A Beginner’s Guide to Trade NFTs on OpenSea
NFTs are growing increasingly popular, and so are platforms such as OpenSea where you can create, buy, or sell NFTs. What’s more, OpenSea is totally decentralized and facilitates trading of NFTs through auctions. It is built on Ethereum and the NFTs traded on the platform adhere to the ERC-721 and ERC-1155 standards. These NFTs can also be traded on Polygon (since it’s a layer 2 scaling solution of Ethereum) and Klatyn (an open-source blockchain).
So if you’re new to OpenSea and are wondering how to get started, read on. First up, you’ll have to create an account by linking your MetaMask wallet extension. A host of crypto wallets are supported by OpenSea and any of them can be used to create a profile. Once the linking of wallet is done, you can customize your profile and get started with the platform.
You can broadly do three things on OpenSea: create an NFT, buy an NFT, or sell an NFT. But before we dive deeper into what all you can do, let us get done with the platform overview.
Overview: Supported Networks & Payment Options
OpenSea is currently one of the world’s biggest platforms for buying NFTs, including but not limited to digital collectibles, virtual property, music, and artwork.
Like we said earlier, Ethereum, Polygon, and Klayth networks are supported. Even switching between Polygon and Ethereum networks on OpenSea is quite easy. Since Polygon is a scaling solution for Ethereum, NFTs purchased in Polygon do not need you to pay gas fees. OpenSea adds the Polygon logo on NFTs that can be bought without transaction (aka gas) fees.
You can buy NFTs on OpenSea with most popular currencies, and the collections are also listed with their pricing in various currencies. It is also worth noting that OpenSea’s transaction fees are also quite reasonable, at 2.5 percent flat per transaction.
The most popular choice and a hassle-free way to buy NFTs on OpenSea is through ETH. But then, OpenSea uses a wrapped version of ETH, called WETH. Don’t know what wrapped tokens are? Check out this guide we wrote.
Converting ETH to WETH is also quite simple. Your OpenSea wallet will do it for you: all you need to do is add ETH to your account and use the “wrap” option (this process will consume some amount in gas fees. But once done, you’re good to go).
Coming to exploring NFTs on the platform, it is as easy as it gets. You can apply various filters on the platform to view the NFTs available on sale. OpenSea also provides a host of stats, including the volume, floor price, owners, and assets of NFTs listed on the platform. It even ranks NFTs based on aspects such as sales volume and most recent sales.
Now that you have a basic understanding of the platform, in the next few sections, we’ll give you an overview of how you can create, buy and sell NFT(s) on OpenSea.
We’ve also included links to OpenSea’s support pages for creating, buying, and selling NFTs towards the end of the blog under the “Additional Reading” section. Check them out if you have any questions or need further help.
Creating an NFT
Creating an NFT on OpenSea is simple and straightforward. There’s a “Create” tab on the right top corner that you have to click. After which you’ll have to add the digital file, followed by details such as name of your NFT, description, external link (where you can redirect to a custom webpage with more details of your NFT etc.,). Finally, you’ll have to pick the network on which you’ll create your NFT, and then click on the “Create” option. Once your NFT is minted, it will be ready to be sold on the platform.
What we’ve covered above is the basics you need for creating an NFT. Apart from the options we’ve mentioned, you have a bunch of other customizations that can be made to the NFT.
Buying an NFT
Like we mentioned previously, you can browse various NFTs on sale and pick whatever you’d like to buy. Once you select a certain NFT to purchase and open its window, you can access stats such as the price history, transaction history, and other information of the asset.
Now here are three types of buying modes you’ll encounter on OpenSea:
- Purchasing at a fixed price
For purchasing at a fixed price, the process is pretty simple. You have to simply click on “Buy now” followed by “Check out.” The next few steps for completing the purchase will be according to the wallet you’ve chosen. If you’re buying an NFT for the first time, the purchase process may take longer as you have to provide some initial approvals.
- English auction
This auction is a traditional one where the highest bidder wins the NFT. To participate in the auction, you have to have WETH in your account. Other currencies and modes of payment are not supported for English auction(s) on OpenSea.
- Dutch auction
In this type of auction, the seller of the NFT would set a price which is quite steep in comparison to market standards. This price, however, will reduce with time. You can either buy the NFT at the moment for whatever “highest” price it is available for, or wait out until it comes down to a price you deem fit.
Selling an NFT
For selling NFTs, you’ll have to select the token you’re putting up for sale, followed by the selling option you prefer (fixed price, English auction, and Dutch auction). If you’re going ahead with the Duction auction, then you’ll have to select the “Include ending price” option and specify details such as the duration, starting price, and ending price of the auction. There are a host of other options, including settings that let you choose a delayed sale for your NFT and a privacy function to make your token invisible on the auction marketplace.
Once you set up your listing (after selecting the token to sell, choosing an auction mode, and customizing other settings), you have to click the “Post your listing” option and pay the necessary transaction fee. This is a one-time fee you pay when listing your NFT. Any other postings for this NFT will need your digital signature only. You can also edit this token after it is listed.
Why Choose OpenSea?
OpenSea is not only the market leader in the realm of NFT trading, it also has the most available token collection, active users, and trading volume– making it a go-to choice for many. Even our NFT collection is live on OpenSea.
We’ve recently airdropped token-wrapped NFTs to our early supporters. Right now, we’re in phase 1 of our airdrop which will end by 16th may. Phase 2 is set to begin in June 2022. Learn more about Arcana’s NFT4XAR Airdrop.
Additional Reading (on OpenSea)
Follow us on our socials and subscribe to our mailing list to stay updated with all our latest developments. Links below.
Here are some popular articles from us that you can check out:
A Deep Dive on Practical Use Cases of NFTs
NFTs are currently some of the most discussed topics in the crypto and blockchain world. In the last quarter of 2021…
Arcana NFT Airdrop Announcement
Find out all about Arcana Network’s XAR Airdrop– a token of gratitude to our early believers and community.
About Arcana Network
Arcana is the Web3 Infra to manage your data layer. Web3 App and wallet developers use Arcana’s SDK to authenticate users by generating wallets with Social and Passwordless Auth, Store Encrypted Data, and Manage Access. Built for Ethereum and EVM based chains, with Arcana’s privacy stack, developers can build secure and privacy-preserving apps with a seamless user experience.
Arcana has raised 2.7Mn USD from some of the leading investors and founders in the ecosystem such as Balaji Srinivasan, Founders of Polygon, Woodstock, Republic Crypto, and Digital Currency Group.
Watch out for Arcana’s upcoming Testnet and Mainnet in 2022.