How to Use OpenSea
Whether you're well-versed in the intricate realm of NFTs or embarking on your maiden journey into this digital tapestry, OpenSea is a name that's likely resonated with you. As a stalwart presence since 2017, OpenSea stands as one of the preeminent NFT marketplaces, etching its prominence in the evolving narrative of non-fungible tokens. The collaborative brainchild of Alex Atallah and Devin Finzer, OpenSea's ascent has been accompanied by substantial funding, amassing hundreds of millions of dollars through a series of strategic funding rounds. Within the confines of this article, we embark on an exploration of OpenSea's essence, delving into the intricacies of its identity, while also unveiling the compass that guides your journey to both list and acquire NFTs within its expansive landscape.
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
What is OpenSea?
OpenSea stands tall as a premier peer-to-peer NFT marketplace, carving out a space where the realms of buying, selling, and crafting NFTs converge seamlessly within the web3 framework. Born in 2017, OpenSea's trajectory has been nothing short of remarkable, gaining momentum as the bustling epicenter of NFT transactions, boasting an astounding trading volume that eclipses $6.5 billion.
Picture OpenSea as a virtual realm, a digital emporium akin to Amazon, uniquely tailored to the NFT landscape. Within its expansive domain, the canvas is broad, and the possibilities are boundless. Here, the kaleidoscope of non-fungible tokens unfolds in all its diversity—art, collectibles, music, sports, trading cards, and beyond—painting a vivid tapestry of creative expression and unique ownership.
Unlike its counterparts that often gravitate toward specific NFT niches, OpenSea defies constraints, welcoming both creators and collectors into its dynamic marketplace. A symphony of transactions unfolds, encompassing a spectrum of NFT genres, unrestrained by preconceived boundaries. Imagination becomes the compass, guiding the discovery of NFT treasures within OpenSea's boundless expanse.
What You Need To Create An OpenSea Account
Before creating your own OpenSea account, there are some basic things that you need to have in place in order to transact on the marketplace. To start off, you will need an Ethereum wallet and some cryptocurrency.
Before you can do anything in the peer-to-peer space, you will need a cryptocurrency wallet. OpenSea is no different. Before you can get started on OpenSea, you will need to download an Ethereum wallet.
It does not matter which Ethereum wallet you use. MetaMask is a more frequently used wallet, but you can use Coinbase or any other wallet that has Ethereum support.
After you’ve chosen an Ethereum cryptocurrency wallet and have everything set up, the next thing that you’ll need to do is send some cryptocurrency to your wallet. When it comes to picking which cryptocurrency you want to use, it really depends on which one you’re comfortable with. Most people do however use ETH, or Ethereum, when it comes to transacting on the OpenSea marketplace.
If you don’t have cryptocurrency already, you will need to purchase some and then send the newly purchased cryptocurrency to the wallet that you will be using in your MetaMask wallet. You will need to purchase cryptocurrency on an exchange platform like Binance or Coinbase. Some exchanges allow you to purchase cryptocurrency directly with your debit or credit card, depending on what the regulation around cryptocurrencies are for the jurisdiction that you’re in.
If you purchase cryptocurrency using a debit or credit card, the cryptocurrency should reflect in your wallet immediately. If you transferred funds from your bank account to the exchange platform, then the funds could take up to 3-5 business days to show up on the platform. Once the funds transferred from your bank account show up on the exchange, you can then make a trade on the platform to purchase cryptocurrency.
Now that you have cryptocurrency, you can send it through to your cryptocurrency wallet. If you used an exchange platform like Coinbase, which also has its own cryptocurrency wallet, then you can skip this step.
Let’s now take a look at how to set up your OpenSea account.
How To Set Up Your OpenSea Account
If you're venturing into the realm of the OpenSea NFT Marketplace for the first time, with aspirations to engage in transactions, your inaugural step involves crafting an account on the platform.
Embarking on this journey, your foremost task is to seamlessly tether your wallet to OpenSea's domain. The gateway to this connection lies within the "Connect Wallet" tab nestled within the "Menu" enclave. A mere click guides you to an array of wallet options at your disposal. Here, select the wallet that holds your cryptocurrency treasures. With your choice made, the stage is set for a digital transaction signature within your wallet—a virtual handshake sealing your bond with the OpenSea platform.
A connected wallet unlocks the gates to further exploration. Venture into your personal enclave, the "Profile," where you can wield the power to fine-tune your presence via the "Settings" realm. This canvas allows you to weave your persona, weaving a username, bio, email address, social links, and images into a tapestry that captures your essence. As you stand poised, your OpenSea journey takes shape, enabling you to dive into transactions. The simplicity of logging in echoes the past—a mere digital signature, a gesture as familiar as the brush of a pen, serving as your key to unlock the portal to your NFT pursuits.
Selling An NFT On OpenSea
Selling your NFT on OpenSea is a relatively simple task since the team at OpenSea prioritized making the process of selling NFTs on the platform as user-friendly as possible. So, let’s take a look at how to sell your NFT using OpenSea.
To sell an NFT on OpenSea, go to “Menu”, then select “Account”, and finally go to your “Profile, where you can choose which of your NFTs you would like to sell. Choose the NFT and then select “Sell”. After this, you can then set the price of your NFT and schedule your listing.
When you go to sell an NFT on OpenSea, you will notice that there are four different types of listing options available for you to choose from. They are fixed price, Dutch auction, auction, and bundle.
Fixed Price (Buy Now)
The fixed price listing option will put your NFT on sale at a “Buy Now” price. This listing strategy is straightforward and perfect if you have a set price for the NFT that you’re selling.
Dutch Auction (Begins High, End Low)
When you list your NFT using the Dutch auction strategy, you are simply setting a starting price, ending price, and the duration of the auction. As time progresses, the original price decreases until reaching the set floor price.
Auction (Starting Price, or Reserve Price)
The Auction listing option is a standard auction. You simply list your NFT for a minimum price and then allow buyers to bid on it. You also have the ability to set a reserve price and you can accept any offer you like.
Bundle (List Multiple NFTs As One Bundle)
Bundling your NFTs is a great choice if you are looking to sell more than one NFT to the same buyer. When you bundle multiple NFTs, only one transaction is required as opposed to multiple, meaning the buyer saves on having to pay numerous gas fees.
As far as fees are concerned, OpenSea has made it very simple for users. They take 2.5 percent of every transaction that occurs. Nothing else. Other than that you can create NFTs for free at any time. Also, as the original creator, you can set a royalty of up to 10 percent. This means you can earn revenue every single time your NFT sells on the marketplace.
Now that we have taken a look at how to sell an NFT on OpenSea, let’s take a look at how to buy an NFT.
Buying An NFT On OpenSea
Given the considerable influx of collectors and investors gravitating toward NFTs, it's no surprise that OpenSea has adopted a diverse approach, catering to a wide array of NFT enthusiasts rather than tethering itself to a singular niche of collectible assets.
Initiating an NFT acquisition through OpenSea is akin to embarking on a streamlined journey. As you embark on this digital odyssey, a simple act suffices: sign into your Opensea account, poised to delve into a realm of captivating possibilities. To navigate this virtual tapestry, you have at your disposal two compasses: the "Explore" tab or the refined "Search" function, both conduits leading you to NFTs that may ignite your imagination. The selection process unfolds as you discover an NFT that stirs your curiosity. In this moment, the choice of "Buy Now" or "Make Offer" emerges, the latter if you're inclined to extend a bid. As the crescendo of your transaction nears, a final signature—a digital autograph—becomes the definitive seal, binding the transaction within the secure confines of the blockchain.
OpenSea Tips And Tricks
Exercise prudence when entertaining bids for your NFT and adopt a vigilant stance when reviewing the terms of the offer. It's imperative to undertake a meticulous evaluation to ascertain that the proposed currency aligns with your preference; instances have arisen where individuals proffered a mere $1 instead of 1 ETH.
Should a representative from OpenSea's support team initiate contact regarding any concerns you encounter, it's paramount to exercise a heightened level of caution. Regrettably, this avenue is frequently exploited by malicious actors seeking unauthorized access to your account.
Above all, maintain an unwavering commitment to safeguarding your cryptographic sanctum. Never divulge your wallet's confidential passphrase or permit any party access to your device, regardless of any assertions of being affiliated with OpenSea's support team. Resolute adherence to these principles serves as a formidable bulwark against potential risks.
How to Use OpenSea: Conclusion
OpenSea is one of the most popular peer-to-peer NFT marketplaces and offers a wide variety of NFT types. This is what separates OpenSea from other NFT marketplaces is the fact that it does not just focus on one specific niche in the NFT space. To get started purchasing or selling NFTs on OpenSea, you will need a cryptocurrency wallet with some cryptocurrency inside. Transacting on OpenSea is relatively easy since the team behind the platform prioritized making it as user-friendly as possible.