OpenSea serves as the largest global marketplace for non-fungible tokens (NFT) representing unique digital assets ranging from art and music to games and collectibles. In this blog post we will walk you through the fundamentals of Opensea NFT marketplace including the process of buying, selling and creating your own NFTs on the platform.
What is OpenSea NFT Marketplace?
OpenSea stands as a decentralized platform that grants access to anyone interested in purchasing, selling, and exploring NFTs. Unlike conventional digital assets, NFTs lack interchangeability and divisibility. Each NFT boasts a distinctive identity and history that can be validated on the blockchain. This quality makes NFTs ideal for representing scarce and valuable digital items such as artworks, game items, domain names and virtual worlds.
Opensea NFT marketplace supports over 200 diverse NFT projects, encompassing popular ones like CryptoPunks and Axie Infinity, as well as emerging ones like Art Blocks and Bored Ape Yacht Club. On Opensea, you can browse through thousands of NFT collections and categories, utilizing filters and keywords to search for specific items. Moreover, you have the opportunity to establish your custom collections and showcase your NFTs to fellow users.
How to Buy NFT on OpenSea?
To acquire NFTs on OpenSea, you require two essential elements, a cryptocurrency wallet and some Ethereum (ETH). Cryptocurrency wallet can be either software or hardware based wallet enabling you to store and manage your digital asset. Some popular wallets compatible with OpenSea include MetaMask, Trust Wallet, Fortmatic and WalletConnect. Opt for a wallet that supports ERC-721 or ERC-1155 standards, which are the most prevalent types of NFTs.
Ethereum (ETH) serves as the native currency of the Ethereum blockchain, where the majority of NFT creation and trading occurs. You can obtain ETH from various platforms like Coinbase, Binance and Kucoin. Alternatively, you can swap other cryptocurrencies for ETH using services such as Uniswap or 1inch. Once you have ETH in your wallet, you can connect it to OpenSea and commence your NFT purchasing journey.
To buy NFT on OpenSea, you can either place a bid or make an offer. Placing a bid entails expressing public interest in an NFT, which the seller can either accept or reject. Making an offer involves sending a private message to the seller with a specific price and expiration date. Additionally, you can make an instant purchase if the NFT is listed with a fixed price or if an auction is about to conclude.
Upon purchasing an NFT on OpenSea, you will incur a small fee (2.5%) to the platform and the Ethereum network (gas fee). The gas fee fluctuates based on network congestion and transaction complexity. You have the flexibility to adjust the gas fee manually or utilize the recommended option provided by OpenSea. Once the transaction is confirmed on the blockchain, you will receive the NFT in your wallet, and it will be visible in your OpenSea profile.
How to Sell NFT on OpenSea?
To sell NFT on OpenSea, you must possess NFTs in your wallet that you either own or have permission to sell. You can create your own NFTs using OpenSea’s tools, purchase them from other users or platforms or import your existing NFTs from other marketplaces or websites using OpenSea’s bridge feature.
To sell an NFT on OpenSea, you need to list it for sale and establish a price or auction type. OpenSea offers four options fixed price, declining price, highest bid or bundle sale.
- A fixed price provides a straightforward method to sell your NFT at a specific amount of ETH.
- A declining price allows you to attract buyers by gradually lowering the price until someone purchase it or you cancel the listing.
- A highest bid allows buyers to compete for your NFT by placing bids until a deadline or reserve price is met.
- A bundle sale permits the sale of multiple NFTs as a package deal.
To sell NFT on OpenSea, you will be subject to a small fee (2.5%) to the platform and the Ethereum network (gas fee). The gas fee varies based on network congestion and transaction complexity. You can manually adjust the gas fee or rely on the recommended option provided by OpenSea. Once transaction is confirmed on the blockchain then you will receive ETH in your wallet and NFT will be transferred to the buyer.
How to Create NFT on OpenSea?
OpenSea serves not just as a marketplace for buying and trading NFTs but also as a platform for crafting and minting your very own NFTs. Opensea empowers you to transform your digital or physical creations into NFTs and distribute them on the platform.
To initiate the process of creating NFTs on OpenSea, you must follow these steps –
Connect wallet – Similar to earlier instructions, you require a wallet compatible with OpenSea, containing some ETH. You may use the same wallet employed for buying and selling NFTs on OpenSea or create a fresh one if desired.
Establish collection – A collection represents a grouping of NFTs that share a common theme or style. On OpenSea you can form a collection by selecting the “Create” button situated in the top right corner of the website followed by choosing “Create a collection.” Proceed to provide a name for your collection, upload logo, craft description and incorporate relevant links to your website or social media accounts.
Mint NFT – Minting refers to the process of generating and issuing new NFTs on the blockchain. OpenSea facilitates NFT minting through the “Add New Item” button located on your collection page. You can then upload your digital file or enter the details of your physical asset. Subsequently, assign a name to your NFT, compose a description, add attributes and establish a supply limit. Additionally you have the option to mint your NFT as an ERC-721 token which adheres to the standard for unique and indivisible NFT while ERC-1155 token which conforms to the standard for multiple and divisible NFT.
OpenSea stands as the ultimate destination for individuals intrigued by NFTs, whether as buyers, sellers or creators. The platform provides a plethora of features and advantages that facilitate seamless exploration, discovery, and trading of NFTs across various categories and genres. If you aspire to partake in the NFT revolution and embrace the future of digital ownership, it is highly recommended to explore OpenSea NFT marketplace without delay!
