Jun 10, 2022 at 05:10Contents
The OpenSea was released in 2017 as the first world’s NFT-marketplace. Now it is also the largest, so it is a great place to start with NFT and make some money. Do you want to know how? Then this is the guide for you.
What is OpenSea, and, more importantly, what is an NFT?
Like we said before, OpenSea is an NFT-marketplace, i.e., the platform where you can buy or sell NFTs. An NFT is any unique digital thing that can be purchased, sold, or traded online. More precisely — a set of numbers and characters in which this file is written. For example, a JPEG picture or virtual property.
The OpenSea platform allows you to create any kind of NFT.
How is buying an NFT different from just buying a digital file? The buyer of an NFT gets the right to use the file — and for that right to be backed by something, it is recorded in the blockchain.
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Do I need to understand blockchain to start on OpenSea?
No, not necessarily. It is pretty easy to work with OpenSea. You do not need to worry about tech stuff: it is the platform’s responsibility to make every purchase secure and correct.
So, let’s start exploring OpenSea!
Firstly, we recommend that you watch what other users sell.
As you can see, OpenSea is a perfect place for creators: they sell pictures, music pieces, and even virtual worlds there. But that does not mean you have to be an artist to use the platform. People also sell, for example, domain names. Check available listings to get inspiration for your first NFT.
You can also check the Stats to understand which NFTs are most in demand.
There is something else you need to know about NFTs: they often enter the market as a collection. For example, the popular NFT collection CryptoPunks consists of 10,000 similar but unique pictures of punks. Since NFTs are digital, you can quickly generate a massive collection of cheap files — they will be affordable for buyers and still profitable for you.
But why do people buy NFTs anyway? Like any other art, crypto art (it means art that you can buy as an NFT) is a good investment. Yes, in this case, people pay for a digital asset and not a physical object, but the motivation for the purchase is the same.
How to create and sell an NFT on OpenSea
1 Create an OpenSea account
Firstly, you need to create an OpenSea account. After you open the Login page, the system will tell you that you need a crypto wallet. The OpenSea platform recommends using the MetaMask wallet with ETH cryptocurrency. But you are free to choose any other wallet: for example, Coinbase Wallet or OperaTouch.
After this, you must connect your crypto wallet with your account, which you can do through the Profile page. And that’s actually all. You can also fill your profile with a description, avatar, etc., but these actions are the same as on any other online platform.
Why do you need a crypto wallet? That’s because the OpenSea platform does not store your NFTs but directly connects you with customers through the blockchain. And to be a part of this connection and conduct the transaction — you need a crypto wallet.
Important! You can use other cryptocurrencies, not just ETH, but you can’t use non-crypto currency like USD. (At least, for now). Still, you can buy ETH with your local currency and otherwise.
2 Create your first NFT
To create an NFT, use the Create section of the top menu of the platform. As your NFT, you can upload any file in any format, with a max size of 100 Mb.
Then you need to describe what you are creating, select its properties, quantity, and blockchain network — by default, it’s Ethereum. And then, OpenSea will do everything for you and “wrap” your digital file as an NFT.
That’s it; now you’re ready to sell!
3 Sell
You can choose the NFT you want to sell from your profile. You can customize the price and the duration of the sale. Talking about price: there are options to set a fixed price or start an auction.
Important! When somebody decides to buy your NFT, you must confirm it and sign the transaction. You will also need to pay a fee for the purchase to OpenSea — 12.5%.
How much can you earn?
Well, as they say in the commercials, as much as you want. NFT is just another way in which you can sell your product. And OpenSea is a way to do it simply and conveniently. So your earnings depend on what you sell, who you sell it to, and what price you put on it.
Why then do you see news about sales for some crazy amounts? Few reasons:
- Since NFT is a digital product you can generate on your computer, you can sell a lot.
- You can earn from its growth by generating income in cryptocurrency. On resale or just keeping it in your wallet — as the rate goes up, its value will go up.
- You can get even more than you bargained for by auctioning off the product.
- It’s on-trend 🙂
And for inspiration, some numbers: the total volume of CryptoPunks collection already mentioned above is now more than 913,000 ETH. That is 1,616,576,060 USD at today’s exchange rate on CoinBase.
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