# NFT fun - Web3 Greece meetup

NFT stands for Non-Fungible Token.

Funky name, isn't it? In fact, I think it is so funky that I think it has largely contributed to their success.

Stay tuned, till later in the post, where we'll find out what an NFT is.

For now - let's focus on how to create one and how to $$$ell it.

*Regardless of your views on NFTs, #NFTmania was very much a thing in mid-late 2021, with millions upon millions of dollars spent on NFTs.*

**What We'll Cover**

[TOC]

## Prerequisites

### Wallet

You will need to have created a wallet. The discussion around what wallet to pick is a long one and really depends on what you'll be storing in it. For the context of this post - learning about NFTs, we can skip it and just go with a popular option: Metamask.

Head on over to https://metamask.io/download.html and follow the instructions.

Come back once you've installed the extension in your browser and have signed into your wallet.

## I. Creating an NFT

The most popular marketplace for NFTs is [OpenSea](https://opensea.io/).

That's what we'll use in this meetup.

In fact, we will use the **TEST** version of OpenSea, so you can get acquainted and perform these steps without having to pay the large fees that currently (early 2022) hinder transactions on Ethereum mainnet.

### 1. "Login" to OpenSea

In "Web3 dapps", "login" happens by "connecting your wallet".

Head on over to:

https://testnets.opensea.io/login

#### Connect your wallet

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### 2. Create Asset

Now that you're connected, let's go ahead with creating our first asset.

Assuming you have your image ready to upload, the form available at https://testnets.opensea.io/asset/create is pretty straightforward:

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... and as simple as that, your asset has been created!!

Here is an asset we created for the first version of the first Web3 Greece community logo:
https://testnets.opensea.io/assets/0x88b48f654c30e99bc2e4a1559b4dcf1ad93fa656/77150795000829821123880575763577742837444910821628216026772338090129152278529

#### ...But has the NFT really been created ???

* Notice you didn't interact with your wallet during asset creation.
* But doesn't the NFT live on the blockchain ? 🤔
* Yes.
* Ok, so was it created on the chain, but it's not mine ?
* No.
* Wait a minute, in the previous Web3 Greece meetups we saw that I need some kind of wallet application to create transactions on chain.
* Correct!
* Then... what happened?
* Quite simply: your NFT (i.e. the ERC-721 token) has not been created yet on chain. It only lives within the OpenSea systems.
* That's not very "decentralized", is it?
* It's not! (But to be fair, there *is* always a usability tradeoff to consider and OpenSea does create it on chain, but much later -> once it's sold! And this does make some sense because you wouldn't really want to pay high gas fees for a token that may never be sold, right ? )
* Ok, so how can I sell the NFT?
* Glad you asked! Let's move on!

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### 3. Create Collection

You could just sell the specific NFT you have created, on its own, but a quick look over at https://testnets.opensea.io/collections will tell you that NFTs these days get sold as part of Collections.

Considering we're pretty serious about selling this NFT, let's go ahead and create a collection:

https://testnets.opensea.io/collection/create

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Let's look at some of the fields. The below fields are basically just used for presentation / marketing purposes:

* Logo,
* Featured Image,
* Banner Image,
* Description,
* URL,
* Links,
* Display Theme,
* Category

Let's look at some of the important fields:

* **Blockchain**: this is perhaps the single most important option. It is **crucial** to remember that any token that is created ONLY lives within a single blockchain !!! Yes, you read that right !! You can have a different NFT created for the exact same image on different blockchains. So much for that "proof of original ownership"... :/
* **Payment Tokens**: the tokens in which you are willing to accept payment. For example someone might prefer to only accept stablecoins, whereas someone else might be happy to also accept (much more volatile) cryptocurrencies like BTC and ETH.
* **Payout Wallet Address**: the wallet address where you will get paid. Don't lose access to this !!! 😅
* **Royalties**: are fees that you - as the creator - will earn when people re-sell this token.

Once you're happy with your options, click "Create" and your collection will be ready!

Here is the Web3 Greece collection we created on Rinkeby: https://testnets.opensea.io/collection/web3-greece

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### 4. Listing the NFT for Sale

This is where things get serious! :)

You have several options here, but nothing that is too different from how you would sell an item on a "web2" platform.

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NOTE: Perhaps the only thing worth noting is that depending on the blockchain you choose, the gas fees might be very high (e.g. in Ethereum, at time of writing this). You should be wary of this because it affects the total price paid by your potential buyers. If the asset price is too small compared to the gas fees, it will probably look ... weird.

* Service Fee:
* Royalty Fee:

After you click "Complete Listing", there are still a few steps:


#### 4.1 "Initialize Wallet" a.k.a. Give OpenSea access to your FUNDS

OpenSea itself doesn't make it sound as scary as that is.


Luckily, the Brave wallet offers a better explanation:


#### 4.2 Approve this item for sale

#### 4.3 Confirm Listing

The metamask notification message isn't very helpful. :|


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## II. Buying / Making an Offer for an NFT

First of all, you'll need some money in your OpenSea account to buy the NFT.

### First, Wrap some ETH

First you need to "wrap" your Ether. This basically means you need to convert it into an ERC-20 version (i.e. a tradeable token), so it can be used by the OpenSea smart contracts later.

Head on over to https://weth.io/ to understand more.

#### 1. Initiate conversion


#### 2. Approve transaction from your wallet


#### 3. Wait for transaction to complete


#### 4. Check that OpenSea shows balance in WETH


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## III. Selling / Accepting an offer for an NFT

WIP

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## IV. What is really an NFT ?

http://erc721.org/

* everyone can see who owns it
* contains a value that points to an entity
* can be traded / sold
* main usage is for images
* main marketplace is OpenSea
*