OpenSea Exchange - Trade your NFTs

[yonkii 3205]

The best market to trade collectibles in form of NFTs (ERC-721 & ERC-1155) as trading cards, game assets, and digital art as well as domain names is OpenSea (https://opensea.io/). We can find items and assets from games like Cryptokitties, Decentraland, The Sandbox, Gods Unchained, domain names in the form of .eth and .crypto from ENS and Unstoppable Domains, digital art from artists from Rarible, NFTs from Enjin and Sorare football cards. Interest is increasing in NFTs and game items markets and OpenSea is having rising popularity and is also a decentralized P2P exchange for NFTs.

 

What we need:

A) Metamask

All that is required is having metamask installed in your browser. Registration and trading will require actions taken with signing your wallet and sending or receiving the NFTs.

B) Ethereum in our wallet

This is the tough part. Ethereum fees are very high and the NFT trades require contacting contracts that make fees very high. I will briefly explain the bad news, you need to make a 0 eth transaction using metamask to contact first the OpenSea contract so you will be allowed to trade then.
This is a very expensive step that cost me $10 with fees at 35gwei but it is only required to make once. After that when you trade you will also need to contact the smart contract of the desired title once. Each contract has different gas requirements, you will be required to pay between $1 - $10 more in gas. This price is for 35gwei and Ethereum price was at $600 so it all depends on the price of ETH and running fees. But if you do that once, you don't need to do that again with the same Ethereum wallet address.
The only fees you will pay after that, it will only be for the purchase or sale of items which cost around $1 for each transaction. 
The rest is easy. If you have a wallet full of collectibles you can put it in the OpenSea search and find their price action during years, the history of the NFT, and more.
When testing OpenSea I filled the wallet with $50. I used $20 for the above that will not be used again for the game I selected (Decentraland). After that most times, you won't have to pay fees just sign your wallet and only pay a small fee for the transfer of Ethereum when buying.

 

Interface:

 

The exchange has all options available for the user to short the items listed by recently listed or sold, price, most viewed, and more. Clicking on each NFT opens the page of it with more details appear.

 

 

In some collectibles, a more detailed description will be available on the official website although most perks of each NFT will be covered in this page that takes the data directly from the NFT and the smart contract.
As you can see this Alpaca NFT has a value of 0.45 ETH and below there is a button named Offers where you can find any offers made for this selected item and make your offer for less than the price wanted by the owner. The offers can be met by anyone else holding the same NFT as some collectibles can be in multiple copies and not just as a sole.
In the search option, you can just input your Ethereum wallet address that contains NFTs and check if there is a demand for them and find out the latest prices these NFTs were sold. 

 

Create NFT Collection:

OpenSea also offers to create your collection of ERC-1155 tokens and sell them to fans for free, with only Ethereum fees involved.

 

 

This was my review for OpenSea Exchange/Marketplace. I believe NFTs have a bright future no matter the format, but I also think that ERC-721 and ERC-1155 protocols will be adopted further and more and better games and collections will be released. It doesn't take long for things in crypto to become wildly hyped and I think being prepared is important.

 

Edited December 29, 2020 by yonkii

[yonkii 3205]

4 hours ago, Mslilii3 said:

I got an NF here and I was able to sell that NFT but for less dollars but of course I will work well with NFT all the time so that I can do something good but I think if I can sell NFT I can achieve something good

If you have some hold them because they can become very valuable one day. I have a very good feeling about the NFT market and I hope that I helped you and the rest with the OpenSea exchange review! Good luck and let us hope we can earn something good from this.

[nykas 2812]

I have been using this platform at least for a year and I really like it. The only thing I don`t like is Ethereum blockchain fees which make trading NFTs very expensive and last time I just can`t to sell something there, because I need to pay approximately 10 dollars only for listing an item 

[yonkii 3205]

On 1/3/2021 at 3:07 PM, nykas said:

I have been using this platform at least for a year and I really like it. The only thing I don`t like is Ethereum blockchain fees which make trading NFTs very expensive and last time I just can`t to sell something there, because I need to pay approximately 10 dollars only for listing an item 

The fees have grown a lot right now and I don't want to even look at how high they can be. It is a big problem of the Ethereum having so high fees and I hope that this will be solved one day because everything else would be perfect and Opensea would be having too many people interested if it was lower fees.

[Abdulrahman3 1252]

There are many trading markets that offer the same services that OpenSea provides, but they do not require Metamask to be installed, and I think that the market that does not require many conditions is more popular, so I advise you to suggest this modification to the market manager.

[Shbz1144 98]

Trading is a skill and earning money if you have a lot of experience about that. Many exchange are working in the world but sometimes you have a read it to used 

[Ridam 7455]

Great review with every details possible. I have mentioned about the Open sea in my one of the post but it was only a surface overview, you have explained every thing. I have used Open sea and its really one of the best place to sell the NFT's if you are hodling any of  NFT and as everything is decentralised we don't need to worry about anything.

And talking about the NFT future, it seems every real world objects could be implemented in blockchain with the use of NFt so the possibilities are huge and diverse for them

[Michar1 1693]

Wow, it is good to know that there is an exchange, where our collectible tokens can be offered, since currently finding one is not easy, it is good that there are such exchanges since they will be very useful when selling our nft, already which are currently the ones that are in fashion, and I suppose that during this year, they will be talking a lot about them, and it will be a good year for the nfts, well is what I think, since last year in recent months, I spend listening to them, a cordial greeting.

[zeshan1122 654]

it is the good place to sell NFTs I know but there are not too many buyers and you can not sell them instantly as you can sell the coins at the exchanges.

[yonkii 3205]

On 2/4/2021 at 5:51 AM, zeshan1122 said:

it is the good place to sell NFTs I know but there are not too many buyers and you can not sell them instantly as you can sell the coins at the exchanges.

I don't agree, there is a good number of buyers of NFTs and there are even some Ethereum and Bitcoin whales that are buying massively NFTs that they think are right now priced very low. Some have in mind the future, perhaps two or three years later, and expect to make returns. There is a very high number of traders of land for decentraland, sandbox and other platforms. 

I think it will only take one successful project that will become very popular, something like cryptokitties but better, and it will give a huge boost to this market.

[Dorjoy12 8962]

Gas fee now a days is a common problem  on eth blockchain  or smart contract as all the new altcoin project  transaction  got complete  by eth  blockchain ..  Its look like the NFT token transaction  gas fee too low while my friend want to withdrawl some token by eth blockchain  but the cost is around 30 usd mean more value than the coin value..

[yonkii 3205]

On 2/7/2021 at 8:11 PM, Dorjoy12 said:

 but the cost is around 30 usd mean more value than the coin value..

It is very high. I agree.  Look at this one I got today:

 

 

 

I had an NFT listed for a month and I get an offer for $80. I mean this is very bad structure.

 

I have to pay fees for selling something, the buyer has to pay fees for buying something and except from these miner fees, there is also 2.5% for opensea fees. I don't mind the 2.5% but this kind of fees means I can't sell my item. I just have $20 of Ethereum in my account and I will have to sell something and pay 75% fees! 

 

I don't see how this model will work right now. I know nobody cares and that whales are playing with NFTs but this is very stupid in my opinion.

 

 

[Rs Rimon 45]

It is the good place to sell NFTs i know but there are not too many buyers and you cannot sell them instantly as you can sell the coins at the exchange. Thank you so much friend for sharing this wonderful and valuable information with us most precisely the new members on this forum because i also learn from this article and hopefully all the members of this platform. 

[yonkii 3205]

14 hours ago, NewUser01 said:

this is actually an exchange where we can sell the nft but it is not easy to sale NFT there because we need to find the buyers and have to deal with them directly

There are many buyers and while many will ask for very lower prices and make offers lower from your set price, you can count that you will find offers for anything you sell. The big problem is the fees you will have to pay to buy and sell items. This can go up to hundreds of dollars for the time being.

[Whited35 15285]

On 12/28/2020 at 11:53 PM, yonkii said:

This is a very expensive step that cost me $10 with fees at 35gwei but it is only required to make once. After that when you trade you will also need to contact the smart contract of the desired title once. Each contract has different gas requirements,

The transactions are getting failed even paying $10 worth of the fees on OpenSea and other DEX platforms based on Ethereum blockchain networks. I have barely sold some rarest NFTs when the transactions commissions were not very high on the Ethereum blockchain network. Let's see the impacts after EIP 1559. 

[Rozy 1918]

I usually use Yobit and I am satisfied wit it and I have tried Binance for a short while and found that it is good exchange but it is for professional people, and both these exchanges are reliable and trustworthy and they have all the services that a trader needs, and I know nothing about Opensea exchange.