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- 1 OpenSea is the most trusted and ranked marketplace of nonfungible tokens (NFTs).
- 2 Buying, selling, creating, and minting NFTs are done with ease on this platform.
OpenSea is the NFT marketplace, a platform that provides ease to those who are interested in NFTs. Anything related to NFTs can be assembled on this platform. This online marketplace was launched in 2017 by Devin Finzer and Alex Attallah. An auction is created to sell NFTs at a fixed price here.
Before diving deeper, one should know how to create NFT on OpenSea and what are the requirements for doing the same.
Requirements Before Creating NFTs on OpenSea
OpenSea allows to create NFTs in a very simple way with some basic requirements. The basic things start with opening an account on OpenSea and it has some prerequisites for the same.
Digital Currency
One should have digital currency particularly Ethereum for making transactions as it fuels the transactions on the blockchain. NFTs are mostly on Ethereum blockchain so ETH is preferred, though some NFTs are on other blockchains too.
Hence, for minting, purchasing, and for gas fees to complete the transactions, digital currency is needed. One can take virtual currency from trusted exchanges in the market.
Crypto Wallet
Installation of a crypto wallet: Trusted and popular hardware wallets like Metamask and Exodus can be used for transactions on the Ethereum blockchain. In this, the unique wallet address is generated to complete the transactions. Each transaction detail is stored on Etherscan, one can check to confirm details.
Connect wallet address to OpenSea: After having a crypto wallet connect it to OpenSea. If interested in changing the name click on 3 dots on the right-hand side of the screen. Change the name, customize the bio, email, profile, and more.
Now, one is ready to use OpenSea for creating, selling, and minting NFTs.
Creating NFT Account On OpenSea
Download OpenSea, open it, and click on the profile icon on the right corner of the screen. A drop-down menu will appear after clicking that shows the option: Create. Click on the button. By clicking on the option, it will take the user to the creation page. Upload the NFT file and add the details like name and description.
After completing the fields, one needs to add more details like the properties, levels, and stats. The default blockchain on OpenSea is Ethereum but other options are also available.
How to Sell NFT on OpenSea?
After opening OpenSea, navigate to the top right corner of the page and click on the profile icon. Select the NFT for selling. On the top right corner, click list for sale. The default sale price will appear, it is a fixed price for sale. Sellers can decide and set the sale price. By clicking on the pop-out window, one can see the options to sell items using a timed auction.
Choose the default duration for listing or set a custom duration. One has to confirm the transaction by signing it. Bulk sales can also be made by bulk listings. At least 30 fixed-price items for sale can be put across the same chain. By choosing the specific price, listings, and duration for each NFT, a unique listing is created for each item.
About Gas Fees on OpenSea
The value of the gas fee on OpenSea can be high or low, it changes with time. The nominal charges are not fixed. But it is paid only at the time of transaction. Buyers have to pay it at the time of buying and sellers have to pay while accepting the offers. No fee is charged while minting the NFTs.
Summary
OpenSea is an online marketplace to sell NFTs. The process of creating and selling NFTs is very simple and easy. Few requirements like a wallet and digital currency are required. One should be aware of the prices and market volatility before buying or selling the NFT and making use of any marketplace.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
