OpenSea NFT: Beginner’s Guide (November 2024)

Want to buy, sell, and trade NFTs on OpenSea? In this guide, we’ll break down everything you need to know to get started! 

What is OpenSea and how does it work?

OpenSea is one of the most popular NFT (non-fungible token) marketplaces in the world! OpenSea was launched in 2016 and today sees transaction volume of more than $30 billion per day. 

OpenSea supports a wide range of NFTs, including the following:

• Trading card NFTs 
• NFT artwork 
• Music NFTs 
• Sports card NFTs 
• Domain name NFTs
• Virtual land 

Currently, OpenSea supports the following blockchains. 

• Ethereum
• Polygon 
• Klaytn 
• Arbitrum
• Optimism 
• Avalanche 
• Zora Network 
• Base 
• Blast 

What is an NFT marketplace?

OpenSea and other NFT marketplaces like Magic Eden are designed to make it easy to exchange NFTs. 

How do NFT marketplaces work for buyers?: NFT marketplaces make it easy to find NFT collections that you’re interested in — both through the search bar and through Trending Collections on the homepage. Once you’ve found an NFT that you like, you can place a bid or buy it outright — the same way you might buy a product on a site like Amazon and eBay.

How do NFT marketplaces work for sellers?: NFT marketplaces make it easy to mint an NFT or list an NFT that you already own for sale. Buyers will be able to find your NFTs and place bids! 

NFT marketplaces do not require you to sign up for an account with an email address and password like traditional online stores. Instead, you can connect your crypto wallet and get started trading! 

How to create an OpenSea account? 

1. Set Up a Digital Wallet: Get started with a wallet that OpenSea supports — like MetaMask or Coinbase Wallet. Make sure that it has Ether so you can get started buying cryptocurrency. 

2. Click ‘Login’: Click the Login button on the top right corner of the OpenSea homepage.

3. Connect to OpenSea: Follow the steps to connect your wallet. Remember, connecting your wallet does not give OpenSea the ability to make transactions on your behalf. 

Now, you’re ready to get started buying and selling NFTs on OpenSea! 

How to Buy an NFT on OpenSea

1. Connect Your Wallet: Ensure that you have enough ETH in your wallet to make a purchase and pay relevant gas fees. 
2. Browse OpenSea: Use the search bar to find specific NFTs or browse collections on the homepage. 
3. Purchase: Click ‘Buy Now’ or place a bid in an auction.

How to Sell an NFT on OpenSea

1. List Your NFT: Once your wallet is connected to OpenSea, click the button labeled ‘Profile’ in the top-right corner. 

2. Set the Price: Find the NFT you want to list, then click the button labeled ‘List for Sale’. 

3. Complete the Listing: Here, you have the option to set up the listing price, the amount of time you want to list your item for sale, and the percentage of royalties that the creator gets from a sale. When you’re done, click ‘Complete Listing’. 

How to Mint an NFT 

Let’s walk through a step-by-step process on how to create your own listing. 

1. Go to the Profile section in your OpenSea account. Then select ‘My Collections’. 
2. Select ‘Create’. 
3. At this point, you can upload your image and include additional details. This may include a name, description, and external link.
4. Select ‘Save’. 
5. Under ‘Supply’, click the number of items you wish to mint. 
6. Select the blockchain you want to mint your NFTs on. 
7. Select ‘Create’ 

OpenSea NFT investment tips 

Let’s walk through a few NFT investment tips. 

Consider what type of NFT you’re interested in 

Before you get started investing, consider the type of NFT that you’re interested in investing in. You may be interested in supporting a specific artist, being part of a vibrant NFT community, or collecting items from popular cryptocurrency games. 

Do your own research 

Remember, scams are relatively common in the NFT space. Before you invest, do research on the team behind the NFT and look at their track record on previous projects. Check out the NFT’s community on platforms like X and Discord. 

Consider rarity 

An NFT’s rarity can often contribute to its value. Unique and limited edition NFTs are often worth more than other NFTs in the same collection. 

Consider your risk tolerance 

NFTs are a very new asset class that can be highly volatile. If you’re not willing to stomach a high degree of risk, investing in NFTs may not be right for you. 

What’s the point of investing in NFTs on OpenSea? 

NFTs use the blockchain to verify ownership. This allows you to access benefits that are only available to NFT holders. 

For example, Bored Ape Yacht Club (BAYC) is one of the world’s most valuable NFT collections. Ownership in BAYC grants access to in-person events, exclusive merchandise, websites that can only be accessed by BAYC holders, and new NFT drops. 

How do you make money on OpenSea? 

Let’s walk through a couple of ways that you get started making money on OpenSea. 

Flipping NFTs

One way to get started making money on OpenSea is to buy NFTs, then sell them for a higher price. Many investors try to invest in a new NFT project while hype is building, then take profits when it becomes more popular and established! 

If you choose this route, remember to look for projects with trusted teams and roadmaps with clear goals. Before you get started, you should recognize the risks of NFT investing — and remember that scams are relatively common in the space! 

Minting and Selling 

Minting involves creating your own NFTs and selling them on OpenSea. 

If you choose to create your own collection, you should take time to create artwork that resonates with your target audience — then make a plan for how to market your NFTs, build and manage your NFT community, and provide value for your NFT holders. 

Is OpenSea safe? 

While OpenSea is considered a safe platform, the platform has had issues related to security and spam in the past. 

In February 2022, a phishing attack led to $1.7 million worth of NFTs being stolen on OpenSea. In response, OpenSea rolled out new features to prevent phishing and prevent thieves from selling stolen NFTs. 

In addition, OpenSea has faced criticism due to the amount of spam and plagiarized content on the platform. 

How do I keep my NFTs safe on OpenSea? 

Let’s walk through a few best practices that can help you keep your NFTs safe.

Follow crypto wallet best practices: Make sure to never share your private keys or recovery phrase with anyone. You can also consider getting started with a hardware wallet like Ledger Stax — which was specifically designed to store NFTs securely! 

Be cautious of scams: Be cautious of anyone contacting you posing as an OpenSea employee. In the past, this has been used as a way to hack NFT investors. 

Be careful with links: Phishing links have often been used to steal NFTs. Do not click on links from platforms like Discord and Twitter from accounts you do not know. 

Is OpenSea the best NFT marketplace? 

OpenSea is considered one of the best NFT marketplaces due to its large user base and user-friendly interface. It’s a great choice for a beginner looking for an easy way to get started with NFTs!

However, OpenSea has been criticized for its relatively high fees. The company has also faced criticism for being a centralized company — while other competitors are taking steps to be run by community-owned DAOs (decentralized autonomous organizations). 

What are some alternatives to OpenSea? 

Let’s walk through some popular OpenSea alternatives. 

Magic Eden: While Magic Eden was originally created for Solana NFTs, the platform now supports Ethereum NFTs and Bitcoin Ordinals. Today, Magic Eden is the biggest NFT marketplace in the world in terms of volume. 

Blur: While OpenSea was once the dominant marketplace for Ethereum NFTs, the platform was criticized for high fees and mandatory creator royalties. Blur quickly picked up traction for offering zero fees and zero mandatory creator royalties — in addition to more advanced features for serious NFT traders! 

Rarible: Rarible is another popular NFT marketplace designed for the Ethereum blockchain. While Rarible has a significantly smaller user base than OpenSea, it has been praised for offering more flexibility in terms of fees and being a more ‘artist-friendly’ platform. 

Does OpenSea support Solana? 

While you can browse Solana NFTs, OpenSea does not allow users to buy, list, and make offers on these NFTs. 

What is OpenSea Pro? 

OpenSea Pro is a NFT marketplace aggregator that shows listings from over 170 marketplaces, and allows you to buy NFTs for the cheapest price available! OpenSea Pro is completely free to use! 

OpenSea Pro is designed for OpenSea power users. If you’re new to the NFT ecosystem, you may want to stick with the standard OpenSea platform — which is designed to be beginner-friendly. 

How are transactions on OpenSea taxed? 

NFTs are taxed similarly to other cryptocurrencies — which means they are subject to capital gains tax and income tax.

Let’s walk through the tax implications of OpenSea transactions. 

Buying NFTs with crypto: When you buy an NFT with cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it. 

Selling/trading away NFTs: When you sell or trade away an NFT, you’ll incur a capital gain or loss depending on how the price of your NFT has changed since you originally received it. 

Earning revenue from NFTs: If you’re an NFT creator, your income from NFT sales is subject to income tax. 

In conclusion 

OpenSea is a great place to get started with your NFT journey. Whether you’re interested in trading NFTs or creating your own, the platform can help you connect with NFT enthusiasts all over the globe!