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    OpenSea: The Number One NFT Marketplace

     The NFT industry has a lot of demand, and with it comes many NFT Marketplaces that supply that demand. But not many Marketplaces make their way to the top and gain the trust and love of NFT investors and creators alike. OpenSea is the largest and most popular NFT marketplace in the industry, as it houses many NFT collections, both legendary and new. Whenever a new person gets into the NFT industry, the first thing they do is check out NFT collections on OpenSea. As OpenSea offers a variety of NFTs from many categories. Let’s dig in.

    What Is OpenSea?

    OpenSea is a decentralized Marketplace for buying, selling, and trading multiple types of digital assets, mainly dealing with NFTs. NFTs are digital tokens that represent ownership or proof of authenticity of a specific item, such as digital artwork, collectibles, and more. 

    OpenSea is a platform where users are free to create, discover, and trade NFTs with Blockchain technology. It is built on the Ethereum Blockchain, which guarantees transparency and secure transactions. Moreover, it allows artists, creators, and developers to tokenize their creations and sell them directly to buyers without the need for third parties. 

    Both buyers and sellers can go through a wide range of NFTs on OpenSea and participate in auctions, fixed-price sales, or direct offers. 

    How To Use It?

    Using OpenSea is fairly easy, and with a few steps, you will be browsing various NFTs by creators from all over the world. Here are the steps you need to take to start your OpenSea journey:

    • Set up a digital wallet: OpenSea operates on the Ethereum Blockchain, so the first step is to set up a digital wallet that supports Ethereum and its associated tokens. Popular wallets include Metamask, Phantom, and Coinbase Wallet. Download and set up your wallet by following the instructions provided. 

    opensea metamask

    metamask

    • Fund your wallet: Once your wallet is set up, you need to pump it with Ethereum (ETH) to use as cryptocurrency. You can purchase ETH from multiple cryptocurrency exchanges or platforms. Once you purchase ETH you then proceed to transfer them to your wallet address.
    • Go to OpenSea: visit the OpenSea website (opensea.io)  on your browser.  
    • Connect Wallet: On Opensea, click on the “Connect Wallet” button. opensea A list will appear asking you to choose which digital wallet you would like to use.4 After choosing your digital wallet, a pop-up will ask for your permission to access your wallet. Sign it, and you will be ready to go. 5
    • Browse OpenSea: Once your wallet is connected, you can start exploring the Opensea marketplace. Browse through various categories spanning from art to collectibles and more. 
    • Enjoy various forms of activities: Now that you’ve become a member of the OpenSea society you get to enjoy all of the features it offers. From buying, selling, creating, and trading NFTs of all sorts. 

    How to Sell NFTs On OpenSea?

    Selling NFTs on OpenSea is very easy and can be done in just a few steps:

    • Setting up a digital wallet
    • Creating your NFTs: in order to sell NFTs you need to create NFTs first. If you have not created your NFT you need to mint it first before listing it for sale. Minting is turning your digital content into a unique token on the Ethereum Blockchain. You can mint your NFTs using OpenSea’s minting feature or using other platforms like Rarible and Mintable.
    • List Your NFT: On the OpenSea website click your profile on the top right corner and then click the ‘create’ option. 6 After that, you will be asked to sign through your wallet, and then it will take you to a page where you can fill out the rewired fields and register your NFT. 7
    • Put it up for sale: After creating the NFT collection. You need to put it up for sale by deciding on a price. After setting the price, you clock on the NFT and choose the “sell” option. 
    • Manage your listing:  The NFT Marketplace has a dashboard where creators can manage their listed NFTs. You can track bids, offers, and messages from potential buyers. You can also have the option to edit or remove your listing. 

    How To Buy NFTs On OpenSea?

    Buying NFTs on Opensea is probably easier than selling one:

    • Set up your wallet: we establish by now that without a wallet, you can never endeavor in the NFT world. 
    • Fund your wallet: Make sure your wallet has sufficient funds for purchasing.
    • Connect wallet:  connect your wallet to the Opensea website.
    • Select an NFT: Once you find the NFT that you want to purchase, click on it to view more details. Such as its description, price, and the seller’s information. Make sure to review the NFT’s attributes, rarity, and any additional information provided by the seller. 

    8

    • Buying: if the NFT you found is available for sale at a fixed price, you can click the “Buy Now” button. 9 Follow the instructions provided by OpenSea and our wallet to complete the transaction. Note: Make sure you look up the gas fees before buying.
    • Auction: There are chances that your desired NFT is getting sold via an auction. You can join the auction and place your bid on the item. Enter the amount you are willing to pay and review the auction details, including the auction end time. If your bid is successful and no higher bids are placed before the auction ends, you will win yourself an NFT

    How To Make Money With The Marketplace?

    There are several ways one can make money in the NFT world, and making money on OpenSea is one of them. Moreover, making money on OpenSea has several ways:

    • Buy and Sell Popular NFTs: Keep an eye out for popular NFTs that have high demand. Look for NFTs created by well-known artists like Beeple, collaborations, limited editions, or those associated with popular brands like Gucci or Adidas. Purchase them at a low price and list them for sale at a higher price when the market value increases.
    • Invest in emerging artists: Discover and support new emerging artists on OpenSea. Look for talented artists who are gaining recognition, but still have relatively low-priced NFTs. You can invest in their early works and hold onto them as their value rises over time. 
    • Participate in NFT drops and auctions: Many creators and projects release NFTs through drops or auctions. So, keep an eye out for upcoming drops and auctions. Participate in these events and acquire desirable NFTs which will earn you profit. 
    • Flip NFTs: Similar to buying and selling in the real world, you can buy NFTs at a lower price from one seller and then resell them at a higher price to another buyer. This process is called flipping. But be careful to market trends, price fluctuations, and the demand for specific NFT categories. 
    • Create and sell your own NFTs: If you are an artist or creator, or you have unique digital content, you can create and sell your own NFTs on OpenSea. 

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