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OpenSea: A Site for Buying and Selling NFT's

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Avatar for Syoshimaru
Written by   15
1 year ago
Topics: Cryptocurrency, NFT

Non-fungible tokens, or NFTs, are rapidly becoming one of the most common digital assets. The usually Ethereum-based tokens are rapidly breaking into the crypto mainstream, despite the fact that they are not exactly fresh.

OpenSea is one of the most persuasive websites for buying and selling NFTs.

Not only does the platform serve as a marketplace and auction site, but it also provides a simple, code-free way to build your own NFTs – or even an entire series of them.

Buying NFTs on OpenSea

OpenSea is an eBay-style website that allows anyone to purchase, sell, or build their own NFTs. OpenSea, like many other DeFi platforms, is compatible with most modern Ethereum wallets, including Meta Mask.

To begin, go to the official OpenSea platform website and click the blue explore button. You can then start browsing collections, for sale pieces, recently sold items, and more.

Prices are specified in ETH by default, but some products have a different price, such as USDC or DAI.

The platform has two modes of operation: sale and buy it now. Potential buyers may make a bid, and the seller must determine whether to accept it and complete the transaction. Alternatively, customers can choose the buy it now option and pay the full asking price for the item.

Trades are charged for using buy it now in ETH or some other compatible token requested by the buyer. Buyers must use WETH – wrapped Ether – for auctions and deals.

Selling OpenSea

Do you have any NFTs that you'd like to sell? To begin, create an account and attach your wallet, which contains the keys to the NFTs. Then, according to the FAQ, you'll need to complete a few transactions and pay gas "in order to allow the exchange contracts access to your products." After that, listing products for sale doesn't take any petrol – only your wallet's digital signature to authorise the listing.

When it comes to selling NFTs, you'll need to determine what kind of sale you want for your listing. Set price, declining price, and auction are the current options. Fixed price and auction are just what you'd expect. A declining price auction is a more competitive type of auction in which the item's price declines over time before a deadline is met and the listing is withdrawn.

OpenSea's mint feature could be a good fit if you're an artist, content maker, musician, or just about anyone with a digital item they want to mint into an NFT and sell. To begin, log in to the OpenSea Collection Manager and build an account. Setting up for minting, including being a seller of existing NFTs, needs some gas. Gas is often used in the minting process. If you have a large number of things to mint, you can wait until gas prices are light.

OpenSea's Drawback

However, OpenSea is not without flaws. Our key critique of the platform is that searching NFTs is challenging unless you know exactly what you're looking for. The categorised quest could use some work. As a result, finding unique objects can be challenging.

Let's say you want to purchase an NFT version of an album. There is currently no music category to browse through. When you type words like "music" or "album," you'll only get results that contain those words. It's also difficult to tell which NFTs are merely representative tokens and which are ownership licences.

Misuse of copyrighted material is another problem. A brief look at the art section shows a slew of alleged copyright infringement. We discovered copyrighted characters from Star Wars and Harry Potter franchises, as well as celebrity pictures and animated GIFs. It's unclear if the copyright holders consented to the production of these NFTs or were paid for them.

Finally, as with any new technology, the site is full of low-quality submissions that no one would possibly ever like. This isn't inherently a problem, but it could make it much more difficult to separate the wheat from the chaff – particularly without better search and filtering features.

Final Thoughts

NFTs are a brand-new technology. As a result, there will undoubtedly be hiccups along the way. OpenSea, on the other hand, has a very friendly, low-jargon style that is welcoming to both beginners and experts. Only make sure you know what you're getting before you buy it and what its worth is – or isn't.

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Avatar for Syoshimaru
Written by   15
1 year ago
Topics: Cryptocurrency, NFT
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