OpenSea is the most popular marketplace to buy, sell, and transfer non-fungible tokens, or NFTs. In September 2021, the platform facilitated 2.45 million transactions by 258,000 users for a total of $2.8 billion, according to DappRadar. Craft estimates OpenSea has a market valuation of $1.5 billion.
While collectors can navigate the world of NFTs without sailing the OpenSea, it is definitely a useful and hugely popular platform. In this article, we’ll guide you through the basics of buying and selling NFTs on OpenSea.
This article assumes you’ve already installed and created an account on MetaMask, Coinbase, WalletConnect, or Fortmatic. For help, see our guide on setting up an Ethereum wallet (coming soon).
How to Buy NFTs on OpenSea
Buying NFTs on OpenSea is simple. First, make sure you’re signed into your account and that your account is connected to your wallet. Also make sure your wallet is loaded with funds (typically, Ether or ETH).
Next, find the NFT you’re looking to purchase. The search bar at the top of the website allows users to search by collections or accounts. If you’re offering to buy an NFT from another user, search for their account by name or Ethereum wallet address. In this example, we’ll be buying a Cool Cats NFT.
SCAM ALERT: Beware of fake collections. If the collection is popular and has a volume traded of over 100 Ether, OpenSea will verify it with a blue checkmark. Always double check that the collection you’re searching for is the correct one and is verified either by OpenSea or by the artist’s social media.
Now, find the specific NFT you’re looking to purchase. Click on the NFT card. A new page will open, and if the NFT is for sale, you’ll see a “Buy now” button in blue.
Click “Buy now.” A window will open called “Complete checkout.” Confirm that this is the NFT you’d like to purchase and click “Checkout.”
OpenSea will send a transaction verification to your Ethereum wallet. Click “Sign.” The NFT will process for a few minutes and then confirm on the blockchain.
Congratulations! You own a new NFT!
Note: There is a gas fee for purchasing NFTs on OpenSea via the Ethereum network. Those fees will show when you confirm the transaction in your Ethereum wallet. If you don’t already know, check out our article on what gas is and how it works (coming soon).
How to Sell NFTs on OpenSea
Selling NFTs on OpenSea is even easier than buying. So, how do you sell your Cool Cats NFT after you the floor dips a little bit? First, stop having paper hands and hold it. But if you insist on selling, following these steps:
- Open the NFT you’re trying to sell (in this example, we’re listing a 2021-2022: Washington QB NFT from The Owner’s Club).
- In the top right-hand corner, click “Sell.”
- Set a price (changing ETH to another cryptocurrency is possible but not recommended).
- Click “Complete listing.”
If this is your first time selling an NFT on OpenSea, you’ll have to authorize the transaction via a wallet signature and pay a small fee. Then, you’ll have to authorize the transaction again, telling OpenSea you definitely want to sell the item.
Reminder: There are marketplace fees on OpenSea. Both the creator of the NFT and OpenSea are likely to take a percentage of the sale.
You are now the captain of your own ship on the OpenSea. Have fun!
