OpenSea is the largest digital marketplace for cryptocurrency collections and rare digital items.
You can buy and sell NFTs including ERC721 assets, ERC1155 and explore various digital commodities on OpenSea.
In this review, Bitcoin Magazine will guide you through buying and selling crypto collectibles on OpenSea, and provide you with information on OpenSea fees and the auction mechanism.
What is OpenSea?
OpenSea is the first and largest peer-to-peer marketplace for cryptocurrency goods, including collectibles, game items, and other blockchain-secured virtual goods. On OpenSea, anyone can buy or sell these items through smart contracts.
These goods are digital items that you can collect. They can have different categories and they are 100% digital and encrypted, you own them 100% after purchase because transactions and proof of ownership are stored forever on the Ethereum blockchain.
OpenSea was founded in January 2018 by Alex Atallah and Devin Finzer. Major OpenSea investors include BlockStack, Quantstamp, Trust Wallet, Combinator, Coinbase Ventures, Founders Fund, Blockchain Capital, and 1C.
How to buy and sell on OpenSea?
To use and buy/sell NFTs on OpenSea, you need to first connect your crypto wallet to the platform (register).
You can use MetaMask, Ledger Nano, Coinbase Wallet, Trust Wallet…
OpenSea recommends users to prioritize using Metamask wallet because of its popularity.
List of wallets supported by OpenSea
How to create NFT on Opensea
You hover over the red box in the top right corner and select “My Collection” and click on it.
Then click on the word Create a Collection, or you can import from other platforms like Rarible, Mintbase, Cargo, Zoza… in the three dots next to it.
After Create a Collection, a window will appear allowing you to upload your artwork, add a name and include a description.
OpenSea NFT collection creation window
This part is basically just you creating a folder for your newly created NFTs into.
Once you’ve assigned an image to your collection, it will appear as shown below (in blue). You will then need to add a banner image to the page by clicking the pencil icon in the top right corner (red).
Adding banner images to NFT collection on OpenSea (OpenSea)
Your page should look like the image below.
You are now ready to create your first NFT. Click the “Add New Item” button and sign another message with your wallet.
Create NFT Collection on OpenSea
You will come to a new window where you can upload your image, sound, GIF or 3D NFT model.
On OpenSea and many other marketplaces, you also have the option to include special traits and attributes to increase the rarity and uniqueness of the NFT. Creators can even unlock that only the buyer can see.
NFT features on OpenSea . platform
Once done, click “Create” at the bottom and sign another message to your wallet to confirm the creation of the NFT. The artwork will then appear in your gallery.
How much does it cost to do NFT?
OpenSea does not charge a fee for generating NFTs, however, since the network is based on the Ethereum blockchain, you will have to pay gas fees for transactions. High or low fees depending on Gas, Gwei high or low.
Tip: Ethereum gas fees are significantly cheaper on average on weekends when there are fewer people, and often cheaper in the early morning Vietnam time, when US and Western business hours are over.
How to buy NFT on OpenSea?
After logging in to OpenSea, click on the “browse” tab and select a category or view all.
You can explore collections of cryptocurrencies and other rare items, and buy or bid for a specific item.
Some NFTs are sold through an auction mechanism. If you are the highest bidder at the end of the auction, the payment will be automatically made and you will receive the property.
But, if there is a higher bid in the last 10 minutes, the auction will be extended by 10 minutes. So, if you really want a particular collection, you must keep a close eye on this final 10 minute auction.
After selecting an NFT, click the “place bid” button. Before making your first bid, you should convert your ETH to WETH.
Users also need to allow OpenSea to access WETH when a sale occurs. These transactions only request gas and will not request it again.
You can make offers for NFTs that aren’t even on sale, which is a special feature for users who don’t know how much to bid on their items. Besides, users can give offers on multiple items with the same ETH.
An NFT sold on OpenSea
In addition, you can buy NFT projects, it will automatically update to your wallet and list on OpenSea.
Procedural Space, an NFT platform that is automatically listed on OpenSea after you purchase on it.
How to sell NFT on OpenSea?
After you have created NFTs as described above, you can sell them for a price you decide or through an auction,
You choose the NFT you want to sell and click the “Sell” button. Clicking here will take you to a pricing page where you can define the conditions of the sale, including selling for a fixed price or running an auction, the timing of which is at your discretion decision.
Enter the price you want to sell on OpenSea
By clicking the “Edit” button next to the collection image on OpenSea, signing the notice with your wallet and scrolling down, you have the option to program the royalties and select the ERC-20 tokens you want to receive for the NFT sale. . Royalties allow NFT creators to earn a commission every time an asset is sold to a new person. This has the potential to generate lifetime passive income streams for artists and other content creators automatically thanks to smart contracts.
If you think the price you set for your item is too high after listing the item, you can change it without making any transactions.
Plus, all content on OpenSea is bid-able, so you don’t have to list items for sale or price your items. Besides, depending on the item, you can continue to use some items in the game while the auction continues.
OpenSea collects a 2.5% fee from each successful sale. Developers may also have to pay additional fees if applicable.
Wish you buy and sell expensive on OpenSea.
Cong Tu Ngang
According to AZCoin News
Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page