OpenSea is the largest and most important marketplace for NFTs in the world. OpenSea has become the largest marketplace for NFTs, whether it was well-timed or executed. OpenSea’s August transaction volume on Ethereum digital merchandise was $3.3bn. This is more than 10x the July sales and has seen incredible growth. NFTs, unlike physical goods, are programmed with digital assets that can be traded on OpenSea. This article will explain what Opensea is, how to start with Opensea, and how to sell NFTs via Opensea.
What is OpenSea?
OpenSea, the largest marketplace for user-owned digital goods that support multiple blockchains, has the most diverse set of categories and best prices for emerging asset classes. OpenSea makes money by charging 2.5% on the sale price. This is the lowest fee in the industry and there are no buyer fees. OpenSea is now valued at $1.5 billion. This new capital will be used to scale OpenSea, hire engineering talent, support cross-Blockchain and expand to new markets. OpenSea supports many blockchains such as Ethereum and Polygon. They will soon announce support for Flow, Tezos and other Blockchains. Previously, they were limited to Ethereum which required a lot more computing power.
Opensea was established in 2017 by Devin Finzer and Alex Attala, both ivy league computer scientists. Alex, who is the current CTO of the company, was previously a Palantir cyber security engineer while Devin Finzer was a Pinterest growth engineer. This duo are based in New York City and has attracted the attention of many top-tier and private VC investors in the nft sector. They spent time together on Discord, chatting with users, and launched OpenSea’s beta version in December 2017. The duo believed they could create an Amazon or eBay for all these new NFTs.
Opensea can be compared to ebay in that it offers a similar marketplace where you can browse through rare NFT items digital artists and collections and take part in ongoing auctions. Opensea allows you to buy and sell NFTs with minimal trust. This means you don’t need to be sure that your counterparty will act honestly as you would on ebay. You also don’t have to trust the opensea platform to perform transactions. Transactions on opensea are not based on seller and buyer reputation. Users can avoid the annoying bottlenecks associated with using a third-party escrow. Opensea transactions are atomic. This means that the transaction can be completed in one go, and either the buyer receives the NFT or the smart contracts enabling the transaction. Nothing happens.
OpenSea: How do you get started?
There are several ways you can interact with opensea. You can simply open your favorite search engine on your desktop and navigate to opensea.io to interact with the nft platform. Opensea recently released an official app for both iOS and Android. This is great news for those who are constantly on the go or prefer to use their phones. Before we proceed, however, I need to inform you that opensea requires that you have an Ethereum wallet installed.
If you want to trade, you can click the connect wallet button when you reach the opensea homepage. Once you have signed in, your opensea account will be ready to use on the homepage. The opensea marketplace will present an introduction dashboard. Here you can search for NFT artists and collections, view market statistics, create your own collection, and even mint your very first non-fungible token. This is where you can also see the NFTs of other holders by simply entering their Ethereum address into the search bar.
How do you create NFT with OpenSea
Here are the steps to create NFT using Opensea.
- Step 1: Connect an Ethereum wallet to OpenSea.You don’t have to own any cryptocurrency, it can be empty. If you don’t have a wallet yet, I recommend either MetaMask Wallet or Coinbase Wallet. Both are well-reviewed and easy to use.
- Step 2: OpenSea NFTs are created within a collections so you must first create one.Click on the profile icon at the top right and click on My Collections. Then click Create.
- Step 3: Create your first OpenSea Collection.You can upload images, including logo, featured, banner, and description. Next, you will choose a name for the collection, customize its URL, and then add a description. Here you can also set the Royalty percentage fees. This is the percentage of NFTs that you earn each time your product is sold or changed hands.
- Step 4: Next choose the right blockchain for your collection.There are two options: the Ethereum blockchain or the Polygon blockchain. Choose the Polygon option if you don’t want to pay any gas fees. Click Create. During the creation of the collection, you will be asked to confirm your actions with Ethereum.
- Step 5: Once you have created a collection, it is time to start making NFTs.Click on your collection, then click on Add item. Now you can upload an image, music or other art and make it an NFT. After your NFT has been created, click on the page to place a price. OpenSea requires that the price be at least $2 You also have the option to choose how many NFTs you wish to sell.
How do I sell NFT on OpenSea
Here are the steps to sell NFT on Opensea
- Step 1: Click Profile from opensea.io to select your profile picture in the top-right.
- Step 2: Choose the NFT that you wish to sell from your wallet.Click on the “Sell” button at the top right-hand corner.
- Step 3: Next, you’ll be directed to the listing page. Here, you can select the type and price of the sale.You can either set your NFT to a fixed price sale or create an auction with various settings, including a price threshold, start price and expiration.
- Step 4: Once you have decided how you want your sales settings, click on the “Post Your Listing” button.
- Step 5: You will be asked after all this to complete the listing, confirm all details, and then post your NFT onto the marketplace.
- Step 6: To view all NFTs that are up for sale, go to your profile and click the “Activity” tab.
Final Thoughts
This is all you need to know about Opensea NFT. Opensea is a top nft marketplace when compared to Binance NFT or wearable Nifty Gateway. Opensea’s four-year anniversary has seen an exponential increase in user adoption, nft listing and trading volume. Here are some statistics: currently, it has more than 300,000 users, over 1,000,000 collections and billions of dollars in cumulative volume traded on opensea. You can also set your own fees and create your own nft marketplace. Users can also start nft auctions that can be participated in with multiple cryptocurrencies. This article should have been helpful in getting you started with Opensea.
