Do you know How to Sell NFT on Opensea? Let’s discuss this in a detailed guide.. OpenSea is the world’s largest and most popular digital marketplace. It was founded in 2018 and offers the highest possible security in all transactions, as OpenSea is a decentralized market. In addition, all transactions are supported by blockchain technology and negotiations are conducted through a smart contract.
OpenSea is a very promising digital marketplace, where a lot of money can be made. In this review, we will explain everything you need to know about OpenSea, how it works, how to buy and sell NFTs, and much more!
How does the OpenSea work?
OpenSea is a marketplace where you can buy, sell and trade any type of NFT (Non-Fungible Tokens). NTFS are rare digital assets, potentially unique and of great value. Non-fungible tokens can be any digital assets, such as a digital image or a game’s business card, such as Surrey.
Almost any product can be sold within OpenSea. OpenSea has over 200 categories and over 15 million items supported by the Ethereum blockchain.
The operation of OpenSea is as follows:
- All users must have an account in some of the wallets supported by OpenSea. Although numerous, the same platform recommends meta masks.
- Once you have your wallet, you should link it to your OpenSea account.
- Your wallet will then be thoroughly scanned, including its contents. But don’t worry. This procedure is legal and secure.
- With wallet attachment and analysis, you can now browse OpenSea and buy, sell or trade any NFT.
OpenSea’s interface is quite friendly and easy to use. At the top right are the main categories of Search, Activity, Rating, Blog, Community, and Creativity.
Of all the OpenSea categories, the most important is “Search”.
How to find products on OpenSea.
The first thing every user does when entering OpenSea is to check the “Search” tab and find an interesting product. But, if you know the specific name of the product, you can enter it in the search tab.
If you want to find available products, you need to sort the search results with these options:
- Recently listed products: This option is compatible with recent items for sale.
- Newly created products: These are newly created NFTs.
- Expiry Skin: This option is for products whose auction will end soon.
- Lowest Price: These are the lowest priced products.
- Highest price: They are the most expensive products.
- Last best-selling – Sort results by highest-selling price in ETH.
- Oldest product: Older products will appear with this option.
- Products with the largest audience: This option sorts the results by the number of views.
In addition to managing search results, you can also filter them. To do this, you must click on “Collection” and select one of the available options, for example we will use “CryptoPunks”.
If you want to know a little bit about the selected collection, all you have to do is click on the filter label with the collection name.
Then, to filter the results of these combinations, you can use these options:
Status: This option allows you to select 4 features.
- Buy now
- Ready for auction
- There are offers
Collections: Here you can select another collection.
For Sale in: This option allows you to determine the currency of sale.
Accessories: Depending on the combination, there will be different options.
Type: In our example, you can determine the sex of CryptoPunks NTF.
The above description is valid for CryptoPunks, other collections will have different filtering options.
Why do I need a wallet before buying and selling in OpenSea?
Wallets are one of the most important tools in OpenSea. Not only do they work to save money, but they also work to manage your identity and credentials.
In the case of OpenSea, wallets manage and organize your items, it also allows you to transfer transactions to the Ethereum blockchain. In other words, the wallet allows your browser to interact with the blockchain. OpenSea uses wallets to create a system for exchanging (buying and selling) NFTs.
Since OpenSea will allow you to interact directly with other people within the blockchain, you need a wallet to help the platform convert your actions on the Opensea website into transactions on the blockchain.
A wallet is different from an OpenSea account. Wallets are tools that help you create and manage addresses. An address is defined as a 42-character hexadecimal string that corresponds to a location within the Ethereum network.
Therefore, an OpenSea account is a package of complementary information that is stored on a common server, but the NTF of your wallet is never stored. These digital assets are your property and can only be controlled with a private key.
How to connect your account with OpenSea?
OpenSea has multiple wallets and adds something to the list over time. But, at the moment, these are available:
All of the wallets listed above are equally useful, but each has features that make them stand out. OpenSea always recommends using MetaMask as it is used as a browser extension. In addition, MetaMask is one of the most popular and first available.
Since MetaMask is suggested by OpenSea, we will use screenshots with this wallet, but the process is not much different from other options.
How to create a Metamask portfolio.
The first step is to enter the OpenSea registration page. The first thing we will see is a picture of a fox, the meta mask icon, which will always be the preferred wallet option.
You must click on the blue “Register” button to be redirected to the meta mask. Then you have to press the blue button “Install metamask for Chrome”, because it acts as an extension for the wallet browser.
Once installed (like any other Chrome extension), a meta mask banner will appear to greet you. After that, you will click on the “Start” button and you will be taken to another page, where you have to choose whether you have the badge or not.
The next step is to create a key for your Metamask account. The last thing you need to do is reveal the secret sentence and then confirm and then complete the process of creating an account in Metamask.
With the creation of the Metamask account, you should return to the OpenSea registration page and press the blue “Login” button. This process will show a mini OpenSea window, where you have to select the account and click “Next” to enter and your MetamaSc account will already be linked to your OpenSea account.
How to buy in OpenSea?
With the wallet associated with your OpenSea account, you can now proceed to purchase all items of interest to you. But, before you buy, you have to get some of the currencies used in OpenSea:
Ether is the main currency in OpenSea, but you can also use DAI and USDC.
How to get Ether?
The OpenSea Blog recommends buying Ether using the following options:
- Coinbase: This is one of the largest exchanges in the world and one of the most popular. It is completely secure and has a large number of cryptocurrencies available and has a competitive rate. If you want to know more about CoinBase, we recommend reading our article.
- Fortmatic: This is a wallet that competes with Metamask and is offered as an alternative to Web 3.0 Wallets, as it allows you to use email or phone numbers to connect to Ethereum-related applications. Gives. With Fortmatic you can buy +/- $ 150 at ETH using a credit card.
- Your OpenSea Account Page: Depending on the geographical location of your account, you can purchase ETH using the “Add Funds” button in the upper right corner of the page.
Although these are OpenSean’s recommendations, you can also buy ETH on any other platform like Binance or Kucoin.
What are DAI and USDC?
DAI and USDT are ERC-20 tokens and stand out as stablecoins. That is, your securities are protected from price fluctuations. Both DAI and USDT are denominated in US dollars. You should think of DAI or USDT as dollars and you can use them to buy anything.
What is WETH and why does it appear in OpenSea?
It is important to know that ETH and WETH have the same value, no harm. The word “wETH” means wrapped ether, which in Spanish translates as wrapped ether. wETH is an ERC-20 token, used to facilitate ether cryptocurrency transactions in exchange for other ERC-20 tokens. When Ether was created, there was no ERC-20 standard and therefore, Ether cannot be traded with the ERC-20 standard and other cryptocurrencies. wETH is mainly used in Uniswap.
That’s why there is the WETH token, which in the ERC-20 standard only “wraps” the ether. OpenSea supports wETH tokens and uses them to transact ether with other ERC-20 tokens, but the value of ether will never change. Affected
Important Things to Consider Before Buying NTF on OpenSea
Although OpenSea is a highly secure platform, as it relates to the Ethereum Blockchain, you should always be careful when buying any NTF.
Investigate the social networks of the creator of NTF.
When you see an NFT that you want to buy, you have to click on the name at the top of the collection and check if the creator has added their social networks. If they are included, you should look for links in the creator’s profile and analyze their social networks. If the creator has not set up a social network, it is not a bad idea to send a private message and ask which social networks are available.
This step is very important to make sure that the creator owns the collection.
Analyze smart contract information.
The next step is to verify the Smart Contract information. To do this, you must contact the creator and explain the features of the agreement with the identification of the token. This step allows you to verify that the information provided by the creator is consistent with the information contained in the series on the NFT page.
You should be aware of NFTs warning signs that are “begging”.
These are yellow icons placed on some NTFs. These collections are called “Mintable” because consumers can manufacture those NFTs in shared smart contracts. This situation is seen on a large scale in rare, portable, and cargo reserves. If you are not an expert, I advise you not to buy NFTs that are worth minting.
Unlike “printable” icons, there are “verified” icons, which are found in high-profile collections. This icon indicates that this NTF is unlikely to be forged within OpenSea.
It’s time to Buy at OpenSea
Now that you know the basics to consider before buying OpenSea, you can make your first purchase. There are 2 ways to buy within the platform:
- Make an offer
- Use the Buy Now option.
Both options have the same result. That is, you will get your NFT, but the procedure is slightly different. Next, we will describe each purchase option.
OpenSea Buy Now Option: This option will allow you to buy NFT at a specific price. All you have to do is click on the “Buy Now” button, then OpenSea, and your wallet will take care of everything. A transaction will appear in your wallet. After approval, the wallet will process the transaction on the Ethereum network, so that the ETH seller and NTF can send it to you. Then, when you mine the transaction, NFT will become your property and ETH seller.
Option to offer in OpenSea: This option allows you to offer in any type of collection within OpenSea. All you have to do is click the “Offer” button. You can enter the price you want to pay for this item. By making this offer, you will be paid automatically, but only if the seller accepts your offer.
Additional steps when bidding for the first time
When first offered, OpenSea needs to take some initial steps:
Convert ETH tokens to WETH tokens. To do this, you should use the W-ETH station on the right side of the offer.
Accept the exchange to receive your WETH.
This procedure will send transactions to the Ethereum blockchain, but will not require gas for subsequent transactions.
How much can I offer on OpenSea?
You can make as many offers as you want in OpenSea. For example, if you have 2 ETHs and you convert them to 2 WETH, you can bid for those 2 WETH in 3 different products. But, when the first offer is approved, the rest will not be valid.
Be careful, because if you never withdraw the offer and you have enough balance in WETH again, the offer will be completed automatically.
How to sell on OpenSea?
Sales within OpenSea is one of the biggest draws. This digital marketplace not only makes it easier to buy but also easier to sell. You don’t have to be programming or marketing savvy to sell in OpenSea, but you need to follow a few simple steps.
Next, we will take care of the explanation of these steps.
Consideration before selling and making NFT: Types of collections in OpenSea
In OpenSea you can add 3 types of combinations, each with a different style.
Auction in English: This type of auction is used on eBay. It is based on keeping the minimum price and waiting for offers. After a while, the seller can accept the higher offer.
Dutch Auction: This type of auction is very strange because the seller has 2 prices. The auction starts with a high price and the price will start coming down slowly until it reaches the minimum price set by the seller. In the process, if the buyer has a median price, the seller can accept the median price and accept the offer.
Fixed price auctions: This is the type of auction used on Amazon. NFT is published at a fixed price, which never changes, and buyers can buy at any time.
Step 1: Create a collection
Before you can make money on OpenSea, you need to build your collection and its products. That is, you must create a set of NFTs that will be offered for sale. But, you don’t have to be a developer to build your collection on Ethereum Blockchain, OpenSea has the ability to create NFTs quickly and easily.
To do so, you must go to your account, click the “Create” button, and then click “My Collection”. By doing so, you will be redirected to the Article Creation Tool. This section will have the collections created and their NFT, you can also create the collection whenever you want, all you have to do is click on “Create”.
After that, another window called “Create your collection” will open, where you have to enter the logo, name, and description of the collection. With these steps, your collection will become, now all you have to do is upload the item (NFT).
Step 2: Add Items to the Cart
In our case we have created a collection called “Video Games”, we will use it as an example. But, in your case, you should make a collection based on your needs.
The first step is to click on the collection. You will then be sent to the collection and its various NFTs. You must click “Add New Article” to add an article. After that, a page called “Create a new article” will open, where you have to put an image, name, description, and other optional features of NFT. When all the data is added, the last step is to press the “Create” button and it will become NFT.
Step 3: Now You know How to Sell NFT on OpenSea you Created
After creation, a window with the created NFT opens. You have 2 options for this segment, go to NFT or keep it for sale. To follow the order of this description, you must click the “Sell” button. You will be taken to a window where there are sales settings. For this example, we will create a Dutch auction with a starting price of 0.1 ETH, a final price of 0.001 ETH, and an expiration date of 1 month.
Once the configuration is complete, you can now publish the list. Doing so will bring up a window where OpenSea defines sales and purchase policies. Specifically, the window describes the steps that new customers will need to take when they first want to buy or sell.
Additional steps for the first sale in OpenSea
In the first window that appears, OpenSea has to be integrated with your wallet and with the blockchain. Don’t go into technical details, you should set up your wallet for trading before selling or buying any product. This process is free from OpenSea, but you will have to pay for the required gas on the Ethereum blockchain.
This is a one-time payment required to launch your Blockchain Wallet. All you have to do is go to the meta mask window and approve the “gas” transaction.
With a paid “gas” transaction, you can now publish your NFT.
Why does my Opensea collection appear in WETH?
The price of ETH and wETH is the same but appears in the auction WETH because this token allows transactions between ETH and other ERC-20 tokens. In other words, this option allows potential buyers to make pre-authorized offers, and these offers are completed faster.
Do published collections expire and where does the auction of items take place?
Everything depends on the type of published list. If this is a Dutch listing, it will expire when it reaches the expiration date. For fixed price lists, if a final price was never stated, it would not expire. The auctioned items will always remain in your wallet until the transaction is completed. This means that if the item is a video game item, you will still be able to use it until someone meets the auction requirements.
There are only sales fees. There are 2 types of rates within OpenSea:
- The fee charged by OpenSea is 2.5% of sales.
- Fee charged by the original creator of the item.
To add a rate to the product you belong to, you need to click on the “Create” button in the upper right corner and then click on “My Collection”. You will be sent to the available collections. After that, you need to edit any combination and find the “Commissions” option, which is almost below.
Is it possible to give an article (NFT) as a gift and is it possible to publish several articles at the same time?
Yes, giving NFT is completely legal and you can do it as many times as you like. But, you have to pay a small “gas” commission. This item will be transferred from your wallet to the destination wallet. To do so, you must click on your account icon in the upper right corner and click “Transfer”. Then another window will open with all the NFTs available to give. You must select it and click “Transfer”.
The same part of sending gifts is publishing several articles at the same time. In that case, you have to select the articles that will be published and click on the blue button “Sell 4K packages” and do the same process to publish any article. That is, keep the price and the list type.
How to sell NFT on OpenSea: Is OpenSea secure?
Since OpenSea is the world’s largest, first time, and most popular marketplace for NFTs, it’s easy to brag about its security.
Since the inception of OpenSea, over 40,000 ETHs have been transacted through smart contracts and millions have been successfully sold. In addition, OpenSea serves as a core marketplace for My Crypto Heroes, Etheremon Adventure, Ether Kingdoms, and CryptoVoxels. It also serves as a secondary market for cryptocurrencies and MLB cryptocurrencies.
But these descriptions are about the commercial security of OpenSea, we should also know about computer security. The platform takes advantage of the Wyvern protocol, a series of audited smart contracts. This protocol creates a proxy server for each user. These proxies are not controlled by OpenSea and each user must approve access to the ERC721 Agreement.
When the agreement is approved, the assets will be transferred only when there are 2 things:
- Sign an order stating that you want to sell the item.
- The buyer pays using the relevant funds, as stated in the agreement. This is called pairing.
In other words, the digital asset will not leave your wallet until you accept it, the order must be well-matched. At Ephatech, we believe this guide on how to sell NFT on OpenSea will clear your all doubts. And also that OpenSea is a very secure decentralized digital marketplace and is constantly evolving to offer more security.