Given the importance that the NFT market is playing in the global cryptocurrency economic landscape, let’s find out how it is possible to sell NFTs and what, if any, is the best marketplace where to conduct one’s transactions.
OpenSea represents, in this respect, a very important platform both in terms of available functions and from a historical point of view.
This brand was, in fact, launched back in 2017 and since the early years it has given the possibility to transact in any way with NFTs including the actual creation of tokens.
What is OpenSea
As mentioned above, OpenSea plays a particularly important role in the NFT marketplace because this marketplace is a true institution for all investors and those who want to put their creations up for sale.
The digital store was founded by Devin Finzer and Alex Atallah with the intention of creating a place where users could create, buy, and sell their NFTs.
Unfortunately, this platform did not immediately see the glories we are only talking about today as in 2017 the NFT marketplace was still in an embryonic state.
The first major revolution in the marketplace occurred with the new Ethereum-based ERC-721 standard with which it was possible to take the first steps with NFTs.
The second revolution comes with the entry of the OG NFT CryptoKitties collection into the marketplace with the whole trading market related to it.
OpenSea was thus born as the first and, at the time, only virtual place to trade NFTs accessible to all.
Although it had very little traffic, OpenSea invested in its early years in its platform by continually updating its structure and functions so as to always offer a professional and secure service.
Today, OpenSea boasts staggering numbers ($13.3 billion from early valuations) and enough traffic to establish it as one of the largest marketplaces for the NFT market.
How Opensea works
Unlike many platforms, OpenSea allows you to be able to access the world of NFTs regardless of which industry you belong to.
Many marketplaces are overly selective in selecting which artistic or economic branch they belong in which to transact.
OpenSea, on the other hand, contains tokens from every category, from art to collectibles, from sports to music and photography. In addition to ordinary transactions, it is possible to become a creator here, something that has not always been so obvious on NFT platforms.
Access to the platform is available to everyone but only registered users can make purchases, sales or participate in auctions.
Thus, the first step is to register with a subsequent account validation and ultimately connect your wallet.
Once registered, you can explore the site with the relevant NFT projects.
Starting with the iconic “stats” menu, it is possible to view every recent transaction that has a connection to a particular NFT that you want to buy or follow.
From here it will be possible to update on all useful information such as the date of entry and various alerts related to sales and trades. In “rankings,” you can find the top NFTs sorted in an editable ranking by volume, minimum sales price, or other characteristics.
How to create NFT on Opensea
We then move on to the actual creation of an NFT on OpenSea.
After the obvious steps of registering, validating your account and linking your wallet, you need to click on Create from the navbar at the top.
You will be redirected to a page made specifically for creating an NFT.
Here there will be a section where you can upload your file, rename it, and add a description to it.
You can link the NFT you are creating to a link related to a hypothetical personal site to direct traffic from OpenSea to your site.
Creations are organized by the site into collections, obviously the first NFT created will not be able to be added to different collections but later this helps creators organize their works.
In the creation stages it will be possible to include a very interesting option that has always attracted many creators, namely, to include content that is unlockable and therefore viewable only by those who own the work.
A further step is to report whether the NFT has explicit or sensitive content, an important protection of OpenSea for all its users.
Another step is to decide the number of copies available although for now this option is only usable under the Polygon Matic network.
The last step is to choose the blockchain between Ethereum and Polygon.
After completing each step, clicking on the Create button will have your work in front of you and it will be visible on the platform.
OpenSea has also made this available from smartphones, so it is possible to create NFTs from mobile as well.
How to sell NFT on Opensea
Having seen how to create your NFT, let us now turn to the analysis of the section of OpenSea related to selling.
First, you need to go to your profile section on the platform, from there select the NFT in question.
After entering the page related to creation in the upper right corner you will notice two main buttons related to the NFT.
You need to select the Sell for sale button and you will be redirected to the page where you can start creating an eye-catching advertisement for your NFT.
Here you will be able to decide the selling price and the type of sale whether direct or by auction.
In the first case you will then opt for a “fixed price” sale.
In this case the price of the NFT will not fluctuate by demand but will remain fixed.
It is possible to set a time frame within which the NFT sale session will fall. The choice is, in fact, between 1 day, 3 days and then up to 1 week and beyond.
When selling multiple NFTs or entire collections it will be possible to include everything in one package.
OpenSea also allows you to reserve the item for a specific buyer by selecting the dedicated item. Scrolling down the listing page, the platform informs about the sales commission.
In case you decide to opt for a sale by auction, you need to decide between auction with a gradually decreasing price and auction at the best price. Finally, it will be necessary to finalize the sale by signing the relevant transaction.
Thanks to OpenSea, it is possible to sell, buy and create NFTs in complete safety and with a very high degree of intuitiveness.
The great merit of this platform was, in fact, to simplify every step of NFT creation in order to give everyone the possibility to enter the NFT market without the need to possess important computer or artistic skills.
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