NFTs are digital assets that can be traded on the blockchain. They represent unique, scarce and tradable items from games like CryptoKitties and Gods Unchained. Instead of a centralized marketplace like Steam or Epic Games Store, NFTs trade on decentralized marketplaces such as OpenSea which function much more like crypto exchanges. This means you can buy and sell your favorite NFTs for ETH (or other cryptocurrencies) in a secure environment with low fees.
What is an NFT?
An NFT is a digital asset with unique, non-fungible characteristics. For example, a battle pet in Gods Unchained or a CryptoKitty might have only one set of features in the whole world. That means each person who buys one of these assets could own a unique item. This is in contrast to fungible assets, like ETH, where every single token is identical to each other.
What is OpenSea?
OpenSea is a decentralized marketplace for collectibles, created by an international team of crypto enthusiasts. The website provides users with the opportunity to buy and sell digital assets in a completely peer-to-peer fashion. This interaction is facilitated through the use of Ethereum smart contracts. The marketplace supports NFTs of various kinds, including game items. You can read more about the marketplace by visiting OpenSea’s official website.
Why should I use OpenSea instead of another platform?
One reason you might want to buy and sell NFTs on OpenSea is that it’s cheap! We charge less in fees than any other decentralized marketplace out there today, supported by our unique design that eliminates middle men from the process. We also have an easy-to-use integrated wallet feature which allows you store your funds securely right alongside your NFTs. Lastly, we’re fairly well known for providing unrivaled customer support to our users.
What do I need before buying and selling NFTs?
The first thing you’ll need is some ETH to act as your currency. We recommend using Coinbase Wallet with one click login to securely store your funds, including ETH, safely in the app or on the web. To buy an item on OpenSea, you’ll need at least 0.03ETH (about $4) in your in-app wallet in order to cover seller fees. If you don’t have enough ETH in your in-app wallet yet, no worries! You can top up when you want to purchase an NFT by using our integrated MetaMask integration which is supported directly within the app.
Find your favorite NFTs on the Market Page, where they are categorized by genre or platform, or search them out in our Discover Section. Once you find an NFT that catches your eye, click “View Details” to see its stats and other related items. Use View Item Details to learn more about the item’s price history, rarity, etc. If there are any other items that you want your potential buyer to know, write them up in a description or send it via chat.
To buy an item on OpenSea:
- 1) Click “Bid” if you’re a buyer or click “Offer” if you’re a seller
- 2) Enter the quantity of items you’d like to purchase
- 3) Set your bid amount at or above the lowest existing offer
- 4) Click “Make Bid” For more instructions on how to use OpenSea as a buyer please check out this article .
- To sell an item on OpenSea:
- 1) Click “Offer”
- 2) Enter the quantity of items you’re offering
- 3) Set your price per item at or above the lowest existing bid
- 4) Click “Begin Offering” For more instructions on how to use OpenSea as a seller please check out this article .
After an offer has been made, it could be immediately accepted by another user – but sometimes offers can sit around for longer. If you don’t want to wait nervously by the sidelines, try setting up an automated offer with either a low or high accept range. You can also adjust your minimum and maximum prices if desired.
How do I set up an automatic offer?
In order to set up an automatic offer, you’ll need to connect your wallet with OpenSea.
- 1) Click “Settings” at the bottom right of the screen
- 2) Select “Wallet” in the dropdown menu
- 3) Connect your wallet by entering your private key or MetaMask login information
- 4) Go back to OpenSea and choose whether you want to sell or buy automatically
- 5) Click “Automated Offer” at the top of an item’s page If you have any issues setting up your automated offer please contact our support team for help!
What should I know about OpenSea’s fees?
One of the benefits of using OpenSea over other marketplaces is that we offer a much lower seller fee (about 3% per transaction). The average fee on other marketplaces is 10%-15%. We also reimburse sellers with a small amount of ETH when their items sell and buyers pay no fees, whereas other platforms charge 2.9% in fees when paying with ETH.