OpenSea is a blockchain-based marketplace for crypto assets that was founded in the year 2017. It is a decentralized platform for buying and selling digital collectibles of all types which are converted into NFTs.
NFTs are unique and exclusive virtual items that cannot be replicated in any way and have only one owner. A few examples of NFTs are digital artwork, paintings, gaming assets, avatars, etc.
All that you have to do to start buying and selling NFTs on OpenSea is create an account. Creating an account is easy and can be done in only a few steps:
Step 1: Select your Ethereum wallet
First, you have to go to opensea.io and click on “Create”. The next page where you’ll be directed is where OpenSea asks you to connect with your Ethereum wallet.
If you already have an Ethereum wallet you can go ahead and connect that, if not you can start creating a new one. You can choose any wallet from the dropdown list of recommendations by OpenSea.
For this article, we will go ahead with MetaMask since it's the most popular one.
Step 2: Install MetaMask On Your Device
At this step, you have to select the device where you want to install the MetaMask. Let’s go with Chrome for this example. On the next page, click on “Add to Chrome” to download the Metamask Chrome extension.
Step 3: Create a new MetaMask account
You will be able to see two options on this page. Select “No, I already have a Secret Recovery Phrase” if you already have an existing wallet to which you can log in.
If you don’t have a crypto wallet, click on “Create a Wallet”.
Step 4: Set up your new MetaMask Wallet
In this step, you will be asked to set up your wallet password. After you’ve completed this click on “Next”. At this step, you will be directed to a page with a “Secret recovery phrase”.
You have to take a note of the words in the phrase in the correct order as mentioned, to log in to your wallet in the future. Never share this phrase with anyone because this will give you complete access to your wallet.
You can get your secret phrase by clicking on the lock button. It is crucial to note that you take a note of this secret phrase and keep it with you safely before proceeding to the next step.
Finally, you will be asked to confirm this secret phrase where you’ll be asked to input it in a dialog box, this will complete the wallet set-up will be complete. You’ll be directed to the wallet dashboard automatically where you can view your profile details.
Step 5: Connect your MetaMask wallet to OpenSea
Go to opensea.io and click on the “Profile” button from the dropdown list on the top-right corner. Select MetaMask wallet and a pop-up will appear displaying the MetaMask account with which you have to log in to OpenSea.
Immediately after this, you will be signed in to your brand new OpenSea account. Your profile name will show “Unnamed” with the wallet address just below it. You can personalize your other profile details by clicking on the gear icon on the right side of the page.
An extra security prompt will be visible to you where you have to select "Sign" and you can start to update your profile.
Following this, your OpenSea account will get activated immediately! Check out the blogs, explore the trending digital assets under different categories, and start buying and selling NFTs.
Why is OpenSea so popular?
OpenSea makes the process of minting NFTs very simple. They don’t charge a fee to start, but if you sell your item, you will have to pay a 2.5% fee on it. This fee is fairly moderate if you consider other NFT marketplaces.
You can send NFTs as gifts on OpenSea. You can your friend can gift NFTs to each other. Search for a person’s username or enter their wallet address to send the gift directly to their wallets. You’ll also be able to receive gifts in the same way.
Another reason why OpenSea is favored by many is because of its compatibility. It supports several wallets that you can use to manage your transactions. Those are as follows:
- Coinbase wallet
- Trust Wallet
Knowing the risks involved with any type of investment is crucial. If you lose your wallet or it gets hacked, team OpenSea won’t be able to help you get your tokens back because they never save the data.
Keep your secret phrase very carefully and use it to log into your account in the future. Also, after your account gets activated make sure to verify your email with the link sent by OpenSea. It will help in identification and keep a note of the contribution amount during token distribution.