OpenSea is the world’s first and largest NFT marketplace. Here users create, sell, buy and collect digital works of art as non-fungible tokens (NFTs). Thus, anyone can upload their art (image, music, video, 3D model), turn it into an NFT, put it up for sale, and earn cryptocurrency.
OpenSea users can also buy and sell:
- domain names,
- land plots, in-game skins,
- digital collectibles.
The platform’s capabilities are actively used to create and promote thematic communities or support fan movements in the world of professional sports. How to buy NFTs on OpenSea? Today, we’ll try to find out!
How to Create an Account on OpenSea?
On DeFi platforms, one has to link an Ethereum crypto wallet instead of registering an account. MetaMask, Bitski, Fortmatic, WalletConnect, Coinbase, Arkane, Dapper, and other wallets are supported on OpenSea.
- Go to the OpenSea home page and click the ‘Create’ button to link a wallet.
- Connect with one of the available wallet providers. Select your wallet app from the drop-down menu. In our case, this is MetaMask.
- Link the MetaMask wallet you have to OpenSea. Accept the OpenSea terms of service and click the ‘Sign’ button.
- If desired, change the avatar and banner on your personal account in the My Profile section.
How to Buy NFTs on OpenSea?
The platform looks like a classic online store, so there should be no issues with purchases. Still, here is how to buy an NFT on OpenSea.
- Go to the Marketplace section. A large collection of items will open (more than 24M items). You can sort them by category, price, date of creation, views.
- Click on the art at an adequate price you like.
- Read a detailed description, study the price dynamics and other statistics. Click on the Buy Now button.
- Check the box to agree to OpenSea’s terms and click on the Checkout button.
- MetaMask will then pop up, confirming your transaction. Before paying, you will be asked to sign a digital signature under the Terms & Conditions.
- You’ll also see the gas fees which come with all purchases, even free NFTs. Gas fees are an amount you pay to keep the Ethereum network running. Transactions will often state how much the gas fees are before you pay.
- Once you accept the purchase, it will take several moments before you can look for the purchase on the Ethereum blockchain.
- After the transaction is confirmed, the NFT will be credited to the buyer’s account.
How to Sell NFTs on OpenSea?
There are two main ways to sell an NFT on OpenSea: set price and auction. Let’s see how to put up your NFT for sale and set up the transaction details.
Important! For the first sale, you must have some Ethereum in your wallet to pay for the gas fees. Thus, if you’re interested in buying ETH, you should definitely think about doing this at Switchere. On our platform, you have an opportunity to buy ETH in the fastest and most convenient way using your credit card. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
Here is a step-by-step guide on how to sell NFTs on OpenSea:
- Go to the My Collections section and select the desired NFT.
- Click on the Sell button in the upper right corner.
- To sell an NFT on OpenSea at a set price, enter the ETH amount and select the sale duration.
- Click on the Complete listing button.
- Pay the OpenSea commission.
- After the transaction is completed, the new NFT token will appear in the marketplace for further purchase by digital art collectors.
The OpenSea rules state that the creation and listing of tokens using the Collection Manager are free since the platform is interested in filling the marketplace with a large number of NFTs. NFT is not added to the blockchain until the first transaction or sale, so there is nothing to pay.
Right at the time of the sale, a commission of 2.5% will be charged, thanks to which the platform exists.
How to sell NFTs on OpenSea in the auction format? Auction is the most popular selling method on OpenSea, allowing users to sell a token or a set at an inflated price. WETH tokens are used for payment, so it is recommended to purchase them in advance.
Here is a step-by-step guide on how to buy NFTs on OpenSea on auction:
- In the filter on the left, select ‘On Auction.’
- Find NFT and click on the art you like.
- Read the description, bid history, and price dynamics. Click the Place Bid button.
- Agree to the terms, enter your offer, and click the Place Bid button again. If there is no WETH on the wallet, then select the Convert ETH option.
- Once a bid has been placed, the corresponding amount will be locked. Now, it’s time to wait for the seller to approve your offer.
How Much Can You Earn on OpenSea?
The main earning methods available on the OpenSea platform are the following:
- NFTs creation and sale;
- Purchase of someone else’s non-fungible tokens for resale.
If you sell your NFTs and are not engaged in the promotion, then a good income is out of the question. Thus, one should not expect more than a couple of tens of dollars a month.
At the same time, well-known artists earn millions of dollars from NFTs. For example, the Beeple master’s collection of 5,000 drawings was sold on auction for $69.35 million. The Homer Simpson Pepe the Frog token rose from zero to $500, and just 11 months later, it was bought for $38,000.
Do you buy an NFT on OpenSea? Feel free to share your experience in the comments below!