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How to use OpenSea: Step by Step



What's OpenSea?

To get started, let's quickly go over what OpenSea is.

OpenSea is an online marketplace built on the Ethereum blockchain. It is arguably the largest and most popular place to coin (mint), buy and sell non-fungible tokens (NFTs) on the Ethereum blockchain (ERC-721) or polygon side-chain. OpenSea also supports NFTs on the Klatyn blockchain, but frankly we don't know of any collectors or traders operating on it.

Since OpenSea is an Ethereum-based peer-to-peer marketplace, users need Ether (ETH) coins to pay the gas fees associated with minting and trading NFTs.

In this guide, we'll look at how to connect a wallet to OpenSea and how to mint, buy and sell NFTs on the platform.

Set-up

Start by going to opensea.io. We recommend browsing through the desktop.



As anticipated, you'll need some ETH to do anything on OpenSea.

You can buy ether from exchanges like Binance, Coinbase, or FTX. If you don't already have an account on one of these exchanges, then you'll need to create one.

Once you've done that, the next thing you'll need to do is connect your wallet to OpenSea. Your wallet is where you can store your ETH. Since OpenSea is a peer-to-peer marketplace, you'll also need your wallet to facilitate transactions on the blockchain.

The wallets that OpenSea supports are MetaMask, Coinbase, and Trust wallet. MetaMask is the one that most people use. If you don't already have a MetaMask, check out our guide on how to create a wallet and make the most of it.



You can also directly add ETH on OpenSea via the 'MoonPay' payment option; however, this ends up being more expensive, so we don't recommend it.

To link your MetaMask wallet to OpenSea, all you need to do is click on your profile icon in the top right corner of the screen and then click on 'My Profile'.



You will then be taken to your wallet registration page where you will be prompted to complete a few simple steps. When your wallet is connected, your screen should look like this.



To customize your profile, select the gear settings icon towards the right of the screen. Here, you may be prompted to 'Sign' an additional security request.

Next, you'll be able to create a username and biography and enter an email address for your account.



Buying Ethereum NFTs

Back on the OpenSea homepage, if there is a specific collection of NFTs you are looking for, just type the name of the NFT into the search bar.



One important thing to pay attention to is whether or not the NFT you are interested in has a blue check mark on it. This means that this NFT has been verified (i.e. is legitimate).

You can also search for NFTs by clicking on the "Explore" tab and choosing the category you want to search in.

As you browse through the collections of NFTs, you will notice that there is a filters tab on the left side of the screen. An important feature of this section is the "chain" filter that allows you to refine your search based on whether NFTs are Ethereum, Polygon, or Klaytn based.



When you click on an NFT you're interested in, you'll be able to see more information about the non-fungible token, such as its description, properties, pricing history, how many views it has had, and whether it was sold via a timed auction or at a fixed price.



If you want to buy or bid on an NFT, you must first make sure you have the right type of ETH, which is what the NFT will be priced with.



If there's a gray icon next to the NFT price (like the one in the image above), then it's priced in standard ETH, which is generally used when an NFT isn't being sold via a timed auction. If you have enough ETH in your portfolio, you can go ahead and click on the "Buy Now" or "Bid" option. The first time you use a particular cryptocurrency on OpenSea, you will be asked to approve the transaction.



If there is a pink icon as in the image above, the NFT is priced in what is called 'wrapped ETH' (WETH).


With WETH, you can make transactions with a time delay, which is what allows auctions to take place on OpenSea. In other words, when you place a bid in an auction using WETH, it will be held until the auction is over. If you win, then the transaction will go through, if you don't win, the transaction will be cancelled, and the WETH will not be taken from your wallet.

ETH and WETH have the same value, and converting ETH to WETH is simple. All you have to do is click on the wallet icon in the top right corner of your OpenSea homepage, select the three dots next to your ETH balance, and then choose "Wrap".



Enter how many ETH you want to convert. Once you are satisfied, click "Convert token". After you sign the transaction, your WETHs should be visible in your wallet.

Sometimes your WETHs may not appear right away. If this happens, you may need to manually add WETH token support in your MetaMask wallet or whatever wallet you are using. In MetaMask, this can be done by clicking "Add token" on the homepage of your wallet.

Once you have your WETHs you will be ready to place your bid!

Note: ETH and WETH are the most common currencies used on OpenSea, but other tokens such as USDC and Dai are also supported. Whenever you use a cryptocurrency for the first time on OpenSea, you will be charged a one-time token approval fee.

Purchase of polygon-based NFTs

The gas fees (i.e., transaction fees) that result from minting and trading on the Ethereum blockchain are often very high. For this reason, many people coin, buy, and sell NFTs on the Polygon blockchain.

Polygon is a layer 2 solution that facilitates instant yet secure transactions using ETH tokens. Unlike the Ethereum blockchain, there are no initialization or gas fees on the Polygon blockchain.

In order to use Polygon on OpenSea, you will first need to "bridge" or transfer some ETH to the Polygon blockchain.

Start by clicking on the wallet icon in the top right corner of your home screen. If you've already added some ETH to your wallet, click on the three dots next to the 'ETH' icon.



A "Convert token" page should appear. Next, type in the amount of ETH you want to transfer to Polygon. Keep in mind that each time you bridge ETH, you will be charged a flat ETH fee.


Once you are satisfied, click on "Convert tokens." OpenSea will then ask you to sign the transaction. You should then receive confirmation that the transaction has been processed successfully. Token conversion can take anywhere from five to ten minutes to complete.


When you view your wallet, you should now be able to see your ETHPolygons polygon marked with a purple icon. You are now ready to purchase an NFT on polygon!

Note that the first time you buy an NFT on the Polygon chain, you will be prompted to "unlock Polygon trading" on your wallet.

How to create an NFT on OpenSea

To create an NFT collection, start by clicking on your profile icon on the right side of your homepage. Then, select "My Collections" followed by "Create Collection."



On the next page you'll be able to add a logo image, a featured image, and a banner image for your collection. You will also need to add other information such as the name of the collection, a brief description and any social media links related to the collection.



Towards the bottom of the page, you have the option to add a "percentage fee", commonly known as royalties. This is a payment you will receive each time your NFT is resold on OpenSea. A percentage fee of five percent is considered quite reasonable.



For your "payment wallet address", just copy and paste the address of your Ethereum wallet found in your MetaMask wallet. After that, you can choose which token to receive your payment with.

Once you've filled everything out, click "create," and you'll have created your NFT collection!

To start adding items, click on "add item" on the right side of your collections homepage.



Next, you'll need to upload your NFT file, name your object, and give it a brief description.



To help make your NFT stand out, you can also add other details like in the 'properties' and 'layers' sections.

Once you click 'create', your NFT will have been minted!

Selling a NFT

To sell your NFT, click on your profile icon and then select "my profile". Click on the NFT you want to sell.



Press "sell" in the upper right corner. Next, you will need to decide if you want to sell your NFT for a fixed price or if you can sell via a timed auction.



If you choose to sell at a fixed price, the buyer will pay all associated gas charges. In the 'privacy' section, you have the option to reserve your NFT for a particular wallet address, so it's almost like a confidential auction.

If you decide to auction, you can sell to the highest bidder (English auction), or you can set a price that will decrease until someone buys your NFT (Dutch auction).

If you choose an English auction, you will need to decide the starting price and the duration of the auction. If the auction ends with the highest bid exceeding 1 ETH, then you will not be charged any gas tax. If the accepted bid is less than 1 ETH, then you will be charged gas fees.

If you sell via Dutch auction, you have the option to set a fixed reserve price. This means that you can start with a high initial price that will decrease over a certain period of time where bids can be made at any time. If the auction ends with a bid lower than your reserve, you have the option to accept or reject that bid.

Note that the first time you sell on OpenSea, you will be charged a one-time account initialization fee to list on Ethereum. Additionally, if the NFT you are trying to sell has not been minted on OpenSea, you will be charged a one-time approval fee. OpenSea also charges a 2.5% transaction fee for all sales.

Select "place your ad," and you're good to go!

When you receive an offer, always check that the offer is in the correct currency in which your NFT is valued.



Let us know if you are a collector or creator of NFTs 🖼 in our Discord server!

Similar articles: MetaMask, Discord, NFTs utility-case



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