Open sea it is one of the leading and leading markets for all kinds of NFTs. It is the largest P2P (peer-to-peer) online marketplace for buying and selling NFTs at a fixed price or through auctions. OpenSea was co-founded in the United States by Devin Finzer and Alex Atallah in December 2017. The masterpieces platform is based in New York City as it stood out among its contemporaries and became a haven for all kinds of NFTs. on various blockchains. OpenSea hosts various categories of NFTs such as arts, collectibles, domain names, music, photography, sports, utility NFTs, and virtual worlds.
This guide is an extension of the previous treatise, ‘A complete guide on how to use OpenSea – Part 1′, where we dive into how to set up an account, mint, list, buy and sell NFTs on OpenSea. In this extension, we will go deeper into how to use the essential features of OpenSea for an optimal user experience.
How to find trending projects on OpenSea
Apart from individual minting and NFT listing, most of the NFTs on OpenSea are collections of various projects from prominent and renowned NFT companies like Dapper Labs, Yuga Labs, Larva Labs, Forte Labs and more.
With the purpose of To find trending NFT projects in the pool of hundreds of thousands of NFTs on OpenSea, visitors can scroll down Open sea home page to reveal a list of the 10 most popular NFT projects.
These projects were not simply selected or recruited by paying for advertising; they made the list on the merit of their trade statistics.
How to dig into OpenSea statistics
It’s simple. In the top right corner of the home page, users can navigate to the “Statistics” tab and click “Ranking” in the dropdown menu.
Collection stats will by default show the ‘top’ NFTs, so click the ‘Trending’ tab to reveal details on the latest high-flying digital assets.
In the image above, the Grails III Mint Pass tops the list of trending NFTs on OpenSea. According to the description of this NFT, it is a limited pass for an upcoming event with only 377 NFTs available. According to the above statistics, it has the highest floor price (lower price or lower price) and volume (trading volume) in the last 24 hours.
The two significant metrics used in this ranking are floor price and trading volume. that’s why he COMBINE VV it ranks second even with its largest positive change of 32,292%, sales (6,388) and sole proprietors (2,498). The trading volume of 302 ETH and the minimum price of 2.70 ETH put the Grails III Mint Pass higher, unlike the MERGE VV, which has a 24-hour trading volume of 101 ETH and a minimum price of 0, 01ETH.
Visitors can also use this approach to determine a hot project or which project will be trending soon on OpenSea. As such, they can use these statistics to design an investment plan that they see fit, as trending projects generally attract higher prices due to higher demand.
How to get information about the trading history or data of an NFT
The next deterministic feature to look out for is trading history and data. This could help make informed decisions on whether to buy or back. To check the trading history of a particular NFT, click on the preferred asset.
Wearing monkey mossAs an example, your transaction history and other information can be checked by clicking on the particular NFT. Then scroll down to see your trade history, including the time it was minted, the sales, and the transfer from whom to whom.
From the information above, the Ape Moss was minted two years ago and the user sold it for 0.08 ETH. 0908 to PartyFinanceHackedWallet A year ago. He was transferred to the buyer at the same time, and the buyer also transferred him to finance partyeight months ago.
Let’s use another NFT with more history
mutant ape #12668 was coined by bernie_straw a year ago and has traded portfolios. The image below reveals 11 months of trading history thus far.
The utility of the above data is to detect suspicious sales that may mislead investors or enthusiasts. For example, an NFT holder can sell himself an NFT at an outrageous price and keep trending for five or six transactions with different accounts and wallets.
How to spot these shenanigans
Collectors can monitor this by correlating buyer and seller accounts. If a previous seller’s account shows up after 3-4 trades or transfers, it is likely a wash trade to fool potential buyers that the NFT is highly sought after.
Furthermore, users can also make informed decisions with the price history of the token they intend to purchase. The image below is the price history of Mutant Ape #12668which reflects the upward and downward trend of the NFT price from the minting date to the present.
The above data shows that this NFT value increased from January to May 2022 before falling and holding a static price. A prudent investor might conclude that for this particular NFT to survive an unprecedented cryptocurrency bear market, it will be an excellent piece to hold onto. Conversely, another investor might interpret it differently.
How to use filters to find rare NFTs
Rarity is a big factor in the price of NFTs; measures the rarity of an NFT’s attributes. All NFT collections usually have rare items with distinctive attributes, meaning their attributes are found in very few NFTs. Such NFTs are ranked and priced higher than others due to the scarcity of their components.
Although various online tools calculate the rarities of NFTs based on different standards, users can also use the OpenSea filter to discover these gems.
As?
Click on your preferred NFT collection and click on the “Price Low to High” dropdown tab in the top right corner above the NFTs listed. Most of the NFTs with rare attributes are usually “highest price, most viewedand most favorite” by investors and enthusiasts.
For the highest price filter, click the “Price High to Low” tab to view items listed from the highest to lowest price range. If there are few NFTs in such a collection, collectors can make a technical ranking by reviewing their attributes. As a rule, NFTs with small shared attribute percentages are rarer than those with common or higher attribute percentages. Let us consider the following examples.
The first traits (attributes) belong to one of the low-price mutant apes, while the second one belongs to one of the high-price mutant apes. From the above, both NFTs have the exact trait count (7), but the second NFT is rarer than the first because 2% of the full 20,000 NFTs in the set share 4 traits with it, while the first NFT only shares 2 traits with 2% NFTs in the set. The essence of these percentages represents the rarity of each trait; if an NFT shares most of its traits with 2% or less of the NFTs in the collection, then its rarity scorecard ranks higher than others.
For some NFT sets, the lowest rarity percentage may be higher than 2%; it can be 5% or more. What determines this is the lowest percentage in each collection. Visitors can also use the above technicalities to confirm whether or not an NFT is overpriced because a piece may be aesthetic to an enthusiast and command a higher price, while being unappealing to the potential buyer.
In addition to using filters to find rare NFTs, the search field can also help filter and search for specific NFTs with their names, number tags, collections, or user accounts.
How to stay safe on OpenSea
Scammers are on the rampage in the decentralized space, leaving no niche undisturbed. OpenSea users should be vigilant when using their platform to avoid falling victim to fraudulent schemes. Here are some tips to stay safe on OpenSea
- Avoid Fake or Copycat NFTs: Several high-profile collections in the OpenSea marketplace are among one hundred million NFTs. It is easier for scammers to coin and fraudulently list fictitious NFTs with reputable project names to fool unsuspecting enthusiasts. For example, someone might coin and name an NFT “Boring Ape” or “Boring Yacht”. While these attractive NFTs may look attractive, users should remember that such NFTs have nothing to do with the reputable BAYC brand. Also, such NFTs can lose value at any time because they are mostly created without utility.
- Secure the crypto wallet with a strong password.
- Avoid signing outrageous transactions of suspected NFT airdrops.
- Do thorough research before purchasing NFTs.
- Make sure you buy NFTs from reputable or verified projects.
- Don’t buy NFTs based on media hype.
Conclusion
OpenSea is one of the trusted online marketplaces for NFT minting and trading. The platform has maintained its range with flexible features to achieve a seamless user experience. Although the Ethereum network is the most prevalent, OpenSea also supports BNB chain, Avalanche, Arbitrum, Solana, Klaytn, Optimism, and Polygon.
Take a look at ‘A complete guide on how to use OpenSea – Part 1’ >> Here
They want more? Connect with NFT Plazas
Join the weekly newsletter
join our discord
Follow us on Twitter
Like us on facebook
Follow us on Instagram
*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Technical writer, enthusiast of all things blockchain and the decentralized world.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);