around who could access your computer. If your wallet is not locked, anyone using your computer can transfer all your crypto and NFTs.
Creating an OpenSea Account
OpenSea is the largest NFT marketplace. In our opinion, it is also the most user‐friendly. Additionally, there are no gas fees required to mint NFTs, although you will need to pay some gas fees the first time that you list NFTs for sale. We’ll cover the listing of NFTs for sale in the next chapter.
1. Using the browser with which you created your MetaMask wallet, go to OpenSea.io. On the home page, click the Create button or click the profile icon in the upper‐right corner and click My Profile.
2. On the next page, you’ll be asked to sign in to your wallet. Click the Sign In button. Your MetaMask wallet should open (see Figure 6.7).
3. Your account should already be checked. Click the Next button. The wallet will then notify you that you will be allowing OpenSea to view the addresses of your permitted accounts, which is required. Click the Connect button. You should now be on a page similar to the one shown in Figure 6.8.
FIGURE 6.7 Connecting MetaMask to OpenSea
Congratulations. You now have an OpenSea account. If you’re going to be selling NFTs, you should add a profile picture and banner image. Click the circle to upload a profile picture; 350 × 350 pixels are the preferred dimensions.
Click the pencil icon in the upper‐right corner to upload a banner image. Shoot for dimensions of around 1400 × 400. Note that the banner will look different depending on your device and the width of your browser window. OpenSea suggests avoiding text in your banner. Also, keep the important part of the image in the vertical center because that’s the part of the banner that will always show.
FIGURE 6.8 OpenSea account page
To name your account, click the gear icon at the right. This will open your MetaMask wallet, asking you to click the Sign button. By doing so, you are agreeing to the OpenSea terms of service. This is also a security mechanism. Only the person who has access to your MetaMask wallet (you) can access the settings in your OpenSea account. If your MetaMask wallet is locked, enter your password to unlock it. Note that you will not be creating an OpenSea password or other login credentials, as your MetaMask wallet serves the purpose of protecting your account.
On the General Settings page, enter a username to be associated with your account. You can also add a bio. We recommend that you do so. Tell the world your remarkable story. Finally, enter your email address and click the Save button when done. You should then receive an email from OpenSea. Click VERIFY MY EMAIL in the email you receive, and you’re done.
To access your account info, click your profile picture in the upper‐right corner on any page on OpenSea.
Creating a Collection
All NFTs on OpenSea are held in collections, which are groups of similarly themed NFTs. There are tons of collections on OpenSea, such as CryptoPunks, F1 Delta Time, Rob Gronkowski Championship Series NFTs, Decentraland Wearables, Official Three Stooges NFTs, Ksoids, and thousands of others. A collection is like a storefront. So, before you can create an NFT on OpenSea, you must first create a collection. Even if you’re making just one NFT, it still sits in a collection.
This section will walk you through how to create a collection on OpenSea. But before we do that, you should first complete the elements of your collection.
Elements of a Collection
There is certain content and other information that you will need for your collection:
· Theme or subject matter
· Name
· Logo
· Banner image
· Featured image
· Description
· Links
· Ongoing royalty
· Ongoing royalty address
Let’s discuss each, one at a time.
Theme or Subject Matter.
Most collections have a particular theme or subject matter to which all of the NFTs in the collection relate. For example, the “Rob Gronkowski Championship Series NFTs” collection not surprisingly contains NFTs representing one or all of Rob Gronkowski’s four NFL championships. Also, the “CryptoPunks” collection contains, you guessed it, just CryptoPunk NFTs.
What do you want to make NFTs of? What are some of your favorite subjects? You don’t need to get too fancy or deeply meaningful with your theme or subject matter; it’s just something that ties all of the NFTs together. You could also just have an assortment of NFTs. There are no rules with respect to a theme or subject matter.
Say, for example, you’re really into two distinct subjects, such as classic cars and dolphins. It probably wouldn’t make sense to put NFTs of both into one collection. The answer would simply be to create two separate collections: one for classic car NFTs and one for dolphin NFTs. In fact, you can have multiple collections in your OpenSea account. So, any time you come up with a new theme or subject, you can simply create a new collection by repeating the steps in this section.
Name.
Ideally, the collection’s name should identify the collection’s theme or subject matter, as in the earlier Gronk and CryptoPunks examples. Feel free to get more creative, but try to avoid confusion or a disconnect between the name and subject matter. If your collection has no particular theme or subject matter, you could always name it something like “Matt’s NFT Collection” or “QuHarrison’s Awesome NFTs.”
Logo.
You’ll need to create a logo for your collection; 350 × 350 are the recommended dimensions. What visual represents your collection or its theme? You could use part of an image from one of your NFTs, your profile picture, your company logo, or any other interesting visual. We suggest poking around OpenSea to see what other collections are doing. Pay attention to other collections’ banner images and descriptions as well.
Banner Image.
Although it’s optional, we highly recommend that you create a banner image for your collection. A blank (gray) banner area expresses an attitude of unprofessionalism. Especially if you want to sell NFTs, you need to have a catchy banner image.
Shoot for the same dimensions (1400 × 400) as your profile banner image. This image’s appearance will also change depending on the device and browser width. As with the logo, use a visual that complements the theme or subject of the collection. It can even be similar to (or an extended version of) the collection’s logo image. For example, see Figure 6.9.
Featured Image.
The featured image is an image that OpenSea may use to feature your collection on the home page, category pages, or other promotional areas of OpenSea. We highly recommend creating one because you never know—OpenSea may feature you, which would drive significant traffic to your collection.
The recommended dimensions for the featured image are 600×400. We suggest just repurposing your banner image to these dimensions. Not only will this likely be the easiest route, more importantly, it will provide consistent branding. When someone clicks the featured image to arrive at your collection, they’ll know they arrived at the right place.
FIGURE 6.9 “Julian Edelman: INCREDELMAN” collection logo and banner images
Description.
Even though a description of your collection is also optional, we highly recommend writing one. Ideally, the description should provide information about the NFTs in the collection and entice potential buyers. There are no particular rules, but here are a few tips:
· Tell a story. What inspired you to create the NFTs?
· Describe the NFTs in the collection.
· Provide information about the artist. This could be background, influences, or anything of interest.
· If you have different editions of NFTs in the collection, list them and how many NFTs are in each edition.
· Describe any exciting perks or unlockable content.
· If the proceeds are going to a particular charity, mention it.
· You could indicate when the auction will end.
· Add any other interesting, relevant information.
This is not an exhaustive list. You certainly don’t need to include all of these suggestions. Be as creative and detailed as you like. Just note that there’s a 1,000‐character limit.
You can use Markdown syntax in your description. This provides a way to have bold or italicized text and headings with larger text, among other features. For example, to make text bold, write it as such: **bold text**. For italicized text, use *italicized text*. For more information on Markdown syntax, visit the Resources page at TheNFThandbook.com/Resources.
Don’t get hung up on making your collection elements perfect right now; they can all be changed later. Also, in Chapter 7, we’ll provide tips on making your collection more marketable.
Links.
On your collections page, you can link to your website and social media accounts. Specifically, you can provide links to your accounts on the following platforms:
· Discord
· Medium
· Telegram
· Your website
You can provide any, all, or none of the above links. If you have links for any of these platforms, we suggest you provide them. They allow potential buyers to learn more about you. The more they know, the more likely they’ll buy. These links will help grow your social media followings as well. Additionally, these links may help OpenSea to verify your collection, which we’ll discuss later in this chapter.
Ongoing Royalty.
We discussed this earlier in the chapter as an aspect of an NFT, but technically on OpenSea, the royalty percentage is set in the collection settings and will apply to all NFTs in the collection. Therefore, if you would like to set different royalties for different NFTs, the NFTs would have to reside in different collections.
Ongoing Royalty Address.
When you sell an NFT, the funds (usually ETH) are placed in your MetaMask wallet at the address associated with your account. However, for the ongoing royalties, you set an address to which the ongoing royalty payments will be sent. This can be your MetaMask wallet address or any other Ethereum address that supports ERC20 tokens.
Now that you’ve created and gathered all the content and information you need, you’re ready to create a collection.
Creating the Collection
To create a collection, follow these steps:
1. Hover your cursor over your profile picture on any OpenSea page, and click My Collections. Then on the My Collections page, in the “Create new collection” box, click the Create button.
2. In the “Create your collection” pop‐up (pictured in Figure 6.10), drag your logo to the Logo box to upload it. Then enter the name of your collection. Next, enter (or cut and paste) your description. When done, click the Create button.
Now you have a collection!
But you’re not done yet. You need to add the remaining elements to your collection. Go to the My Collections page by hovering your cursor over your profile picture and selecting My Collections. From the My Collections page, click the logo of the collection you created.
FIGURE 6.10 “Create your collection” pop‐up
On your collection page, the first thing we’re going to do is to add the banner image. Click the pencil icon in the upper‐right corner of the page and locate the banner image file on your computer.
Next, click the Edit button below your description. You will arrive at the “Edit your collection” page, where you can add or change any element of your collection at any time.
Most of the information requested on this page is relatively straightforward, especially since you already have the content and other information prepared.
· Logo Image: You should already see your logo image in the Logo image box. Feel free to change it by dragging a new logo image to the box.
· Featured Image: Drag your featured image into the Featured Image box.
· Banner Image: If you haven’t already added your banner image, drag your banner image into the Banner image box.
· Name: Enter the name of your collection.
· URL: You can customize the URL (web address) of your collection. It should, but doesn’t have to, be related to the name of the collection.
· Description: Cut and paste your description.
· Category: Adding a category will help make your NFTs discoverable on OpenSea. Click the Add Category button. There are five categories to choose from, as follows:
o Art
o Trading Cards
o Collectibles
o Sports
o Utility
Select the one that’s most relevant to what your NFTs will be.
· Links: Enter your website address and social media links or handles for each particular platform that you use.
· Royalties: Enter the royalty percentage. For a 10 percent royalty, enter 10, not .1. After you enter the percentage, an entry box will appear for your payout address. Cut and paste in your desired payout address.
· Payment tokens: These are the cryptocurrencies with which someone can purchase your NFTs. You can include additional cryptocurrencies (ERC20 tokens) by clicking the Add token button and selecting them from the list. There’s no real need to add other tokens unless there’s a particular token you’d like to receive or are trying to promote.
· Display theme: The display theme affects how your NFTs’ main content is shown. If you’re using PNG images with transparent backgrounds, then the Padded theme would probably be best. Otherwise, we recommend the Contained theme.
· Explicit & sensitive content: If your content is not safe for work or contains pornography or explicit language, then toggle the switch on. If you’re not sure, it’s better to err on the side of caution.
· Collaborators: If you’re creating your NFTs together with someone else, you can add them as a collaborator. Click the Add collaborator button and enter their Ethereum address in the pop‐up. Note that collaborators will have admin‐like capabilities. They will be able to modify collection settings, receive payments for NFTs that they created, change the collection’s royalty payout address, and create new items, so be careful who you add. At this point, to keep the process simple (and more secure), we recommend not adding any collaborators.
When you’re done inputting everything, click the Submit Changes button. If the button is grayed out, either you left out some required information or content or you need to unlock your MetaMask wallet.
Your collection is complete (except for adding NFTs, which we’ll cover in the next section).
Before moving on to the next section, you should review your collection. If you’re still on the “Edit your collection” page, click the “< Back to [your collection name]” link in the upper‐left corner; or, hover the cursor over your profile picture, select My Collections, and then click your collection’s logo. You are now on your collection page. To see how others will view your collection page, click the Visit button below the description. Or, you could enter your collection’s URL in your browser.
Make sure that everything looks good. Does the important part of your banner image appear? Is the description correct? If you used Markdown syntax, did those parts come out right? You should also notice your links in the upper‐right corner. And, if you’re just starting out, your stats will be all zero. These will automatically update as you accrue activity.
If you need to make changes, click the pencil icon in the upper‐right corner. If not, you’re ready to mint an NFT.
Verification
Before you start minting, a word about verification. You may have noticed that some collections have a blue check mark. For example, see Figure 6.11.
Like on other platforms, the blue check mark indicates that the collection is verified. It has been reviewed by OpenSea staff, who have verified that the collection owner is who they purport to be. This obviously gives buyers more comfort when bidding on and buying NFTs from the collection.
FIGURE 6.11 Akwasi Frimpong’s The Rabbit Theory verified collection
Currently, you can’t request verification for your collection on OpenSea. It’s added to account pages only if the figure or company controlling the wallet is at risk of impersonation, which is usually reserved for collections created by high‐profile public figures or organizations.
Most collections on OpenSea are not verified, so you shouldn’t be concerned that your collection isn’t either.
Minting an NFT
Back in the early days of NFTs, the only way to mint an NFT was by writing a smart contract. In essence, a smart contract is programming code that runs on the Ethereum network. Technically, the Ethereum network is the Ethereum Virtual Machine (EVM), a giant computer spread across multiple thousands of nodes around the world. A smart contract is basically a computer program written in Solidity, Ethereum’s native programming language based on JavaScript.
After writing the smart contract, you would have to test it and then deploy it to the EVM. Testing is a crucial step because once deployed to the blockchain, there’s no fixing it. Every NFT is a different contract, and, of course, there are gas fees every time you deploy a contract to the blockchain.
Today, with the advent of OpenSea and other NFT marketplaces, you don’t have to write a smart contract, know how to code, know how to test it, or know how to deploy it. Matt has done some coding in his time and even learned some Solidity. So, we can attest to how vastly simpler it is to mint an NFT on OpenSea.
Since you’ve already created all the aspects of your NFT, the actual minting process is pretty straightforward. Let’s get started.
On OpenSea, hover over your profile picture, select My Collections, and then click your collection’s logo. Next, from your collections page, click the Add New Item button. You’re now at the “Create new item page,” as shown in Figure 6.12.
· Image, Video, Audio, or 3D Model: This is where you upload your NFT’s main content. Just drag it into the box. If you upload an audio or video file, a separate Preview Image box will appear. In this case, drop your preview image (or GIF) into the Preview Image box.
· Name: Enter the name of your NFT.
· External Link: Enter the external link for your NFT if you have one.
· Description: Cut and paste in your NFT’s description. You can use Markdown syntax here as well.
· Properties, Levels, Stats: As discussed in Chapter 2, the Properties, Levels, and Stats fields are particularly useful for digital game trading card NFTs and in‐game item NFTs. Unless there’s a compelling reason or relevance to your NFT, we suggest just leaving them blank.
If you’re creating multiple editions of an NFT, for example, one with 10 editions, where each NFT is sequentially numbered 1–10, some NFT creators will put the edition number in the Stats. This is not required, but if you would like to do this, click the + button to the right of Stats. In the pop‐up, enter Edition as the name, then the NFT’s edition number, and the total number of NFTs in the edition. Save it when you’re done.
· Unlockable Content: If you have unlockable content, toggle the switch on. Then cut and paste in your unlockable content. As discussed earlier, this must be text, no files. You can use Markdown syntax here as well.
FIGURE 6.12 “Create new item” page
· Explicit & Sensitive Content: If the content of your NFT is not safe for work or contains pornography or explicit language, then toggle the switch on. If you’re not sure, it’s better to err on the side of caution.
· Supply: As discussed earlier, we recommend leaving the supply at 1.
· Freeze Metadata: Freezing your metadata will permanently lock it and store it on the IPFS, after which you will not be able to edit your NFT. You must first create your item before you can freeze your metadata. You will also need to pay a gas fee. Is it worth it? It will increase the likelihood of permanence of your NFT, but it’s up to you whether that’s worth the gas fee. We suspect that most creators will not opt to freeze their metadata.
Note that OpenSea is constantly evolving, and some options for creating new NFTs may change. Please visit the book’s website at TheNFThandbook.com for updates.
When you’re done inputting everything, click the Create button. If the button is grayed out, either you left out some required information or content or you need to unlock your MetaMask wallet.
Congratulations, you just created and minted an NFT!
Click the Visit button to go to your NFT.
Now that you created an NFT, in the next chapter we’ll show you how to sell it.