OpenSea: buy, sell NFTs and create your own NFT.

Of course, in a crypto world where NFTs dominate the landscape in 2021, we’re all looking for ways to get started with our own non-fungible token. In early March 2021, Beeple sold a non-fungible token (NFT) for a whopping $69 million, an absolute monster amount. We are now familiar with the phenomenon of NFTs and what opportunities it provides, but how can we buy and trade NFTs ourselves, but also make them ourselves? ISLANDDiscover OpenSea, the platform for all NFTs.

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What are NFTs

What are NFTs and why are they dominating the crypto landscape? Non-fungible tokens are unique digital assets that cannot be replicated. In traditional crypto trading, we send coins over the blockchain, always owned by another investor. The cryptocurrency we currently own in our portfolio is currently ours, but once we trade it, it is no longer traceable to who owned this crypto. Investing in a new crypto gem? 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 that 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 plot of land, and the unique plot cannot be produced either. You may have multiple copies of the famous Mona Lisa, but there is only one original work of art.

The nature of these digital items can vary from artwork, songs, or even in-game items. We see many game-related projects enthusiastically exploiting NFT and offering an in-game NFT platform where users can trade their unique assets. They can create an avatar and then put it up for sale, allowing a player to use a unique in-game persona that you won’t see anywhere else.

NFTs can exist on different blockchains, but for now we will focus on the unique tokens offered on OpenSea’s platform. Want to know how you can generate passive income yourself with NFTs?

What is OpenSea?

OpenSea is a decentralized marketplace for non-fungible tokens (NFT) to buy, sell and trade these unique tokens. They themselves 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 pictures, can be easily imitated, so that no more credit goes 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 of your favorite avatar, but it will never be yours. This is because rules have been imposed by the central administration that determine what is possible in the platform and what is not.

Unlike NFTs, you can start designing an outfit that doesn’t belong to the platform, but that you own. A platform like OpenSea immediately demonstrates the freedom anyone has to design and trade NFTs. OpenSea has more than 14 million items listed and more are added every day.

Ethereum wallet

Before you can trade NFTs on OpenSea, you need an Ethereum wallet. This is a wallet linked 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 different wallets. Find out which one works best for you here:

Types of Ethereum Wallets

Start with OpenSea

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 items 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 OpenSea’s dashboard. OpenSea profiles itself as the largest NFT marketplace. You immediately see that you can search for NFTs yourself or let your creativity run wild. Before we get into this, let’s discuss the menu first.

Source: opensea.io

Browse

There are many NFTs in circulation at OpenSea, so it is important that you can navigate easily. You can search for articles via the Browse tab. If you know the name of the artwork in question, you can navigate directly. If not, you can use the filter options. You can choose between art, but also collectibles or sports. When you select a market segment here, you will immediately see the top collection and the trending items. These appear at the top of your search results.

By enabling additional filters, you can choose to immediately display the highest priced NFTs or soon-to-expire items. Are you only willing to buy an item that is on sale? There are several filter options so that everyone can easily navigate through the network.

The network also uses different statuses per At the top, by default, you can filter between types of NFT, but on the left in the menu you can choose different statuses:

buy now

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.

New

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 as a maker yourself.

At auction

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 this bid.

have offers

Not all works are interesting and get offers, that would be too nice. You can therefore choose to only display digital assets that already have offers. This way you are not endlessly scrolling through new works that are not interesting but keep coming back.

These filters do not stand alone, but can be combined with each other. You can, for example, filter on new items that have already had bids. Why is this interesting? This way you can see what the issue is, how many people are interested in a particular NFT or art form. You can then start creating an NFT yourself and offer it for sale on the platform. We see in April 2021 that there is an increasing interest in the new Polkamon.

Buying

Buying is of course also an important aspect with a trading platform like OpenSea. Of course, the question is not only why you buy an NFT, but also how. First of all, of course, you need to make sure that 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 which artworks the artist has still made. Are you a collector? This way you can quickly buy several items from the same artist. In the current example, it is a new item that has only just been listed on the platform and has currently been viewed 13 times.

We can see that the artist wants to sell this item for $50. Are you willing to buy this for full price? If not, you can also choose to make a non-binding offer. At the bottom you will see a trading history where you can see if other interested parties have made 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 yourself on the OpenSea platform.

cabinet

OpenSea not only wants to be a marketplace for NFTs, they also share knowledge on how to get started creating your own items. 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. You can of course also choose to make your own NFT separately from these manuals. The advantage is that there are no regulations on these goods. Choosing to make an animated version of a static image? Would you rather create an abstract artwork and offer it on the platform? Everyone is free to create what he or she wants.

You can also make your NFT outside the platform and then trade it on OpenSea. When you are logged into your wallet, for example MetaMask, in your own personal dashboard you can choose to create a new NFT or to upload an already created NFT.

Describe your artwork or object and get started yourself. Did you make your NFT via another platform or did you make it yourself using e.g. graphics programs? The beauty is that really anything can be an NFT. Want to do a childishly simple job in Paint? It just might be that you can sell it for a decent amount if there is interest.

You can upload your NFT here from your computer so that it will immediately appear in your own personal dashboard. Your digital artwork resides on your computer, and by uploading it to OpenSea, you turn it into an NFT. To emphasize again here that there are no rules for designing an NFT, it is precisely the freedom that reigns in the decentralized network, where everyone can decide for themselves what they want to create and what they want to offer and act on the platform. While some NFTs mainly focus on use cases, think unique avatars that can be used on a gaming platform, an NFT can just as well be a static image that requires imagination to interpret what it represents.

Are you creative and want to start designing and trading NFTs yourself? Then OpenSea is a user-friendly and efficient platform. You can not only see which items are being traded, but especially the developments taking place in the NFT world. Discover the latest new items and enter your own unique token. Ready to trade though!

In the video below, we explain how you can place an NFT yourself on OpenSea.

Conclusion

The use of NFTs is only increasing and developing to the point where there are almost no restrictions. There are more and more opportunities to integrate these use cases into another platform. So far, the in-game industry in particular is gaining popularity, but also think about art, collectibles or the latest trend: Polkamons. More things and variants are sure to come, especially as the sector continues to evolve with decentralized finance (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. An advantage is the great degree of freedom where anyone can be an artist to create an NFT. Are you curious how many members of our AllesOVERCrypto Facebook group have already dared to create their own unique artwork?

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