Opensea Explained, How to sell NFT on it?

Opensea
Opensea funding

Opensea NFT Marketplace, (https://opensea.io), How to sell and buy NFT and make millions easily.

With curiosity and craziness to collect NFT is on the rise, Opensea provides an easy way to sell and buy NFTs helping Artists and collectors in the Digital Art World.

What is Opensea?

It is an NFT marketplace built on Ethereum that allows buying and selling , trade, and exchange NFT or digital artwork directly on the platform. Basically, NFTs can be art, virtual experience, music, or virtual property that are unique things on the blockchain. Opensea has a vast majority of known digital artists, Celebs and Collectors from around the globe.

Why Opensea?

1) Easy to create NFT collection and support multiple formats.

It allows you to create your own NFTs without any prior experience. To get going, you need to build an NFT collection. After doing that, you can start uploading NFTs in Image, Audio, Video, and 3D Model.

NFT types on opensea
NFT types

2) Supports Polygon and Klayten blockchain.

Along with Etherum it also supports Polygon (2 Layer) and Klaytn which are faster and have lower gas fees, which would help Buyers as they have a low gas fee.

3) Trades all time most valued NFT collections

The Platform transparently shares its data with the public, where users can see most traded NFT collections on their Platform.

Cryptopunks, BAYC, and Decentraland are a few of the most traded NFT Collections.

How to sell NFT on opensea?

One can easily sell and create NFT in the image, audio, video, and 3D Model.

Creating NFT on Opensea
Creating NFT on Opensea

Fill in the required information of your NFT and decide in which collection your NFT will be. In the Blockchain field, we recommend that you use Polygon instead of Ethereum since it’s faster and cheaper. However, buyers have to pay for the purchase on the blockchain given by the NFT.

Creating NFT on Opensea
Creating NFT on Opensea.

Click Sell to sell your NFT and choose the preferred sell method. Then set the price to Post your listing.

Selling colleciton on Opensea
Selling collection on Opensea

Sellers are charged a 5% fee of the total NFT price (not including gas fee).

Buying NFTs on OpenSea

Before you can buy anything, you’ll first need to convert your ETH to Wrapped ETH (wETH). The reason for wrapping ETH is interoperability issues.

We’ll cover wETH in future articles. For now, just know that wETH is an ERC-20 token pegged to ETH.

The good news is you don’t have to go to a centralized exchange or a DEX to convert between ETH and wETH. You can perform this operation right.

Once you have your wETH, you can pick an NFT and place your bid. You can follow the auction, and just like on eBay, if you’re the highest bidder at the auction’s end, you get the NFT. 

OpenSea will handle the transaction from here and transfer the funds and NFTs. If you set up an email in your account settings, It will notify you that you won the auction. 

Conclusion 

To conclude Opensea is the largest NFT marketplace on which creating and selling NFTs is quite easy, other Nft Marketplaces are Rarible, Axie Marketplace, NBA Top Shot Marketplace, and SuperRare. Recently Opensea received a funding of $300 Million and got valued at 13.3 billion USD.