If you’ve heard of non-exchangeable tokens (NFT), you’ve probably heard of OpenSea. This platform is the most popular door to this market. With it, you can easily buy, sell and create your own NFT. Especially if you read our detailed instructions in this guide.
However, before we get started, we will briefly explain what NFTs are and how they work. So here we go!
What are NFTs?
Since the creation of Bitcoin in 2009, people have become increasingly accustomed to buying and owning assets that only exist in the digital world. Thanks to blockchain technology, cryptocurrencies are able to acquire and transfer value on the Internet without involving any third parties. NFTs are based on this technology. However, they differ from Bitcoin exceptional and unique.
Cryptocurrencies such as bitcoin and ether can be interchangeable. NFTs, in turn, are unique in that they can be tested and are not interchangeable. Thanks to this allows you to bring real world assets to the blockchain.
NFTs can represent, for example, digital art, game elements, music, or any other element that the system requires to validate its uniqueness, uniqueness, and ownership in the digital world.
The ownership of NFT can be transferred against digital currencies without the intervention of an intermediary. All you need is a platform called NFT Marketplace – specifically designed to list, buy, sell and create such tokens. The most popular market for this type is OpenSea, and this is what we will focus on in this guide.
What is OpenSea?
OpenSea is an NFT market that entered the NFT movement quite early, and it has become a preferred platform not only for NFT traders, but also for creators and artists. The success of OpenSea is not only a first step company, but also an open market. What does this mean? This allows anyone to create NFT for freeas well as buy and sell them in a verifiable infrastructure based on blockchain technology. This openness has attracted many NFT producers, as there are no restrictions on creative and operational processes.
While some see this as an important aspect of OpenSea’s work, others see the lack of restrictions as a time bomb. So much so that OpenSea Limited the maximum number of NFTs for a short period of timeany user could knock out. However, after the revolt of the people withdrew from this decision.
Despite the controversy surrounding OpenSea’s performance, it remains the largest NFT market in August 2021, surpassing the value of NFT Ethereum transactions. $ 3.5 billion. For comparison, in all of 2020, OpenSea recorded only one volume $ 20 million.
Why you should use OpenSea
The NFT OpenSea market has a number of different features and advantages that set it apart from the competition. Here are some of them:
- One of the main advantages of OpenSea is the decentralized operation of the platform. This means that all transactions and activities are recorded in blockchain in real time.
- OpenSea now supports four different blockchains: Ethereum, Polygon, Klatyn and Solana. So you can create NFT based on any of these lines for free. The only commission you have to pay for a token token the operating fee of a particular network.
- OpenSea is a very intuitive platform. All its basic functions are easy to use. This means that you do not need any coding knowledge.
- Disables NFT in OpenSea thanks to integration with Polygon is free.
How to create NFT on OpenSea platform?
As a new user, you must register an account before using NFT in OpenSea. To do this, you need to set up a wallet, preferably MetaMask. If you don’t know how to do this, check out our comprehensive guide for step-by-step instructions.
Closing the wallet
When your wallet is ready, you need to follow these steps to create an OpenSea account:
From the OpenSea homepage, click on the wallet icon in the right corner of the page. This way you will be able to combine your newly created wallet. You will see a message asking you to select your preferred wallet. Select the wallet (in this case it will be MetaMask) and click “Close”.
After setting up your wallet, you will be taken to your profile page in OpenSea. This account is in default, so you need to personalize it. Before doing so, OpenSea will ask you to accept the terms. After completing this step, you can personalize your account by entering your username, bio and adding your profile picture.
NFT preparation / punching
At this point, you are ready to start building NFT. However, you should keep in mind that depending on the blockchain you intend to create NFT, you should have enough coins in your wallet to pay the relevant transaction fees. If you have the right amount of coins, you can start minting NFT by following the steps below.
- If you want to create only one NFT on your account page, click on “Create” and enter the name, description, URL link and other elements you want to include. Scroll down and click “Create” again to hit the blockchain.
- To create a collection, you must hover the cursor over your account icon and then enter it “My collections”. Under the option “Create a new collection” click “Create”to assign a collection name, enter a description, and upload an image. You can also use the various editing tools on this page to make your collection truly unique.
- Click to create NFT within the collection you created “Add new element”. You will be taken to a page where you can enter an NFT name and upload metadata as an image, video or audio file. You can also add properties such as year of birth to make it easier for potential buyers to filter NFT into your collection.
- Attention: you can also add elements that are only available to the NFT owner. For example, you can give the buyer the opportunity to claim real NFT-related assets, such as a physical presentation of the work or an admission to an event.
- After setting all the parameters, click on it “Create” and sign transactions in the associated wallet. If you choose to break the NFT in the Polygon network, you do not need to pay a transaction fee. A token break in Ethereum will sometimes cover network fees, which can be really high.
How to sell NFT on OpenSea?
Once you’ve created your NFTs, you can sell them on OpenSea. To do this, follow these steps:
- Drag your profile picture in the upper right corner and enter your options “Profiles”. Here you can choose the NFT you want to sell.
- After selecting NFT and going to the NFT description page, click “Sat” located in the upper right corner of the screen. You will be taken to the offer page.
- Here you can set a fixed price for an item or choose to create an auction. In the latter case, interested buyers must compete to get your NFT. In addition, you can set a sale date or reserve NFT for a specific buyer.
- You can find information about any payment at the bottom of this page. It should be noted that OpenSea is loading 2.5% service fee for each sale and 10% license fee for the original NFT developer.
- After reading the details, you will be asked to sign the transaction in your wallet. Do this to confirm the offer. You need to activate your wallet for the first time you sell a product on OpenSea. If you have imported NFT from a foreign market or have not canceled them in OpenSea, you will have to go through an additional approval process for the platform to sell NFT in your name.
How to get NFT in OpenSea?
When you buy NFT from OpenSea, you can either buy or offer items at a fixed price. Follow these steps to get NFT at a fixed price:
- Browse the list of available NFTs and select the item you want to purchase. After making your choice, study the details carefully, especially the historical prices, to make sure that the NFT data is worth buying. Also, check for red flags indicating that NFT data is fraudulent.
- If NFT is correct, click on it “Buy now”. Additional details will be shown here. You will then be taken to a check window where you can find the final value of your purchase.
- If everything is fine, press the button “Check”. Opensea will take you to your wallet. In this case, you will be shown the gas fee you have to pay. Click on it to complete the purchase “Confirm”. After completing the transaction, you can return to your profile page and check if NFT is in your wallet. “Inside the wallet.”
You already know how to get NFT at a fixed price on OpenSea. However, if you want to participate in the auction, you need to follow the steps below.
- Find the list of NFT you want to buy. Read other users’ details and suggestions, and then click the button “Suggest”. Remember, your offer should be minimal It is 5% higher than the current highest price.
- Again, you may be required to verify that the NFT is not a counterfeit token.
- Then select the digital currency you want to offer. If you decide to use a currency that you have not used before to purchase on OpenSea, you may be required to do so. payment of a lump sum.
- Choose the amount of the offer and its expiration date. Now all you have to do is wait for the seller to choose the best one. If your item is very popular, you may need to increase your offer to become a leader.