Author: Valeriia Zozulia
Cryptocurrency and NFT are getting more popular day by day. Recently, A 22-year-old college student in Indonesia became a millionaire by selling his selfies as non-fungible tokens (NFTs) on the OpenSea NFT marketplace.
OpenSea is a popular NFT (token) trading platform that allows users to trade and sell NFT without obligations or restrictions. Today, we will be reviewing OpenSea and also educate you on listing and selling NFTs on OpenSea
What is NFT?
The abbreviation NFT (non-fungible tokens) means “non-fungible token.” NFT uses the same programming techniques as cryptocurrencies like Bitcoin or Ethereum, but that is the only similarity they have. NFT is a digital asset that represents creativity like Music, images, text, video, 3D models, and other unique digital creations.
OpenSea
First of all, the following methods are available for making money on the OpenSea platform:
- Creation and sale of tokens
- Acquisition of other people’s NFTs for subsequent resale at a bargain price.
To profit from NFT, the object of sale must not only be unique but also be in demand. If your NFT does not have any history associated with celebrities or popular brands, you may not get any significant profit from it. Some naive enthusiasts believe that they can earn as much money as famous artists or top brands without any correlational art, but this is not true. NFT competition has already reached a large scale, which means that potential buyers can not be persuaded into buying without an engaging or fascinating artwork.Â
How to List NFTs on OpenSea
To list NFT on OpenSea, go to the “Create” section, and then confirm the signature of the network in your wallet. After that, the section for adding a token will become available. Next, select the file of the digitized object, determine the category, and enter the name.
After adding the name, you need to select the blockchain of the future NFT: either Polygon or Ethereum. When you are done, a page will open with a description of where you need to configure the token and the pricing format.Â
These have several sections including
- Minimum NFT price
- Postponed sale
- Private mode (created NFT will not be shown in the listing).
Next, click the “Post your listing” button and confirm the payment. Done! Your NFT is listed and available for purchase.
How to Register on the OpenSea Exchange
Step 1: Open OpenSea Website and Connect With an Ethereum Wallet
Step 2: Install MetaMask On Your Computer
Step 3: Create Your Account with MetaMask or Use an Existing One
Step 4: Setup Your MetaMask Wallet
Step 5: Connect Your MetaMask Wallet To OpenSea
Step 6: Your OpenSea Account is Ready
The Advantages of OpenSea NFT
- 2.5% is the standard and relatively low commission rate.
- The creator of the NFT pays for gas only at the initial placement.
- No need for account verification.
- MetaMask and Coinbase Wallet are available to users
- Large selection of NFTs
Disadvantages of OpenSea
As amazing as this platform is, creatives can only get up to 10% royalties. However, this might not be as bad as it seems because it allows secondary sellers to keep more profit for themselves.Â
Additionally, experts revealed that more than 80% of the NFTs created on the OpenSea marketplace are plagiarized. However, the company made a smart move by organizing security support and trained professionals to overlook items that are being listed on the website.Â
Conclusion
OpenSea is an NFT marketplace that is built on the Ethereum blockchain network. They help creatives to list a wide range of NFT collections such as art, sports cards, domain names, and other NFT projects. The platform is not perfect, but the team is trying all they can to make it a safe place for creatives and buyers. If you are an artist or an NFT collector, you should probably check OpenSea.Â
