How Does It Work?
As a decentralized marketplace, OpenSea uses smart contracts, designed for buying and selling unique digital assets. Smart contracts allow users to protect the custody of their NFT collectibles in the platform, thus offering security for the creator’s work. OpenSea facilitates the NFT transfers, but you make transactions directly with other users on the blockchain after linking OpenSea to a supported Web3 wallet like MetaMask.
OpenSea makes use of the open-source blockchain Ethereum in addition to ERC721 and ERC1155 to confirm that NFT collectors own the assets they’re listing on the marketplace. What’s more, the company has introduced Polygon blockchains to allow fast, low-cost trading.
OpenSea NFT marketplace comes with several noteworthy features, including:
OpenSea also allows the minting of NFTs. OpenSea doesn’t currently charge a fee for minting NFTs, but you will pay a 2.5% service fee on the final sale.
It’s entirely free to set up a marketplace on OpenSea, but OpenSea does charge a 2.5% service fee for each sale. Compared to other NFT marketplaces, this fee is relatively moderate.
There are various wallets you can use with OpenSea. Here’s a full list of wallets supported by the platform:
- Coinbase Wallet
How To Use
Here’s what you need to do to start using OpenSea:
- Visit a currency exchange to purchase the ETH you’ll need to pay for your transactions.
- Select the “Create” button on OpenSea.io.
- Select a wallet from among those listed, and follow the prompts to install it.
- Add ETH to your crypto wallet.
- Find the NFT you want to buy and click on its thumbnail image or name. You can also search for it using keywords or filtering by categories like rarity, timestamp and owner.
- Verify the purchase details before clicking “Buy Now” or “Bid.”
- After submitting your request, you will be prompted with a form where you enter your payment details. Pay close attention to the NFT token address and the amount of ETH you will be charged.
- Verify the transaction by entering your private key or seed phrase and click Submit. As long as the transaction is still pending on the network, you can cancel it and restart it later by clicking “Cancel Transaction.”
- OpenSea will show your purchased NFTs on your dashboard.
- If you get stuck at any point, head to the Help Center to search for the information you need or click the “Submit a request” button.