OpenSea is a widely used NFT marketplace allowing users to purchase, sell, create, and exchange non-fungible tokens. It is the top NFT trading platform with over 2.4 million registered users and daily transactions worth $6.03 million as of November 2022.
- OpenSea is a non-fungible token (NFT) marketplace where users can buy, sell, or create NFTs.
- It is a noncustodial platform, allowing users full control and access to their cryptocurrency wallets.
- Users interact directly with other users to buy or sell an NFT or a bundle of NFTs.
Understanding OpenSea
OpenSea is proud to be the first and most extensive NFT platform which offers essential services. It was established in 2017, as there had been no other place for users to conveniently exchange different NFTs. OpenSea was created to give people the opportunity to swap crypto collectibles and other NFTs with each other.
The desktop and mobile dashboards begin with two options to investigate NFTs or generate a fresh crypto wallet. If you already possess a crypto wallet, it can be linked up to the platform. You can look through the tremendous selection of over two million NFT sets and construct your own.
OpenSea provides support for a wide variety of NFTs, including artwork, music, collectibles, virtual lands, sports-related assets and domain names as well as more utilitarian types such as membership passes.
It is easy to determine the most popular and current collections by category. Users can refine the results by specifying a certain time frame such as 24 hours, one week, one month, or overall. Additionally, there is an option to choose a specific blockchain for investigation.
How to Use OpenSea?
OpenSea provides a simple and user-friendly interface, making it straightforward to use. To begin, you must link a crypto wallet to OpenSea in order to execute transactions. This wallet is the way you connect with the blockchain for payments or deposits. As it is noncustodial, your NFTs are not held on OpenSea; instead, they go directly to your wallet address.
Here’s a list of crypto wallets that OpenSea supports:
- MetaMask
- Coinbase Wallet (WalletLink)
- Trust Wallet
- Authereum
- Portis
- Venly
- Dapper
- Fortmatic/Magic
- Bitski
- Phantom
- Glow
- Torus
- Opera Touch (mobile only)
- Kaikas
Connecting to OpenSea
No matter which crypto wallet you decide to use (MetaMask, Coinbase Wallet, etc.), the procedure for connecting to OpenSea is identical.
Go to OpenSea.io, go to the “My Wallet” tab on the menu, and click your wallet type. Your device will then prompt you for your private keys so you can access the platform. You must have some Ethereum (ETH) in order to link your wallet successfully.
Once you have logged in to the platform, your account page will show all of the NFTs that belong to you. You are free to exchange or dispose of your NFTs on the marketplace as you wish. The profile section enables you to submit your username, biography, email address, pictures and links to social media accounts.
Searching for NFTs on OpenSea
The “Explore” page is your entryway to perusing the extensive selection of NFTs available on OpenSea. You can investigate collections by clicking on the type of category that interests you or searching for a specific NFT that you are already familiar with.
The page displays the most sought-after NFT collections, some with lively logos and others with unique static images. Notable collections like Decentraland and Bored Ape Yacht Club are among the items listed under the “Trending” section.
The “Stats” page has a range of analytical tools and by default it shows the most popular NFTs in the last day. You can change your search results based on volume, time period, type and blockchain.
NFT Collection Features
Once a user has chosen an NFT collection, they will be taken to a page that reveals information regarding the collection such as the creator’s name, how many items are included, how many people possess it, the total amount of trading activity associated with it, its minimum cost and best available offer. Additionally, links to social media platforms related to NFTs are featured on this page.
You can look through the “Items” section or investigate the activity area to gain understanding of sales, listings, offers, collection offers, and transfers. The Items section has four status filters – categories for sorting out different NFTs. These filters assist you in finding what you need quickly. They are:
Buy Now
The “Buy Now” filter displays all NFTs that can be acquired, making it easy to differentiate between items that have already been purchased or are not available for sale and those that are currently up for grabs.
Has Offers
The “Has Offers” filter displays NFTs that have latest bids.
On Auction
The “On Auction” filter shows NFTs and their corresponding bids.
New
The “New” filter distinguishes newly listed NFTs from older ones.
You can refine your searches by setting a budget for the NFT collections you want, selecting a particular type of blockchain, and deciding whether to buy individual or combined items.
How to Buy NFT on OpenSea
To purchase NFTs on OpenSea, you must add Ethereum (ETH) to your wallet and exchange it for Wrapped ETH (WETH), which is an Ethereum token that works better with other platforms. While most NFTs accept ETH and WETH, some may need other cryptocurrencies such as DAI, APE, ASH, CUBE, BAT and GALA.
To purchase an NFT, utilize the search bar with the various filters available to find the one you want. Once you select your desired NFT, choose either the “Buy Now” tab to purchase it at its listed price or opt for the “Make Offer” tab and suggest a preferred cost.
You will be taken to a page where you can sign off on the purchase to finalize your payment. If you make an offer, you will have to wait for the seller’s response of either acceptance or rejection. Once the transaction is done, your NFT will be sent to your wallet and all of the NFTs that you bought can be seen in the “My Collections” section of your profile.
How to Create NFTs on OpenSea?
On OpenSea, you can form an assemblage of NFTs with digital products like artwork and tunes. Click the “Create” tab and you will be sent to the page for creating your own NFTs. Here you are able to incorporate your NFT files including giving them appropriate names and descriptions. You can also customize your NFT through adding traits, levels, stats, etc.
How to Sell NFTs on OpenSea?
You can put NFTs up for sale on OpenSea either as a single item or as a package deal that contains several different NFTs.
Go to your profile icon and pick the NFTs you want to put up for sale from your wallet. On the Item page, there are two buttons on the upper right corner: “Edit” and “Sell.” Click on “Sell,” and a listing page will appear with options on cost and type of sale. You can decide between fixed-price sales or timed-auction sales.
Fixed-Price Sale
You set a specific cost for your NFT and have the ability to decide how long the sale will last in a fixed-price sale.
Timed-Auction Sale
In this sale, the highest bidder can win and purchase the NFT or alternatively, you can set a decreasing price that will continue to drop until a buyer makes a purchase.
How to Store NFTs Securely on OpenSea?
More reports of scams in the crypto sphere are coming up. Fraudsters are after users of digital currencies, be it through a crypto trading platform or an NFT marketplace. Here are seven measures to protect your NFTs on OpenSea.
- Do not share your secret recovery phrase with anyone, not even someone posing as an OpenSea support official.
- Ensure that you’re linking to the official website, not one with a similar name but a different domain. Sometimes the difference is easy to miss, so be careful to confirm the site before initiating a transaction.
- When your wallet is linked to a browser, avoid clicking on broken, unknown, and suspicious links to avoid getting hacked.
- Your passwords should be unique, different from the ones you use for other sites.
- Enable two-factor authentication (2FA) to shield yourself from potential attacks.
- Consider using a hardware wallet to store your NFT assets for improved security.
- Do not download attachments from an OpenSea email. OpenSea does not send files to its users, so be cautious of phishing emails.
What is OpenSea built on?
OpenSea was developed using the Wyvern Protocol, an open-source protocol that enables virtual asset trades between peers. This protocol works by utilizing a few smart contracts on the Ethereum blockchain. These contracts are used to process transactions and protect users’ NFTs. OpenSea is focused on integrating with more interoperable blockchains to make transactions quicker, simpler, and more flexible. Aside from ERC-721 and ERC-1155 Ethereum standards, OpenSea has incorporated protocols for other blockchains such as Solana, Polygon and Klaytn. A blog post in June 2022 announced that OpenSea would be transitioning to its own protocol—Seaport—in order to lower transaction fees.
Summary
OpenSea is the premier online platform for NFTs, connecting thousands of creators, buyers, and sellers. It provides a space to sell or buy artworks, collectibles, real estate properties, in-game items and sports assets on its website.
Rarible, LooksRare, Magic Eden, Binance NFT and Nifty Gateway have been creating competition for OpenSea in the world of NFTs. Despite this, OpenSea has managed to retain its position as the biggest marketplace with a market volume exceeding $20 billion and it is predicted that they will keep their large share in the future.
