Cryptocurrency

How To Trade NFTS On Opensea

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

NFTs, or non-fungible tokens, have been trending in the media recently since they are essentially the digital equivalent of trading cards. These digital assets, like cryptocurrencies, are stored on blockchains, but unlike crypto, each one is irreplaceable. However, an NFT marketplace is the only way to acquire one of these crypto collectibles.

The OpenSea market serves this purpose.

The OpenSea NFT Exchange is the largest in the world. A wide variety of NFTs are available for purchase, sale, and trading on the site. NFT aspirants minting their first crypto collectibles sit beside CryptoKitties and Bored Apes.

But is the most popular NFT exchange really the best? What you need and want will determine the answer.

OpenSea’s Key Features

OpenSea’s rapid ascent to the top of its field may be attributed to the extensive set of useful features it offers to its customers. Some of the more riveting examples are these.

Low Fees

While there are costs associated with buying and selling bitcoin on every exchange, customers of OpenSea should expect to pay far less than those of competing platforms. You’ll just have to shell out 2.5%. Comparatively, the fees at SuperRare are 3%, and at Foundation they’re 5%. Transaction fees are not charged to purchasers.

To buy, sell, and trade NFTs on the platform, you’ll need to pay gas costs, which cover the cost of the computing power required to complete the transaction. Keep in mind that OpenSea has no say on the cost of petrol. Instead, these costs are levied by the blockchain, which stores the NFT’s central smart contracts, and might vary over time. Pricing is situational.

For this reason, it’s preferable to hold off until the wee hours of the morning or the wee hours of the night, when demand is low because most people are asleep. Buying at the correct time and taking advantage of periods of low demand can drastically cut the cost of conducting blockchain-based transactions.

The World’s Largest NFT Marketplace

Right now, OpenSea is the biggest NFT marketplace everywhere. Upon its opening, Coinbase NFT is widely anticipated to surpass all other NFT marketplaces, making it the largest cryptocurrency exchange in the world.

However, when dealing with the top dogs in a business, especially one that revolves on the transfer of wealth, there are several advantages.

If purchasing NFTs is your objective, this marketplace has more options than any other. Additionally, because of OpenSea’s huge scale, selling your own NFTs is a breeze. 

OpenSea is the largest digital asset exchange in the world, meaning you may reach more potential buyers of your digital artwork there than anywhere else.

Payment Options using Three Digits

OpenSea goes above and above the norm by providing a wide variety of payment methods. NFT accepts a wide variety of currencies and payment methods, including fiat money like debit and credit cards and cryptocurrency like Bitcoin, Ethereum, USD Coin, and Dai.

No Gas Fees Until You Sell Products

OpenSea attracts creators in part because it doesn’t cost anything to coin your own NFT collections there. There is no need for gas because of it. In this way, you may mint your collection and test the waters of the market without risking any money.

OpenSea must generate revenue, and this occurs when someone buys a part of your collection. When someone purchases one of your NFTs, you incur two costs: the gas fee assessed by the blockchain hosting the smart contract, and the 2.5% transaction fee.

Supports a Variety of Crypto Wallets

It is crucial to safely keep your NFTs, since they represent a significant asset. NFTs must also be kept in a crypto wallet, much like cryptocurrencies, and the wallet you choose must be one that is supported by the exchange you select.

OpenSea is compatible with 16 of the most used cryptocurrency wallets currently available. MetaMask, Coinbase’s Wallet, Magic (previously Fortmatic), and Trust Wallet are just some of the wallets that work with the platform. The OpenSea documentation includes a complete index of compatible wallets.

4 Blockchains that are supported

Although Ethereum is the most well-known blockchain in the NFT sector, it is far from the only option. Polygon, Klaytn, and Solana are three popular blockchains that have been gaining users recently. All four are supported by OpenSea. It accepts both cryptocurrency and fiat currency payments, with support for over 150 different coins and tokens.
Education

Investing in education before entering the NFT market is prudent, as it is with any other business venture. If you’re just getting started learning about OpenSea, the help center is a great place to go.

You may learn how to make, sell, trade, and acquire digital collectibles by reading the many articles provided in the help area. In addition, there are helpful articles on security and development resources.

How Does OpenSea Purchasing Work?

On OpenSea, purchasing NFTs is simple. Just do what’s written here to get going:

  1. Launch the OpenSea app or go to the website. There are versions of the app for both iOS and Android. OpenSea.io is also a great resource.
  2. Here’s the next step: locate an NFT that interests you and make an offer. It’s easy to find what you’re looking for on the site, whether you want to check into the most popular collections right now or find something specific using the search bar.
  3. Just hit the “Buy It Now” link. If you’re interested in purchasing an NFT, you may do so by clicking the blue Buy Now button that appears to the right of the thumbnail.
  4. Get Started Get Started by Linking Your Cryptocurrency Wallet. The supported wallets for the exchange will be shown in a new menu on the site’s right side. Just pick the brand you already buy and click on it. Putting your wallet on file will let you complete the purchase of the asset if it is for sale. Step 5 is for you if you are unable to purchase the item in the previous step..
  5. Propose a price. You may always submit an offer if an NFT on OpenSea isn’t up for sale right away. In case the NFT you want isn’t currently for sale, you may make an offer by clicking the Make an Offer button and entering your desired price in the resulting window.
  6. Just hit send and see what happens. Present your proposal now. The NFT’s present holder has the option of taking the offer. Hold off until you hear back from the person who currently possesses the token.

Bottom Line

OpenSea is the world’s largest NFT marketplace, and it may be used as a source of income. Yet before diving in, it is important to study the market and the exchange. If you run into issues, you might not be able to obtain much help from the support crew.

However, only OpenSea allows creators to mint NFTs without paying gas fees until pieces sell, making it the only NFT market of this kind. It also has the widest variety of NFTs seen anywhere on the web.

It is important to prepare well before entering the NFT market. Investing in the NFT business, like any other, requires doing your homework.

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