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high seas is one of the leading and leading markets for NFTs of all kinds. This is the largest P2P (peer-to-peer) online marketplace for buying and selling NFTs through fixed prices or auctions. OpenSea was co-founded in the USA in December 2017 by Devin Finzer and Alex Atallah. Headquartered in New York City, this masterpiece platform stands out among its contemporaries and has become a haven for all kinds of his NFTs across multiple blockchains. OpenSea protects several categories of NFTs, including art, collectibles, domain names, music, photography, sports, utility NFTs, and virtual worlds.
This guide is an extension of a previous paper.A Comprehensive Guide to Using OpenSea Part 1′I detailed how to set up accounts, mints, listings, purchases and sales of NFTs on OpenSea. This extension details how to use the important features of OpenSea to achieve the best user experience.
Aside from creating and listing individual NFTs, most of OpenSea’s NFTs are collections of different projects from good and reputable NFT companies such as Dapper Labs, Yuga Labs, Larva Labs, and Forte Labs.
to do so Visitors can scroll down to find trending NFT projects in OpenSea’s pool of hundreds of thousands of NFTs high seas A homepage revealing a list of the top 10 trending NFT projects.
These projects aren’t just paid to be hand-picked or recruited. They made the list due to their trading stats merit.
It’s easy.in the top right corner of the home page[]Go to the tab and from the dropdown menu[]Click.
Collection stats default to “Top” NFTs, so click the Trends tab to see more details about the latest booming digital assets.
In the image above, Grails III Mint Pass Top of OpenSea’s list of trending NFTs. According to this NFT description, this is an exclusive pass to the upcoming event with only 377 NFTs available. According to the above stats, it has the highest lowest price (lowest or lowest price) and highest volume (trading volume) in the last 24 hours.
The two key metrics used in this ranking are lowest price and trading volume. That’s why Merge VV Plus 32,292% change, ranking second in sales (6,388) and unique owners (2,498). A trading volume of 302 ETH and a floor price of 2.70 ETH made the Grails III Mint Pass higher unlike MERGE VV, which has a 24-hour trading volume of 101 ETH and a floor price of 0.01 ETH.
Visitors can also use this approach to determine which projects are trending, or which projects are trending quickly on OpenSea. Trending projects usually attract higher prices due to higher demand, so YA can use these statistics to devise investment plans that it sees fit.
The next deterministic feature to look at is trading history and data. This will help you make an informed decision to buy or discontinue. To see the trading history of a specific NFT, click on the preferred asset.
use Apemos, as an example, you can click on a particular NFT to see its transaction history and other information. Then scroll down to see the transaction history, including the time it was minted, the sale, and who transferred it to whom.
From the above information, Ape Moss was issued two years ago and was sold by users for 0.08 ETH. 0908 To party finance hacked wallet one year ago.transferred to the buyer at the same time, and the buyer also party financeeight months ago.
mutant ape #12668 forged by barney straw I changed my wallet a year ago. The image below shows his trading history for the past 11 months.
The utility of the above data is to spot shady sales that may mislead investors and enthusiasts. For example, an NFT holder can sell her NFTs to herself at exorbitant prices and keep trending for her 5-6 transactions across different accounts and wallets.
Collectors can monitor this by associating buyer and seller accounts. If the previous seller’s account shows up after her 3-4 transactions or transfers, it could be a wash trade to trick buyers with the NFT being highly sought after. .
In addition, users can also use the price history of the tokens they are looking to purchase to make informed decisions.The image below is the price history of Mutant Ape #12668This reflects the upward and downward trend in the price of NFTs from the date of issue to the present.
The data above shows that this NFT value surged from January to May 2022 before dropping to maintain a static price. A cautious investor might conclude that this particular NFT of his will be an excellent piece to sustain in order to survive the unprecedented cryptocurrency bear market. By contrast, another investor might interpret it otherwise.
Scarcity is a key factor in NFT pricing. Measures the rarity of NFT attributes. Every NFT collection usually has rare items with distinctive attributes. Such NFTs are ranked and priced higher than others due to the lack of components.
Several online tools calculate the rarity of NFTs based on different criteria, but users can also use the OpenSea filter to discover these gems.
Click on your preferred NFT collection and click on the top right corner of the NFT listed.[]Click the dropdown tab. Most NFTs with rare attributes are usually “higher price, most viewedand Favorite” By investors and enthusiasts.
For a higher price filter, click the Highest Price to Highest tab to view the listed products from highest to lowest price. If such a collection has few NFTs, the collector can look at the attributes and do a technical sort. In the norm, NFTs with a small percentage of shared attributes are rarer than NFTs with a high percentage of common or attribute attributes. Consider the following example.
The first trait (attribute) belongs to one of the low priced Mutant Apes, the second trait (attribute) belongs to one of the high priced Mutant Apes. From above, both NFTs have the exact number of characteristics (7), but 2% of all 20,000 NFTs in the collection share 4 characteristics, whereas the first NFT has 2 characteristics. The second NFT is rarer than the first because it only shares 2% NFT in the collection. The nature of these percentages represents the rarity of each trait. If an NFT shares most of its traits with 2% or less of the NFTs in your collection, that rarity scorecard will rank higher than others.
Some NFT collections may have minimum rarity percentages above 2%. maybe 5% or more. What determines this is the minimum percentage for each collection. Visitors can also use the techniques described above to check if the NFT is too high. This is because the piece may be aesthetically pleasing to aficionados and unattractive to potential buyers, even if the price is high.
Besides using filters to find rare NFTs, the search field also helps you filter and find specific NFTs using their name, number tag, collection, or user’s account.
Scammers are rampaging in the decentralized space, with no niche left unencumbered. OpenSea users should be careful in their use of the platform to avoid falling victim to fraudulent schemes. Below are some tips for staying safe on OpenSea.
OpenSea is one of the reputable online marketplaces for issuing and trading NFTs. The platform maintains its position with flexible features for a seamless user experience. The Ethereum network is the most popular, but OpenSea is also compatible with his BNB chains, Avalanche, Arbitrum, Solana, Klaytn, Optimism and Polygon.
See “Comprehensive Guide to Using OpenSea Part 1” >> HERE
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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.
