What is OpenSea – And Everything You Need To Know
What is OpenSea
OpenSea is a decentralized marketplace for non-fungible tokens (NFTs) for buying, selling, and trading. Has also become the largest NFT marketplace for artists and content creators.
OpenSea NFT marketplace allows digital artists and content producers may utilize the platform to mint NFTs, build bespoke markets and NFT collections, establish fees for their tokens, and sell them through auctions.
OpenSea was developed in 2017 by two (2) software programmers Alex Atallah and Devin Finzer, who was inspired by the release of the popular NFT series CryptoKitties and saw potential in NFTs to enable actual ownership of digital objects for the first time.
Later, the two (2) brought their firm to the Y Combinator startup incubator, where they earned $2.7 million in funding to help them scale it.
What is OpenSea NFT Marketplace
Just like what we explained above, in this paragraph, we go into more details of What the OpenSea NFT Marketplace is really about.
The world’s largest NFT marketplace opensea, helps you track your NFT collections, keep updated with the newest release of NFT from creators, and many more.
Because of its huge trade volume and collection, OpenSea has a significant market edge. Since its inception in 2017, it has amassed a massive trading volume of USD 10 billion.
With Ethereum blockchain technology that powers this NFT market, it has provided a simple and safe trading experience for content creators, artists and art collectors.
OpenSea NFT App
How to create an account on OpenSea
- Go to the upper right-hand corner of the OpenSea homepage and click the wallet symbol. OpenSea will urge you to connect to your preferred wallet service. once you’re done with this, y our account is now operational!
- After linking a wallet, OpenSea will take you to your account’s profile page, where you may examine any NFTs you’ve gathered, made, or favorited for prospective purchases on the site.
- Your default account will be “Unnamed” until you click the settings cog to the right of your profile photo and personalize it.
- You may personalize your profile once you’ve completed this request. Select a username, write a brief bio, and link your account to a secure email address.
[caption id=”attachment_2310" align=”alignnone” width=”853"]
image via OpenSea.io[/caption]
How to buy NFT on OpenSea
Sellers who are looking to get their works listed on OpenSea have two (2) options available to them.
- They have to set a fixed price for their NFT
- Arrange an auction for buyers to make their bid for an NFT
At this point, OpenSea will display an additional security prompt, requiring you to “Sign” a brief agreement before proceeding.
How to buy NFT with a fixed price
- Browse the marketplace for an NFT that you’d want to buy.
- Go through all of the information you’ve gathered regarding the NFT. There may be certain qualities that are more valuable for rarer and collectible NFTs.
- When you’re ready to buy, click the “Buy Now” button.
- Before finalizing your purchase, OpenSea may ask you to review a few facts regarding it. This is to guarantee that you know precisely what you’re getting and to protect you from scammers who create fake copies of popular NFTs.
- If everything appears to be in order, you’ll be sent to a checkout pop-up where you may verify the total amount of your purchase. You’ll be asked to agree to OpenSea’s terms of service, after which you can complete your purchase by clicking the “Checkout” button.
- Clicking “Checkout” will take you to your wallet, where you’ll see a total price that includes any applicable gas costs based on your blockchain selection. You’re now the happy owner of an NFT after clicking the “Confirm” button.
- Return to your profile and click “In Wallet” on the left side of the screen to see the NFT in your wallet. Due to processing time, there may be a little wait until it appears.
How to bid for an auctioned NFT
Some NFT that is available for purchase an auction helps the creator set a minimum price for the buyers to meet, and with the biggest bid among them wins the NFT.
- Locate an NFT on which you’d want to make an offer.
- Make sure you can put a bid by reviewing all of the information on the NFT page, including existing offers. Bids must be at least 5% greater than the prior highest offer.
- On the NFT page, click the “Make Offer” button.
- You may be asked to double-check some details on the NFT to ensure it’s genuine.
- Choose the currency in which you’d want to make your offer
- Enter the amount of your offer and the date it will expire. On non-competitive NFT auctions, the expiration date allows you to withdraw your offer at that time, giving the seller time to decide whether or not to accept your offer.
- Return to your profile and click the “Offers” link in the left-hand sidebar to view a list of all offers you’ve extended.
- You’re done after you’ve made an offer. All you have to do now is sit back and wait for the seller to accept your offer. Of course, if you’re putting an offer on an NFT you really want and there’s a lot of activity, you’ll want to hang around so you can keep increasing your offer.
How to sell NFT on OpenSea
- Select the NFT you want to sell from your wallet from your profile.
- In the top right-hand corner of the NFT page, click the “Sell” button.
- You’ll be requested to select the price, auction type, and other settings here. You may make your NFT a fixed-price sale or start an auction with a start price, price threshold, and scheduled expiration, among other options.
- When you’re happy with how your sales settings appear, click the “Post Your Listing” button.
- There are no upfront fees for advertising one of your NFTs for sale, but there are some fees that apply once the transaction is completed, which are detailed here. If this is your first time selling, you’ll also be asked to initialize your wallet.
- Once you’ve completed all of this, you’ll be asked to finalize the listing, double-check all of the details, and publish your NFT on the marketplace.
- Return to your profile and click the “Activity” option on the left-hand sidebar to see all of the NFTs you have for sale.
How to get verified on OpenSea
Before you can get verified on OpenSea, there are some things you must do to be eligible for account verification;
- Take part in activities. Within the previous three months, you should have purchased or sold at least one NFT.
- Configure your profile image, email address, and banner.
- Have no past limitations imposed by OpenSea for violating its terms of service.
Apply for Verification
- Go to opensea.io and sign in using your username and password.
- Select your profile icon, then “Create” in the top right corner.
- On the creation page, you may submit your NFT file and provide a description. Click here to learn more about the NFT file types that are accepted.
- After you’ve finished the fields, you’ll be able to further personalize your NFT. Add attributes, metrics, levels, and unlocks stuff, for example. You may also select which blockchain to mint your NFT on.
- When you’ve finished customizing your NFT, click “Create” to start creating it.