We're currently in a digital era almost in its entirety, and the economy has been highly changed by this. Part of these changes is due to the rise of blockchain technology, cryptocurrencies, and NFTs. Which have rethought the digital consumption landscape. As part of this new type of consumption, new markets specializing in the trading of these types of assets have begun to emerge. Among them, we have OpenSea, which focuses on the NFT market.
What is OpenSea?
OpenSea is a decentralized marketplace founded in late 2017 by Devin Finzer and Alex Atallah. As we have already established, this one focuses mostly on trading digital assets such as NFTs. Since its moment of inception, OpenSea has done nothing but grow.
Something that has positioned it as a leader in this market, even serving as one of the largest places to buy NFTs. So far, NFT's "Everydays: The First 5,000 days" by Beeple, is the most expensive work that has been sold, for an amount of 61.1 million euros.
The platform currently has more than 20 million collectible assets. At the same time, it manages around 2 million active users and 200 different categories to filter its NFTs.
How does it work?
OpenSea works like any other marketplace, but unlike the others, there you will only be able to buy NFT exclusively. Its interface is built on Ethereum blockchain technology, which is considered one of the most secure. However, OpenSea currently supports other blockchains cross-wise with it, such as the Polygon and Klaytn network. Thanks to this the platform has more than 150 payment tokens available. However, its fundamental cryptocurrencies are WETH, USDC, and DAI.
To make any transaction on this platform, the first thing you need is a digital wallet. There are a lot of options on the internet, but OpenSea recommends the use of Metamask, which is one of the most well-known in the crypto market. Once you have the wallet, you only need to link it to your OpenSea account.
After finishing the data validation and biometric identification process, any user will be able to proceed to buy NFTs. Or of course, create their own and sell them on the market.
How to buy NFTs in OpenSea
Now that we know what this marketplace is and how it works, it is time to answer another question: how to buy NFTs in OpenSea? So, if you have already linked your account and you have everything in oder, you will automatically be able to buy in this marketplace.
To do this you just need to find the piece you like and click on it to see the information. It's advisable to check all the information of the creator and the piece, as you would do with a brand to validate its reputation.
In the NFT token, you can see if it is verified or if it is a minteable token (which is subject to shared smart contracts). You will also find much of the necessary information about the NFT. Now that we've covered that, let's talk about exactly how you can buy it. OpenSea offers two purchase formats: direct and by auction.
- Auction purchases are made through bids within a set time frame. At the end of this period, the highest bid wins the NFT.
- On the other hand, direct purchases consist of the user directly paying the estimated price for the token.
Keep in mind that when making these purchases, the OpenSea platform will charge a gas fee for each transaction.
How to create an NFT in OpenSea
To create your first NFT in OpenSea, you must first click on Add new element. On the next page, you'll see the option to upload the metadata as image/video/audio files and a space to add the name of the NFT. You'll also be able to add an external link and enter a description.
At the moment you can only create one NFT at a time. So if you plan to make five different versions of the same work, and you want potential buyers to see the series, you'll need to add the edition number in the statistics selection.
By pressing Stats, you will be able to add them with their name and an identifying word, such as "Stars (Edition or Limited Edition)". And then add the product number of the whole series, such as 3/5.
Once you are happy with the content created, click Create and sign your wallet message. There's no charge for creating an NFT, so this won't incur gas fees.
After clicking Create you'll notice that your first NFT is located below the search bar. If you wish to edit the item, click on the pencil icon in the upper right corner of the individual NFT.
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