If you are a newbie to the world of NFTs, then you might want to opt for the OpenSea NFT Marketplace to buy and sell your digital assets. Why do newbies prefer this platform? It is a beginner-friendly platform that allows you to explore the world of digital assets and interact with the space. This platform is well known for its open class design and the ability to allow users to open accounts for free. Thus, it has lured the interests of most NFT holders whether collectors, investors, buyers, etc because it has limited restrictions for creativity and transactional processes.
What is OpenSea NFT Marketplace?
OpenSea NFT Marketplace is a large decentralized platform that allows buyers and sellers to exchange non-fungible tokens. This marketplace is built on the Ethereum blockchain, thus users must have an Ethereum wallet to be able to buy and sell NFTs on the OpenSea NFT Marketplace. It supports different types of wallets which include TrustWallet, MetaMask, Coinbase, etc. This is a huge platform that also accepts 150 payment options and several blockchains like Klatyn (KLAY), Polygon (MATIC), etc.
The OpenSea Marketplace uses smart contracts that have been designed with features of buying and selling digital assets. These smart contracts play an important role in protecting the creator`s work and the custody of NFT collectibles. To ensure that NFT creators and collectors have authentic ownership over their digital assets, the OpenSea Marketplace uses ERC115, ERC721, and an open-source Ethereum blockchain.
History of the OpenSea NFT Marketplace
OpenSea platform began as Cryptokitties and expanded beyond collectibles. Cryptokitties launched in 2017, thus bringing a decentralized blockchain application to the world. When Cryptokitties first launched, they felt like a digital toy to many, but they represented a new shift in the way blockchain digital items were viewed all over the world. These digital items could be viewed anywhere and exchanged openly while providing the owner with authentic ownership details. Devin Finzer and Alex Ataliah collaborated with communities and launched the OpenSea NFT Marketplace in December 2017. This marked the first open Ethereum-based NFT Marketplace. It remains the largest user-owned digital marketplace in the world today. It supports several blockchains and continues to grow as the most accessible marketplace for artists, designers, creators, buyers, and sellers.
Features of the OpenSea NFT Marketplace
The OpenSea NFT Marketplace has several features listed as follows:
- This platform allows its users to send each other NFT gifts. This is also done by sending the NFT gift to the user`s ETH address. In this way, the user can receive the gift directly into their wallet. Friends from any other platform can also send you NFT gifts on the OpenSea NFT Marketplace.
- The OpenSea NFT Marketplace only charges a 2.5% service fee after a sale, it does not charge any minting fees and it is entirely free to get started and set up an account. This 2.5% is relatively low as compared to other NFT Marketplaces.
- The platform offers users the ability to use various wallets on the marketplace. This is a list of some of the wallets supported on the platform: Dapper, Kaikas, WalletConnect, Portis, Venly, Ethereum, Coinbase Wallet, Torus, etc.
How to buy NFTs on the OpenSea NFT Marketplace
When sellers list their NFTs on the OpenSea NFT Marketplace they are faced with two options, whether to sell at a fixed price or opt for an auction. When buying NFTs at a fixed price:
The first step is to search for the NFT you want to purchase and click the ‘buy now button when you have made your choice.
- OpenSea NFT Marketplace may request you to review the final details of your chosen NFT before making a purchase. This is done to ensure that users know what they are looking for and to help in noticing scammers.
- When you are done with the reviews, you will proceed to the checkout page to finalize your purchase. Make sure you read and agree to OpenSea NFT Marketplace terms of service to proceed. Click the ‘checkout’ button to confirm and finalize your purchase.
- Once you have clicked ‘checkout’, your wallet will open to finalize the final cost, inclusive of the gas fee. Click ‘confirm’ and your purchase will be complete.
- To check if your NFT is in your wallet, return to your profile, click ‘In wallet’ on the left of the page, be patient it takes a few moments before it shows on the screen.
When buying through an auction:
- To purchase an NFT via an auction, you must make an offer first before proceeding. Use the search engine to find the NFT you are interested in.
- Once you have selected your choice of NFT, review all the information about the NFT and other current offers from other buyers to determine the amount you will be offering as a bid. Make sure your bid is at least 5% more than the previous bid, this is the rule when bidding.
- Once you have your bid amount, click ‘make offer’, complete the review to determine that the NFT you want to purchase is authentic.
- Choose the currency you want to use when placing your bid. If you are using a new currency other than the one you used before, you will attract a certain fee. Type the amount you want to bid and set your expiration date.
- Once your offer is set, wait for the seller to get back to you. But if there is a lot of traffic on the site concerning that same NFT, you might want to stick around so that you can increase your bid.
How to Sell NFTs on OpenSea NFT Marketplace
Selling an NFT on the OpenSea NFT Marketplace is straightforward.
- Click and select the NFT you would want to sell from your wallet. The next step is to click the ‘sell’ button that is at the top right corner of the page.
- Once done, you must choose the price, the auction type, or any other preferences. You can either set to sell your NFT at a fixed price or an auction. When auctioning you need to set the start price, expiration dates, etc. Then click ‘post your listing’.
- When selling on the OpenSea NFT Marketplace, you won’t be charged any fees for listing your items. However, you can incur some fees once your sale has gone through. If the NFT you are selling wasn’t minted on the OpenSea NFT Marketplace, you will have to go through a review process before your item can be listed.
- The next step is to confirm your listing and its details, finalize the sale and post it on the OpenSea NFT Marketplace.
Do I need a Wallet for OpenSea NFT Marketplace?
Yes, for one to sell or purchase NFTs on the OpenSea NFT Marketplace a wallet is a must. Just like banks have debit and credit cards, there are also different crypto wallets for users to select from. The only difference between these wallets is in the terms of trade-offs and approaches. If you are new to crypto wallets, then you can take your time to study and familiarize yourself with the different wallets below. Each wallet has its features and most desktop users prefer the MetaMask as compared to mobile users who prefer Coinbase.
MetaMask – this is a Web 3`s and has enough power and flexibility. It is one of the most popular wallets with enough browser extensions.
TrustWallet – this is a mobile wallet that allows users to store their private keys and contains an extra protective layer of security.
Fortmatic – this wallet allows users to sign in with their phone number from any device without any hassles. It is top-rated as a user-friendly wallet.
Kaikas – this type of wallet can interact with the Klaytn network from different websites. You can download this wallet from the Chrome browser for free.
WalletConnect – this type of wallet is supported by the majority of Dapps and its protocol supports different mobile wallets.
Coinbase Wallet – this wallet acts independently from the Coinbase account. This means that you can use the Coinbase wallet without a Coinbase account. It allows users to navigate a decentralized dapp browser.
OperaTouch – this type of wallet works with desktop Opera, iOs Opera browser, and Opera for Android. It works well both on the computer and mobile.
Is OpenSea the best Marketplace for NFTs?
OpenSea NFT Marketplace is rated as the top NFT Marketplace with a high selection of assets. It has a large trading volume and a lot of people believe it is the best NFT Marketplace to purchase NFTs. The platform offers a wide variety of NFTs for selection; thus, users will not be limited to a certain number of NFTs. Many users prefer this platform because it accepts at least 14 different wallets. OpenSea NFT Marketplace has often been termed the best marketplace for beginners since it is easy to use and beginner-friendly. This huge marketplace has the capacity of supporting 150 payment options on the site, thus allowing a variety of users to use the platform with much ease. This marketplace also features NFTs from several blockchains. OpenSea NFT Marketplace is one of those Marketplaces were users can perform gasless minting of NFTs.