Learn what is OpenSea and how to use it
This article was originally published at https://www.buildbear.io/resources/guides-and-tutorials/OpenSea
Marketplaces for non-fungible tokens (NFTs) are mushrooming everywhere. There are various NFT marketplaces where you may buy, sell, or even mint NFTs if you’re interested in NFTs.
However, to use NFT marketplaces efficiently, you must be familiar with how they operate. In light of this, let’s take a closer look at OpenSea, one of the top NFT marketplaces.
What is OpenSea?
OpenSea is the first and largest NFT platform offering crucial NFT services. It allows you to build your own NFT collections as well as buy and trade NFTs. There was no platform for customers to readily trade various NFTs prior to its creation in 2017. Users can now exchange other NFTs and crypto collectibles with one another thanks to OpenSea.
A market for CryptoKitties, one of the first decentralised applications (DApps) on the Ethereum blockchain, was originally established on the marketplace. It has advanced into a market for NFTs, such as music, game goods, art, and domain names. OpenSea supports a variety of NFT categories, including domain names, virtual lands, sports assets, collectibles, music, art, and collectibles. It also supports utility NFTs like membership cards.
Given that it is built on the Ethereum blockchain, using and interacting with OpenSea requires an Ethereum wallet. Wallets like MetaMask, Coinbase, Trust Wallet, MyEtherWallet, and numerous others are supported. Additionally, it supports a variety of blockchains, like Polygon (MATIC) and Klaytn (KLAY), giving you additional options besides Ethereum, the primary blockchain. Stablecoins are one of the more than 200 payment alternatives available. All forms of payment involve cryptocurrency.
How to use OpenSea?
Your starting point for perusing the extensive selection of NFTs on OpenSea is the “Explore” page. You can browse collections by selecting an interest category or looking up a specific NFT that you are already familiar with. A new page containing details about the NFT collection, including the creator name, the number of items in the collection, the number of owners, the total trading volume, the floor price, and the best offer, appears after choosing an NFT collection. Links to NFT social media platforms are also displayed on the page.
Purchasing NFTs on OpenSea
Fund your wallet with Ethereum (ETH) and convert it to wrapped ETH (WETH), an Ethereum token with enhanced interoperability, to purchase NFTs on OpenSea. Utilize the search bar to identify the NFT you want to purchase, then use the many available filters to narrow down your choices. After deciding which NFT you want, select either the “Buy Now” tab to pay the listed price or the “Make Offer” tab to offer a different price.
You’ll be taken to a website where you may sign the contract and finish the payment process. You must wait for the seller to accept or reject your offer if you make one. Your NFT will be delivered to your wallet if the transaction is successful.
Creating NFTs on OpenSea
On OpenSea, you can establish an NFT collection that includes digital objects like music and artwork. You can add your NFT files, along with their names and descriptions, on the NFT item creation page after clicking the “Create” tab. Add attributes, levels, analytics, and other features to personalise your NFT.
Selling NFTs on OpenSea
On OpenSea, you may either choose a single item to sell or put together a collection of NFTs to offer as a bundle. Go to your profile icon and choose the NFTs from your wallet that you want to advertise for sale. The “Edit” and “Sell” tabs are located in the top right corner of the item page. Choose “Sell.” The listing page will load and provide you options for the kind of sale and price you want to make. Fixed-price sales and timed-auction sales are both included in the sale listings.
Structure behind OpenSea
The Wyvern Protocol, an open-source protocol enabling peer-to-peer exchange of virtual assets, served as the foundation for OpenSea. On the Ethereum blockchain, this protocol works as a collection of smart contracts. These smart contracts serve as the framework for handling transactions that safeguard users’ NFTs. To enable simpler, quicker, and more flexible transactions, OpenSea focuses on adapting to more interoperable blockchains. In addition to the Ethereum ERC-721 and ERC-1155 standards, OpenSea also includes protocols for the Solana, Polygon, and Klaytn blockchains. In an attempt to lower transaction fees, OpenSea announced in a blog post from June 2022 that it will switch to its own protocol, Seaport.
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