Dipping my toes in the OpenSea.

With Loopring’s NFT minting and transferring being down for the last few days, I’ve decided to dip my toes into the OpenSea and share my experience as it relates to my first NFT minted & listed for sale on their platform.

First things first, I needed to set up an OpenSea account…

That initial account setup only took a few seconds as I already had a MetaMask account in place. From there, I spent another few minutes adding some art to my profile and creating my first collection.

At this point, my profile on OpenSea looked something like this;

The next step was to add an item (NFT) to my collection, adding the artwork + metadata took less than a minute and creating the initial NFT was free.

After that, I selected “freeze metadata” which OpenSea defines as, “Once locked, your content cannot be edited or removed as it is permanently stored in decentralized file storage, which will be accessible for other clients to view and use.”

Freezing the metadata was the first fee I encountered along the way ($7.46) and you can see that within MetaMask labeled as “Set URI”;

Set URI

^ This part of the listing process only took about 30-seconds.

Since this was my first time using OpenSea to list an NFT, the next step was to initialize my MetaMask wallet. This was their fancy way of telling me I needed to pay a one-time setup fee ($34.58) to participate on their exchange. You can see this within MetaMask labeled as “Register Proxy”;

Register Proxy

^ This was by far the longest part of the process as the transaction took about 45-minutes to get approved on the Ethereum mainnet. It is worth noting here that MetaMask has a “speed up” option if you’re in a hurry, but when I’d clicked that the estimated fees went up to $69.49 so I’d decided to just wait it out.

Speed Up Transaction

Once my transaction status had flipped from “pending” to “success” on Etherscan, I was able to continue with the NFT listing process on OpenSea.

The next step looked like this;

At this point there was another fee ($4.75) to approve the NFT for sale, you can see this within MetaMask labeled as “Approve WETH spend limit”;

After approving this final listing fee, my first NFT timed auction had officially been created on OpenSea.

TLDR; This entire process took about an hour to complete and had 3x fees along the way totaling $46.77, it’s worth noting that $34.60 of these fees were one-time (account initiation) so if ETH prices & network activity remained constant my total listing fees would have been $12.17

Listing Complete
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