[Exchanges] What is Opensea? Instructions to connect, buy & sell on Opensea

by GameAZ
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NFT is gradually becoming a big trend in the crypto community today and in which Opeansea is known as one of the first NFT items exchanges in the world and owns a trading volume of up to 14 billion. dollars in the past year 2021. So if you are learning about the NFT market, you definitely cannot ignore this exchange. Let’s find out with GameAZ what is OpenSea floor? What makes this exchange so successful through this article!

1. What Is OpenSea

OpenSea is an exchange for non-fungible tokens (NFT). OpenSea Exchange will allow users to issue, exchange and trade their NFT assets based on smart contracts in blockchain technology. But more simply, you can think of OpenSea as the eBay of encrypted digital items and collectibles.

2. What is OpeanSea’s Features?

Below GameAZ will list the basic features of OpenSea

Feature Mine, sell and collect NFT
Transaction Fee 2.5%
Sale Types Fixed price and auction
Blockchain Ethereum
Applicable Currencies Ether (by default) and other 240 currencies
Files Image / Video / Audio / 3D Model
Maximum File Size 40MB
Future Copyright Fee Yes
Unlockable Content Yes
Integration Integratable with any existing ERC721 mainnet projects
NFT Gift Yes
Wallet MetaMask

Bitski 

Fortmatic 

WalletConnect 

WalletLink 

Arkane 

Network 

Dapper 

Authereum 

Torus 

Portis.io 

Kaikas

Optional Customer Services Ticket only
Social Media Account Twitter

Discord 

Telegram 

Instagram 

Facebook

Mobile Application No
Promotion No

2. Opensea’s USP

2.1. Advantages

  • Transactions will be expressed in the form of a smart contract (Smart Contract), no need to go through any third intermediary.
  • Limit the risk of the exchange because the assets will be stored directly on the user’s wallet.
  • Users can take full ownership of NFTs purchased on OpenSea.
  • Get creative & NFTs are also recognized by floor auctions.
  • Free transactions, no strings attached and reasonable fees.

2.2. Disadvantages

  • The platform charges a 2.5% fee in addition to the sometimes extremely high ETH gas fee. Meanwhile, some markets do not charge fees.
  • Apart from the Ethereum blockchain, OpenSea does not support other popular blockchains such as Solana, Cardano, and Tezos. With its fast speeds and negligible fees, Solana has grown in popularity over the past year, making it the preferred blockchain for many crypto traders.
  • OpenSea only allows royalties up to 10% for artists, which means secondary sellers can keep more of their profits.

3. How to Use Opensea

The first condition for trading on OpenSea exchange is that we need a “wallet” (e.g. Metamask, Coinbase Wallet, …) to be able to connect to pay fees as well as receive other purchases.

3.1. How to Connect your wallet with OpenSea

You access the website: https://opensea.io/

Option 1: Click “Create” → “Use a different wallet”.

Option 2: Or you can directly access the wallet icon on the right corner of the interface screen.

Note: To use OpenSea exchange, you need to deposit some ETH into your wallet before trading.

Like many DeFi platforms, OpenSea works with most Ethereum wallets, so choosing a wallet to use MetaMask as an option according to GameAZ will be the most optimal..

If you are just starting to use MetaMask, please see the instructions through the following article:

(link FAQs Metamask)

3.2. How to Buy NFTs on Opensea

After successfully connecting to the Metamask wallet, click “Explore“. From there, you can start sifting through collections or collections, items on sale, recently sold items, and more.

By default, prices are listed in ETH, some have an alt-value like USDCm…

When you choose NFT, it will work by auction or instant buy. The buyer makes an offer and the seller decides whether to accept the offer. The sale is then completed.

Alternatively, the buyer can pay the full asking price and get the NFT by selecting the “Buy now” option.

When using the “Buy now” function, transactions are paid with ETH or any compatible token requested by the buyer. To bid and make offers, buyers need to use WETH-covered Ether.

3.3. Instructions for selling NFTs on Opensea exchange

You already have your own NFTs and want to sell them on OpenSea just follow these steps:

Step 1: Click on the profile picture in the right corner of your screen. Then select “Profile“.

Your NFT listing will appear in your wallet. Select the NFT you want to sell.

Step 2: When selecting the NFT you want to sell, information about NFT is illustrated below. Click the “Sell” button in the right corner to continue.

Step 3: Fill in sales information.

You are redirected to the listing page, where you can choose the price and type of sale.

  • Fixed Price: Sell at a fixed price. In the illustration below the fixed price is currently 1 ETH.
  • Timed Auction: Auction form. Sell to the highest bidder or reduce the price until there is a buyer.

You can completely set a deadline for an NFT sale. Selectable timelines include: 1 day, 3 days or 1 week. It is also possible to customize the time through the calendar.

You can then set up the NFT for a specific buyer. The way to do this is to paste their wallet address into the “Reserve for a specific buyer” box. You’ll see fees from the sale listed at the bottom:

  • OpenSea’s “service fee” is 2.5%.
  • The creator royalty “Creator Royalty” is 10%,
  • The total is 12.5%. This is the highest percentage that can be deducted when selling NFTs on OpenSea.

Step 4: Complete the NFT selling process.

As a final step, you need to confirm your sale by signing a transaction.

If the NFT you want to sell is not minted on OpenSea but through a custom contract, an additional approval and signature is required to allow OpenSea to trade the product on your behalf.

To see where the product you want to sell is listed, from the “Profile” page, select the “Activity” tab. The item you just listed is labeled “List“.

3.4. Instructions for setting selling prices for NFTs on Opensea

After creating NFT, on the screen interface you choose “Sell” → “Connect Wallet” to set the price for your NFT.

Note: In this step, please switch the Network on the wallet to the Ethereum network & proceed to adjust the price for NFT.

Set price for NFT and click “Post your listing”

After that, the Metamask wallet screen will be displayed to deduct the listing fee (2.5% discount / NFT). Click “Confirm” to confirm payment.

If you have many NFTs, you can add them according to the above steps, then the Collections interface will display as follows:

Note: For each NFT you can customize the price you want & watch the gas gwei suitable time so that you don’t have to spend too much listing fee.

3.5. Instructions for creating Collections and adding NFT

“My Collections” means the user’s own collection, where NFTs are stored for sale or collection. To create Collections, you refer to the following steps:

You click “Create” → “Create a collection”. In it, OpenSea will suggest a few NFT creation tools such as Rarible, MintBase, Cargo, Mintable & Zora for you to choose from.

In “My Collections”, you can create one or more Collections to store NFTs.

Here I have created a personal “Collections” with the name: “Men with coins,” click “Add Item” to add NFT.

The item interface will display as follows, you just need to fill in the information and click “Create” to create a successful NFT.

4. The Team & Investor, Backer

4.1. The team

Devin Finzer and Alex Atallah are the founders of OpenSea. They have prior experience in software engineering and running startups.

4.2. Investor

4.3. Partners

OpenSea has an extensive network of successful professionals in their fields. Notably, they have a very large support community and their voices influence the opinions of others a lot.

5. The future of the NFT trend in 2022

Based on the experiences that GameAZ has gathered, here are the trends we are looking forward to in 2022:

5.1. Increased NFT Utility

Gadgets are starting to take shape across the industry, especially in terms of enriching different experiences, be it fan engagement for collectors or exclusive access to events, by owning these digital assets.

For example, in September 2021, we saw Dallas Cowboys quarterback Dak Prescott release an NFT collectible in which buyers can unlock items like autographed cards or jerseys. By combining the physical and digital worlds in this way, NFT is becoming increasingly relevant to an audience that is not beyond the hardcore early adopters. Essentially, by treating art as more than just digital itself, we are all starting to learn about possible use cases for this technology.

5.2. Tight controls around cryptocurrencies

With the interest of crypto projects having continued to grow over the past year, I imagine we will see an increase in the scrutiny of the various coins coming to market. With the growing number of projects seeking to benefit from relatively standard anonymity existing in the space, I would expect investors to take a more disciplined approach when assessing the value of any potential investment.

Most notably, an unknown group of people were able to defraud investors of millions of dollars thanks to the popular K-dramas, Squid Game. Thus, 2021 has seen a regulatory “Sword of Damocles” bar hover over crypto markets, leaving the regulatory framework open as we continue into 2022. What I would like to see is an Stronger leadership from financial regulators, as the current approach has been at best not harmonized.

5.3. Merge Metaverse

In addition to the fact that we are all learning about the benefits of an even more connected world, I believe we will begin to see certain metaverse projects set apart from the rest of the pack. In what could be a saturated market, we will see investors, creators, and users in general begin to gravitate toward the most traction converters. There are only so many cases where investors in digital land will turn a blind eye to investments that never materialize due to insufficient development of the broader ecosystem. Similarly, groupthink is not just a disease that exists in Web 2.0. People want to be where everyone else is. So, I imagine, the metaverses capable of building the biggest communities will be the survivors of the inevitable merger.

4. Similar projects

Binance NFT launched in June 2021 and is one of the most popular regulated NFT marketplaces. The platform is built on top of the Binance Smart Chain and does not charge market fees.

Crypto.com NFT launched in March 2021 on the Crypto.com chain. The platform has partnered with famous brands like Aston Martin and UFC. Crypto.com NFT does not charge market fees.

Nifty Gateway is the first USD-based centralized NFT marketplace, owned by Gemini. The marketplace was launched in 2018 and acquired by the Winklevoss twins in 2019. The platform charges a market fee of 5%.

Rarible is a community-owned NFT marketplace with features similar to OpenSea and also built on top of Ethereum – with multi-chain support for Flow and Tezos. The platform was launched in early 2020. To date, Rarible has over 1.6 million users and charges a market fee of 2.5%.

Solanart is the first and largest NFT marketplace built on the Solana blockchain, which aims to promote artists and creators through its trustless marketplace. Solanart is launched in July 2021 and charges a market fee of 3%.

SuperRare was one of the first Ethereum-based NFT marketplaces and launched in April 2018. SuperRare is a marketplace dedicated to digital art and charges 15%.

5. The future of Opensea exchange?

In January 2022, OpenSea closed a $300 million Series C funding round led by Paradigm and Coatue, bringing the platform’s valuation to $13.3 billion. While the company says it’s not actively planning an IPO, hiring a seasoned CFO in 2021 points to it. Previously, Brian Roberts served as CFO of car-sharing platform Lyft, where he led the company’s IPO, raising $7 billion in capital.

As the leading NFT market, OpenSea will always face competition but OpenSea’s large market share could help it continue to lead in the long run. OpenSea once saw a 646x increase in transaction volume in 2021, surpassing US$14 billion. When the entire NFT market is measured to be US$25 billion in 2021, that means OpenSea accounts for 56% of the total trading volume.

Investment bank Jefferies expects the NFT market to surpass $35 billion by 2022 and $80 billion by 2025. Given the advantage of scale, OpenSea is likely to remain the leading NFT market for the foreseeable future.

With detailed analysis information about what is OpenSea floor? Surely you have had a better overview of the NFT market that has been causing fever in recent times, right? Thank you for following our article.

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If you have any questions, comments, suggestions or project ideas, please email: [email protected]

DISCLAIMER: The information on this Website is provided as an overview of the market and does not constitute financial advice. GameAZ encourages you to do more research before deciding to invest.

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