What is OpenSea? How to use OpenSea in detail (create, buy & sell NFT)

NFT (Non-Fungible Token) is the hottest keyword in the crypto world as everyone is talking about that. The NFT trend has been being broadcasted by all mass media and people couldn’t resist talking about NFTs. 

The article below will provide all detailed information about OpenSea, including:

• What is OpenSea? How to create, buy and sell NFT on OpenSea.
• Roadmap and updates.
• Details about the team, investors, and partners.
• Is OpenSea a good investment?

Let's find out about OpenSea together!

What is OpenSea?

OpenSea is an NFT marketplace built on Ethereum that allows users to create, trade, and exchange NFT assets directly on the platform. Basically, NFTs can be art, virtual experience, music, or virtual property that are unique things on the blockchain.

It has the largest NFT trading volume in the crypto world that has the following features:

• The platform supports Polygon (a layer-2 solution) and the Klaytn blockchain to overcome the high gas fees and low transaction speed of Ethereum.
• The platform is decentralized and transparent since users connect their non-custodial wallets. Every transaction is conducted without any third party or intermediary.
• NFTs are stored on the blockchain and will be displayed on the platform for users’ convenience.
• Users can track their NFT transactions on the platform at ease.

How to use OpenSea

The platform is designed with an intuitive and user-oriented interface so we will introduce you to every feature of OpenSea.

How to connect wallets to OpenSea

The platform supports multiple non-custodial wallets integrated into the web browsers or the mobile devices. In this article, we will use Metamask as an example.

Step 1: Go to OpenSea.io. 

Step 2: At the main website, you can Create a new wallet if you don’t own one. If you’ve already had one, please skip this step.

Then choose the non-custodial wallet you want to create.

Step 3: Click the wallet icon in the top right of the screen, then click Metamask. Enter your password to connect to the platform.

If you successfully connect to the OpenSea platform, it will be displayed like this.

How to create an NFT collection on OpenSea

On the platform, you can create “My collection” which is similar to an on-chain vault that stores your NFTs. This means you can manage, organize, design your collection so that other buyers can admire your NFTs then decide to purchase them. 

You can Import your existing collection from other platforms or Create a new one on OpenSea or other minting platforms such as Rarible, Mintbase, Cargo, etc.

Click Create a collection and fill in information about your collection for customization.

In the Blockchain field, you can choose the Ethereum blockchain or the Polygon blockchain to store your collection. We recommend storing on Polygon since it’s faster and cheaper than Ethereum. You can create collections inside “My collection”.

How to create an NFT on OpenSea

Creating NFTs is the core feature of OpenSea. The platform supports creating NFTs in an image, a video, audio, or a 3D model.

Fill in the required information of your NFT and decide in which collection your NFT will be. In the Blockchain field, we recommend that you use Polygon instead of Ethereum since it’s faster and cheaper. However, buyers have to pay for the purchase on the blockchain given by the NFT.

How to buy and sell NFTs on OpenSea

Click Sell to sell your NFT and choose the preferred sell method. Then set the price to Post your listing.

Sellers are charged a 5% fee of the total NFT price (not including gas fee).

If you want to buy an NFT, search on the platform and click Buy now or Make offer to negotiate with the NFT seller.

What is OpenSea Token?

OpenSea hasn’t released the OpenSea token yet. However, many expect they will release soon.

Detailed information

Price Today

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Key Metrics

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Token Allocation

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Token Sale

Token Release Schedule

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Token Use Case

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Roadmap & Updates

After Polygon and Klaytn integrations, OpenSea continues to maintain the platform and release incentive programs to acquire more new users to the platform.

Team, Investors, and Partners

Team

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

Investors

Partners

OpenSea has a wide network of successful experts in their fields. Notably, they have huge supportive communities and their voices have an influence on the opinions of others.

Is OpenSea a good investment?

Currently, OpenSea is the first and the largest NFT marketplace in the crypto world. Therefore, with a strong community, it’s hard for other similar projects to compete with OpenSea. There are some key highlights from Coin98 for investment decisions.

Technically, the OpenSea platform was initially built on Ethereum in 2017. However, in 2021, the Ethereum blockchain raised lots of problems such as the gas fee and the transaction speed. Therefore, Polygon and Klaytn were integrated into the platform as alternatives to Ethereum. They all work in parallel and users can choose regarding their needs. 

Since Jun 2021, we have witnessed the rapid growth of OpenSea with hundreds of million dollars daily trading volume and almost 50,000 DAU (Daily Active Users). The following chart shows the growing momentum of OpenSea.

OpenSea is the second Dapp having the highest revenue in the crypto world with total revenue of over $200M, behind the NFT game Axie Infinity. This means the OpenSea platform is a profitable business model and they can maintain and develop the platform with the revenue generated. This derives mostly from the 5% fee of the total NFT price.

OpenSea hasn’t released its tokens yet. Therefore, the possibility of token airdrop as a retroactive program is high. There were other retroactive airdrops from successful platforms such as UniSwap or dYdX to their early users. This might be a similar case with OpenSea since the platform has raised many funding rounds and achieved certain successes.

And as usual, whether it is worth investing or not, Do Your Own Research before buying and be responsible for your investment.

Similar Projects

There are other similar NFT marketplaces on other blockchains such as Rarible, SuperRare, Binance NFT marketplace, and Hic et Nunc, etc.

Conclusion

In 2021, OpenSea is a go-to NFT marketplace with the highest trading volume and daily active users. The NFT sector is going to get more attention in the next few years. Therefore, there are numerous opportunities for investors to consider. We will update if there’s any news.

That is all you need to know about OpenSea. I hope you’ve gained helpful insights to understand the potential behind OpenSea.

If you want to know further about OpenSea, please leave a comment below and join Coin98 Community for further discussions about Crypto.