Blockchain technology continues to expand its reach due to its widespread adoption in various industries and fields. Its popularity stems from its numerous economic potentials, both direct and indirect. From cryptocurrency projects to decentralized finance, non-fungible tokens, the Metaverse, and Web3, it remains one of the most highly-rated technological discoveries in recent years.
All of these advancements were made possible by the benefits and revolution brought about by blockchain technology, which has been used to solve problems and streamline processes in various industries. One of its rarely discussed use cases, even within its crypto-based communities, comes in the shape of the NFT marketplace. Here, we will take a look at the biggest marketplace of them all, in an extensive guide to industry leader, Opensea.
An NFT marketplace is an online platform, either public or private, where non-fungible tokens can be purchased through either auctions or immediate sales. It operates similarly to online retail stores, where available products are displayed for potential buyers to browse. Similarly to traditional online retail stores, NFTs are listed on marketplaces for investors and enthusiasts to choose from a selection of available pieces.
A marketplace could be a private platform where participation is restricted to a few whitelisted members. It can also be a public platform open to all and sundry to participate in minting, buying, and selling various NFTs. One of the leading public marketplaces championing the NFTs’ niche is OpenSea.
OpenSea is an online public marketplace where NFTs are minted, listed, bought, and sold in exchange for cryptocurrencies. It is the premier marketplace and was co-founded by Devin Finzer and Alex Atallah on December 20, 2017. According to DappRadar, OpenSea has recorded over $34B in total trading volume from over 2.5M traders since inception. Its highest daily trading volume of $405.75M was recorded on May 1, 2022, making it the busiest and top marketplace.
The platform supports blockchain networks like Ethereum, Polygon, Arbitrum, Optimism, Klaytn, Avalanche, BNB, and Solana. This means NFTs can be minted on OpenSea using either of these networks in the form of Artworks, Photos, Music, Collectibles, Gaming Assets, Metaverse LAND, and more.
Before creating an account, you need the following:
The crypto wallet stores digital tokens (crypto and NFTs) as well as making and receiving payments for buying and selling NFTs. The platform is compatible with Metamask, TrustWallet, WalletConnect, Coinbase, Phantom, Core, and other non-custodial wallets.
Discover the best wallet to suit your needs >> Here
Cryptocurrencies are digital currencies spent on decentralized networks. OpenSea supports ETH, WETH, UNI, USDC, and over 100 other cryptocurrencies as a medium of exchange for buying and selling NFTs and offsetting transaction fees on the platform.
So before setting up an account on OpenSea, ensure you have a wallet containing the required cryptocurrency as well as the network token to cover gas fees. Having prepared these necessities, let’s dive into creating your OpenSea account.
Now that you’ve successfully created your OpenSea account, you can mint, list, buy, and sell NFTs on the platform.
Minting NFTs means creating an NFT, which involves uploading your preferred digital file on a blockchain network to be recorded on an immutable distributed ledger technology (DLT).
6. Underneath the “Blockchain” field, select your preferred blockchain from Ethereum, Arbitrum, Avalanche, Klaytn, Polygon, Optimism, and Solana. In our example, we will use ‘Ethereum’.
Your NFT has been successfully minted on a blockchain network.
Listing NFTs means displaying them on the public marketplace for potential buyers (investors and enthusiasts).
Listing NFTs on OpenSea is free; the 2.5% service fee will only be deducted after selling your item. You can also earn up to 10% royalties on each secondary sale of your own, personally created, NFTs.
Purchasing NFTs on OpenSea is easy, especially if it’s your first time. However, before clicking on that ‘buy’ button, triple check its the official collection, and not some cleverly disguised clone project.
To verify if you’ve gotten the NFT you purchased, go to your account and click on your “Profile” tab. Your newly purchased NFT will be under the “Collected” tab.
Now you’re up and running within the NFT ecosystem and have a fair idea of how every NFT marketplace operates. So, jump in and get creating, trading and collecting in this new underexplored frontier of Web3!
For a dive into the more advanced options, head straight to our ‘A Comprehensive Guide on How To Use OpenSea – Part 2’ >> Here
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Technical writer, an enthusiast for everything blockchain and decentralized world.
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Excellent Opensea guide!