What is OpenSea.io?
OpenSea is a marketplace where you can trade, buy or sell non-fungible tokens (NFTs). It is a peer-to-peer marketplace in which buyers and sellers are able to meet in a common platform using a smart contract.
Why is OpenSea providing the marketplace?
OpenSea is all about NFTs, digital items which have been growing in popularity and demand in the last few years. Like the usual physical goods, NFTs are items that anyone can own, trade, keep, invest or for any other reason. NFTs are usually unique and limited. What makes them interesting is that they can be tradable and usable too.
What does OpenSea provide?
Generally, OpenSea is the platform is set to facilitate new economies with open protocols like Ethereum and standards such as ERC-1155 and ERC-721. OpenSea is actually among the first marketplace for NFTs.
How active is OpenSea?
The company was founded in 2017 after the rise in popularity of Cryptokitties. Since then, it has grown to become the largest NFT marketplace in the world. By 2021, it has more than 300,000 users with more than 1 million items in its collection and over 34 million NFTs and more than US$4 billion traded.
How do I sell NFTs on OpenSea?
To be part of this community, you will need to:
- First, set up your digital wallet. There are many crypto wallets in the market that you can use. However, most users on OpenSea uses Metamask and Coinbase for desktops and mobile platforms respectively.
- Next, you can start creating your collection and then add your NFTs. This should be as detailed as possible so as to allow others to know what they are buying into.
- Choose how you want to sell your NFTs. You can decide on auctions, fixed prices or declining prices.
How much does OpenSea charge for selling of my NFTs?
For sales that take place on OpenSea, a 2.5% commission is charged. There is no service fees charged for buyers.
What currencies can I accept on OpenSea?
When you sell your NFTs, you can decide which currency from more than 240 types you wish to accept.
What can I sell on OpenSea?
Basically, you can sell any digital good that has a perceived value. It can be digital art, music, trading cards, collectibles and even domain names!