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What is OpenSea? Instructions on buying and selling NFT on OpenSea

OpenSea is the largest digital marketplace for cryptocurrency collectibles and rare digital items.

You can trade different types of NFTs, including ERC-721, ERC-1155 and explore various digital commodities on OpenSea.

In this review, AZCoin News will guide you on 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 assets, including collectibles, game items, and other blockchain-based virtual goods. On OpenSea, anyone can buy or sell these items through smart contracts.

These goods are collectible digital items. They have different categories, and they are 100% digital and encrypted. You will own them completely after purchase because transactions and proof of ownership are stored permanently on the Ethereum blockchain.

OpenSea was founded in January 2018 by Alex Atallah and Devin Finzer. 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 first need to connect your crypto wallet to the platform (register).

You can use MetaMask, Ledger Nano, Coinbase Wallet, Trust Wallet, etc.

OpenSea recommends users to use Metamask wallet because of its popularity.

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List of wallets supported by OpenSea

How to create NFT on Opensea?

You go to the red box in the top right corner and select “My Collections”.

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Then select Create a Collection, or you can import from other platforms like Rarible, Mintbase, Cargo, Zoza, etc. in the adjacent three dots.

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Once Create a Collection, a window will pop up and allow you to upload your artwork, add a name, and include a description.

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OpenSea NFT collection creation window

At this point, you only create a folder for adding your NFTs.

Once you upload a logo image for your collection, it will appear as shown below (blue). You then need to upload your banner image by selecting the pencil icon in the top right corner (red).

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Add banner images to OpenSea NFT collection 

Your page will look like the image below.

Now your collection is created and you can create your first NFT. Select the “Add New Item” and sign another message with your wallet.

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Create NFT Collection on OpenSea

You will go 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 choose that only the buyer can see.

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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 create NFT?

OpenSea does not charge NFT creation fees, however, since the network is based on Ethereum blockchain, you will have to pay gas fees for transactions. High or low fees depending on Gas and Gwei.

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 on 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 asset.

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 have to keep a close eye on the last 10 minutes of the auction.

After selecting an NFT, select the “place bid.” 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 are not even on sale, which is a special feature for users who do not know how much to bid on their items. Besides, users can give promotions on multiple items with the same ETH.

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An NFT sale on OpenSea

In addition, you can buy NFT projects, which will automatically update your wallet and be listed on OpenSea.

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Procedural Space, an NFT platform that is automatically listed on OpenSea after your purchase.

How to sell NFT on OpenSea?

After you have created NFTs as instructed 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. This action will take you to a pricing page where you can define the conditions of sale, including sale at fixed price or auction to the highest bidder, as well as the duration of the auction—all at your discretion.

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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 set up the license fee and select the ERC-20 tokens you want to receive for the NFT sale. The license fee allows NFT developers to earn a commission every time an item is sold to a new person. This mechanism creates the potential to automatically generate lifetime passive income streams for artists and other content creators, 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.

Besides, all content on OpenSea is biddable, so you do not necessarily 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 any.

Hope you have a successful trading experience on OpenSea.

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