The advantages of NFTs are non-replicable digital assets, with each NFT having its dedicated market. However, there has to be a decentralized NFT marketplace like OpenSea to facilitate seamless NFT trading.
The euphoria over Yield Farming profits is waning, and so is the intense hysteria over the Decentralized Finance (DeFi) sector in recent times. Under such circumstances, non-fungible tokens or NFTs give the blockchain ecosystem a new lease of life, with celebrities and influencers extolling its virtues no end. OpenSea is one such marketplace that is making headlines today because of its unique characteristics. Let us know what OpenSea is and how it facilitates the easy trading of NFTs.
What Is OpenSea?
OpenSea is the largest decentralized peer-to-peer NFT marketplace where you can buy or trade rare digital items, NFTs, and crypto collectibles. It is the first decentralized marketplace for NFT. Devin Finzer and Alex founded OpenSea in January 2018.
OpenSea offers a lot of features such as:
- OpenSea offers sellers multiple listing types: declining price, fixed price, bidding without listing, and highest bid auctions.
- It supports multi-currency integration.
- OpenSea supports multiple platform integration.
- It is integrated with notable social currencies such as HUE from Connie Digital, SKULL from Skeenee, and WHALE from WhaleShark.
- It offers the lowest fees in the NFT space.
OpenSea is a trustworthy marketplace where transactions rely on technology and smart contracts rather than client reputation or third parties.
How Does OpenSea Work? How Can I Mint An NFT On It?
There is no charge for minting an NFT on OpenSea, but users are charged a 2.5% fee of the NFT’s final sale price. Payment tokens are used for buying and selling your NFTs. The cryptocurrencies recommended by OpenSea for trades include WETH, DAI, Ethereum, and USDC (US Dollar Coin).
To start minting NFTs on OpenSea:
- Set up a crypto wallet in your browser – Metamask. While Metamask is the recommended wallet for minting on OpenSea, you can also use other wallets like Coinbase, Authereum, TrustWallet, Portos, OperaTouch, Dapper, WalletLink, etc.
- Visit OpenSea and link it to your Metamask wallet.
- Go through with the regular initialization fee. These fees vary accordingly with ETH gas transaction cost fluctuations.
- On the OpenSea website, set up a collection and create NFT (new items).
- Edit and publish the NFT link on different social media platforms such as Twitter and Facebook.
What Currencies Can You Use?
There are more than 150 payment tokens you can use on OpenSea, like $WHALE and UNI, but the most common ones are:
OpenSea NFTs: Types Of NFTs You Can Buy
There are a lot of NFTs you can buy on OpenSea. Some of these are CryptoFoxes, SANJAY, THE PLUTO ALLIANCE, Shabu Town Shiba, Divine Order of the Zodiac, Art Blocks Curated, Art Blocks Background, Bored App Yacht Club, etc.
How To Open An Account?
Opening an account on OpenSea is easy. To open an account on OpenSea, you need a crypto wallet (MetaMask), a digital currency (ETH), and an OpenSea NFT platform. Once you have these, follow the steps below:
- Go to OpenSea and connect your crypto wallet.
- On the OpenSea website, click on the profile button and add your personal information.
- OpenSea is intuitive and shows you recommendations to update all information easily.
How To Buy An NFT?
You can follow the steps below to buy an NFT on OpenSea:
- Explore the marketplace and look for the NFT you want.
- Review the information about the selected NFT, including the price history.
- When you are ready to buy, click on the “Buy Now” button.
- OpenSea will show a preview of your NFT purchase before finalizing it.
- Agree to the terms of service of OpenSea and click the “Checkout” button to finish your buy.
- Click on “Confirm”
How To Sell An NFT?
Follow the steps below to sell an NFT on OpenSea:
- Select the NFT you want to sell from your profile and click on the “Sell” button.
- Select your preference for selling the NFT. You can sell it as a Timed Auction or at a Fixed-price.
- You can also reserve your NFT for a specific buyer.
- Choose the appearance of your sale and press the “Post Your Listing” button.
- Complete the listing by finalizing details, and your NFT is posted on the marketplace.
What Is OpenSea Fee?
OpenSea charges some of the lowest fees in the NFT space. They charge just 2.5% of the final sales price, unlike most NFT platforms which charge closer to 7.5%. OpenSea also has no service fee for buyers making it a great competitor in the NFT game as other NFT platforms charge an additional service fee of up to 3%.
OpenSea Pros And Cons
The advantages and disadvantages of buying and selling NFTs on OpenSea are:
- Competitive commissions.
- OpenSea has various NFTs collectibles.
- Industry-leading security.
- Creation of NFTs without coding.
- No Service fee for buyers.
- User-friendly interface.
- Only crypto payments are accepted.
- A crypto wallet is a must for buying or selling NFTs.
OpenSea is an excellent platform for anyone looking to buy, create, or sell NFTs. OpenSea is easy-to-use and charges a low commission fee, making it best for both old and new NFT enthusiasts. Though the NFT marketplace has intense competition today, OpenSea is a popular choice among traders and investors because of its services, low fee, and friendly interface. OpenSea has revolutionized the DeFi sector completely by attracting more players into its fold.