Welcome to OpenSea! We’re the largest market place for non-fungible tokens (NFTs). Non-fungible tokens are unique, digital items with blockchain-managed ownership. Examples include collectibles, game items, digital fine art, effect tickets, domain names, and even ownership records for physical assets. In other words, we’re kind of like eBay for CryptoKitties. Using OpenSea, you can buy, sell, and explore millions of assets beyond hundreds of categories. If some of that sounds unfamiliar, don’t worry! By the stop of this article, you’ll have the knowledge and skills to effortlessly move through the world of NFTs.
Perhaps you’ve discovered a blockchain game you desire to play and yous need some NFTs to get started. Maybe you’ve spotted a slice of digital art that you just can’t live without. Maybe you just want to ram around and see what all the hype is almost. Whatever your reason, we’re here to aid you become started on the right foot.
The first thing you’ll need is a wallet. In the brave new world of spider web three, a wallet is not just a folded piece of leather where y’all store your credit cards and paper money. In this context, a wallet still stores your digital money, but it likewise handles your identity, your credentials, and more. Non just does it manage access to the items yous ain, it allows y’all to broadcast transactions to the blockchain. In some ways, it’s more like a Swiss ground forces knife than a wallet. Key takeaway: a wallet is a tool you add together to your browser to interact with the blockchain.
Why do you need a wallet before buying and selling on OpenSea? Because OpenSea itself is another tool you lot use to interact with the blockchain–no walled gardens or kids’ table stuff hither. Nosotros never take possession of your avails. Instead, we provide a system for peer to peer exchanges. Since y’all’ll be using OpenSea to interact directly with others on the blockchain, y’all’ll need a wallet to assist you turn your actions in the browser into transactions on the blockchain.
A few quick notes on terminology. A wallet is different from an address, which is different from an OpenSea account. A wallet is a complex tool that, among other things, helps you create and manage addresses. An address is a 42-character hexadecimal cord that roughly corresponds to a unique location in the Ethereum network. If the previous sentence wasn’t packed with plenty technical details for you, cheque out this splendid mail service on Stack Exchange. If, on the other manus, it left you lot scratching your head, just know that an address is an identity in the web 3 globe. Your Ethereum accost serves a like part to your e-mail address in the PayPal context.
An OpenSea business relationship is a bundle of supplemental information, stored on OpenSea’s traditional servers, fastened to an address. Cardinal takeaway: y’all don’t store NFTs
your OpenSea business relationship. They’re owned by an accost on the blockchain. You, in plough, ain the address by exclusively decision-making your private central or seed phrase. An OpenSea account just provides a bright and cheerful lens to view the cold, binary reality of the blockchain.
Choosing Your Wallet
Lots of skilled teams are working independently on building different wallets. They all serve the aforementioned purpose, but each ane takes a different arroyo and makes different tradeoffs. If yous’d like, you tin attempt a few different wallets to decide which works all-time for you lot, just make sure to give MetaMask a shot. It’s my favorite by a mile.
– A browser extension with peerless ability and flexibility. MetaMask is web three’southward about popular wallet and 1 of the oldest players in the industry.
– A user-friendly wallet from an innovative team that allows you lot to sign up with your phone number from whatsoever device.
Authereum– A usability-focused wallet with no transaction fees and a fiat on-ramp.
– A browser extension that pays gas fees for you. More than on the concept of gas later.
– A simple-to-use wallet allowing users to sign up with an e-mail and countersign.
– A depression friction wallet that allows you to login with Facebook, Google, and other OAuth providers.
Bank check out this MetaMask Introduction Video to go a sense of the installation process. It merely takes a few minutes to install.
Once y’all’ve got your wallet set up, it’due south fourth dimension to hook it up to OpenSea. Click here to navigate to your business relationship page. At the tiptop, you’ll encounter a notification indicating your wallet is not nevertheless continued. No sweat, that’due south expected behavior.
Click the green “Unlock your wallet” button to trigger a wallet popup, and then apply your wallet’due south user interface to unlock your wallet. It’ll likely be a button that says something similar “Unlock Wallet,” “Unlock,” or “Connect.” Y’all might accept to enter your password and accept some terms and conditions, too.
Once you’ve got your wallet unlocked, you’ll be able to see your avails (if you already own some) in your wallet on your OpenSea account page. You’ll also be able to modify your OpenSea business relationship settings on the business relationship settings page.
Now that your wallet and OpenSea are playing nicely together, you’ll need to get some ETH to pay for gas and items.
Another quick digression into terminology: Ethereum is the whole shebang. That term describes the blockchain and everything that makes information technology tick. Sometimes nosotros say “the Ethereum network” instead of “Ethereum” to brand it clear that we’re not talking about Ether. Ether is the native currency of the Ethereum network and it’southward commonly abbreviated to ETH, which is its ticker symbol. You use ETH to pay gas fees and as money.
Gas fees are a bit of a tricky concept. If you’re interested in the technical details of gas, read Jeff Coleman’s Stack Exchange post virtually it. In his words of his TL;DR, “Gas is the way that fees are calculated. The fees are however paid in ether, though, which is different from gas. The gas price is the amount of work that goes into something, like the number of hours of labour, whereas the gas price is like the hourly wage y’all pay for the work to be done. The combination of the two determines your total transaction fee.” Lesser line: yous need ETH to pay for some of your interactions with the blockchain and to pay for the items you buy.
Don’t worry that gas fees will break the bank, though. Most actions on OpenSea only price a few cents, if they cost anything at all.
So, where can you buy ETH?
– The biggest exchange in the business concern. Most people who want to turn their Dollars into cryptocurrencies turn to Coinbase. Follow the trail starting hither, and you lot should have some ETH within a few days.
– Users can purchase up to ~$150 worth of ETH using a credit card, without verification or much waiting. For more information, check out their recent web log post.
Your OpenSea Business relationship Page
– Depending on your geographical location, you might be able to purchase ETH using the “Add funds” button in the pinnacle right corner of your OpenSea account folio.
No matter what other tokens you cease up dealing with over the course of your journey, ETH volition be your entry point and your fuel. So brand sure to stock upward.
Searching for Items
The centre of OpenSea is the Browse page. If y’all want to notice things to buy, it’southward your showtime terminate. When you get in, you’ll come across something like this:
If you know the name of the particular you lot’re searching for, type it into the white search bar with the placeholder “Search all items and bundles” and press enter. If not, read on to acquire about our sorting and filtering options. They’ll help you discover the kinds of things you’re looking for and might even show y’all a few irresistible surprises along the manner.
By default, we show trending items from the pinnacle collections at the superlative of the search results, but yous tin can refine and sort the results in many different ways. Here are some of the sort options that we offer:
The items that have been listed for auction about recently will announced first.
The items that have been minted most recently will appear first.
The items with auctions that are ending soonest will appear first.
The least expensive items volition appear first.
Highest Cost –
The near expensive items volition appear first.
Highest Last Sale-
Items volition exist ordered by the price at which they last sold. Items that take sold for lots of ETH will announced first.
The items that were minted the longest time agone volition appear first.
The items that have been visited by the greatest number of users will appear beginning.
In addition to sorting search results, you can filter results in a diversity of ways. Click on the name of a collection in the sidebar to filter for assets belonging to that collection. You’ll meet something like this:
In one case y’all start filtering by collection, a variety of other filtering options will appear. You lot can filter for items on a specific token contract within the drove, for listings denominated in a specific currency, for items that all share a trait, or for items in a specific token ID range. Spend a few minutes playing around with the checkboxes and sliders to get a sense of how the filtering works. If things beginning going awry, you can reset past clicking the X in the pinnacle right corner of the sidebar or clicking on the “Browse” option in the navigation bar.
Don’t overlook the six special status pills at the height of the sidebar:
On Sale –
Clicking this pill will limit results to items that are currently listed for sale. Clicking it again will plough the filter off. Unlike eBay, OpenSea shows lots of items that aren’t for sale. And so, if you’re in a buying mood, make certain to click this pill.
Has Offers –
Even when an item’s not on sale, OpenSea users tin brand offers on it. Clicking this pill volition limit results to items that accept standing offers on them.
Sometimes, developers apply factory contracts to sell items before a game is released. Clicking this pill volition filter for pre-auction items and other items that are sold by factory contracts. When you purchase an particular from a factory contract, it mints you a new NFT, right there on the spot.
Has Bounty –
OpenSea users can earn bounties by referring buyers to listings on OpenSea. Learn more than nigh bounties hither. Clicking this pill will limit results to items that nowadays bounty-earning opportunities to referrers.
Filters for items that have active English language auctions. Instead of buying these items immediately, you’ll place a bid and hope you’re the elevation bidder when the auction ends. Less immediate gratification, more bargains. More on English language auctions below.
Filters for listings that comprise multiple items.
Past searching, sorting, and filtering, you lot should exist able to find some tempting NFTs. If information technology’s your commencement time buying an NFT, I recommend selecting something cheap and cheerful to test out the system with. Now that you lot’ve got your detail picked out, how do you make a purchase?
Buying Fixed Price Listings and Dutch Auctions
OpenSea allows sellers to create a few different types of listings: fixed price listings, Dutch auction listings, and English language auction listings. The buying procedure is a piddling bit different for each blazon of listing. We’ll go into more particular nearly listings below in the section focused on creating listings.
Only first, let’due south have a look at the fundamentals of fixed toll listings and Dutch auctions. A fixed price list is similar what you’d see on Amazon. A seller picks a toll, confirms the listing, and the item remains on auction until it’s either purchased for the stipulated price or cancelled by the seller.
A seller can create a Dutch auction by selecting a starting price, ending toll, and an auction elapsing. The seller starts the sale at a level in a higher place the expected demand, and the price declines over fourth dimension.
For at present, all you really need to know is that both of these types of listings can exist fulfilled immediately. Just click the “Buy at present” button and follow the prompts from your wallet provider.
If it’southward your first purchase, y’all might be asked to do some initialization transactions. But when you see a highlighted window that says “Completing the merchandise…” on OpenSea and a wallet popup, you lot’re in the home stretch. Click “Confirm” to commit to the buy. When the transaction is confirmed, y’all’ll exist the proud new owner of an NFT. If, for some reason, the transaction fails, you don’t lose the purchase price. Either the whole bargain happens or none if information technology does. But don’t worry, they almost always succeed.
The structure and the purchase process of a fixed price listing is almost identical to what’s described above, except that the toll will not become lower over time. Simply apply the principles above. Next, we’ll wait at English language auctions.
Bidding on English Auctions
An English auction normally just goes by the snappier name “auction.” Information technology’s the type that comes to mind when one thinks of eBay, cattle, or highbrow art auctions. Nosotros’ll swoop into the details of how English language auctions piece of work on OpenSea in the selling section below. But for now, just beware that yous’ll need one) some WETH and ii) a footling patience.
To make a bid on an sale on OpenSea, you’ll need to convert some ETH to WETH kickoff. WETH is an ERC20 token that’s pegged to the price of Ether. For more info on WETH, check out this helpful site past the makers of Radar Relay. The adept news is that y’all convert dorsum and along betwixt ETH and WETH right on OpenSea. Just visit the offers tab of your account page and use the WETH station on the right. Enter a value in the ETH box and click the “Upgrade” button to get some WETH.
You’ll need to look for the WETH conversion transaction to ostend. Once it does, you lot’ll run across that some of your ETH balance has been converted to WETH. At present, yous tin take that WETH to the folio of an particular that’s on auction and identify a bid.
To identify a bid, enter a bid equal to or college than the minimum bid in the bid input field, then click the continue button. Y’all’ll exist redirected to a folio where you confirm your bid. Click the “Ostend bid” button and follow the prompts from your wallet to make your bid.
Now that you’ve placed your bid, keep an eye on the auction. If you’re the highest bidder when the auction ends, you’ll receive the item. No more action is required from you. We’ll handle the transfer of goods and funds. If yous’ve fix an email on the business relationship settings page, we’ll even email you to permit you know the good news.
Now that you’ve got a couple NFTs, you ought to know how to resell them. Let’s look at the selling process side by side.
An Introduction to Selling on OpenSea
Trading on OpenSea is a trust-minimized process. In other words, y’all don’t have to trust OpenSea or your counterparty to behave honorably. You can buy and sell without fear, relying on technology instead of reputation to ensure that things turn out correct. The engineering we apply allows users to buy and sell digital assets straight with their peers, all without relying on escrow or trusted third party payment processors.
On OpenSea, deals are atomic. That is, either the whole deal happens or none of it does. In short, OpenSea allows strangers to say to ane another, “if you lot exercise that, I’ll do this” without worrying most who should go kickoff.
On eBay, you accept to pay the seller before they ship the goods. On OpenSea, the seller makes a bounden promise to sell appurtenances for a certain price, the buyer makes a bounden promise to pay the price, and when those 2 promises are paired upward with one another, the bargain happens in a single transaction. Things almost e’er go well, only when they don’t, it’due south like the deal never started. No one’s left empty handed.
To make these features possible, each user must do a little flake of initial setup before making his or her first listing. The get-go transaction creates your proxy account, which is a tiny little smart contract that only you tin can use. Information technology allows you to interact with the Wyvern Protocol.
The Wyvern Protocol is an audited, battle tested, and secure suite of smart contracts that enables its users to swap state changes on the Ethereum network. At OpenSea, we employ it to help users trade NFT buying state for cryptocurrency ownership country. More than simply put, we utilise information technology to facilitate NFT sales.
The second setup transaction authorizes your proxy account to motion a given blazon of NFT on your behalf, so when the NFT sells, information technology can be transferred to the heir-apparent instantly. Both of these transactions are costless, except for the gas that the Ethereum network requires.
Depending on the currency you’re using, you might need to do a third transaction that authorizes the Wyvern Token Transfer Proxy to move ERC20 tokens on your behalf. Merely don’t worry, unless you sign an social club, Wyvern can’t motion whatsoever assets. Wyvern has moved tens of millions of dollars worth of value and no one has nonetheless found a vulnerability that would let them to take tokens that don’t vest to them.
Afterward you consummate these two or iii initial steps, y’all’ll only demand to sign a message with your wallet to create a new listing. And it won’t toll any gas at all. If you’re getting curious about gas by at present, here’s that link to the writeup about gas again. If non, no sweat, I played around with Ethereum for months before I took the time to really empathize gas and never suffered negative consequences as a result.
At present, armed with at least a baseline knowledge of why OpenSea behaves as it does, let’due south talk about how to create listings.
OpenSea allows you to create a few different types of listings. Each i serves a different purpose and has a different behavior. Let’s take a look at the 3 options.
English language auction
– This is the type of sale that usually offset comes to mind when you hear the discussion “auction.” A seller offers an item for sale at a minimum price and awaits bids. Afterwards a duration, the seller accepts the highest bid. It’s the type of sale fabricated pop past eBay. It’south usually associated with speed-talking, hammer-wielding auctioneers. Check out our co-founder Alex’south article on English auctions if y’all’re curious to learn more.
– The Dutch auction doesn’t enjoy such a prime position in the public imagination. It was born equally a solution to the trouble of chaotic 17th century Dutch bloom auctions and hasn’t seen a lot of use outside of certain esoteric marketplaces since. Unexpectedly enough, a quirk of Ethereum’south limitations gave it an unexpected renaissance in the early days of the non-fungible token market. A seller starts by offer the particular for sale at an improbably high price and gradually lowers the price equally time passes. When the price reaches a level equal to a buyer’s valuation of the goods, the heir-apparent can purchase the item and receive it well-nigh instantly.
Fixed Price –
A traditional “purchase information technology at present” transaction. Sellers listing an item for one cost. The toll never changes. Buyers tin purchase at whatsoever time. It’s similar what you run across on Amazon.
Whichever type of list yous desire to create, the process starts out the same. Go to your account folio and click on the item you want to sell. Then, click the blue “Sell” button.
You lot’ll be redirected to a folio where you lot can configure your listing.
In this case, I’m going to create a Dutch auction. I’ll set the starting price to 0.1 ETH, toggle the “Include ending price” switch, set an catastrophe toll of 0.001 (the everyman toll I’thou willing to accept), and select the “1 month” selection from the “Set expiration appointment” dropdown. Over the course of the next calendar month, the price will gradually decline. With whatever luck, the price will cross through a range that a buyer finds attractive. When that happens, the buyer purchases the particular and the funds are exchanged for the goods in a single transaction. Only I’yard counting my chickens before they’re hatched. I still demand to finish the listing.
When I click the “Postal service your list” push button, I’ll run into a highlighted window announced on the page and I’ll get a popup from my wallet. Hither’s what it looks like for me.
If it’south your commencement time selling something on OpenSea, you’ll get a few popups request you to complete a few initialization transactions. And the commencement fourth dimension you create a list for an detail from a new drove, you’ll have to practise a transaction. The transactions will require a few cents worth of gas a slice. But if y’all’ve done this kind of thing before, you lot’ll simply need to sign a unmarried bulletin, which is instant and gratis.
When I’ve completed all the necessary steps with my wallet, I see a page that looks like this:
Now, when I visit the page for the item I just listed, I’ll see a few new options. I tin can reduce the price, abolish the listing, or add together some other listing using the new buttons. Calculation a new list if you lot want to sale the item and offering a buy-it-now price simultaneously.
But when someone else visits the page, they’ll see the “Buy” push button. Pro tip: if you want to bank check on your list from a different account and you’re using MetaMask, yous tin can click the MetaMask icon in your toolbar, and then click the colorful circular icon in the top correct corner of the MetaMask window to switch between accounts.
Most users buy and sell single items most of the time, simply every bit Jim Barksdale asserts, there are “only two ways to make money in business: Ane is to package; the other is unbundle.” Then, for the sake of not leaving coin on the table, let’southward accept a look at the process for list ii items, together, in a bundle.
You lot can access the bundling page from anywhere on the site by hovering over the “Account” pick in the navigation carte, then selecting “Sell a Bundle” from the dropdown list. On the bundling page, yous’ll see a list of your assets. I’chiliad going to select two Dragonereum items.
You can bundle upwardly to 30 items in a single listing. Why only 30? It comes back to gas again. By design, a single Ethereum block can only practice and then much work changing on chain state. That limit is known every bit the cake gas limit. In curt, transferring more 30 items requires more gas than a single cake contains. And if y’all tin’t do the whole bargain in a unmarried block, yous tin’t do it in a single transaction. If you can’t practice it in a single transaction, you can’t do it in a meaningfully trust-minimized way. Here at OpenSea, nosotros value trust minimization, so for at present, we’ll all have to alive with bundles of 30 items or fewer.
Dorsum to business organization. Next, I’ll scroll down to the bottom of the bundling page, add together a title and description, then prepare the price for the bundle.
In this same bundle configuration section, you tin set an catastrophe price and an expiration date. Adding values to these fields will catechumen your listing from a fixed price listing into a Dutch auction like the one I made in a higher place.
By default, your listing will be available to anyone who wants to buy information technology, merely you tin make a listing private by toggling the privacy switch and specifying the address that’s eligible to purchase information technology. If you create a private list, it’ll all the same be visible to anybody, but only the specified address will exist able to purchase it.
Finally, I’ll gyre support to the summary, double bank check that everything looks correct, and click the “postal service your listing” button. If it’due south your showtime time selling something on OpenSea, you’ll get a few popups asking you to complete some initialization transactions. But if yous’ve done this kind of thing earlier, you lot’ll just need to sign a single message.
Once I’ve signed the bulletin, I’ve got a bundle for sale. When a buyer comes along and purchases your parcel, we’ll handle the transfer of the goods and the funds, just like we do for a listing of a single item. The funds will appear in your wallet as soon as the purchase transaction is confirmed. If you’ve set an electronic mail on the account settings page, we’ll email you to allow yous know the skillful news.
That’due south Information technology!
We’ve covered wallets, browsing, buying, bidding, and selling. Armed with this noesis, you lot should be well prepared to join the world of NFT collecting.
Delight share your listings in our #trades channel on Discord. Cheers for joining us. Welcome to the earth of NFTs!
-Dan from OpenSea