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OpenSea NFT Marketplace

Author: NFT Creator

Sat Oct 09 2021

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BLOCKCHAIN - When I started this blog a few years ago, the last thing I expected was that I would be writing about so many things that are not exactly cryptocurrency related, but are still absolutely relevant to the topic because the mechanism on which it works is essentially the same.  By that, of course I mean NFTs.  If you don't know what they are, I can't imagine why you're even reading this article, but if you would like a little jump start to get up to speed, I already wrote at length about that.

One of the many things covered in that article is the basics of one of the most popular and widely used marketplaces for NFTs.  That would be WAX token, and all the fun stuff that goes with it.  And it is STILL the most widely used system, mostly because it is SO connected with SO many projects, games, apps, mining and staking possibilities, and oh yeah, NFTs.  But there are others, and the other one we will be discussing today is OpenSea.

Starting at the beginning, the biggest difference between OpenSea and the WAX ecosystem is that it does not use an obscure token for its primary currency. It uses Ethereum (ETH).

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In a way this makes me take a step back from what I said in the intro.  Because this NFT marketplace is using an established cryptocurrency, and one that is rapidly growing and expanding.  By some account, it may be the successor to Bitcoin.  Stop laughing.  It might happen.

This is where this article is going to take a left turn and tell the story of how I got started with OpenSea and where we stand now.  But I will front load this part of the article by first showing off that, yes, I DO have NFTs available on OpenSea.  And they look like this.

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As of the time of my writing, those are the two that I have available.  If things go well, and you are reading this article later, perhaps there will be more than two when you visit my page there...

Those are both for sale, at about the lowest price that the system would allow me to set.  As you will see as you keep reading, the single biggest difference between OpenSea and WAX is that the NFTs are substantially more expensive!

Now for the rest of the story
The very first thing that I had to figure out when starting here was, "How do I get me a wallet for OpenSea?"  There might be 100 ways to do this.  I've heard of people just connecting directly to their CoinBase ETH wallet.  But that just seemed impractical to me, as that is not what I currently use CoinBase for.  I wanted to be able to have a wallet that sat out on its own.  And the world's most popular browser actually provides this in the simplest way imaginable.  An extension.  Brave has the CryptoWallets extension built in.  But if you use Chrome, you can use MetaMask as your wallet, which is also an extension, and is also available for Brave.

Both of those wallets use the ETH blockchain as their primary token, so either will work for OpenSea, but I do believe that MetaMask is more widely used, and more widely supported.

Once I had my wallet set up, I went to the OpenSea site and connected that wallet, and that is how my account was created.  If you are intending to do this yourself, there is no need for a step by step tutorial here.  Just install the extension to your browser and go to OpenSea.  Then follow the instructions.

The next step was to create my first NFT, which of course is my company logo with a QR code on the back.

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If you have been clicking the links as you follow through this story, you are going to see that there are 2 versions of that NFT on the DPoisn NFTs page.  There is a good reason for that.  And one that, though I will explain, still doesn't make sense to me either.  In short, the first one was created in such a way that there is no way I can put it up for sale.

You see, ETH has more than one blockchain.  Because of course it does.  The primary ETH blockchain is the super-expensive one.  I created that NFT on the primary ETH blockchain, got it all ready to go, and when I went to put it up for sale I was met with, "in order to sell on this blockchain, you need to pay a one-time 'gas fee' of $115".  Needless to say, my first response was, "There must be some mistake.  That is ridiculous."

"Gas" fees is the ETH ecosystem's way of saying, "it costs money to do these transaction, you have to pay your part."

So no, it's no mistake.  It is what it is.  And what it is is prohibitively expensive.  If you combine all the NFTs I've ever created they aren't worth that much.  There is no way I'm laying it out for what is essentially and experiment.  So I effectively bailed on my plan to sell anything on OpenSea.  And I let it sit there for a couple of weeks.

But then...
Through my stumblings around the interwebs, I ran across people selling on OpenSea and none of them were complaining about how stupid-expensive the whole thing is.  What I discovered is that when I created that first asset I missed (or didn't notice) the crucial step of determining on which chain to sell.  So I went and created a second version, and THIS time, I created it on the Polygon blockchain.

The Polygon blockchain was created specifically with the little guys like me in mind.  It is actually advertised as "buy and sell on ETH without those gas fees."  Well, alrighty then!  Now we're in business!!  So now I have two NFTs for sale on OpenSea.  Both using the Polygon blockchain rather than the primary.

The only real problem with this entire story is that the price on these things is still too high.  I am under no illusions as to what people are willing to pay for silly pieces of artwork from a very minor player in this game.  And as such, I generally try to keep the stuff I'm selling at a reasonable cost.  Or as some would say, cheap.  These exact same NFTs are available on WAX right now for less than $1 each.  But on OpenSea, I can't even set a price that is lower than $2.50!  Sorry about that.  But, keep in mind, these things ARE selling on the ETH blockchain.  It's a bigger system, with more value.  And Polygon allows the creating and selling of these things at exactly zero cost to me.  Someone's gotta be paying for those gas fees.  As such, a percentage of any sales immediately goes to them.  So I suppose it makes sense that the cost will be higher to the end user.

If you were looking for an alternative to WAX for your NFT needs, or if you'd seen some stuff about OpenSea, hopefully this article has helped explain a few things.


#bitcoin #cryptocurrency #NFT #nftcollector #opensea #openseanft

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