2021 has brought FOMO to the NFT market like never before and has brought many new buyers & sellers to the market. If you are intrigued by non-fungible tokens (NFTs) and want to learn more about buying or selling them, you’re probably wondering how to use OpenSea. That’s because OpenSea is the leading decentralized exchange (DEX) for NFTs. There’s no better time to learn than now.

What is OpenSea?

OpenSea is a decentralized marketplace for buying, selling, and bidding on virtual assets. These assets include in-game items, digital art, and crypto collectibles. OpenSea was founded in early 2018 with the mission of bringing transparency and liquidity to the virtual asset economy. The team is based in San Francisco and is backed by investors such as a16z, Boost VC, AngelList, and Gitcoin.

OpenSea has built the largest marketplace for virtual assets. The platform supports over 20 different asset types and has a community of over 500,000 users. OpenSea is also the most popular destination for NFTs (non-fungible tokens), with over $50M in monthly NFT trading volume.

In addition to being a marketplace, OpenSea is also a discovery platform for virtual assets. The OpenSea team curates lists of digital art, in-game items, and crypto collectibles. These lists feature some of the most interesting and rare assets on the platform.

OpenSea is changing the way people think about virtual assets. By providing a centralized place to discover, buy, sell, and bid on virtual assets, OpenSea is making it easy for anyone to get involved in the

As noted, it’s the largest digital marketplace for NFTs. In a way it’s similar to eBay, but instead of selling physical products to the highest bidder, you can sell or buy digital goods instead. These products are typically collectibles like art, music or games but there are hundreds of other categories.

The Basics of Opensea

OpenSea has millions of NTFs to choose from in categories including art, music, domain names, virtual worlds, trading cards, collectibles, sports and utility. Each category has a seemingly endless number of listings that can seem overwhelming. Fortunately, there are ways to narrow things down.

Click on Filter and you can select All Items, Single Items or Bundles. You can also sort by price, when an item was listed and other options. You can also just type something into the search bar at the top of the page.

Sometimes you’ll see blue checkmarks on an account or collection. This means that it has been verified by OpenSea, in much the same way that you see verified accounts of public figures on Facebook or Instagram. The blue checkmark means it’s legit.

When you browse a particular collection, you will see the Floor Price listed in the status section. This is a feature for power users to see the lowest price any NFT is available for in a specific collection. This price is updated by the hour.

How to Use MetaMask with OpenSea

Anyone can browse around OpenSea to test the waters, but if you want to participate, you’ll need a few things. First you’ll need an OpenSea account. Then you’ll need a Web 3.0 wallet like MetaMask. This is important because any NFT that you buy or sell won’t be stored on OpenSea; it’s only a marketplace that facilitates transactions. The NFT is kept on a blockchain address that you own. This is much like storing your cryptocurrency in a wallet. 

Download MetaMask and be sure to save your keyphrase somewhere safe, because this is the key to unlocking your wallet. If you lose the keyphrase, everything in your wallet is also lost. You’ve probably heard the phrase “no keys, no crypto” or some variation of it. Well in this case it’s “no keyphrase, no collectibles.” 

Next, you’ll need to fund your wallet. On OpenSea you can use Ethereum as well as stablecoins like DAI or USDC. Make sure you fund your wallet to sufficiently cover your transactions as well as the network transaction fees (gas fees) for them.

Now just connect MetaMask to OpenSea by clicking on My Profile on the OpenSea website. Follow the prompts and you will be walked through the connection process. Personalize your account by clicking the gear icon at the top right side on the page. Once you’ve finished setting up your account, you’re ready. To sail…on the OpenSea! 

Bidding on the OpenSea Marketplace

Placing bids on OpenSea is simple. Click on the NFT you want and then click on Make Offer. Sometimes you’ll also have the option to Buy Now. If the collection isn’t safelisted, you’ll be asked to view the collection details and then check the box verifying that this is indeed the correct collection that you wish to purchase from.

When you continue you’ll be able to select your payment method. Your options will be Wrapped ETH (wETH), DAI or USDC. If your desired item is on Polygon, you must pay in Polygon ETH. If this is your first time making a purchase with the chosen cryptocurrency, you may be required to pay a one-time gas fee.

Now you can place your bid with the desired crypto and click Make Offer. Offers must be at least 5% higher than the previous bid. Whatever amount of ETH you bid will be locked until the bid is withdrawn. 

Where to Buy Ethereum

If you’re looking to buy Ethereum, there are a few things you’ll need to keep in mind. First, Ethereum is a decentralized platform, so there is no central authority to regulate or oversee transactions. This means that you’ll need to find a reputable Ethereum exchange or marketplace where you can buy and sell ether. Second, Ethereum is still a relatively new platform, so there is not yet a large market for ether. This means that prices can be volatile, and you may not be able to find always find the same price for ether from one day to the next. Finally, remember that ethereum is a platform for building decentralized applications. This means that you’ll need to have some technical expertise in order to use it effectively. With these things in mind, here are a few places where you can buy Ethereum:

  • FTX: FTX is one of the fastest growing crypto exchanges with slim fees and fast transactions.
  • Coinbase: Coinbase is one of the most popular cryptocurrency exchanges, and it offers support for Ethereum. You’ll be able to buy ether with fiat currency (e.g., USD) or with another cryptocurrency (e.g., BTC).
  • Kraken: Kraken is another popular cryptocurrency exchange that offers support for Ethereum. You can buy ether with fiat currency or with another cryptocurrency.

Ethereum is needed if you want to make transactions on OpenSea. If you don’t have any yet, don’t worry! It’s easy to buy Ethereum directly through your wallet. Just click the wallet icon on the OpenSea website. Then click Add Funds.

Now you’ll be given the option to purchase from an exchange or buy with a credit card. If you select to purchase from an exchange, you just copy the wallet address you are given and use that address to send ETH to once you have purchased it on Coinbase, Voyager or another exchange that you prefer to use. Depending on where you live, you may also have the option to buy Ethereum with a credit card. Just be aware of any fees charged by your credit card company.

How to Store NFTs and Crypto Safely

MetaMask is a good place to store cryptocurrencies or NFTs this is if you plan on making transactions, but to keep these things safe long term, it’s a good idea to keep them in a hardware wallet. That’s because software wallets, like MetaMask, are connected to the cloud and as such, can be hacked.

Cryptocurrency Market vs. NFT Market

As it has been, the cryptocurrency market is considered very volatile. The NFT market is even more volatile and new. There is no way to know what kind of return on investment you’re going to get, if any, if you invest in NFTs. 

While both cryptocurrency and NFTs have digital records stored on the blockchain, they are still very different crypto assets. Cryptocurrency is fungible, meaning it isn’t unique. If you have 500 Bitcoin, each one is the same. NFTs are non-fungible. Each one is unique.

OpenSea Alternatives

OpenSea is a unique marketplace which makes it difficult to find any real competitors. However, there are some similar sites such as Rarible, Nifty Gateway and Sorare. 

Sorare’s primary audience is football fans so the options are much more limited than other sites. Rareable’s primary focus is art, but it also has other items. Nifty Gateway offers art from well-known artists. 

Both Nifty gateway and Rarible are more diverse than Sorare but none are as big as OpenSea. OpenSea has by far the largest number of categories representing any digital asset you can think of. It’s hard to say what platform is the best because it’s a personal decision. That being said, it’s easy to see (sea?) which platform has the most to offer.

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