In a crypto world where NFTs will dominate the landscape in 2021, of course, we are all looking for the way to get started with our own non-fungible token. In early March 2021, Beeple sold a non-fungible token (NFT) for as much as $ 69 million, an absolute monster amount. We are now familiar with the phenomenon of NFTs and what opportunities it offers, but how can we buy and trade NFTs ourselves, but also make them ourselves? ISLANDExperience OpenSea, the platform for all NFTs.
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What are NFTs
What are NFTs and why do they dominate the crypto landscape? Non-fungible tokens are unique digital assets that cannot be replicated. In traditional crypto trading, we send coins over the blockchain, where they are always owned by another investor. The cryptocurrency we currently own in our portfolio is currently ours, but once we trade it, it can no longer be traced who owned this crypto. Are you investing in a new cryptocurrency? Then you receive a coin, but you have no idea who the previous owner was.
Such an NFT has the property that this digital asset is a unique element which is registered in the source code by the user. It is used to represent ownership of something. In the physical world, we can compare this to buying real estate. There is only one owner of a particular piece of land, and the unique plot cannot be produced either. You can have multiple copies of the famous Mona Lisa, but there is only one original work of art.
The nature of these digital objects can vary from works of art, songs or even objects in the game. We see many game-related projects that enthusiastically leverage NFT and offer an in-game NFT platform where users can trade with their unique assets. They can create an avatar and then put it up for sale so a player can use a unique personification in the game that you can’t see anywhere else.
NFTs can exist on different blockchains, but for now we will focus on the unique tokens offered on the OpenSea platform. Want to know how to generate passive income yourself with NFTs?
What is OpenSea?
OpenSea is a decentralized marketplace for non-fungible tokens (NFT) for buying, selling and trading these unique tokens. They even claim to be the largest platform for trading NFTs. For the first time, you can own a digital product. In the past, we see that existing works of art, such as paintings, can be easily copied so that no more credits go to the effective artist. With blockchain technology, all information about this NFT is recorded so that the rightful owner can always be found in the source code.
These digital objects used to be part of a company’s data. Let’s look at popular games like Fortnite. You can change the clothes on your favorite avatar, but it will never be yours. This is because the central administration has imposed rules that determine what is possible in the platform and what is not.
Unlike NFTs, you can start designing an outfit that does not belong to the platform but that you own. A platform like OpenSea immediately demonstrates the freedom everyone has to design and trade NFTs. OpenSea has over 14 million items on the list, and more are being added every day.
Before you can trade NFTs on OpenSea, you need an Ethereum wallet. This is a wallet attached to ERC20 tokens on the Ethereum blockchain. There are several options for opening an Ethereum wallet. In the past, we have already written manuals for various purses. Find out which one suits you best here:
Types of Ethereum wallets
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Now that your wallet is connected, you are ready to start trading unique NFTs. Always make sure you have some ETH in your wallet to buy your goods but also to pay the extra gas costs. We now know that transaction costs can be quite high.
You will immediately see the options on the OpenSeas dashboard. OpenSea profiles itself as the largest NFT marketplace. You immediately see that you can look for NFTs yourself or let your creativity run wild. Before we go any further into this, let’s first discuss the menu.
There are many NFTs in circulation at OpenSea, so it is important that you can easily navigate. You can search for articles via the Browse tab. If you know the name of the particular artwork, you can navigate directly. If not, you can use the filter options. You can choose between art, but also collectibles or sports. When you choose a market segment here, you will immediately see the top collection and the trend things. These appear at the top of your search results.
By activating additional filters, you can choose to immediately display the NFTs with the highest price or items that are about to expire. Are you only willing to buy an item that is on sale? There are several filter options so everyone can easily navigate through the network.
The network also uses different statuses per. At the top you can by default filter between types of NFT, but in the left menu you can select different statuses:
These are the works that are immediately offered for sale. These are works that have been available for some time, and this is, of course, the largest group of NFTs.
Are you looking for the latest NFTs on the platform? You can see which works have recently been added to the platform via the ‘New’ filter. You can use this filter to see if new trends are emerging in the NFT world. This is not only useful to buy these, but also to get started yourself as a maker.
It also happens more often that artists do not choose an average sale, but decide to auction their works through an auction. This has a fixed end date. When this has expired, the work is sold to the highest bidder. For each item, you can see what the highest bid is and who made that bid.
Not all works are interesting and get offers, that would be too nice. You can therefore choose to show only digital assets that already have offers. This way, you do not scroll endlessly through new works that are not interesting, but which keep coming back.
These filters do not stand alone, but can be combined with each other. For example, you can filter on new items that have already had bids. Why is this interesting? This way you can see what the question is, how many people are interested in a particular NFT or art form. You can then set up an NFT yourself and offer it for sale on the platform. We see in April 2021 that there is a growing interest in the new Polkamon.
Of course, buying is also an important aspect with a trading platform like OpenSea. The question, of course, is not only why you buy an NFT, but also how. First and foremost, of course, make sure your wallet is connected and that you have enough capital to buy an NFT, including gas costs and transaction costs.
The overview page gives you detailed information about the sale, but also about the artist. This way you can see what works of art the artist has still made. Are you a collector? This way, you can quickly buy multiple items from the same artist. In the current example, it is a new topic that has only just been listed on the platform and is currently viewed 13 times.
We see that the artist wants to sell this item for $ 50. Are you willing to buy this for the full amount? If not, you can also choose to make a non-binding offer. At the bottom you see a trading history where you can see if other interested parties have submitted a bid and how much. Here you also get an idea of whether the artist has set a realistic price.
In the video below, we explain how you can buy an NFT on the OpenSea platform yourself.
OpenSea not only wants to be a marketplace for NFTs, they also share knowledge on how you can get started creating your own products. In the menu at create you can suddenly navigate to ‘develop with us’. Here, Open Sea offers you several manuals to get started in an easy way. Of course, you can also choose to make your own NFT separately from these manuals. The advantage is that there are no rules about these items. Do you choose to create an animated version of a static image? Would you rather create an abstract work of art and offer it on the platform? Everyone is free to create what he or she wants.
You can also make your NFT off the platform and then trade it on OpenSea. Once you are logged in to your wallet, for example MetaMask, you can in your own personal dashboard choose to create a new NFT or to upload an already created NFT.
Describe your artwork or subject and get started. Did you create your NFT via another platform or did you create it yourself using eg graphics programs? The good thing is that really anything can be an NFT. Do you want to do a childishly simple job in Paint? It may just be that you can sell it for a nice amount if there is interest.
You can upload your NFT here from your computer so that it instantly appears in your own personal dashboard. Your digital artwork is on your computer, and by uploading it to OpenSea, you’re turning it into an NFT. To emphasize here again that there are no rules for designing an NFT, it is precisely the freedom that prevails in the decentralized network, where everyone can decide for themselves what they want to create and what they want to offer and act on. platforms. While some NFTs mainly focus on use cases, such as unique avatars that can be used on a gaming platform, an NFT may just as well be a static image that requires imagination to interpret what it represents.
Are you creative and do you want to start designing and trading NFTs yourself? Then OpenSea is a user-friendly and efficient platform. You can not only see what goods are being traded, but especially also the developments that are taking place in the NFT world. Discover the latest new items and enter your own unique token. Ready to shop now!
In the video below, we explain how you can place an NFT on OpenSea yourself.
The use of NFTs is only increasing and evolving to the point where there are almost no restrictions. There are more and more options for integrating these use cases into another platform. Until now, the in-game industry in particular is gaining popularity, but also think of art, collectibles or the latest trend: Polkamons. There will definitely be more things and variants, especially as the sector continues to evolve with decentralized financing (DeFi). More integration also means more NFT asset classes and an expansion of the possibilities and number of integration platforms.
There are several protocols competing for NFTs, but a central place like OpenSea for listing and trading NFTs will only gain popularity as use cases grow. One benefit is the great degree of freedom that anyone can be an artist in creating an NFT. Are you curious about how many members of our AllesOVERCrypto Facebook group have already dared to create their own unique work of art?