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If you are interested in NFTs, you probably would have heard of NFT marketplaces. These places allow collectors to buy and sell their unique NFTs on one platform. OpenSea is one such example of an NFT marketplace. If you are planning to buy or sell your NFTs, this platform can be an ideal choice.
Read on to know more.
Created in 2017, OpenSea is an Ethereum-based decentralised marketplace where you can buy and sell NFTs (Non-fungible tokens). At first, it was a market just for CryptoKitties, but today you can find a wide variety of digital assets like music, domain names, game avatars, digital art and many more.
To operate on OpenSea, you need a crypto wallet that supports Ethereum. There are many options to choose from. Some of them are:
Apart from the above, there are over 200 payment options. One can even use stable coins.
Apart from Ethereum, OpenSea supports Klaytn (KLAY) and Polygon (MATIC). This has made it easy for various users to interact on this platform.
OpenSea allows you to do a lot with its unique set of features. They are:
If you are a creator, you can mint NFTs. Newly created NFTs have a lot of demand among collectors, and it can be a good way for you to earn money. OpenSea supports various formats in which you can convert your digital file into an NFT. The maximum size of an NFT that you can create is 100 MB. You can also set up your collection of NFTs on this platform.
When you mint an NFT, there is no fee; however, on the final sale, you have to pay a 2.5% service fee.
You can send NFTs as gifts to your friends. You can search your friends’ user names or send the gift directly to their ETH address. They will receive the gift directly in their wallet. One thing to remember, though, is that you need to link your crypto wallet before gifting an NFT to your friend.
To send an NFT gift to your friend, do the following:
Your friend will receive the NFT gift.
NFT Statistics and Analytics
This tool comes in handy if you want to analyse the price statistics of a specific NFT or track NFT trends. You can sort the data based on its sales volume (rankings) and most recent sales (activity).
To start using OpenSea, you can follow the steps mentioned below:
After processing your request, OpenSea will show your purchased NFT on your dashboard. Apart from Ether, you can also use SOL, USDC, or DAI for your transactions on this platform.
You can follow these steps to create an NFT on OpenSea:
You just created your first NFT on this platform!
Follow the steps given below to sell your NFTs:
If you choose a ‘Fixed Price’ sell, you can establish a price for your NFT. You can also choose a ‘Timed Auction’ sale in which the default durations are 1 day, 3 days, or 1 week. Moreover, you can also set a custom duration using the calendar. Furthermore, you can reserve your NFT to be sold to a specific buyer. You can enter their wallet address in the ‘Reserve for a specific buyer’ field. Apart from OpenSea’s service fee, there will also be a 10% Creators Fee.
Confirm the listing by signing a transaction
If the NFT you are selling was not minted on OpenSea, you may have to give another approval and signature to allow OpenSea to transact on your behalf.
After the listing process is complete, there will be a pop-up confirmation. You may consider sharing your listing on social media to popularise it. To see the items you have listed for sale, you can select the ‘List’ option under the ‘Activity’ tab.
Being a decentralised marketplace, OpenSea utilises smart contracts to facilitate the buying and selling of NFTs.
Smart contracts are a hassle-free way to conduct your dealings and have the blockchain system’s security integrated into them. They use unique contractual arrangements that can restrict the buyer’s use of the NFT. Furthermore, you can automatically receive royalty fees from the subsequent sale of your NFT, which is excellent proof of ownership. Smart contracts also follow the ERC 721 and ERC 1155 Standards that make your dealings more secure.
To this day, OpenSea is the largest decentralised NFT marketplace. However, before investing, conduct thorough research from credible sources. Also, double-check your transactions to prevent yourself from being scammed.
Transacting on a huge marketplace like this can initially be a little intimidating. However, when you get the hang of it, you can reap the immense opportunities it has to offer.