What is OpenSea NFT Marketplace? How to use OpenSea? Market247.io

It may be said that the NFT market is more active than ever due to the development of Blockchain and Web 3.0. Along with the increase in the popularity of buying and selling NFT assets, a number of NFT initiatives were also launched.

One of the biggest and most popular NFT Marketplace today is OpenSea. So What is OpenSea? How to use OpenSea? Market247.io will answer all in this article.

What is OpenSea?

An NFT Marketplace is OpenSea. On the basis of blockchain smart contracts, OpenSea, which was created in 2018, is a platform where users may produce, sell, exchange, and trade NFT assets.

The community can express their creativity through OpenSea, build their own NFTs, and purchase and sell any kind of asset exchange that exists in the form of NFTs, including collectibles, in-game items, and works of art.

According to current market trends, OpenSea was founded and developed. This platform has greatly increased NFT liquidity in both cryptocurrency and non-crypto markets.

With an estimated 10 million visitors every month, this NFT marketplace draws a variety of big projects and famous people, like Cryptopunks, Axie Infinity, SuperRare,...

Highlights of OpenSea?

As one of the largest and most reputable NFT exchanges today, OpenSea has many outstanding features to attract users such as:

Anyone can create NFTs and participate in auctions to sell assets.
Good security, limiting the risks when storing assets on the wallet
Operating on the basis of smart contract mechanism, transactions are carried out quickly, transparently, without dependence on 3rd parties.
Users have full ownership and use of their NFT assets.
Reasonable transaction fees, no strings attached.

What are asset user can trade on OpenSea?

There are 4 type of assets user can buy and sell including:

Collection
In-game items
Artwork
Domain

How to use OpenSea?

The first step you need to prepare for the "How to use OpenSea" question is a wallet. You must set up a wallet to serve as both a payment method and a place to store your purchases before you can buy things on OpenSea.

Wallets like MetaMask, CoinBase, and Wallet Connect are available for use. At the moment, Meta Mask is a wallet that is frequently picked and is fairly popular. Market247 will describe how to use the Meta Mask wallet in this article so that you may make purchases on OpenSea.

Connect wallet to OpenSea

Step 1: Access the website: https://opensea.io/

Step 2: Connect the wallet to OpenSea

Method 1: Click “Create” → Select Meta Mask wallet
Method 2: You can access it directly by clicking on the wallet icon on the screen and selecting Meta Mask

Create Collection and add NFT

Create Collection

My Collection is a user's private collection that stores NFTs for sale or collection. To create your own Collection, you can refer to the following steps.

Step 1: At the Account icon => Select My Collections => Create a Collection
Step 2: Add information such as profile picture, description image, banner, name, URL link as required
Step 3: Select Chain and click Create.

So you have finished creating your own Collection

Add NFT to Collection

Step 1: Click Add item to create NFT
Step 2: Upload the image, video, audio you want to create. Fill in the information and click Create.

How to sell NFT on OpenSea?

Step 1: At the main interface => Click Sell
Step 2: Enter NFT selling price => Complete listing => Confirm MetaMask.

With that, you've set up a price for your NFT. After the NFT is sold successfully, OpenSa will charge a floor fee of 2.5% of the NFT value.

How to buy NFT on OpenSea?

Before making NFT purchases on OpenSea, you need to deposit some ETH in your wallet for fees and payment for assets.

Step 1: To buy 1 NFT, you can enter the name of that NFT in the search field to search Alternatively, you can also click Explore to search for NFTs by category.
Step 2: Buy NFT

Buy now

Click Buy now => Checkout => Confirm. Now you will own NFT immediately after payment.

Also, if you want to buy NFT at a lower price, you can click Make Offer.

Place bid (Buy by auction)

To proceed to buy NFT at the auction, you need to prepare ETH in your wallet!

First, click Place bid => Set the price you want (at least 5% higher than the price offered by the previous person). => Click on Place bid.

Note:

During the NFT auction on OpenSea, the auction amount in your wallet will be locked.
If someone bids higher than you offered to buy that NFT, your money will be returned by the exchange.
At the end of the auction, the person who placed the highest bid for the NFT will have ownership of it.

Conlusion

With a variety of outstanding benefits, OpenSea is one of the top and most well-known NFT marketplaces today. With the explosion of the NFT marketplace, OpenSea is becoming more and more known. Through this article, Market247.io hopes you have gained an understanding of both "What is OpenSea?" and "How to use OpenSea?"

If you have any questions, please send us a message for the fastest response.

What is OpenSea? How to use OpenSea? FAQs

How much does it cost to create NFT on OpenSea?

Currently, OpenSea does not charge a fee to create NFTs. However, you need gas fees to be able to make payments.

Are OpenSea exchange fees cheaper than other platforms?

OpenSea's current floor fee of 2.5% is relatively low compared to current NFT Marketplace platforms.

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