April 21, 2021

OpenSea NFT token trading platform for art objects

OpenSea NFT token trading platform for art objects

OpenSea is the largest online marketplace for digital collectibles and other rare electronic assets.

On OpenSea, you can buy and sell non-fungible tokens (NFTs), including the ERC721 and ERC1155 standards, as well as discover various digital goods.

In this article, you will learn how to buy and sell digital items, as well as get an understanding of the fees and how the auction works.

What is OpenSea?

OpenSea NFT token trading platform for art objects

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OpenSea platform was founded in November 2017years, and today it is the largest marketplace for buying and selling digital collectibles and other rare assets. The platform offers over 300 types of assets and over 10,000,000 items.

The official website of the OpenSea platform https://opensea.io

Thanks to OpenSea, you can buy, bid, and discover digital collectibles and other assets such as domain names and member-specific NFTs.

If your Ethereum wallet contains digital collectibles, also known as non-fungible tokens (NFT), then you can put them up for sale with OpenSea too.

Collectibles from many popular blockchain games such as Sorare, CryptoKitties, Gods Unchained and Axie Infinity are also available for you on OpenSea.

OpenSea is not only a suitable place to trade digital collectibles, but also a place where you can discover many different blockchain games and digital assets.

Since digital collectibles are notare fungible assets such as Bitcoin or Ethereum, OpenSea helps users gain insight into the value of non-fungible assets.

If you are a developer, OpenSea gives you the opportunity to create your own marketplace for ERC721 or ERC1155 assets.

How do I buy and sell on OpenSea?

To use and buy / sell digitalcollectibles on OpenSea, you will need a cryptocurrency wallet that you can use to interact with decentralized applications (dApps).

If your browser has MetaMask wallet installed, you can use it to access OpenSea.

If you have a Ledger Nano X, you can connect it to MetaMask and run OpenSea with your hardware wallet, making it safer to use decentralized apps.

MetaMask currently supports the following cryptocurrency wallets:

OpenSea NFT token trading platform for art objects

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If you don't have MetaMask yet, you can install it on your browser by following the steps below.

MetaMask is a browser extension that gives users the ability to interact with decentralized Ethereum applications.

A lot of people use MetaMask to access decentralized apps like exchanges and DeFi. For added security, you can also use the Ledger Nano along with MetaMask.

By the way, there is a simple option to add MetaMask to your browser from the Chrome web store or Firefox add-ons. After adding the wallet to the browser, you can install it as follows:

  1. Step 1. After you have added the MetaMask extension to your browser, click on the "create a wallet" button.
  2. Step 2. Come up with a strong password for your wallet that you will use to log into MetaMask.
  3. Step 3. Back up your SEED phrase. You can write it down on a piece of paper or save it to a USB flash drive.
  4. Step 4. Confirm your SEED phrase and the wallet will be ready to use.

If you uninstall MetaMask from your browser thenwhen restoring your wallet, you will have to use a SEED phrase. You can log into your wallet simply by entering the password you created in the second step.

It's time to take a look at OpenSea from the comfort ofMetaMask wallet. But before that, you should top up your wallet by putting some Ethereum in there in case you decide to buy a digital collectible or any other rare asset.

You can also top up your wallet with tokensERC-20, such as DAI, to buy certain collectibles for sale in DAI or other tokens. If your wallet does not have such a token, you can offer to conduct a transaction using ETH.

How do I buy digital collectibles on OpenSea?

After logging into OpenSea using your cryptocurrency wallet, click on the “browse” tab and select one or all categories to view.

Here you can find digital collectibles and other rare items, as well as buy or make an offer to buy a specific asset.

Some digital collectiblesare sold through the auction mechanism as shown below. If you offer the highest bidder at the end of the auction, payment will be made automatically and you will receive the asset.

But, if in the last 10 minutes more thanhigh bid, the auction is extended for another 10 minutes. So, if you really want to get a particular collectible, you should try.

OpenSea NFT token trading platform for art objects

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After selecting a digital collectible, click the "place bid" button. Before placing your first trade, you must convert your ETH to WETH.

You also need to give OpenSea access to your WETH when making a sale. These transactions only require gas.

You can issue a request to purchase digitalcollectibles that have not yet been put up for sale, which will help those who do not know what price to set for their lots. Alternatively, you can make an offer to buy more than one item using the same ETH.

OpenSea NFT token trading platform for art objects

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There are also many assets that sell for a specific price, such as the Diego Maradona card shown below. You can just pay the price and get the item.

OpenSea NFT token trading platform for art objects

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How do I sell digital collectibles on OpenSea?

If you have ERC721 non-fungible tokens in your wallet, you can sell them at a specific price or through auctions on OpenSea.

First, log into OpenSea with a wallet thatcontains ERC721 tokens, and click the "my items" button. Then click on the item you want to sell and then click the sell button.

OpenSea NFT token trading platform for art objects

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You can set a fixed price oruse the auction mechanism for your lot. If you put a specific price on your collectible, you can also specify an end price and an expiration date.

OpenSea NFT token trading platform for art objects

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After choosing the selling method and setting the priceclick the "post your listing" button. To complete placing a lot for sale, you need to make two transactions that only require gas.

The first transaction is required to initialize your account for placing sell orders, which only needs to be done once for each account.

The second transaction is needed to allow OpenSea (a smart contract) to access the digital collectible you are putting up for sale.

After completing these two transactions and entering your signature, your non-fungible token (digital collectible) will be put up for sale.

If, after listing for sale, you feel that the price you have set for your product is too high, you can change it without making any transactions.

Plus, you can bet on OpenSea on anythingassets, so you don't have to list or price an item for sale. In addition, depending on the items, you may continue to use some of them in games even during the auction period.

OpenSea fees

OpenSea takes 2.5% commission on every successful sale. The developer of the game may also charge a surcharge. You can check for additional commissions on the sales page.

OpenSea NFT token trading platform for art objects

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The official website of the OpenSea platform https://opensea.io

Where is it more profitable to exchange cryptocurrency for trading on OpenSea? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform features - availability of additional features - futures, options, staking, etc.
  • final grade - the average number of points for all indicators, determines the place in the rating.

OpenSea NFT token trading platform for art objects

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5
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