As Non-Fungible Tokens (NFTs) increase in popularity, many marketplaces are opening up to enable artists to sell their digital art and collectors to buy it. NFTs are unique tokens that are permanently attached to certain digital files. This means that when collectors buy those NFTs, they officially own the art pieces with which they’re associated. To convert different digital files into NFTs and facilitate transactions involving them, marketplaces such as OpenSea make the process easier for both artists and collectors.
Want to learn how to buy or sell NFTs on OpenSea? The following is a look at what OpenSea is, how it works, and how to use it whether you’re an artist or a prospective buyer.
What is OpenSea?
OpenSea is both the largest and the first NFT marketplace. Giving people the ability to sell or buy different types of virtual items using cryptocurrency. All goods sold on the platform use a blockchain to secure them. There is a wide variety of goods for sale on the OpenSea marketplace. The only requirements for them are that they must be entirely digital, tokenized, and belong solely to the buyer once sold. All transactions are permanently logged on the blockchain.
Like other NFT marketplaces, OpenSea uses the cryptocurrency Ethereum to facilitate transactions.
What Can I Do on OpenSea?
Using the OpenSea platform, you can buy or sell NFTs. But there are plenty of ways to go about it. You have the option of browsing different items across multiple categories. It’s also possible to get involved in an auction or start your own auction for your goods.
Sellers can sell their items at fixed prices. But auctions that entail selling rarer collectibles and pieces may cost more as buyers attempt to outbid others. Ultimately, the price for different items on the marketplace can vary greatly based on the type of item being sold. Sellers also have the ability to resell the NFTs they purchase. Considering they own the rights to the item, which can yield a profit.
What Do They Sell on OpenSea?
Some NFTs that people can sell and buy through OpenSea include virtual art pieces, game items, digital collectibles such as cryptostamps. And even start-up businesses in the form of website domains. As mentioned, the main criterion regarding selling and buying on OpenSea is that the item must be digital.
Artists are finding that platforms like OpenSea offer a convenient and lucrative opportunity to sell their NFTs. Whether they produce digital paintings, animations GIFs or videos, or even music in the form of MP3s. There’s no shortage of possibilities for artists and collectors on OpenSea. And it’s highly accessible and easy to use for nearly everyone.
How to Use OpenSea
If you want to get started with OpenSea, it’s easy to open an account and begin buying or selling on the marketplace. However, there are certain steps you will need to take before you can gain access to the marketplace.
1. Create a wallet for cryptocurrency
The first asset you’ll need to obtain before you can create an account on OpenSea is a crypto wallet. You can use platforms like MetaMask or Dapper to set up a wallet if you don’t already have one. You can download these as apps to your mobile devices. Or you can install browser extensions for your computer. If you use a mobile wallet, you will also need to use a browser that’s compatible with Ethereum such as Coinbase Wallet.
2. Purchase a certain amount of Ethereum
The specific cryptocurrency that OpenSea uses for transactions is Ethereum (ETH), which is the second most popular cryptocurrency after Bitcoin. Through your crypto wallet, you should buy a small amount of Ethereum based on what you’re willing to spend on buying or selling NFTs. Unfortunately, even if you’re only planning to sell on OpenSea, you will need to pay a fee that covers the costs of converting your goods into NFTs. Even with these fees, you can still sell your goods for a profit.
Keep in mind that the price of Ethereum is always changing. Making it best to choose a specific dollar amount you’re willing to spend on Ethereum.
3. Connect your wallet to OpenSea
After you’ve set up an account and purchased Ethereum, you can connect your wallet to OpenSea. The platform makes it easy to plug in your wallet and access it to get started.
4. Buy or sell NFTs through the marketplace
With your wallet connected to OpenSea and Ethereum ready to go, you can use these assets to either buy or sell NFTs on the marketplace.
If you’re a buyer, you can simply browse and search for different items that you’re interested in purchasing. Once you’ve found the item you want, you can either buy it directly or participate in an auction to place a bid on it. OpenSea makes it easy to simply pay the seller with ETH directly through your wallet. Once you’re in possession of an NFT, the item is officially yours in exchange for the ETH.
If you’re selling an NFT, you can easily list items for sale or create an auction for them. Once you’ve uploaded your digital files to the marketplace, you retain full custody of them when listing them for sale. Also, you can take comfort in knowing that OpenSea completes deals atomically. The item either sells in full or doesn’t sell at all, without any partial selling of assets. Once you sell an item to a buyer or the highest bidder in an auction, the item instantly sells to the buyer at the same time you receive the ETH payment.
Selling on OpenSea can be highly profitable. But bear in mind that the platform takes 2.5% of the price of a successful sale. The original creators of an NFT can also charge a fee for the transaction.
Use OpenSea to Buy or Sell NFTs with Ease
If you’re looking for an easy way to purchase or sell NFTs, OpenSea remains one of the most reliable marketplaces for buyers and sellers alike. By taking the steps needed to create and set up an account, you’ll gain access to a platform that offers plenty of freedom and opportunities to make a profit on NFTs or obtain your favorite collectibles.
Have any additional questions about OpenSea? Ask the experts at BlockLink about this platform when you contact us today.