Peering Down the Pier – Photography Collection by Monica Moran | OpenSea

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Welcome to OpenSea! We’re the largest market place for non-fungible tokens (NFTs). Not-fungible tokens are unique, digital items with blockchain-managed ownership. Examples include collectibles, game items, digital art, event tickets, domain names, and even ownership records for physical assets.  In other words, we’re kind of like eBay for CryptoKitties.  Using OpenSea, you tin buy, sell, and explore millions of assets across hundreds of categories.  If some of that sounds unfamiliar, don’t worry!  By the end of this article, you’ll have the knowledge and skills to effortlessly motion through the world of NFTs.

Getting Started

Maybe you’ve discovered a blockchain game you want to play and you need some NFTs to get started.  Possibly you’ve spotted a piece of digital art that you lot only can’t alive without.  Mayhap y’all simply want to ram effectually and see what all the hype is about.  Whatever your reason, we’re here to help you get started on the correct foot.

The outset thing you lot’ll need is a wallet.  In the brave new earth of web iii, a wallet is non just a folded piece of leather where you store your credit cards and paper money.  In this context, a wallet still stores your digital money, but it also handles your identity, your credentials, and more.  Not merely does it manage access to the items you own, it allows you to broadcast transactions to the blockchain.  In some ways, it’s more similar a Swiss regular army pocketknife than a wallet.  Key takeaway: a wallet is a tool you add to your browser to collaborate with the blockchain.

Why do yous need a wallet before ownership and selling on OpenSea?  Considering OpenSea itself is some other tool you use to collaborate with the blockchain–no walled gardens or kids’ table stuff hither.  We never take possession of your assets.  Instead, we provide a arrangement for peer to peer exchanges.  Since you’ll be using OpenSea to interact directly with others on the blockchain, you’ll need a wallet to help you plow 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 unlike from an OpenSea business relationship.  A wallet is a complex tool that, among other things, helps you create and manage addresses.  An address is a 42-character hexadecimal string that roughly corresponds to a unique location in the Ethereum network.  If the previous sentence wasn’t packed with enough technical details for you, bank check out this excellent post on Stack Exchange.  If, on the other hand, information technology left y’all scratching your head, just know that an address is an identity in the web three world.  Your Ethereum accost serves a like role to your email accost in the PayPal context.

An OpenSea account is a bundle of supplemental information, stored on OpenSea’s traditional servers, attached to an address.  Key takeaway: you don’t store NFTs
in
your OpenSea business relationship.  They’re owned by an address on the blockchain.  You, in turn, own the address by exclusively decision-making your private central or seed phrase.  An OpenSea account simply 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 edifice dissimilar wallets.  They all serve the aforementioned purpose, but each 1 takes a unlike arroyo and makes different tradeoffs.  If you’d like, you can endeavor a few dissimilar wallets to determine which works best for you, only make sure to requite MetaMask a shot.  It’s my favorite by a mile.

MetaMask
– A browser extension with peerless power and flexibility. MetaMask is web iii’s nearly popular wallet and 1 of the oldest players in the industry.
Fortmatic
– A convenient wallet from an innovative team that allows you to sign up with your phone number from whatever device.
Authereum– A usability-focused wallet with no transaction fees and a fiat on-ramp.
Dapper
– A browser extension that pays gas fees for you.  More on the concept of gas afterwards.
Bitski
– A elementary-to-use wallet allowing users to sign up with an email and countersign.
Torus
– A low friction wallet that allows you lot to login with Facebook, Google, and other OAuth providers.

Check out this MetaMask Introduction Video to get a sense of the installation process.  It only takes a few minutes to install.

Once you’ve got your wallet prepare, it’s time to hook it up to OpenSea.  Click here to navigate to your account page.  At the top, you’ll see a notification indicating your wallet is not yet connected.  No sweat, that’south expected behavior.


Click the green “Unlock your wallet” button to trigger a wallet popup, so use your wallet’southward user interface to unlock your wallet.  It’ll likely exist a push button that says something like “Unlock Wallet,” “Unlock,” or “Connect.”  Yous might have to enter your password and accept some terms and weather, too.

Once you’ve got your wallet unlocked, you’ll be able to come across your assets (if you lot already own some) in your wallet on your OpenSea account page.  You’ll as well be able to modify your OpenSea account settings on the account 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.

Getting Ether

Some other quick digression into terminology: Ethereum is the whole shebang.  That term describes the blockchain and everything that makes it tick.  Sometimes we say “the Ethereum network” instead of “Ethereum” to make it articulate that nosotros’re not talking well-nigh Ether.  Ether is the native currency of the Ethereum network and it’south unremarkably abbreviated to ETH, which is its ticker symbol.  You lot use ETH to pay gas fees and as money.

Gas fees are a fleck of a tricky concept.  If y’all’re interested in the technical details of gas, read Jeff Coleman’s Stack Exchange post about it.  In his words of his TL;DR, “Gas is the way that fees are calculated. The fees are yet paid in ether, though, which is different from gas. The gas cost 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 you pay for the piece of work to be done. The combination of the ii determines your full transaction fee.”  Bottom line: you demand ETH to pay for some of your interactions with the blockchain and to pay for the items you purchase.

Don’t worry that gas fees will break the bank, though.  Near actions on OpenSea but cost a few cents, if they cost anything at all.

And so, where can you purchase ETH?

Coinbase
– The biggest exchange in the business.  Virtually people who want to turn their Dollars into cryptocurrencies plough to Coinbase.  Follow the trail starting here, and yous should take some ETH within a few days.

Fortmatic
– Users can buy upwardly to ~$150 worth of ETH using a credit bill of fare, without verification or much waiting. For more information, check out their recent blog postal service.

Your OpenSea Account Page
– Depending on your geographical location, you might be able to buy ETH using the “Add funds” button in the meridian right corner of your OpenSea account page.

No matter what other tokens y’all cease up dealing with over the course of your journeying, ETH will be your entry point and your fuel.  Then make sure to stock up.

Searching for Items

The eye of OpenSea is the Scan page.  If you want to detect things to purchase, it’s your first stop. When y’all make it, you’ll see something similar this:


If yous know the name of the item you’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 learn nigh our sorting and filtering options.  They’ll help you discover the kinds of things you’re looking for and might even show you a few irresistible surprises along the way.

Past default, nosotros show trending items from the top collections at the top of the search results, but you can refine and sort the results in many unlike ways.  Here are some of the sort options that we offer:

Recently Listed-
The items that have been listed for sale almost recently will appear showtime.
Recently Born-
The items that have been minted almost recently volition appear first.
Expiring Soon-
The items with auctions that are ending soonest will appear beginning.
Lowest Cost-
The least expensive items will appear first.
Highest Price –
The most expensive items volition appear start.
Highest Last Sale-
Items will exist ordered past the price at which they terminal sold.  Items that take sold for lots of ETH will appear kickoff.
Oldest –
The items that were minted the longest fourth dimension ago will appear outset.
Most Viewers-
The items that have been visited by the greatest number of users will appear first.

In addition to sorting search results, you lot 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 drove.  You’ll see something like this:


Once you start filtering past collection, a variety of other filtering options will appear.  You tin can filter for items on a specific token contract within the collection, 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 effectually with the checkboxes and sliders to go a sense of how the filtering works.  If things start going amiss, you tin reset by clicking the 10 in the top right corner of the sidebar or clicking on the “Scan” option in the navigation bar.

Don’t overlook the six special status pills at the top of the sidebar:

On Sale –
Clicking this pill will limit results to items that are currently listed for auction.  Clicking it again will turn the filter off.  Unlike eBay, OpenSea shows lots of items that aren’t for sale.  So, if you’re in a buying mood, make sure to click this pill.
Has Offers –
Even when an item’s non on sale, OpenSea users can make offers on information technology.  Clicking this pill will limit results to items that have continuing offers on them.
Pre-Sale –
Sometimes, developers utilise factory contracts to sell items before a game is released. Clicking this pill will filter for pre-sale items and other items that are sold by manufacturing plant contracts.  When you buy an item from a factory contract, it mints you a new NFT, correct there on the spot.
Has Bounty –
OpenSea users can earn bounties by referring buyers to listings on OpenSea. Learn more than about bounties here.  Clicking this pill will limit results to items that present bounty-earning opportunities to referrers.
Auctions –
Filters for items that have active English auctions.  Instead of ownership these items immediately, y’all’ll place a bid and hope you’re the peak bidder when the auction ends.  Less immediate gratification, more than bargains.  More on English language auctions beneath.
Bundles –
Filters for listings that contain multiple items.

Past searching, sorting, and filtering, you should exist able to find some tempting NFTs.  If it’south your first time buying an NFT, I recommend selecting something cheap and cheerful to test out the organisation with.  Now that you lot’ve got your item picked out, how practice you lot make a buy?

Buying Fixed Cost Listings and Dutch Auctions

OpenSea allows sellers to create a few dissimilar types of listings: fixed price listings, Dutch sale listings, and English sale listings.  The buying process is a niggling chip different for each type of list.  We’ll become into more detail about listings below in the section focused on creating listings.

But first, permit’due south take a look at the fundamentals of fixed price listings and Dutch auctions. A fixed toll list is like what you’d come across on Amazon.  A seller picks a toll, confirms the list, and the item remains on sale until it’s either purchased for the stipulated price or cancelled by the seller.

A seller can create a Dutch sale by selecting a starting toll, ending toll, and an auction duration.  The seller starts the auction at a level higher up the expected demand, and the price declines over time.


For now, all you actually need to know is that both of these types of listings tin exist fulfilled immediately.  Just click the “Buy now” button and follow the prompts from your wallet provider.


If information technology’s your kickoff purchase, you might be asked to practice some initialization transactions.  But when you lot run across a highlighted window that says “Completing the trade…” on OpenSea and a wallet popup, you lot’re in the domicile stretch.  Click “Ostend” to commit to the buy.  When the transaction is confirmed, you’ll exist the proud new owner of an NFT.  If, for some reason, the transaction fails, you don’t lose the purchase toll.  Either the whole deal happens or none if it does.  But don’t worry, they nigh always succeed.

The construction and the purchase process of a fixed toll listing is most identical to what’s described above, except that the price will not get lower over fourth dimension.  Just apply the principles above.  Next, we’ll wait at English auctions.

Bidding on English Auctions

An English sale usually merely goes past the snappier name “auction.”  It’s the blazon that comes to mind when one thinks of eBay, cattle, or highbrow art auctions.  We’ll swoop into the details of how English auctions piece of work on OpenSea in the selling department below. But for now, merely beware that y’all’ll need 1) some WETH and two) a niggling patience.

To brand a bid on an sale on OpenSea, you’ll need to convert some ETH to WETH first.  WETH is an ERC20 token that’due south pegged to the cost of Ether.  For more than info on WETH, cheque out this helpful site past the makers of Radar Relay.  The good news is that you convert back and along between ETH and WETH correct on OpenSea.  Just visit the offers tab of your account page and use the WETH station on the correct.  Enter a value in the ETH box and click the “Upgrade” button to get some WETH.


Y’all’ll need to wait for the WETH conversion transaction to ostend.  Once it does, you’ll come across that some of your ETH residuum has been converted to WETH.  Now, you can accept that WETH to the folio of an item that’due south on auction and identify a bid.


To place a bid, enter a bid equal to or higher than the minimum bid in the bid input field, and then click the keep button.  You lot’ll be redirected to a page where you ostend your bid.  Click the “Confirm bid” button and follow the prompts from your wallet to brand your bid.


Now that you’ve placed your bid, proceed an heart on the auction.  If you’re the highest bidder when the sale ends, you’ll receive the item.  No more action is required from you.  We’ll handle the transfer of goods and funds.  If you’ve set upwards an email on the business relationship settings page, we’ll fifty-fifty email you to let you know the practiced news.

Now that you’ve got a couple NFTs, you ought to know how to resell them.  Let’southward wait at the selling process next.

An Introduction to Selling on OpenSea

Trading on OpenSea is a trust-minimized procedure.  In other words, y’all don’t accept to trust OpenSea or your counterparty to carry honorably.  You lot can buy and sell without fright, relying on technology instead of reputation to ensure that things turn out right.  The engineering science we apply allows users to purchase and sell digital avails straight with their peers, all without relying on escrow or trusted 3rd party payment processors.

On OpenSea, deals are diminutive. That is, either the whole deal happens or none of it does.  In brusk, OpenSea allows strangers to say to i another, “if yous practise that, I’ll do this” without worrying about who should go first.


A handoff should non exist so painful.

On eBay, you accept to pay the seller before they ship the goods.  On OpenSea, the seller makes a binding promise to sell goods for a sure price, the buyer makes a binding promise to pay the price, and when those ii promises are paired up with i another, the deal happens in a single transaction.  Things nearly ever go well, only when they don’t, it’s like the deal never started.  No one’s left empty handed.

To make these features possible, each user must do a little bit of initial setup before making his or her first listing. The first transaction creates your proxy account, which is a tiny little smart contract that only y’all tin can use.  It allows you to interact with the Wyvern Protocol.

The Wyvern Protocol is an audited, boxing tested, and secure suite of smart contracts that enables its users to swap country changes on the Ethereum network.  At OpenSea, we use it to help users trade NFT buying state for cryptocurrency ownership country.  More than simply put, we use it to facilitate NFT sales.

The 2nd setup transaction authorizes your proxy account to move a given type of NFT on your behalf, so when the NFT sells, it can be transferred to the buyer instantly.  Both of these transactions are free, except for the gas that the Ethereum network requires.

Depending on the currency you’re using, you might need to do a 3rd transaction that authorizes the Wyvern Token Transfer Proxy to movement ERC20 tokens on your behalf.  Just don’t worry, unless you sign an order, Wyvern can’t movement whatsoever assets.  Wyvern has moved tens of millions of dollars worth of value and no one has however establish a vulnerability that would allow them to accept tokens that don’t vest to them.

After you complete these two or three initial steps, yous’ll merely need to sign a bulletin with your wallet to create a new listing. And it won’t cost any gas at all. If you lot’re getting curious about gas by at present, here’due south that link to the writeup near gas once more.  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 upshot.

At present, armed with at least a baseline cognition of why OpenSea behaves as it does, let’southward talk almost how to create listings.

Creating Listings

OpenSea allows you to create a few different types of listings.  Each one serves a different purpose and has a unlike behavior.  Permit’due south accept a expect at the iii options.

English sale
– This is the type of auction that usually first comes to mind when you hear the give-and-take “auction.”  A seller offers an item for sale at a minimum price and awaits bids. After a duration, the seller accepts the highest bid. It’s the type of sale fabricated popular by eBay.  Information technology’southward commonly associated with speed-talking, hammer-wielding auctioneers. Bank check out our co-founder Alex’s article on English auctions if yous’re curious to larn more.

Dutch auction
– The Dutch sale doesn’t savour such a prime position in the public imagination.  It was built-in as a solution to the problem of chaotic 17th century Dutch flower auctions and hasn’t seen a lot of use outside of certain esoteric marketplaces since. Unexpectedly enough, a quirk of Ethereum’s limitations gave it an unexpected renaissance in the early days of the non-fungible token market. A seller starts past offering the detail for sale at an improbably loftier price and gradually lowers the price as time passes. When the price reaches a level equal to a buyer’s valuation of the goods, the buyer can purchase the item and receive it almost instantly.

Fixed Price –
A traditional “buy it now” transaction. Sellers list an item for i price. The price never changes. Buyers can buy at whatsoever fourth dimension.  It’s similar what you come across on Amazon.


Whichever type of list you want to create, the procedure starts out the aforementioned.  Go to your account page and click on the item you desire to sell.  Then, click the blue “Sell” push button.


You’ll be redirected to a page where you can configure your list.


In this example, I’1000 going to create a Dutch auction.  I’ll fix the starting price to 0.ane ETH, toggle the “Include catastrophe price” switch, set an catastrophe price of 0.001 (the lowest price I’m willing to take), and select the “ane calendar month” option from the “Set expiration date” dropdown.  Over the course of the side by side month, the cost volition gradually turn down.  With whatever luck, the toll volition cross through a range that a buyer finds attractive.  When that happens, the buyer purchases the detail and the funds are exchanged for the goods in a single transaction.  Only I’k counting my chickens before they’re hatched.  I still demand to end the list.


When I click the “Post your list” push button, I’ll run into a highlighted window appear on the folio and I’ll get a popup from my wallet.  Here’s what it looks similar for me.


If it’southward your beginning time selling something on OpenSea, you’ll get a few popups request you lot to consummate a few initialization transactions.  And the start time you create a listing for an item from a new collection, you’ll have to do a transaction.  The transactions will require a few cents worth of gas a piece.  But if you lot’ve washed this kind of thing before, you’ll only demand to sign a single message, which is instant and free.

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 detail I merely listed, I’ll come across a few new options.  I can reduce the toll, cancel the listing, or add another listing using the new buttons.  Adding a new list if y’all want to sale the item and offering a buy-it-now cost simultaneously.


But when someone else visits the folio, they’ll see the “Buy” push button.  Pro tip: if you want to check on your list from a different account and you’re using MetaMask, you lot can click the MetaMask icon in your toolbar, so click the colorful circular icon in the top right corner of the MetaMask window to switch betwixt accounts.

Bundles

Most users buy and sell unmarried items most of the time, but as Jim Barksdale asserts, at that place are “just two ways to make money in business: One is to packet; the other is unbundle.”  So, for the sake of not leaving money on the table, let’due south take a expect at the process for listing 2 items, together, in a bundle.


You can access the bundling page from anywhere on the site by hovering over the “Account” option in the navigation menu, then selecting “Sell a Bundle” from the dropdown list.  On the bundling page, y’all’ll see a list of your avails.  I’m going to select two Dragonereum items.


Y’all can packet up to 30 items in a single listing.  Why just thirty?  Information technology comes back to gas again.  By design, a single Ethereum block can merely do so much work irresolute on chain land.  That limit is known equally the block gas limit.  In short, transferring more than 30 items requires more than gas than a single block contains.  And if you tin’t do the whole deal in a unmarried cake, you tin’t practise it in a single transaction.  If y’all can’t do 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 now, we’ll all take to live with bundles of 30 items or fewer.

Back to business concern. Next, I’ll curlicue down to the bottom of the bundling page, add a title and description, and so set the price for the bundle.


In this aforementioned parcel configuration section, y’all can prepare an ending toll and an expiration date.  Adding values to these fields will convert your listing from a fixed price listing into a Dutch auction like the 1 I fabricated above.

By default, your listing will be available to anyone who wants to buy it, simply you can make a listing private by toggling the privacy switch and specifying the address that’south eligible to purchase information technology.  If yous create a private listing, it’ll notwithstanding be visible to everyone, but only the specified accost volition be able to purchase it.

Finally, I’ll gyre support to the summary, double bank check that everything looks right, and click the “post your listing” button. If it’s your get-go time selling something on OpenSea, you’ll get a few popups asking yous to complete some initialization transactions.  But if you’ve done this kind of matter before, y’all’ll just need to sign a single bulletin.


In one case I’ve signed the message, I’ve got a bundle for sale.  When a heir-apparent comes along and purchases your bundle, nosotros’ll handle the transfer of the goods and the funds, just like we do for a listing of a single item.  The funds volition appear in your wallet as soon every bit the purchase transaction is confirmed.  If you’ve gear up an email on the account settings page, nosotros’ll email y’all to allow you know the expert news.

That’s It!

We’ve covered wallets, browsing, ownership, bidding, and selling.  Armed with this knowledge, you should exist well prepared to join the world of NFT collecting.
Delight share your listings in our #trades aqueduct on Discord.  Thanks for joining us.  Welcome to the earth of NFTs!

-Dan from OpenSea

Tagged : Featured


Source: https://blog.opensea.io/guides/welcome-to-opensea/