- 1 Summary of OpenSea usage
- 2 What is OpenSea? First, let’s take a look at the features
- 3 Advance Preparation for Exhibiting at OpenSea
- 4 How to use OpenSea when exhibiting NFT works
- 5 Advantages of Exhibiting NFT Works at OpenSea
- 6 Disadvantages of Exhibiting NFT Works on OpenSea
- 7 Summary of how to use OpenSea
Summary of OpenSea usage
OpenSea was founded in 2017 and quickly became the largest NFT marketplace in the world.
As of April 2022, OpenSea is home to many NFT works and works resold from other NFT marketplaces such as Rarible.
OpenSea has created a feature that allows users to create NFTs for free and sell them for a nominal fee. The addition of Polygon also extends compatibility with mobile applications for iOS and another blockchain network.
Given how easy it is to buy, sell, and create with OpenSea, it continues to be the top choice in the rapidly growing NFT industry.
So, in this issue, we will thoroughly explain how to use OpenSea.
What is OpenSea? First, let’s take a look at the features
OpenSea is a marketplace that allows direct trading between users customized for NFT users.
More specifically, OpenSea provides the infrastructure needed to create and trade NFTs; the nice thing about OpenSea is that it allows most operations on the blockchain.
It has the following features
- NFTs can be created for free
- It is compatible with various blockchains
- Royalties and sales methods can be configured
1.NFT can be made free of charge
The biggest advantage of OpenSea is that you can create NFTs for free using a feature called Collection Manager.
Normally, there is an Ethereum gas fee to create NFTs or to sell them on the market.
With OpenSea, there is no cost to create them, so you can earn revenue without reducing your sales profit.
2. Compatible with various blockchains
Since NFT marketplaces are essentially based on blockchains, they are decentralized, requiring no intermediaries to create or sell NFTs.
Note, however, that NFT marketplaces almost always tailor their infrastructure to the specific blockchain.
Users can only interact with NFTs and projects native to the blockchain supported by the NFT marketplace.
For example, an Ethereum-based marketplace will support Ethereum-based NFTs.
The NFT marketplace increasingly incorporates a multi-chain system to expand its operational reach, allowing users to explore the NFT ecosystem of multiple blockchains.
This is also true for OpenSea and Rarible, which support three blockchains each.
OpenSea allows users to create and access NFTs for Ethereum, Polygon, and Kraton, while Rarible can extend its operations to Ethereum, Flow, and Tezos.
Thus, it is clear in this section that both platforms are strategic about blockchain integration.
Both allow users to access two blockchains, one with the vibrant NFT economy of Ethereum and the other with the relatively cheap and energy efficient NFT ecosystem.
3. Can set up royalties and sales methods
Another important element in the world of NFTs is the ability to establish royalties as an additional passive source of income for creators.
When creating an NFT, creators can include a clause that allows them to claim a percentage of the revenue generated in the secondary market.
Thus, whenever an NFT is sold on the secondary market, the original creator receives a pre-determined royalty fee.
With OpenSea, the royalty fee is fixed at 10%.
In contrast, Rarible offers more leeway, as the original creator can set the royalty rate up to 50%.
Advance Preparation for Exhibiting at OpenSea
In order to sell on OpenSea, you must first prepare in advance.
Ethereum has been sold for several years, but NFTs, derived from Ethereum technology, first went mainstream in 2021!
Websites like OpenSea are growing in popularity as people buy and search for NFTs.
Before you can buy, you will need a virtual currency wallet such as MetaMask, and you will need to
- Open an account at a domestic exchange.
- Buy Ethereum (ETH)
- Create a MetaMask.
- Transfer Ethereum to your MetaMask
Here are the steps for each of these!
1. Open an account at a domestic exchange
In order to list an item, the virtual currency Ethereum is required as a network fee.
Therefore, it is necessary to purchase Ethereum on a domestic exchange.
Let’s take a look at how to purchase on Coincheck.
- Register with Coincheck
- Send money to Coincheck
- Access the NFT Marketplace to make a purchase
Click here to access the official website and register as a member.
Enter your email address and password to register.
Once you have registered your email, register your phone number and submit your identification documents.
You can do this from the following screen.
Enter your cell phone number in the “Phone Number” box and click “Send SMS.”
Enter the 6-digit code you received to complete the verification.
Identity verification is easy with a passport or driver’s license.
2. Buy Ethereum
Make a deposit to Coincheck and purchase virtual currency.
Once you have registered for an account, you will need to make a deposit to Coincheck to fund your content purchases.
Deposits can be made by bank transfer or credit card deposit, and Coincheck accepts small amounts.
Basically, Ethereum ETH is the most popular currency, but Coincheck also offers IOST.
3. Create a MetaMask
Download the official MetaMask extension in your preferred browser.
Install and activate the extension.
Click on “Getting Started.”
Select “Create Wallet” to continue.
Select whether or not to send MetaMask data.
Create and verify a secure password.
Write down your backup phrase and keep it in a safe place.
To buy or sell NFTs, you must first connect the MetaMask you just created (MetaMask) to OpenSea or other markets.
From the icon in the upper right corner, select Profile.
When the connection screen appears, press SIGN to complete.
4. Transfer Ethereum to MetaMask
The next step is to buy Ethereum (ETH).
1. Open your browser and press the MetaMask icon in the upper right part of the display.
2. if you have ETH in your Coinbase Wallet or another wallet, select “DirectlyDepositEther”. Otherwise, select “Purchase”.
How to use OpenSea when exhibiting NFT works
Now, let’s take a look at how to use OpenSea specifically when exhibiting a work.
- 1. Add an NFT work to your collection.
- 2. Select the NFT work you wish to exhibit or sell.
1. Adding an NFT work to your collection
First, let’s add an NFT work to your collection in OpenSea.
From openensea.io, go to your profile icon and click “Create” in the upper right corner.
You will be redirected to the NFT Item Creation page. On this page, you can upload an NFT file, name it, and add a description.
Filling in these fields will allow you to further customize the NFT.
This includes placement in existing collections, adding properties, levels, statistics, and even unlockable content.
You may also choose the blockchain for which you wish to create the NFT; blockchains supported by OpenSea include Ethereum, Polygon, and others.
When you are finished customizing your NFT, click Create.
2. Select the NFT work you wish to exhibit or sell
Next, select the work you wish to exhibit or sell
From openensea.io, select your profile picture in the upper right corner and click [Profile].
Select the NFT you wish to sell from your wallet. If you do not have any NFTs available for sale, create a piece.
Select [Sell] in the upper right corner to go to the list page.
3. Set the conditions for exhibiting your NFT artwork
Next, set the conditions for exhibiting your artwork.
Select the type of sale and the price.
You can set a fixed price or an auction. For an auction, enter a starting price, expiration date, and price threshold. For duration, a sale can be set for 1 day, 3 days, or 1 week.
Once everything is organized, click Complete Listing.
You will then be asked to confirm the sale by signing the transaction.
Note that if you have never sold on OpenSea before, you will need to initialize your wallet first.
Also, if the item you are selecting was not created in OpenSea, but through a custom contract, you may need to authorize and sign the transaction for OpenSea to transact on your behalf.
Advantages of Exhibiting NFT Works at OpenSea
Let’s take a look at the advantages of exhibiting NFT works at OpenSea.
- A wide variety of NFTs can be exhibited.
- No NFT listing fee if you cooperate with MetaMask.
- No need to register an account with OpenSea by linking with MetaMask.
Wide variety of NFTs available for sale
The OpenSea website has over 200 categories of digital assets and over 4 million NFTs.
NFTs can be bid on using Ethereum tokens such as DAI and Ether; DAI is a stable coin pegged to a $1 price, so it can be held with confidence.
Linking with MetaMask eliminates the need for OpenSea account registration
When you connect with MetaMask, you do not need to register an OpenSea account.
You can easily connect to OpenSea by following the steps below.
Access the OpenSea website.
Click on the profile icon in the upper right corner.
Select the MetaMask option from the wallet list.
Link the required MetaMask wallet to OpenSea.
Add your email address, username, etc.
You can always change details later, such as your profile picture, username, and other parts of your OpenSea profile.
No fees for NTF works
One of the biggest advantages of OpenSea is its commission-free collection manager. This allows you to both create and sell NTFs without gas fees.
Relatively low sales commissions
OpenSea’s commissions are less than those of typical NFT marketplaces.
Royalties can be set up to 10%.
The only drawback of OpenSea is that artists are only allowed a maximum of 10% royalty, but on the other hand, secondary sellers can earn a lot of profit.
There is a refer-a-friend program.
OpenSea has a refer-a-friend program. By referring a friend, you can also receive a portion of the referral’s sales commission.
Disadvantages of Exhibiting NFT Works on OpenSea
This section discusses the disadvantages of OpenSea. The following are some of the disadvantages
- Credit cards and legal tender are not accepted
- Popular items may be auction-style and prices may skyrocket
Credit card and legal tender payments are not supported
OpenSea unfortunately does not support credit card or legal tender payments.
You can use MoonPay, a third-party service that allows you to purchase cryptocurrency with traditional payment methods such as credit cards or bank transfers.
This section describes how to add funds to OpenSea with a credit card via MoonPay.
How to add funds to OpenSea using MoonPay
You can now add funds directly in OpenSea.io using MoonPay.
Go to the wallet icon in the upper right corner of the OpenSeaWeb site.
Then click the blue “Add Funds” button.
Depending on your location, you may be able to add ETH using the “Buy with Card” option.
Set the amount of ETH you wish to purchase and double-check that the wallet address is correct.
Next, enter your email address.
If you are new to MoonPay, you will need to add a debit/credit card, verify your personal information and set up your account.
Once the confirmation and account setup is complete, the payment will be made to MoonPay.
If you have further questions about MoonPay, please contact Customer Support or read the FAQ.
Popular products will be auctioned and prices will skyrocket.
The second disadvantage of OpenSea is that, because of the large number of users, popular items become the battleground when it comes to auctions. Prices are driven up and can become very expensive, so one must be careful.
Summary of how to use OpenSea
- The advantage of OpenSea is that NFTs can be created on various blockchains for free
- There is also a royalty system, so you can earn profit when reselling
- Advance preparation, such as before listing on OpenSea, is required
- Disadvantages of OpenSea are that it does not support credit cards or legal tender
- Prices of popular items may skyrocket in an auction format
OpenSea is easy for beginners to sell their items, as long as they follow the steps explained in this article and prepare well in advance. However, there are some disadvantages, such as not yet supporting credit cards and Japanese yen, and higher prices, so be careful when listing your items.