OpenSea has become the biggest market for all crypto collectibles, as well as other uncommon digital items, having more than 300 asset types, along with more than 10 million digital assets in the market.
You can bid on, buy, and even find crypto collectibles as well as other assets like NFT memberships and domain names on OpenSea.
If your Ethereum wallet does have some NFTs, they can also be sold on OpenSea platform.
You can also find other collectibles like CryptoKitties, Sorare, Axie Infinity, and Gods Unchained on OpenSea.
OpenSea isn’t just meant for trading crypto collectibles. You can equally discover various Blockchain games as well as other digital assets.
Since crypto collectibles aren’t like Ethereum and Bitcoin, users can learn about NFT assets when they visit OpenSea.
As a developer, it is also possible to set up your own market space for ERC-1155 or ERC-721 assets on the OpenSea platform.
To access the OpenSea platform, a browser plugin called MetaMask is required.
How to install MetaMask?
As earlier said, install MetaMask plugin in your browser (as part of your Firefox Add-ons or Chrome WebStore) to enable you utilize OpenSea. Other plugins can be used, but MetaMask seems to be notable.
MetaMask happens to be a unique browser extension that lets users communicate with Ethereum dApps via their browser.
Many people use MetaMask to get access to dApps like DeFi apps and decentralized exchanges. You can equally use MetaMask alongside a Ledger Nano X to provide better security.
After it has been added to your browser as an extension, install the MetaMask wallet using the steps below:
Step 1: Click ‘create a wallet.
Step 2: Create a password for the MetaMask wallet. This password will be required whenever you want to log into the MetaMask wallet.
Step 3: Backup your seed phrase. Store it inside a USB or write it down on a paper.
Step 4: Verify the seed phrase in step 3 and continue
If you happen to get rid of MetaMask in your browser, you can have your wallet restored through the backup seed phrase. You can access your wallet again through the password you created in step 2.
If you are not conversant with MetaMask, you can use our MetaMask lesson to educate yourself before making use of OpenSea.
Otherwise, you can start thinking of navigating OpenSea when you are logged into your MetaMask wallet. However, prior to that, use Ethereum to fund your MetaMask wallet if you are planning to purchase any crypto collectible or rare asset.
Wallet funding can also be done with ERC-20 tokens such as DAI for buying certain collectibles which are on the DAI for sale.
If you do not have any such token in your wallet, you can use ETH to make a proposal.
How to buy crypto collectibles on OpenSea?
Upon successfully accessing OpenSea using your crypto wallet, click browse tab and select any category or choose view all.
You can identify crypto collectibles as well as other uncommon items, and them purchase a particular item or make an offer.
A couple of crypto collectibles will be sold via an auction style as seen beneath. If you become the highest bidder at the auction’s end, the asset will be yours after payment has been made. The payment is automatic.
But if a bid that is higher comes in during the ending 10mins, a 10mins extension is allowed for the auction. Therefore, if you are eager to own a specific collectible, you cannot just make your bid and relax.
When you are done choosing a crypto collectible, you should click on ‘place bid’. Before you make your first offer, please change ETH to WETH.
Also, you need OpenSea to have access to your WETH anytime a sale happens. A one time gas is required for these transactions. Gas is a requisite for performing a successful transaction on the Ethereum blockchain platform.
You could make offers for crypto collectibles which aren’t on sale. This option is recommended for users who cannot set a fixed price for their items.
Several assets go on sale for a specific price such as Diego Maradona’ card beneath. You can simply pay the cost to possess the item.
How to sell crypto collectibles on OpenSea? Selling
If you own some ERC721 NFT inside your wallet, then you can have them sold at a specific price or via auctions on the OpenSea platform.
First and foremost, log onto OpenSea using your wallet which contains ERC721 tokens. Then click ‘my profile’ on the OpenSea platform. When you are done, click the item you intend to sell, and click ‘sell’. It is as easy as that
You can decide the price of the item via the auction mechanism or set it yourself. If you prefer to fix a price for the collectible, then you can equally add an end price and expiry date.
After concluding your sale method and price fixing, click on ‘post your listing.’ Prior to nailing down your listing, it is a requisite that two transactions are made with gas.
The first transaction (which is done once per account) is necessary for account initialization to enable you create sell orders.
The next transaction allows OpenSea have access to your crypto collectible which you want to sell.
Your NFT is added to the sale listing after both transactions inclusive of a final signature request are completed.
If you assume you fixed a price that is higher for the listed item, it can be changed without any further transaction.
You can also bid on all assets on the OpenSea platform. That way, you mustn’t list the item that is on sale. Besides, based on the selling item, you can keep using some other items within games as the auction is ongoing.
You will be charged 2.5% for every sale that goes through. You could be charged extra by the game’s developer too.
You can confirm if any extra fee applies on the sales page.