OpenSea NFT is a decentralized marketplace where non-fungible tokens (NFTs) can be bought and sold. Users can transact NFTs on the secondary market and create and sell their own NFT collections in the primary market. The OpenSea marketplace is simple to use, with a filter feature to assist you in finding the NFTs you require.
OpenSea is based on the Ethereum blockchain. Hence, you’ll need an Ethereum wallet to purchase and sell NFTs. Coinbase, TrustWallet, and MetaMask are among the wallets supported by OpenSea.
How Does Open Sea Work?
OpenSea is a decentralized marketplace that employs smart contracts to acquire and trade unique digital items. Smart contracts allow users to safeguard the custody of their NFT collections on the platform, ensuring the creator’s effort is protected.
OpenSea allows NFT transfers. However, after linking OpenSea to a compatible Web3 wallet like MetaMask, you can deal directly with other users on the blockchain.
To verify that NFT collectors hold the assets they’re advertising on the marketplace, OpenSea uses the open-source blockchain Ethereum, as well as ERC1155 and ERC721. Furthermore, Polygon blockchains are created by the company to enable quick and low-cost trade.
Features of Opensea NFT
Among the key features of the OpenSea NFT marketplace are:
Gifting with NFT
Users of OpenSea can transfer NFTs as a gift to other OpenSea users. If you can’t identify your friend’s login on OpenSea, you can transfer an NFT gift to their ETH address, and this will appear in their wallet immediately. You can also get NFT gifts from your friends on any platform.
Minting of NFT
NFTs can also be minted with OpenSea. Although OpenSea does not charge a cost for minting NFTs, you will be charged a 2.5% service fee on the final sale.
Setting up a marketplace on OpenSea is entirely free, but there is a 2.5 percent service fee for every sale. This cost is relatively on the lower side compared to other NFT marketplaces.
There are numerous wallets you could use on OpenSea. The following is a complete list of wallets that the platform supports.
- Coinbase Wallet
How to create NFTs on OpenSea
Before you can engage with NFTs on OpenSea, you’ll need to create an account as a new user. To do so, you’ll need to create a wallet.
Continue with the instructions below to create an OpenSea account once your wallet is ready.
- To connect your newly created wallet, go to the OpenSea homepage and click the wallet symbol in the right corner. A prompt will ask you to select your chosen wallet. Select your preferred wallet (in this example, MetaMask) and complete the connecting process from your wallet.
- After you’ve set up your wallet, you’ll be taken to your OpenSea default profile page. You must customize your account because it is now in the default configuration. Before you can proceed, OpenSea will need you to sign a contract. After you’ve completed this stage, you can personalize your account by creating a username, writing a bio, and uploading a profile photo.
- You’re ready to start minting NFTs at this point. Please note that depending on the blockchain you plan to create NFTs, you may need to have enough coins in the wallet to cover transaction costs. If you’ve taken care of it, you can begin minting by following the procedures below.
- If you only want to make single NFTs, go to your account page and select “Create,” then provide a name, description URL link, and any other thing you want to include. To mint it on the blockchain, scroll to the bottom and select the lower “Create” button.
- To create a collection, go to your account icon and select “My collections.” Click “Create” under the “Create new collection” option to name the collection, add a description, and submit an image. To give your collection a truly distinctive vibe, experiment with the different editing tools on this page.
- To create an NFT, Click “Add New Item ” under the collection you have created. This will lead to a page where you may type in the NFT’s name and add metadata like an image, video, or audio file. You could also add attributes to help potential purchasers filter NFTs in your collection, such as the year the NFT was created.
Purchasing and NFT on Opensea
For cryptocurrency wallet, you can only purchase NFT on OpenSea. Let’s understand how you can go about doing it:
- Install the wallet app. One of the most likely options is the Coinbase Wallet.
- Create a user account. Depending on your platform, you must provide different types of personal information. Some applications ask for a lot of information, while others merely need your email address.
- Make a note of the private key, which is provided as a 12-word phrase. Keep it safe because you will lose access to the crypto if you lose it.
- Put some cryptocurrency into your wallet. Traditional currencies, like euros or US dollars, can purchase crypto. On the other hand, some wallets demand you to transfer funds from another account.
You must now purchase ETH (Ethereum). You can use this coin to purchase NFTs on OpenSea. You will need to do the following:
- Log in to Coinbase.com using your credentials.
- Choose “Ethereum” from the “Buy/Sell” menu.
- To complete your transaction, click “Preview Buy” to confirm your order and then “Buy Now.”
- In a few days, your ETH will be transferred. When that takes place, go to your wallet account & copy the wallet address.
- Select “Portfolio” when you return to Coinbase.
- Choose “Ethereum,” then “Send”, and put your wallet address into the appropriate space. Double-check your address to guarantee you’re transferring ETH to the correct destination.
- After a few minutes, click the “Continue” button, and your ETH will appear in your wallet.
You can now buy NFTs on OpenSea after you have created the crypto wallet and purchased ETH. What you will need to do is:
- To begin with, open your browser and go to the OpenSea homepage.
- Click the wallet symbol in the upper-right corner of the screen. You should now be prompted to link your wallet on the platform. Your account will be ready to use once you’ve connected your wallet.
- The app should now redirect you to your profile page, where you can see any tokens you’ve created, collected, or favored for future purchases. Go to the settings symbol in the right area of your image to personalize your profile if you want to alter your account from “Unnamed.” Clear the security prompt and accept the terms of the agreement to proceed. Select a username, fill in some details, and add your email address.
- Look through OpenSea for the NFTs you would like to buy.
- Examine whatever information you’ve collected on your NFTs. NFTs that are collectible or unusual can have valuable properties. Ensure to look at their price history before deciding whether or not to use them for trading.
- Once you’ve selected the perfect NFT, click “Buy Now.” Before completing the transaction, you should double-check a few details. It protects you from being duped into purchasing fake or similar versions of the NFT.
- Proceed to the checkout and review the total cost of the order if everything appears good. Accept the platform’s terms and click “Checkout.”
Get Your NFTs and Begin Your Journey.
You may expand your cryptocurrency portfolio by learning how to purchase and mint NFTs on OpenSea. You’ll accumulate a sizable sum in your wallet over time, allowing you to trade in a variety of digital artworks and collectibles. Select the best approach for you and collect as many tokens as you need.
How Do I Go About Selling an NFT?
Selling and NFT on Opensea
- Select your profile picture in the top right corner of opensea.io and then select Profile.
- From your wallet, select the NFT that you want to sell. If you don’t already have an NFT to sell, check out our tutorial on making an NFT.
- Select Sell in the top right corner to go to the listing page. Here you can set the sale price and type.
- A fixed-price sale is one in which the price remains constant. The price is fixed at 1 ETH in the screenshot below.
- You can also choose how long the sale will last. The default settings are 1 day, 3 days, or 1 week; however, you could also use the calendar to create a custom duration.
- You could include the item in a bundle (which groups NFTs from many collections together) *.
- Finally, you have the option of reserving the item for a specific customer. Simply paste their address into the Reserve for a specific buyer form below.
- The potential fees from the sale will be indicated at the bottom of all of those alternatives. In this scenario, the transaction includes a 2.5 percent OpenSea Service Fee and a 10% Creator Earnings, for a total of 12.5 percent. On OpenSea, this is the maximum percentage that can be taken from an NFT sale.
Completing Your Transaction
To finalize your sale, you will be asked to sign a transaction.
- Please note that if this is your first time selling on OpenSea, you will need to initialize your wallet first. If the item you’re selling was not minted on OpenSea but instead via a custom contract, then an additional approval & signature will be required before OpenSea can trade it on your behalf.
- After you’ve finished your listing, you’ll see a confirmation pop-up like the one below. Don’t forget to share your ad on social media!
- Select the Activity option from the profile page to see the things you’ve posted for sale.
- The transaction List will appear next to the item you have listed.
At the time of writing, neither Tim Thomas nor Timothy Thomas Limited hold positions in the cryptocurrencies mentioned.
This post was produced and syndicated by Smart Bitcoin Buyer / Timothy Thomas Limited.
Featured image credit: Unsplash.