From $21 million to $3.5 billion

That was the jump in the dollar volume of sales made on the NFT marketplace known as OpenSea between 2020 and 2021. In that 12 month span, the marketplace saw a 12,000% increase in sale book every bit a outcome in a massive jolt in interest in Non-Fungible Tokens (NFTs). OpenSea is riding the moving ridge (pardon the pun) of excitement over NFTs, and they even have big-proper noun celebrity backers that y'all had heard of such as Ashton Kutcher and Marker Cuban. Even though OpenSea is still very young as a company, they accept already garnered a $1.5 billion dollar valuation, TechCrunch says:

It's been a wild 2021 for NFT sale marketplace OpenSea. The startup was exceedingly well positioned in a niche infinite when NFTs exploded before this year, seemingly out of nowhere. Since then, the startup has constitute its user base expanding, the total volume of sales skyrocketing and more investor dollars existence thrown at them.

Given the boom in popularity of NFTs and the OpenSea marketplace itself, you lot are probably request yourself how y'all can take office and get your own piece of the NFT pie. Buckle in and listen upward as we provide you with two ways to join in on the feeding frenzy that is OpenSea.

How does OpenSea work?

OpenSea is a completely decentralized marketplace where buyers and sellers of NFTs meet with ane another to substitution NFTs. All trading is done via crypto currencies in lodge to continue the process as unregulated as possible. Participants in this type of market place prefer to keep their trading unregulated in order to proceed the market place equally open and transparent as possible without any kind of overseer attempting to intervene. In fact, many traders are wary of the government and other regulators and volition turn down to trade on any platform that has any type of centralized say-so.

Prepare Ethereum and sign up for an account

If you would similar to participate, you can sign up for a free account on OpenSea to begin to trade. You will need the cryptocurrency known as Ethereum in order to participate in this market place at this fourth dimension. You can purchase Ethereum via any number of crypto wallets and then transfer those funds over to your OpenSea account to practice what you need to do.

Creators of NFT artwork may post their piece of work for sale on the platform at whatever price they would like to see it sell for. They may get a bid from a willing buyer if:

  • Their work is unique.
  • Their work is appealing to expect at.
  • The buyer believes that the work will exist of an even higher value to another buyer downwards the line.

Explore the market with its best cases

It is challenging to say which pieces of NFT artwork will take off in a marketplace like this and which will sit down for a long time without a bid. However, there are some artists who are truly taking off and making minor fortunes for themselves via their artwork. Take the story of an eighteen-year transgender creative person who goes by the username FEWOCiOUS who sold an NFT depicting his life as a transgender youth between the ages of 14 and 18. Decrypt reported that the artwork sold for a sum of $2.1 million dollars!

FEWOCiOUS, "Year 4, Age 17 – His Name Is Victor" $437,000 (186.07 ETH). Source: fewocious.com
FEWOCiOUS, "Year 4, Age 17 – His Name Is Victor" $437,000 (186.07 ETH). Source: fewocious.com

At present, this is far from the typical story in the world of NFTs, and you lot should not presume that y'all go an instant millionaire but because you are able to paint something that looks nice. There are many factors that go into which pieces catch on with the public and which practise not. That said, it is a wonderful thing that an NFT marketplace exists where in that location is a possibility that someone previously unknown tin suddenly get a major star in this globe.

Learn how to trade/flip NFTs

You do not have to be a creator or an artistic type at all to profit from the OpenSea platform. If yous are a talented speculator with reasonably deep pockets, you tin can also potentially cash in on the NFT craze. Buying NFTs with the intent of selling them to another person is a great way to potentially earn some income on OpenSea. You just need to exist particularly talented at selecting the correct NFTs at the right price to go what you lot want at a cost that makes sense for you.

Just similar an investor in anything else, the person who comes into the OpenSea marketplace with the intention of flipping NFTs is looking for a great value. They want to buy something today that they firmly believe someone will pay more for at a afterward appointment. Fortunately, OpenSea makes it easy to search for diverse NFTs based on what that particular NFT is all about. In other words, y'all tin can practice a search by keyword to find the types of NFTs that y'all want. Investors volition look for NFTs related to a certain topic that they believe is likely to catch on in pop civilization in the almost future. If they get the timing just right, they might be able to snap up a number of NFTs related to that subject right now while the public isn't paying much attention. Afterwards, when everyone is talking about those topics, the value of the NFTs could skyrocket.

A quick wait around on the OpenSea stats page shows that some of the height performers on the platform have NFTs that are increasing in value anywhere from 5% to 500% in a 24 hour period. Once more, those are the pinnacle performers, and those results are not typical, but it goes to show you how much involvement and frenzy at that place is in this market at this time. Those who are talented (or perhaps a piffling lucky) at picking the right NFTs to invest in right now might make pregnant headway towards challenge their own piece of the NFT landscape and make a lot of profit doing so.