Technology is developing very rapidly and has changed human activities to become more sophisticated and digital. Technological advances in the 4.0 to 5.0 era, there are many investment options or ways of doing business through digital platforms such as bitcoin, crypto, etc. Recently, a new term has emerged in the digital business, namely NFT or (Not Fungible Token). What is NFT? Let’s see the explanation below!
Get to know NFT and OpenSea
This is a new way for netizens to make money in the digital age. In fact, in Indonesia there are already several marketplaces selling NFT. Not Fungible Token is a derivative investment product of crypto.
Not Fungible Token sales hit an estimated $25 billion in 2021 when speculative crypto assets explode in popularity. This investment product is becoming a trend.
OpenSea was founded in 2017 in New York, United States (US). Besides OpenSea, in Indonesia there are also local marketplaces for buying and selling NFT, namely: TokoMall, Paras.id, Enevti, Kolektibel, Baliola, Artsky, and Metaroid.
How to Sell NFT on OpenSea
This investment product is usually traded through an auction scheme that can be found on several online sites, one of which is OpenSea. In simple terms, OpenSea is a marketplace or marketplace where NFT owners or sellers and collectors or buyers can transact.
OpenSea is the world’s first and largest Not Fungible Token trading platform. OpenSea has 300,000 users with more than 34 million Not Fungible Tokens, which consist of various items, such as photos, videos, and so on. The majority of sellers and buyers on OpenSea use a cryptocurrency type Ethereum to transact.
To start transacting on OpenSea, be it buying or selling, you must first have an account, and before you can register an account with OpenSea, you must have a cryptocurrency digital wallet. The function of the digital wallet is almost similar to Gopay, Shopeepay, or OVO services. Cryptocurrency digital wallets are used to convert your money into cryptocurrency.
How to Register an NFT Account on OpenSeaT
Before starting to transact, you must first register an account with OpenSea. Here’s how to register an OpenSea account:
- Open the following link https://opensea.io, either via a laptop or mobile browser, according to where you have installed the digital wallet. This time, OpenSea is opened via Google Chrome browser on laptop
- To start registering an OpenSea account, Click the wallet icon or profile photo icon, then select the “Connect Wallet” option
- Select the digital wallet you have used, for example MetaMask Then, open the MetaMask extension that you have installed on Google Chrome by clicking on the puzzle icon which is usually next to the site’s search field
- Then, click the “Connect Wallet” option. Then, your MetaMask digital wallet will connect to OpenSea. Next, click the “Account” option then click the “Profile” option to set up your profile in OpenSea
- Enter your username, e-mail address, etc. then click the “Save” option. OpenSea will send a message to your e-mail address. Open the message to verify the OpenSea account creation request.
- You now have an OpenSea account and are ready to sell and buy NFT in this marketplace.
How to create and sell this investment product
To be able to sell this investment product, you need to have a Not Fungible Token first. If you don’t have it, you can make this investment product in the following ways:
How to make NFT in OpenSea
- First on the OpenSea start page, click the “Create” option. Enter or upload the file you want to turn into a Not Fungible Token, it can be an image, photo, video, and so on.
- Enter the name of the Not Fungible Token and some other settings, such as the setting as content sensitive content and the setting of the blockchain you will use.
- When you have finished setting, click the “Create” option at the bottom of the OpenSea page. That way, your Not Fungible Token is ready to be sold.
How to sell NFT on OpenSea
- Open the “My Collection” option by tapping the profile photo icon in the upper right corner of the OpenSea page
- Select your Not Fungible Token, then click the “Sell” option
- Select the sales scheme that you will use. If you want to sell directly, click the “Fixed Price” option, while for auction schemes click the “Time Auction” option.
- Enter the price of the Not Fungible Token with your desired Ethereum cryptocurrency
- You can also set how long you will sell the Not Fungible Token in the “Duration” column
- When finished setting up, click the “Complete Listing” option.
- Then, OpenSea will open your MetaMask extension to confirm the registration of the Not Fungible Token sale.
- Please note, in order to confirm the sale of the Not Fungible Token, you must have at least a balance of 0.05 Ethereum on MetaMask. Then, for every transaction on OpenSea there will be a fee of 2.5 percent which is taken from the proceeds from the sale of Not Fungible Tokens. You can also earn royalties from the sale of Not Fungible Tokens up to a maximum of 10 percent.
How to buy NFT on OpenSea
Apart from selling, you can also buy NFT which is available on OpenSea. You can save these investment products and sell them again in the future.
Some people also consider that buying Not Fungible Tokens is the same as an investment, considering the price can soar. How to buy NFT on OpenSea is very easy. If you are interested, see how to buy NFT at OpenSea below:
How to Buy NFT on OpenSea
- Make sure that you have a cryptocurrency digital wallet balance and are connected to OpenSea
- Open the following link https://opensea.io
- Make sure that you are logged into your OpenSea account
- Then, search for the NFT you want to buy. Click the “Explore” option on the OpenSea start page
- After finding a suitable NFT, if the NFT uses an auction scheme, click the “Place Bid” option then enter your Ethereum price quote
- Wait until the auction is over. If you get it, please click the “Checkout” option and confirm your payment via a cryptocurrency digital wallet
- If using the direct selling scheme, click the “Buy Now” option then click the “Checkout” option and confirm the payment via your cryptocurrency digital wallet.
Here is a list of locally made NFT marketplaces in Indonesia and how to make, sell and buy NFT on Open Sea.