New NFT collections pop up regularly, offering collectors opportunities such as becoming the first buyer of an NFT – a process known as minting.
What is Minting?
Minting an NFT is the process of your digital art becoming a part of the Ethereum blockchain; a public LEDGER that is unchangeable and tamper-proof. Just as metal coins are minted and added into circulation, NFTs are also tokens that are “minted” upon creation.
OpenSea and its beneficial mining process.
OpenSea is a platform for hosting NFTs for sale or on display. OPENSEA provides a great infrastructure for building NFTs.
The new OpenSea collection manager allows creators to make NFTs without any upfront cost for gas. This is because the NFT isn’t transferred on-chain until the first purchase or transfer is made.
Collection Manager
NFTs made with the Collection Manager follow the ERC-1155 standard. This is partly to help with gas-free minting, and partly to help developers add exciting new features in the future. Take note, if this is your first listing on OpenSea you will need to pay gas fees upon initializing your account.
Gas Fees...Ughhhhh
What are gas fees?
Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain.
“Gas limit” refers to the maximum amount of gas (or energy) that you're willing to spend on a particular transaction.
Are you familiar with the acronym “WETH”?
- “WETH” stands for Wrapped Ethereum
Ether, or ETH, is the native token of the Ethereum blockchain. Wrapped ETH, or WETH, refers to an ERC-20 compatible version of ether. ERC-20 is a technical standard, developed after the release of ETH which allows tokens created on the Ethereum blockchain, such as ZRX, to interact with one other.
How does OpenSea accept gas fees?
Fixed price sales cost gas fee upfront.
Auctions in reverse(dutch style) cost a gas fee upfront.
Auctions that increase value, meaning the buyer pays a gas fee if the seller accepts the highest bidders bid. Otherwise, the seller is responsible for the gas fee through a cancelation process.
STRATEGY: ONLY SELL THROUGH AUCTIONS, BECAUSE OF POTENTIAL LOSS ON GAS FEES.
Minting NFT for Free!
We should try to make an NFT that mints for free
OpenSea offers fixed pricing & auction price listings. These listing types decide if you or the buyer pays for the exchange of NFTs.
Creating an NFT is always free. Payment would begin upon selling of NFT unless WETH utilized
Selling NFT on a Platform
After your NFT is created, you will eventually mint it to solidify the sale of such NFT.
OpenSea runs on Ethereum and Polygon, which is a newer altcoin.
What is Polygon (MATIC)?
Polygon (MATIC) is an Ethereum token that powers the Polygon Network, a protocol, and framework for building and connecting Ethereum-compatible blockchain networks.
Polygon is what’s known as a Layer-2 solution, designed to help scale the Ethereum network and improve its functionality. The protocol aims for faster, cheaper Ethereum transactions using sidechains (blockchains that run like speedy HOV lanes alongside the Ethereum main chain.)
How does Polygon work?
An increasing number of decentralized financial applications support Polygon. To avoid unnecessary fees, check that your app is supported before you bridge assets from Ethereum’s main chain. Popular decentralized applications such as Aave, Sushiswap, and Curve Finance supported Polygon since December 2021.
To engage in Polygon’s network, you will need a multi-chain wallet such as COINBASE Wallet. Using Coinbase Wallet you can browse Polygon Bridge to exchange Ethereum assets as well as monitor your balance across different networks.
