How to Find, Buy, and Sell NFTs on OpenSea
Having a marketplace where everyone can buy and sell their NFTs is an added advantage to the decentralized world. However, the new technology allows the art world, in general, to benefit from the marketplaces like OpenSea.
The OpenSea platform is one of the leading marketplaces for non-fungible tokens and a very integral part of the decentralized ecosystem. The platform offers the perfect space in blockchain technology where these non-fungible tokens can be minted, sold, and bought.
Over time, NFTs have been used to verify the ownership of different kinds of art like video, in-game assets, and digital real estate. In this post, you are going to learn how to buy and sell NFT collectibles on OpenSea and the benefits therein to expect.
What are NFTs
NFTs stand for non-fungible tokens. Non-fungible Means something that cannot be changed or divided, making it unique. The token part refers to the digital existence and the fact that it is protected by blockchain technology. In general, NFTs are digital assets that exist on a blockchain.
The most outright case use for NFTs is seen in the digital artwork. Things like songs, tweets, games, or videos can be assigned to an NFT. This will not only help prove ownership but it makes these art pieces unique.
After all, NFTs record you as the owner of one of the products in the blockchain. NFTs have existed since 2014, but they began exploding into the world scene in 2021. We have seen pieces of NFT arts like the Beeple crossroad selling for millions of dollars worth of Ethereum crypto.
Also, NFTs are becoming a very crucial element of the decentralized blockchain ecosystem. A blockchain is a distributed digital ledger that records the transactions either on cryptocurrency or the NFTs. For you to own an NFT, the blockchain must be able to record the ownership, making it uniquely yours.
What is OpenSea?
OpenSea is a decentralized NFT marketplace where digital collectors buy, sell, and trade NFTs. It’s the biggest marketplace for digital products and the first to be launched in the history of the NFT industry. The marketplace was founded in 2018 by Alex Atallah and Devin Finzer after they saw the NFT industry needed a marketplace where creators and collectors can engage freely.
OpenSea, as a leader in this space, also has unique digital items besides the commonly known digital assets. These include things like special collectibles, game items, domain names, and digital representations (avatars) of physical assets.
OpenSea has also developed a feature under its platform that allows the average person out there to mint NFTs and sell them on the platform. This is also done without paying any fees. The fees are included in the selling price, which the buyer pays for when purchasing the NFT from the original creator.
OpenSea also uses blockchain technology for transactions to be verified and uniquely accepted as buyers’ property. It also requires that you own a wallet compatible with OpenSea to trade on the platform. As of now, the marketplace is powered by the Ethereum chain, one of the biggest networks in the world.
What are the features of OpenSea?
OpenSea has several unique platform features. These features are all designed to allow collectors to buy NFTs and later on sell them on the secondary marketplace. They also allow artists to create their own NFT collections, which they can sell on the primary market. The platform is easy to navigate with a feature that helps you find the NFTs you need in a matter of minutes.
OpenSea uses smart contracts explicitly created for buying and selling NFTs and protects the custody of the NFT collectibles in the platform. The open-source blockchain is also designed to confirm that collectors own the assets listed on the marketplace. There are several other features on the OpenSea marketplace that are beneficial to the users. Here are some of the more notable top picks right now:
This feature allows the users of the OpenSea platform to send NFTs like gifts to other OpenSea users. If the friend is not on the OpenSea platform the user can send it directly to their ETH address. The feature also allows you to receive any NFT gift from other platforms.
This feature allows the OpenSea users to mint NFTs without too many hurdles. Within the segment, there is another feature called lazy minting, which users have the privilege to use free of fees. The fees are charged during the user’s purchase of the NFT minted. The fee is 2.5% of the final sale.
Free Costs and Wallets
Users on OpenSea use free minting to create NFTs without paying expensive gas fees. Compared to other NFT marketplaces, OpenSea does not charge to create. The entire process is free of charge. However, you still have to set up a wallet supported by the OpenSea Platform. Good examples include MetaMask, TrustWallet, Coinbase wallet, Dapper, Bitski, and others.
How to buy and sell NFTs on OpenSea
NFTs are mainly purchased using cryptocurrency and, most conveniently, ETH. A crypto wallet is a must for your transactions to be complete. To get started with the purchase, you have to log in to your account on OpenSea and ensure that your crypto wallet is connected to the platform. There must be enough crypto in the wallet as well to mint or buy the NFTs. If indeed you have met these criteria, you can now follow the steps below:
On your profile, browse to see the available collections of NFTs. You can then choose your favorite NFTs from the list. Make a purchase using the Buy Now option on the Platform or by placing an offer to the owner of the NFT.
Please note that you must choose the amount you are willing to pay and the expiration date. When the exchange is complete, you will receive the NFT in your wallet. The purchased NFT will appear under the collected tab on your profile.
OpenSea will charge you 2.5% of the total amount you purchased as a transaction fee. This is aside from the transaction fee on the blockchain to enable the transfer. The fee is calculated before the transaction is initiated.
When selling NFTs as a collector, log in to your profile and click on the NFT you desire to sell. Select the NFT and click on the blue button named SELL at the top right hand on your screen.
You can set your selling price as either fixed if you have a specific amount you desire to sell at or an Auction if you want people to bid on your NFT.
Note that OpenSea will charge you an initialization fee on your first listing. However, the buyer is the one to pay the fee when purchasing your NFT.
How to Mint NFTs on OpenSea
Mining NFTs is turning assets into digital tokens that can be moved or stored on the blockchain through a method known as cryptography. OpenSea provides this feature that helps users mint their NFTs with ease. How does this happen
To mint your first NFTs, you must connect your crypto wallet to your OpenSea Marketplace account. This is found on the top right bar of your profile.
After connecting the wallet, navigate to the My collection tab and click CREATE to enable the process. Your collection will comprise a log image, a featured image, and a banner. Below the images, you will find some spaces to fill in, like the URL of your collection, description category, and links. Fill all accordingly.
Finally, input the address from your wallet in the space provided. Choose the payment tokens to buy or sell your items and click create again, and your collection will be set. You must also include the speed level of the creation and the number of copies to be issued on the blockchain.
Minting on the OpenSea marketplace is the easiest way to ensure that you own an NFT. The process is similar to other marketplaces as well. Also, the NFT market might seem like it’s been here for ages, but the journey is just starting.
While NFTs are in most cases used for art and memorabilia, in the future, NFTs will be used for authentication of transactions, saving money and time, and eliminating third parties in the buying and selling of properties and real estate.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.