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Interested in buying your first NFT? These digital collectibles experienced an explosion of adoption across the globe in 2021, and there's certainly no sign of them slowing down.

Some of the biggest companies in the world, such as Coca-Cola, Nike, Adidas, Budweiser, TIME Magazine, and many others have recently jumped into the NFT space, with many more big players coming very soon.

The best time to start collecting and investing in NFTs is now.

If you've done any reading on NFTs, then you've probably heard about OpenSea, the world's largest NFT marketplace. When buying NFTs for the first time, most people start on OpenSea.

They handle the most NFT sales, feature the most artists and brands, and make it as easy as possible to buy, sell, and mint NFTs. Keep reading below to learn all about using OpenSea to start building your NFT collection today.

How NFT Marketplaces Work

There are many different NFT marketplaces on the web today. Many of these function in a similar way; artists mint and sell NFTs on the platform, and collectors make a purchase using cryptocurrency.

Platforms facilitate transactions between buyers and sellers. This creates a decentralized NFT marketplace, where peer-to-peer transactions are allowed to take place.

To use an NFT marketplace, you'll need to set up a cryptocurrency wallet in your internet browser, such as MetaMask. You'll buy cryptocurrency on an exchange like Coinbase, send it to your wallet, and make an NFT purchase on the marketplace.

The NFT is then stored in your crypto wallet until you transfer it elsewhere.

All About OpenSea

So what is OpenSea? OpenSea claims to be the first NFT marketplace, having hit the scene in 2017, back when NFT collections like CryptoPunks and CryptKitties first dropped. It was founded in New York City by Alex Atallah and Devin Finzer, and it has been desperate to expand the team since then.

Shortly after launch, OpenSea won at the startup accelerator Y Combinator, locking in early investment. OpenSea has since gone on to earn backing from people like Mark Cuban and Ashton Kutcher, becoming a multi-billion dollar company.

In 2020, before the big NFT boom, OpenSea had a sales volume of $21 million for the entire year. In August 2021, during the biggest NFT surge we've seen, OpenSea facilitated $3.4 billion in sales. In one month.

Buying NFTs on OpenSea

You can picture OpenSea like eBay; anyone who has an NFT on blockchains like Ethereum or Polygon can sell that NFT on OpenSea. It doesn't matter where the NFT was originally purchased.

You can search for well-established NFT collections, like CryptoPunks, BAYC, or Doodles, or you can sift through the 80 million or so NFTs and find a hidden gem or emerging artist.

You can purchase NFTs to use as a profile picture, digital art, assets to use in NFT video games, virtual land for the metaverse, music, domain names, and many other types of NFTs.

OpenSea charges a flat rate commission of 2.25% on all purchases. It supports multiple cryptocurrencies for buying and selling, but ETH is the most prevalent.

Enter the Wide World of NFTs

Now that you know all about OpenSea, you can get started building your NFT collection with confidence. This is likely where you'll spend most of your time searching for, buying, and selling NFTs.

And if you ever want to experiment with your own NFTs, OpenSea makes it super simple to mint your own.

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San Francisco, California, United States

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