You may have heard of the OpenSea NFT marketplace if you’ve been following cryptocurrency news. You’d ultimately come across non-fungible tokens, a type of digital media that’s all the rage these days. The majority of consumers regard them as promising investments, while artists regard them as a more convenient way to make money from their trade.
OpenSea is a decentralized marketplace for buying, selling, and trading non-fungible tokens (NFTs). OpenSea bills itself as the world’s largest marketplace for digital products. As a result, it’s worth taking a deeper look at OpenSea and the value it brings to NFT trading.
What is NFT
NFT stands for a non-fungible token, which basically means that it’s a one-of-a-kind digital asset with a unique identification code and metadata. The most popular NFTs right now include artwork and music, but can also include videos and even tweets.
We have a dedicated article on what NFTs are. You can find it here.
What is OpenSea?
It’s About Us page says it’s the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs)
OpenSea hosts millions of non-fungible tokens from various artists and creators.
Although the platform is not the only NFT marketplace, it is now the most popular. One of the reasons is that it charges lower fees than other platforms.
Furthermore, OpenSea does not store NFTs and simply links buyers and sellers. This implies that if the platform is compromised, hackers will not be able to steal your NFTs or cash. Those will be stored in your cryptocurrency wallet, such as MetaMask, and not on the platform.
How to create OpenSea NFTs?
To start, you will need to get some Ethereum. You’ll use the Ether to “mint” an NFT, the act of adding your NFT to the Ethereum network. Also, Ethers are for buying NFTs and paying gas fees. The cost needed to complete transactions.
You will need a crypto wallet. Take a look at what wallets does OpenSea accepts.
Once you have Ethereum and a crypto wallet, you can create your account on the platform and start making your NFTs.
Trading NFTs on OpenSea
On OpenSea, trading is a low-trust business. You don’t have to trust your counterparty to be honest, and you don’t have to trust OpenSea. Your transactions will be based on technology rather than reputation, and smart contracts rather than third parties will be used.
A Few Tips
Accepting bids should be done with caution, and you should always double-check that the offer is in your selected currency (some individuals would offer $1 instead of 1 ETH).
Even if someone pretends to be from OpenSea support, never give out your wallet’s secret word or allow anybody accesses to your device.
If someone from OpenSea support contacts you about a problem you’re having, be extremely wary, since this is a frequent tactic for fraudsters to persuade you to give them access to your account.
And finally, make sure you’re aware of the risks you face when buying and selling NFTs. More importantly, only use the money you’re willing to lose.