Buying and selling NFTs in the OpenSea marketplace is not complicated and here is a step-by-step guide on how to do it quickly and safely. Prior to diving into how to sell and buy NFT in OpenSea, let’s take a step back and briefly recall what non-fungible tokens are.
What is OpenSea?
OpenSea is a decentralized game changer market for NFT trading. If you’re surprised, NFT stands for Non-Fungible Tokens, which are unique and collectible digital items such as in-game assets, avatars, business cards and art.
In mid-2021, OpenSea recorded $3.5 billion some in NFT trading volume alone. Given that it had a volume of only $21 million throughout 2020, it can be said that a 12,000 percent increase in business activity is definitely a sign of success. Mark Cuban, Kevin Durant, Ashton Kutcher, and crypto powerhouse are the investors who have helped push OpenSea’s valuation to more than $1 billion, giving seemingly the NFT platform unicorn status overnight.
Collectors, artists, investors and NFT traders all rate OpenSea highly, but if you are new to this platform, it is very confusing. This OpenSea Beginner’s Guide gives you an easy-to-use guide to NFTs, what OpenSea + is, and how to use it, along with some of the best NFTs on the market.
What is OpenSea NFT Marketplace?
OpenSea considers itself the first and largest NFT market in the world. But to put it simply, you can think of OpenSea as an eBay for digital objects and collections.
In 2017, Alex Atallah and Devin Finser founded OpenSea in New York City. Shortly afterwards, they joined the famous startup Y Combinator and immediately received $ 2.7 million in support.
The OpenSea team had a lot to prove in the beginning. Prior to 2021, NFTs were still on fire, apart from early modes such as CryptoKitties. However, the team’s vision that people would soon value digital objects more or more than physical objects began to take hold. Here’s a little understanding of OpenSea.
Cryptocurrencies provided the blueprint for the current NFT boom. Globally, people trade digital currencies and instrument tokens around the clock. They are digitally comfortable with items they cannot see or feel, indicating that the indigenous digital age is really here.
Interacting with digital objects is becoming commonplace as more and more people make their living online. However, while in the early days of the web, people sought to bring physical space into digital, the current stage is all about digital creativity – such as good behavioral patterns, games, and interactive experiences.
This is also why people are moving away from selfies for profile photo avatars on social media platforms such as Instagram, Twitter and TikTok. Instead, cartoon avatars of penguins, pixelated punks, and tangled monkeys are captured with laser eyes.
In a broader sense, all of these indicators point to the beginning of the meta-transformation – the shared cyberspace that we all create and own together, in which NFTs play an important role. So, when we think of OpenSea, we can easily call it eBay digital objects, but in fact, it is much more than that.
When you buy an NFT, it’s yours, just as the food is delivered to you after payment. Yet, what happens when you want to transfer, sell, or search for something like that? What if you plan to buy NFT but want to easily see its ownership history?
Before OpenSea, there was no easy way to do any of these things. Yes, OpenSea is a peer-to-peer NFT marketplace, but it is also the interface layer between the blockchain and everyday consumers that makes it easy for anyone to buy or access NFTs.
What is a Non-Exchangeable Token (NFT)?
Non-replaceable tokens, or NFTs, are assets encrypted in a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike digital currencies, they cannot be traded or exchanged as equivalents. This is different from interchangeable tokens, such as cryptocurrencies, which are identical to each other and can therefore be used as a medium for trading.
The distinctive structure of each NFT has the potential to use several. For instance, they are an ideal tool for digitally displaying physical assets such as real estate and works of art. As NFTs are blockchain-based, they can be used to remove intermediaries and artists communicate with the audience, or to manage identities. NFTs can eliminate intermediaries, simplify transactions, and create new markets.
Most current NFT markets are centered on collectibles, such as digital artwork, sports cards, and rare items. The NFT version of the first tweet has been offered for up to $2.5 million.
Why do people buy/sell NFTs?
There are many reasons to buy/sell NFTs. The most basic of these is because they want to invest in a new, speculative and highly volatile asset. The NFT market exploded in 2021, and many collections, such as CryptoPunx or the Bored Ape Yacht Club, saw their ratings skyrocket.
However, apart from speculating about future valuation, some investors opt to buy NFTs as a form of digital art. As the world moves further and further towards the digital future in which much of our interaction and time is spent online, and as the concept of Metaverse continues to grow rapidly, many people want rare art and Have a valid digital.
Other people may buy an NFT as a gift to someone they know appreciates it and so on. The reasons are different, but it is a fact that the market has become a significant market that should not be ignored.
Now, let’s see how to sell an NFT in OpenSea.
In opensea.io website, go to your image in profile at the top right and click on Profile bottom. Select the NFT you aim to sell from wallet. If you don’t have an NFT available to sell, check our create an NFT tutorial to get started.
Select Sales at the top right to go to the list page.
You will be taken to a list page, where you can select the price and type of sale. A fixed price sale is a sale where the price remains constant. In the image below, the price of 1 ETH is fixed. Click here for more information on timely auction sales.
You can also specify the duration of the sale. The default options are 1 day, 3 days or 1 week – yet you can also set a custom time using the calendar.
You can also put the item in a package (NFT grouping from different sets). Finally, you can also book the goods for a specific buyer. To do this, simply enter their address in the field below the reservation for a specific buyer.
In all of these options, you will see potential sales costs below. In this case, the sale includes OpenSea service costs of 2.5% and generating revenue of 10% for a total of 12.5%. This is the highest percentage that can be deducted from NFT sales in OpenSea.
Finish up your sale
You will then be asked to confirm your sale by signing a deal. Please note, if you have never sold in OpenSea before, you must first initialize your wallet. Also, if the item you are listing is not made in OpenSea, but is made through a custom contract, an additional confirmation and signature may be required to allow OpenSea to trade the product on your behalf.
After completing your list, you will receive a pop-up confirmation like the one below. Be sure to share your list on social media!
To view the items you have listed for sale, select the Activity tab from your profile page. You will see the item you just listed with the list of transactions.
Buying and selling NFT in OpenSea is not as difficult as you might think. However, keep in mind that there are many scammers in this area and prices can vary greatly. It is not uncommon to see people lose their money to fraudsters through phishing or carpet weaving. The NFT field is also full of laundering traders who create fake trading volumes in certain collections to make them more attractive to investors.
In any case, it is important to keep in mind that this is a very young market that is not strictly controlled n most jurisdictions. Thus, you need to pay attention to it and take the necessary precautions to protect your capital.