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OpenSea is, without a doubt, the most successful and popular NFT platform today. If you want to get hold of an ape or a punk, then OpenSea is the place to do it. If you're an artist and want to create a whole new NFT drop, then OpenSea is where you'll get the most traction, too. In this guide, we'll look at how to use OpenSea for minting and trading NFTs. We'll cover how to link up your MetaMask wallet, which is vital if you actually want to trade on OpenSea, and we'll go through the ways to set up or trade in auctions using Ethereum and other methods like using the Polygon blockchain on OpenSea.
OpenSea is an Ethereum-based peer-to-peer marketplace where you can buy, mint, sell, and auction NFTs. You'll need Ether coins if you want to do anything on OpenSea to pay for gas and other fees. OpenSea is the largest gas consumer on Ethereum and the largest NFT marketplace currently, with a 24-hour volume of around $100 million traded. You can trade art, music, domain names, and other collectibles on OpenSea if minted on or transferred to the Ethereum blockchain or Polygon sidechain. OpenSea supports a few specific blockchains but may add more support.
You can choose which NFT category to browse and the blockchain on which the NFT is hosted. Supported crypto wallets include MetaMask, which 90% of people will be using. You can also link up your mobile wallets, like Coinbase Wallet and Trust Wallet, using WalletConnect.
Firstly, you'll need a MetaMask wallet to link to OpenSea. This is where you can hold your ETH coins to pay fees and buy NFTs on OpenSea. If you don't have a wallet yet, go to metamask.io or the Chrome store and download the plugin for Chrome, which is also supported by Brave Browser and others. Follow the wallet setup instructions, where you write down your recovery phrase and get access to your new wallet.
Before using OpenSea, ensure that you have funds in your wallet. The best way to do that is to go to an exchange like Binance to buy Ethereum and send it to your MetaMask. I'll leave links to Binance and other services in the description so you can sign up. You can also add funds directly on OpenSea through the MoonPay payment option. Still, converting your fiat currency into ETH will cost more than using an exchange.
Once your MetaMask is set up and linked, you can search for NFTs on OpenSea. Use the search bar to type in the name of the drop you want to see if you know it. Look for the blue check mark to ensure it's a verified collection. If you don't need to know what you're looking for, you can browse categories such as collectibles and use filters to narrow your search.
When you find an NFT that interests you, click on it to go to the main NFT page. You can see the name of the drop or collection, how many people are viewing it, and whether it's listed for sale or in an auction. You can also see the price history and more about the original creator of the NFT. In properties, you can see what makes the NFT unique, which is essential for assessing its rarity.
OpenSea supports various auction types, including timed auctions using wrapped ETH (WETH). WETH is an ERC20 token that can be used in auctions due to its ability to transact with a time delay, unlike regular ETH. To get WETH, go to your wallet icon on OpenSea, click the three dots beside your ETH balance, and choose to wrap ETH.
Use the Polygon blockchain for lower fees. OpenSea supports Polygon NFTs; you must send ETH to the Polygon chain. OpenSea makes this easy with a bridging feature. Click the wallet icon, choose "Bridge to Polygon," and follow the steps. This process will take some time, but it allows you to trade NFTs with significantly lower gas fees.
Selling NFTs on OpenSea is straightforward. Go to your profile, click on the NFT you want to sell, and choose whether to sell at a fixed price or auction. You can set the duration and starting price for auctions, and OpenSea will handle gas fees for sales above 1 ETH.
OpenSea charges a 2.5% transaction fee, and the original creator may receive additional royalties. Make sure to review all details before listing your NFT for sale.
In summary, OpenSea is the premier platform for trading and minting NFTs. With support for Ethereum and Polygon, competitive fees, and robust security, OpenSea continues to lead the NFT marketplace. Whether you're a buyer, seller, or creator, OpenSea provides the tools and audience to maximize your NFT experience.
Remember to use OpenSea wisely, watch for scams, and verify the authenticity of the NFTs you purchase. If you're new to the space, take the time to learn about blockchain technology and the unique features of NFTs to make informed decisions.