A Comprehensive Guide on How To Use OpenSea

Blockchain technology continues to expand its reach as it is widely adopted in various industries and sectors. Its popularity stems from its many direct and indirect economic possibilities. From cryptocurrency projects to decentralized finance to non-fungible tokens to the Metaverse to Web3, it’s one of the most acclaimed technological discoveries of recent years.

All of these advancements have been made possible by the benefits and revolution brought about by blockchain technology, which has been used to solve problems and streamline processes in various industries. One of the rarely-discussed use cases, even within the crypto-based community, comes in the form of NFT marketplaces. Here, we take a look at the biggest markets of them all in an extensive guide from industry leader Opensea.

What is Marketplace?

NFT Marketplaces are public or private online platforms where non-fungible tokens can be purchased through auctions or instant sales. It works similar to an online retail store where available products are displayed for potential buyers to browse. Similar to traditional online retailers, NFTs will be listed on the Marketplace for investors and enthusiasts to choose from among the available selections.

Marketplaces may be private platforms where participation is restricted to a small number of whitelisted members. It can also be a public platform open to all to participate in the issuance, sale and purchase of various NFTs. OpenSea is one of the leading public marketplaces championing the NFT niche.

What is open sea?

OpenSea is an online public marketplace where NFTs are issued, listed and traded in exchange for cryptocurrencies. This is the premier marketplace and was co-founded by Devin Finzer and Alex Atallah on December 20, 2017. Dapp Radar, OpenSea has recorded $34 billion in total trading volume from over 2.5 million traders since its inception. It has become the busiest and top market with a record daily trading volume of $405.75 million on May 1, 2022.

The platform supports blockchain networks such as Ethereum, Polygon, Arbitrum, Optimism, Klaytn, Avalanche, BNB and Solana. This means that any of these networks can be used to create his NFTs on OpenSea in the form of artwork, photos, music, merch, game assets, metaverse lands, and more.

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How to create an OpenSea account

Before creating an account, you will need:

• Non-custodial crypto wallet

Crypto wallets not only store digital tokens (crypto and NFTs), but also make and receive payments to buy and sell NFTs. The platform is compatible with Metamask, TrustWallet, WalletConnect, Coinbase, Phantom, Core, and other non-custodial wallets.

Find the best wallet for your needs >> HERE

A cryptocurrency is a digital currency used in a decentralized network. OpenSea supports ETH, WETH, UNI, USDC, and over 100 other cryptocurrencies as mediums of exchange to buy and sell his NFTs on the platform and offset transaction fees.

So, before setting up your account with OpenSea, make sure you have a wallet containing network tokens to cover your required cryptocurrency and gas bills. With these essentials ready, let’s move on to creating your OpenSea account.

• The first step to create an account is OpenSea home page Click the Create tab in the upper right corner.

• A page will pop up asking you to connect to your wallet. In this case, we linked to the Metamask wallet.

• After clicking Wallet, a prompt notification popup will appear asking you to approve the request.[]Clicking on the tab will redirect you to the home page indicating that your account has been created, as indicated by the bluish ball.

You have successfully created an OpenSea account and can create, list, buy and sell NFTs on the platform.

How to create an NFT in OpenSea

Creating an NFT means creating an NFT. This involves uploading digital files of your choice to the blockchain network and recording them on an immutable distributed ledger technology (DLT).

• The first step to create an NFT is after signing in to your account,[]by clicking the tab again.

• A page loads where you include the digital file in the required fields and enter a name, description, and other required information.

1. The NFT’s name should be in the “Name” field.
2. The ‘External Link’ field is not required, but can contain a URL link that describes the NFT in more detail.
3. The “Description” field is for a detailed description of the NFT.
4. “Collection” means the collection name if there is a collection.
5. The Properties dropdown allows you to enter NFT properties or attributes such as color, size, shape, and other physical characteristics.[+]tab and[]You can add as many as you want by clicking the tabs.[]Click a tab.

6. Under the Blockchain field, select your preferred blockchain: Ethereum, Arbitrum, Avalanche, Klaytn, Polygon, Optimism, Solana. In this example, we will use Ethereum.

• Then click the Create tab. You will be asked to confirm you are not a robot via captcha.

• After confirmation, a small page will pop up stating that your NFT has been created and you can share it on your social media pages like Facebook, Twitter, Telegram.

Your NFT has been successfully created on the blockchain network.

How to list and sell NFTs on OpenSea

Listing NFTs means displaying them on the open market for potential buyers (investors and enthusiasts).

• Before you can list and sell your NFTs, you need to set your price.To do this, click on the top right corner of the page.[Sell]Click a tab.
• Enter the desired selling price of the NFT. You can set a fixed price for direct sale or click Timed Auction to open it for bidding. For this guide, we will stick to fixed price.
• The Duration field allows you to select the duration for which NFTs will be listed.
• After filling in the required fields,[]Click a tab.

Listing NFTs on OpenSea is free. A 2.5% service fee will be deducted only after the item has been sold. You can also earn up to 10% royalties on each secondary sale of your own personally created NFT.

• Another notification will appear in your Metamask wallet. Click the Signatures tab.

• You will then receive another notification on the OpenSea page that your NFT has been listed.

How to buy NFTs on OpenSea

Buying NFTs on OpenSea is easy, especially if it’s your first time. But before you hit that “buy” button, make sure three times that it’s an official collection and not a cleverly disguised clone project.

• As always, prepare your wallet, send a supported crypto token to your wallet, and then visit the Opensea home page.
• Use the ‘search’ field to search for your favorite collection, or navigate through the available items to find a collection that appeals to you.
• Once you’ve decided what to buy, click to learn more.
• Most NFTs are usually offered in a “timed auction” rather than a “fixed price.” This means you have to make an offer to the seller. The highest bidder usually wins the auction. Click the “Offer” tab and enter the amount you wish to offer for the item. Please wait until the auction ends. If you are the highest bidder, the NFT will be credited to your wallet. But otherwise the crypto is returned to the wallet.
• However, if an item is listed with a ‘Fixed Price’, it is available for immediate purchase.In this case click[]A tab will appear from which you can draw conclusions.

To check if you got the NFTs you purchased, go to your account and[]Click a tab. Newly purchased NFTs will appear under the “Collected” tab.

Now you have a pretty good idea of how all NFT marketplaces work within the NFT ecosystem. So jump in and start crafting, trading and collecting in this unexplored frontier of his Web3!

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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.

Technical writer with a passion for blockchain and all things decentralized world.