OPENSEA NFT MARKETPLACE: GUIDE FOR BEGINNERS

OpenSea is a non-fungible token (NFT) trading platform. OpenSea platform allows you to sell, buy and create your own NFT tokens. We have analyzed the OpenSea tools and prepared instructions for working with the marketplace.
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What should you know about OpenSea

OpenSea is the first NFT marketplace launched in 2017. The platform operates on the principles of a decentralized community: cryptocurrency wallets, addresses and assets are controlled by the users themselves. The marketplace protocol supports Ethereum, Polygon and Klaytn Blockchain.

OpenSea NFT protocol uses ERC721 and ERC1155 standard tokens (for collections). You can pay with ERC20 tokens. You can buy NFT with a bank card through the MoonPay service.

A feature of OpenSea is its wide selection of categories. Popular categories include art, sports, collectible cards, and designs from famous artists. You can also buy NFT on the site in the form of audio, domain name or 3D object.

OpenSea's standard fee is 2.5% of the NFT value. The fee is charged to the buyer. The creator of the token pays for the gas of the transaction only at the first placement.

Connection to OpenSea

OpenSea users have access to: marketplace, collections and creation of their own NFT. To work with the platform, you do not need to pass KYC, it is enough to connect a wallet to the site. Click on the wallet icon in the upper right corner of website.
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A list of wallets integrated into OpenSea will be opened. To see the entire list, click "Show more options".
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Available wallets: MetaMask, Coinbase Wallet, Portis, as well as mobile versions of Trust and OperaTouch wallets. We select the appropriate one and confirm the connection to the network. The account will be created automatically.

By clicking on the wallet icon after connecting, we can view selected NFTs, collections, statistics and change additional account settings. Let's take a closer look at trading and creating NFTs on OpenSea.

How to create NFT on OpenSea

On the navigation panel, select the "Marketplace" section. The main marketplace of the site will be opened. On the left is the search filter interface with the following settings:

• Status - search for new tokens, auctions and NFTs without bids;
• Price - search for a specific price range;
• Collections - collections from well-known authors and NFT teams (for example, CryptoPunks);
• Chains - show tokens of a specific network (Ethereum, Polygon or Klaytn);
• Categories - selection of a specific category;
• On Sale In - search by sale token.
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After selecting a token, click on its icon. A window will open with information about NFT, statistics and previous owners. Pay attention to the OpenSea Confidence Score - a seller's reliability rating while buying. You can get into it by following the NFT creator account page.

There are two types of pricing in OpenSea: auction (Highest Bid) and buy at direct cost (Set Price). Any user can bid or buy NFT at the highest price.

The purchase window shows the owner's price, information about the creators and the end time of the auction (Sale ends). If the token is not bought at the seller's value, it will be sold for the best current bid in the auction. To purchase, click the "Buy Now" button.
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To place a bet, click “Make offer” under the Price History. In the window that appears, enter the bet amount and select the time during which the offer will be valid. After that, click on “Make Offer” again.
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How to create NFT on OpenSea

To create an NFT token, go to the "Create" section. Before connecting, you need to confirm the network signature in the wallet. After confirmation, a form for adding a token will open.

Select the file and add it to the appropriate section, then enter the name.
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Next, add a description and a link to the file. We choose the blockchain on which the token will be created: Polygon or Ethereum. Click "Create" - the token has been created.

The NFT page opens with a description. To put it up for sale, click "Sell".

Choosing a pricing format and setting up a token: you can include ending price, sсhedule for a future, or enable a private mode (in this case, the token will not be published on the marketplace). Click "Post your listing".
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We confirm the gas fee from the wallet and the addition of a new token. NFT has been added to the marketplace listing.

Conclusion

OpenSea NFT is one of the first marketplaces on the market. It is a reliable decentralized service with a large selection of tokens. In the future, the developers promise to add more blockchain networks to the protocol to keep the platform competitive, including with the Binance NFT marketplace.

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