OpenSea Tutorial: The most comprehensive guide to using and trading on the OpenSea NFT platform

With the booming development of the NFT market, more and more people are showing a strong interest in digital artworks. OpenSea, as the world's largest NFT trading platform, has become the preferred choice for many investors and collectors.

In this OpenSea tutorial article, we will guide you into the fascinating world of NFTs, delving into the operational processes and strategies of OpenSea. From setting up an account, connecting a wallet, to buying, selling, and auctioning NFTs, we will provide a series of practical guides to help you easily master the skills of NFT trading.

What is OpenSea NFT Platform?

The OpenSea NFT platform is the world's first and currently the largest Web3 trading platform dedicated to NFTs (Non-Fungible Tokens) and cryptocurrency collectibles. OpenSea initially focused on CryptoKitties and other collectibles, but as the NFT space expanded, OpenSea continued to evolve.

OpenSea is known for providing a complete NFT trading experience and is currently the world's largest NFT trading platform with over 2.7 million active users as of May 2023.

OpenSea offers platform users a full range of NFT trading services, including minting, buying, and selling. Creators can sell digital works on the OpenSea platform, and buyers can engage in peer-to-peer transactions directly with creators.

OpenSea currently supports NFTs on Ethereum, Polygon, Solana, and Klaytn blockchains, encompassing a diverse range of NFTs including art, music, sports, and more, showcasing the diversity of the NFT space. Digital artists such as Beeple, FEWOCiOUS, and Trevor Jones have sold their works through OpenSea.

OpenSea's transaction fees are relatively low. Essentially, there are no fees for buying NFTs on the platform, while sellers are charged a 2.5% service fee per NFT transaction to support platform maintenance, whether it's the initial issuance or secondary trading of the NFT.

What is NFT?

NFT (Non-Fungible Token) is a data unit recorded on the blockchain to prove its ownership and authenticity, giving unique value to digital content that is easily replicable.

The ownership of NFTs is recorded on the blockchain and can be transferred by the owner, enabling NFTs to be sold and traded. Essentially, anyone can create their own NFTs without the need for a programming background. NFTs typically include rights to digital content such as artworks, photos, videos, music, etc.

NFTs are cryptographic assets based on blockchain technology but differ from cryptocurrencies like Bitcoin and Ethereum. NFTs can be seen as "unique" assets in the digital world that can be bought and sold like other assets but have no physical form.

Learn about the history of NFTs in "A Brief History of NFTs: Shining Moments of NFT Stars Across Six Decades".

What are the Features of OpenSea NFT Platform?

OpenSea is currently the largest and oldest Web3 NFT encrypted collectibles trading platform.

On this platform, users can browse, create, buy, and sell NFTs. OpenSea is a decentralized blockchain platform that uses Smart Contracts to ensure fair transactions and creators can freely set prices.

OpenSea has several key features:

• OpenSea offers various types of NFT trading, including photography, avatars, games, membership tokens, and art projects.
• OpenSea provides users with the necessary tools to list and mint NFTs, along with educational resources to help users understand the entire process better.
• OpenSea also offers a recommendation program called OpenRarity, a collaborative project between OpenSea, icy.tools, Curio, and PROOF. OpenRarity calculates the rarity of an NFT based on its features and probabilities and provides corresponding rankings.
• On OpenSea, users can showcase their NFT collections on their profile page. By clicking on the profile icon, selecting "Settings," and then clicking on "Feature Items," users can create a section and choose NFTs in the desired order to display.

Advantages and Disadvantages of OpenSea

The advantages of the OpenSea platform include:

• Competitive transaction fees
• Transaction security due to the nature of Smart Contracts
• Over 600 types of NFTs available (approximately 600 types)
• One of the few NFT trading platforms with a mobile application (launched in November 2021)

The OpenSea platform offers a wide range of NFT categories, including art, music, sports, games, attracting numerous NFT collectors and investors.

However, OpenSea also has some drawbacks.

Firstly, the platform only allows transactions with cryptocurrencies, which may increase the entry barrier for general users. Additionally, while OpenSea claims to provide a secure platform, it has experienced hacking incidents resulting in the theft of valuable NFTs such as Decentraland and Bored Ape Yacht Club, among others.

In summary, OpenSea platform excels in transaction security, transaction fees, and the variety of tradable NFT types, but the past security breaches are potential areas of concern.

OpenSea Tutorial: How to Buy NFTs on OpenSea?

To buy NFTs on OpenSea, you can follow these steps:

1. Get a cryptocurrency wallet and purchase sufficient cryptocurrency (ETH)
2. Visit the OpenSea website or app, link your OpenSea account with the cryptocurrency wallet
3. Browse the OpenSea website and find the desired NFTs
4. Place an order (Buy Now) or make an offer (Make Offer)
5. Complete the purchase

＊If you already have a cryptocurrency wallet that can be linked to OpenSea, you can skip the first step and proceed directly to the second step.

Before making a purchase, ensure you have a cryptocurrency wallet (e.g., MetaMask) and link it to OpenSea.

Quick guide to cryptocurrency wallets: MetaMask Wallet Tutorial

When making a purchase, you can view detailed information about the NFT, such as name, creator, price, etc.

After confirming the desired NFT, click the "Buy Now" button and then "Confirm Purchase."

OpenSea will prompt your MetaMask wallet to complete the purchase. If your wallet balance is insufficient, you will see "You don’t have enough funds to complete this transaction." Therefore, ensure you have enough ETH in your wallet to cover the NFT price or other fees before buying.

OpenSea also offers auction-like purchase methods, which are divided into two modes:

• Bidding through multiple buyers, and the NFT is sold to the highest bidder. Sellers can set a reserve price, and if the highest bid does not meet the reserve, the transaction will not be completed.
• Price-dropping with time, where sellers set an initial price that decreases over time until a buyer purchases it. Sellers can set the auction end date and price.

OpenSea Tutorial: How to Sell My NFTs on OpenSea?

Selling NFTs on OpenSea is similar to buying and can be done in two ways: fixed price or auction bidding. Here's how you can proceed:

1. Login to your OpenSea account and ensure it's linked to your cryptocurrency wallet (e.g., MetaMask). Access the profile page.
2. Select the NFT you want to sell. On the profile page, you can view all your owned NFTs, then click on the NFT you want to list on OpenSea. On the item page's top right corner, click "Sell".
3. Choose the selling mode (fixed price or auction bidding) and list price.

If you have multiple NFTs to sell at once, you can select multiple items and click "List items" at the bottom of the page. Set the listing price and duration for each item. You can use the "Apply to all" feature to apply the same price or duration to all listed items.

Before proceeding, ensure you meet the following conditions:

• Have an OpenSea account, a cryptocurrency wallet (with sufficient balance), and the artwork you want to sell.
• Your NFT will include digital media (e.g., image or video) and the content it represents.

Keep in mind that when selling NFTs, you may need to pay transaction fees (e.g., gas fees), so ensure you have enough ETH in your wallet.

Please note that OpenSea does not directly collect these fees and cannot refund them. Additionally, OpenSea does not control the fluctuation of gas fees and does not profit from them.

OpenSea is a vast NFT marketplace that allows users to trade and interact with NFTs on multiple blockchain platforms. Users can create, issue, buy, and sell various types of NFTs such as digital artworks, virtual world items, and collectibles on OpenSea.

Furthermore, OpenSea continuously enhances its product, introducing new features like OpenRarity to improve user experience and bring more transparency and objectivity to the NFT market. In conclusion, OpenSea is a powerful, user-friendly, and innovative NFT marketplace worth exploring for users interested in the NFT space.