How to Use OpenSea
Whether you are an NFT expert or are just starting out in the NFT space, the chances that you have heard about OpenSea are pretty good. OpenSea has been around since 2017 and is one of the most popular NFT marketplaces. Founded by Alex Atallah and Devin Finzer, OpenSea raised hundreds of millions of dollars in a series of funding rounds. In this article, we will take a look at what exactly OpenSea is, as well as how you can get started with listing and purchasing NFTs with OpenSea.
What is OpenSea?
OpenSea is one of the most popular peer-to-peer NFT marketplaces to buy, sell, and create NFTs using web3. Founded in 2017, OpenSea has become the busiest NFT market with an incredible trading volume of $6.5 billion.
You can think of OpenSea as an NFT-based Amazon marketplace where you can buy and sell any type of non-fungible token you can think of. Some of the types of NFTs available on the platform include art, collectibles, music, sports, trading cards, and so much more.
Unlike many of the other NFT marketplaces in the space, OpenSea does not focus on a single specific niche within the NFT community. Instead, OpenSea offers a marketplace where both creators and collectors can come to purchase, sell, and create all kinds of NFTs. The imagination is really the only limit when it comes to what types of NFTs can be found on OpenSea.
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 this is your first time visiting the OpenSea NFT Marketplace and you plan on transacting on the platform, you will need to create an account before you can proceed.
The first thing that you will need to do is connect your wallet to OpenSea. On the platform, this can be done by clicking the “Connect Wallet” tab, which can be found in the “Menu” section. You will then be presented with a list of wallet options to use. Select the wallet that you have set up that has cryptocurrency funds in it. Once you’ve selected your wallet option, you will be prompted to digitally sign the transaction in your wallet. After you have signed the transaction, you have successfully connected to the OpenSea platform.
When your wallet is connected to OpenSea, you can then navigate to your “Profile” and update your account information in “Settings”. Here you can set your username, bio, email address, social links, and images. From there, you are all set to start transacting on the platform. Generally, after you have set up your OpenSea account you will be able to log in by digitally signing the request in your wallet.
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
Considering NFTs have attracted a large crowd of collectors and investors, it’s no wonder why OpenSea decided to offer an assortment of NFTs as opposed to one single niche of collectible assets.
Purchasing an NFT on OpenSea is as simple as signing into your Opensea account, and either using the “Explore” tab, or the “Search” function to browse for an NFT that sparks your interest. Once you have found an NFT that you would like to buy, select it, then choose “Buy Now” or “Make Offer”, if you would like to bid on an item. Finally, you will need to sign for the transaction.
OpenSea Tips And Tricks
Be cautious when accepting bids and always double-check that the offer for your NFT is in your preferred cryptocurrency (sometimes people will offer $1 instead of 1 ETH).
If someone from the OpenSea support team reaches out to you about any issues you may be experiencing, remain very cautious, as this is a common way for scammers to get you to allow them access to your account.
Never ever give out your wallet’s secret phrase or allow anyone access to your device, even if someone claims to be a member of the OpenSea support team.
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.