What is OpenSea? How to Buy and Sell NFTs
Looking to get started with NFTs? Learn everything you need to know about OpenSea, how to buy, and sell NFTs on the platform.
Non-fungible tokens, or NFTs, have been grabbing the attention of many artists and digital creators as a way to monetize and catalog their digital creations. NFTs are quickly becoming a viable way for creators to mobilize and breathe life into digital projects.
In fact, even major brands such as Nike have jumped into the NFT space with RTFKT with the launch of their Cryptokicks project. Users were able to customise their looks in the metaverse by purchasing different skins on the NFT marketplace known as OpenSea.
What is OpenSea exactly? We’ll be taking a closer look at how OpenSea works, and how you can start your own NFT collection.
What are NFTs?
Before we get into OpenSea, let’s first find out what Non-Fungible Tokens (NFTs) are.
NFT stands for Non-Fungible Tokens, which are digital assets that prove ownership of a digital or physical property. With that definition, you can think of NFTs as a digital certificate or fingerprint.
The key takeaway is the non-fungible aspect: something that is unique and can’t be exchanged for another. There are many items that can be issued as NFTs on the blockchain: your artwork, for example.
After you’ve learned about non-fungible tokens, you may want to know how to buy and sell them. NFT marketplaces like OpenSea allow you to do so.
Want to learn more? Read our guide on Non-Fungible Tokens (NFTs).
What is OpenSea?
Just like how you would shop for items on Amazon or eBay, NFTs are listed on marketplaces that are designed to facilitate the buying and selling of non-fungible tokens.
OpenSea is one such marketplace that facilitates the buying, selling, and even creation of NFTs. As of this press, the platform has over 1 million users, as well as a long-running history of peer-to-peer NFT sales since it was founded in early 2017.
Fun fact: The process of creating an NFT is called minting.
How to Buy and Sell NFTs in OpenSea
Getting started with OpenSea is quick and simple. Here’s what you’ll need:
- A compatible crypto wallet: such as MetaMask, Phantom, etc.
- Cryptocurrencies to transact: OpenSea currently supports Ethereum (ETH), Polygon (MATIC), and Solana (SOL).
Please be aware that at the present time it’s not possible to use non-cryptocurrencies payment e.g., USD or Euro.
Setting up your wallet
You will need to have a crypto wallet that is supported by the platform to store your cryptocurrencies. There are many options available like Trust Wallet, Metamask and more.
For this guide, we’ll use the MetaMask as an example.
Metamask is a cryptocurrency and web3 wallet that allows you to interact with non-fungible tokens (NFTs). The wallet facilitates your experience in the NFT space, acting as your entry point to deposit and withdraw funds, store NFTs and more. You can also use it to interact with DApps on Ethereum’s blockchain network.
It can be used on both desktop and mobile apps. Download the extension for your web browser from the official Metamask website if you’re using a desktop computer or laptop.
If you’re using a mobile app, search Metamask on the Apple Appstore or Google Play Store and download the app for your iOS or Android device.
Further Reading: How to Set Up your Metamask Wallet?
How to buy NFTs on OpenSea
After you’ve set up your wallet, you can proceed to buy your choice of NFTs. Check out the steps below to buy NFTs on OpenSea
- Browse and get to know the project
Read the project’s whitepaper, roadmap, and social media profiles. If they have a discord community, join in and check out the activity. Also look at the project’s stats on OpenSea.
- Buy the supported cryptocurrencies
To get your NFT, you’ll need to buy some Ethereum (ETH). Even the creator’s minted their NFTs using Polygon. You still need to buy ETH. The platform will swap it into Polygon.
There are two different ways of buying NFTs. You can either “buy now” or “make a bid” on the OpenSea platform.
If you see a Buy Now button on an item’s page, it means that the seller has set a fixed price for their NFT. When you click on this button, the seller will receive your payment and you’ll get your NFT.
When an NFT is listed on OpenSea, its owner can set an auction duration. This enables potential buyers to make a bid to purchase the NFT. If you wish to submit a bid, then you must specify your bid amount and make a payment before the end of the auction.
If another user places a higher bid before the auction ends, then their bid will replace yours until someone else out bids them (or until the auction ends).
- Congratulations on your first NFT purchase!
How to create and sell NFTs on OpenSea
Minting NFTs in the OpenSea marketplace is a piece of cake. If you’re using Ethereum and want to create your own NFTs, be aware that it will cost between $70 and $300 to do so. If you want a free way to mint, use Polygon instead.
Here are the steps for minting NFTs on OpenSea:
Step 1. Decide what you’re going to create
When you create and sell NFTs, you’re not selling a copy of your work. You are selling the exclusive right to own it. One of the values of NFTs is rarity and exclusivity. The CryptoPunks, for example, are limited. There are only 10,000 of them in number with each one of them carrying a unique characteristic. They’re rare and exclusive at the same time!
A quick tip: think about how your NFT can add value to a buyer.
Step 2. Build your Community
Building a community is an important part of your NFT project. It’s also true in all businesses, whether you’re part of a billion-dollar tech company or make videos in your garage. Building a community of fans who will love and defend your work is part of the journey.
Step 3. Create your NFTs
Now comes the actual step to issue and list your very first NFT. Remember that NFT minting platforms are part of the decentralised web, which means you must use a crypto wallet to pay for minting fees by connecting it to the platform.
Once connected, you can click on ‘Create’. OpenSea will then ask you to upload a file. The size limit is 100 MB on this platform
Scrolling down the page, you will encounter the below field:
This is where you select how you want to pay for minting fees. While Ethereum’s network currently costs more than other networks, it is often more user-friendly and has a greater selection of features. For now, let’s stick with the cheaper Polygon network.
Step 4. Sell and Share your NFTs
Then you’re ready to sell your NFTs. The minimum price is 0.0002 ETH.
Once you’ve set your price, you’ll come to this page to complete your listing with your Metamask wallet.
Once you see this page, it means your NFT has been successfully listed on OpenSea. You can then share it with your friends or your community.
Want to learn more? Read our detailed guide on how to create and sell NFTs.
To recap, you can use OpenSea to start your journey while buying and selling NFTs. As mentioned above, there are plenty of NFT Marketplaces out there where you can buy different kinds of NFTs.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 31, 2022