Opensea: Complete Beginner's Guide! Finding GEM NFTs!! 💎

are you looking for the next moonshot nft the next cryptopunk or board ape you can flip for 100x or more well the truth of the matter is they are incredibly hard to find but if you are going to find them you're going to have to use openc now in this video i'm going to give you the complete 101 guide to using this marketplace from finding gems to trading them and even minting your own collection i also have a few of my personal tips and tricks that you definitely don't want to miss [Music] before we set sail into the open sea there are a few things on which we need to agree i am not a financial advisor and anything you hear in this video is for educational and demonstrational purposes only all clear if this is your first time here lend me your ears come close come near my name is guy and i'm the main guy at the coin bureau we cover everything in crypto that you need to know from news to reviews overviews to market moves if you're in crypto and aren't subscribed there is no excuse so if you want to make me your crypto guide then hit that subscribe it would be swell if you hit that bell as well so youtube will tell you when there is a new one to view and finally behold the timeline below i've broken it up into different chapters just so you know so if you think i'm going a bit slow feel free to skip ahead to different bits although you wouldn't want to miss any of my golden tips okay enough of this chatter let's crack on with the stuff that matters right you might be wondering what the heck this nft mania is all about and if you're still trying to wrap your head around what nfts are here's a quick tl dr nfts or non-fungible tokens are one-of-a-kind unique digital items stored and managed on the blockchain the first instance of a non-fungible token emerged in 2012 with the phenomenon of coloured coins which were unique digital assets issued initially on the bitcoin blockchain since then several new forms of nfts have come to life and this is primarily thanks to the many developments happening on the ethereum blockchain from 2015 onwards in the same way that ethereum introduced the now universally recognized erc20 token standard for fungible tokens it also introduced the erc 721 standard specifically for non-fungible tokens the revolutionary nature of non-fungible tokens stems from the fact that when you buy an nft it is yours to control as you see fit you can transfer it sell it collateralize it lend it earn yield in it or simply keep it to yourself to admire now i admit i've recently been very tempted to hang up one of those mighty punks on my wall now nfts can perform a plethora of different functions and some of the most salient examples of nfts include digital art virtual reality items such as plots of virtual land in-game items music sports tweets crypto domain names ownership records for physical assets and more and not only that but nfts can also be programmed so that whenever an artist creates a piece of art and mints it as an nft in order to sell it they can get a cut of the proceeds through a mechanism known as royalties and that's just the tip of the iceberg when it comes to nft functionality but i need to move on so if you'd like to know more about nfts i'll leave links to some intro videos on them in the description below right folks get your scuba gear on and let's dive into openc openc was founded in 2017 by alex attala and devin finza two ivy league computer scientists and blockchain enthusiasts alex who is now cto of the company previously built cyber security products at palantir whereas ceo devin was a growth engineer at pinterest this superstar duo and their team are currently based in new york city and since its very early days openc has sparked the interest of various private and top tier vc investors in the nft space the list here is quite extensive but here's the tl dr in january of 2018 open c raised 120 thousand dollars in a seed round led by y combinator a us-based seed accelerator operating since 2005 with an impressive investment track record including companies such as stripe airbnb dropbox reddit and coinbase in may of 2018 and november of 2019 respectively openc raised an additional two million dollars in a second seed round led by heavyweight vc funds one confirmation animoka brands blockchain capital and coinbase ventures among a few others but most notable of all were the 23 million dollar series a and the 100 million dollar series b funding rounds led by andreas and horowitz in march and july of this year an investment that shot open seas valuation up to a staggering 1.5 billion dollars not too shabby now open c's incredibly rapid ascent also saw multiple private investors wanting in on the action as well these included some well-known celebs and sports stars such as ashton kutcher and nba all-star kevin durant many have argued that open seas skyrocketing success principally originates from the excitement generated by the 69 million sale of people's every day's nft i am rather inclined to agree and this is primarily because people's nft sales did in fact drive a lot of attention away from the mainstream cryptocurrency market and to some extent legitimized nfts as an entirely novel admittedly strange but magical asset class in the world of crypto when the market for non-fungible tokens started heating up earlier this year open c was first on the scene and has since become an integral part of the boom and overall adoption of the nft ecosystem compared with the other nft marketplaces available such as wearable nifty gateway or binance nft for instance openc sits comfortably at the top in fact since its launch four years ago openc has seen exponential growth in terms of user adoption nft listings and trading volume so here are some stats for you currently it has over 300 000 active users over 1 million collections more than 34 million nfts and billions of dollars in cumulative volume traded on openc users can also create their own customizable nft marketplaces set their own fees for the items they wish to sell and initiate nft auctions which people can participate in with several different cryptocurrencies you can think of openc as a marketplace similar in many ways to ebay in that it allows you to scroll through a wide selection of rare nft items digital artists and collections and participate in any ongoing auctions buying and selling nfts on openc is a minimal trust operation which means that you do not need to trust that your counterparty will behave honestly like you do on ebay nor do you even need to trust the openc platform itself to execute transactions unlike ebay where transactions are based on buyer and seller reputation transactions on openc purely rely on blockchain technology and smart contracts this in turn allows users to avoid having to go through all those annoying bottlenecks that come with using a centralized third-party escrow furthermore all transactions on openc are atomic meaning that either the whole transaction goes through and the buyer gets the nft or the smart contract enabling that transaction is reverted completely and nothing happens at all to better explain this let's take ebay as an example on ebay a buyer who purchases an item needs to pay the seller before they eventually ship the goods whereas on openc both the buyer and the seller make a binding agreement to transact at a specific price now when the promise is to buy or sell the nft pair up with one another the deal takes place in a single transaction if for whatever reason the deal goes south it's business as usual the seller keeps the nft and the buyer isn't left holding the bag after all openc provides its nft marketplace infrastructure free of charge and absolutely anyone can make use of it but it does however take a 2.5 fee cut from any transactions or sales this fee is pretty low especially when compared to other nft marketplaces out there nifty gateway for instance takes a five percent cut from any sale on its marketplace if that's not pricey enough there are some other nft platforms out there that take as much as 7.5 percent per sale which in my eyes is way too high now when it comes to interacting with openc there are a few ways to go about it your best bet is to simply fire up your search engine of choice on your desktop navigate to openc.io and engage with its nft platform directly for those of you who are always on the move or simply prefer using your phones openc has also recently released its own official app available in both ios and android but before we progress any further i must note that any interaction with openc will require that you download an ethereum wallet with all of these ones supported in this video i'll be using metamask as our primary example as i find it to be the most efficient when it comes to engaging with openc if you don't have a metamask wallet yet you can set one up by following the instructions in the video up there in the top right as with many other d5 protocols and nft daps openc's marketplace is non-custodial meaning that no central authority controls the sales or the nft assets listed on its platform this also means that there are no sign up or kyc procedures that you need to undergo a much smoother user experience overall now i know if it's your first time visiting openc it can be a bit overwhelming but there's no need to fret when you're on the openc homepage click connect wallet if you're looking to trade sign in with your metamask wallet and that's it your openc account is ready to go on the home page you'll see an introductory dashboard to the openc marketplace here is where you'll be able to search for your favorite nfts collections and artists check out market statistics such as trading activity and rankings create your own collection and even mint your first non-fungible token now a quick fun fact here is also where you'll be able to see what nft's other holders have in their accounts by simply popping in their ethereum address in the search bar for instance here's a quick sneak peek into the openc account of nba superstar stephen curry pretty cool right now if you already know what you're looking for you can type in the title of the single nft item or of the entire collection up there in the search bar alternatively if you'd just like to have a fun browse around openc's nft ocean just click explore this will direct you to a new page containing all the latest sales this page will also display all the latest sale prices and the names of the individual nfts or collections that have been selling as of late all the top collections and trending items will default to the top spot of the search results but you can refine your search even further by scrolling through the available sorting options such as recently listed recently created low to high prices high to low prices and so on and so forth now just a quick pro tip on this spotting multiple and repeated sales from the same collection is a great way to understand which items are currently hot and trending but remember that the most important part when it comes to investing in nfts is thoroughly researching the project its founding team its roadmap and ultimately being able to gauge its community's strength in fact compared with bitcoin and ethereum nfts are a completely different animal so make sure you always do your proper due diligence before you blindly ape into the first one you see because after all all that glitters is not gold now when you look up a collection on openc you'll see its name pop up in the middle of the page and a brief description outlining the collection below that openc will specify the number of items within the collection the number of individual owners the floor price and the cumulative volume traded but here's a second pro tip as a rule of thumb when you're on the lookout for up and coming projects you ideally want to seek out those with the lowest supply of items within their collection the highest number of owners and a rapidly increasing trading volume this is because collections with a high supply of nfts and a low number of holders generally tend to produce a stagnant market and if the rules of supply and demand have taught us anything at all when supply is low and demand is high the value and scarcity of an asset can only but naturally appreciate just something to keep in mind when it comes to researching nfts on openc there are several filters you can make use of these filters vary from status price range collections change categories and sales so in the status section you'll be able to search for nfts that are available for purchase immediately by clicking on the buy now button nfts that are currently being auctioned by clicking on the on auction button new listings on new or items that already have offers on them by clicking on the as offers button in the price section you'll be able to look up a series of nfts within a specific price range in either us dollar terms or eth in the collections tab you'll be able to browse through an extensive list of all the verified collections available which will be visibly highlighted with a blue check mark once a collection has received a considerable amount of trading volume or has hit a predetermined number of sales the openc team will verify said collection and give it a stamp of approval as a legitimate and authenticated collection think of this as a twitter or instagram blue checkmark this also constitutes a great tool when researching an nft project as it increases confidence in the collection itself and by default in the nfts contained within it this is also done in order to prevent scammers from creating a fake collection based on the original one and from stealing your hard-earned crypto and on that point you probably won't be that surprised to know that openc is filled to the brim with bad actors trying to trick you into buying forged or unauthenticated nfts unfortunately quite a regular occurrence so please be aware of this and always make sure that the nft you're buying is from a collection with a blue check mark next to it or has been officially verified by the creator themselves because otherwise your jpeg really could be worthless the majority of the nfts listed on openc live on the ethereum blockchain but curiosity might also tempt you to explore some of the other nfts that exist on either the polygon or clayton blockchains this can be done by simply filtering through the available chains in the chain section now you'll also most likely be aware of the incredibly high gas fees on the ethereum blockchain during times of high network congestion these can make buying and selling nfts on openc ridiculously expensive so in order to counter this pressing issue and render trading more sustainable openc has recently added support for polygon formerly matic this is a layer 2 scaling solution built on the ethereum blockchain openc's integration with polygon effectively allows for a more affordable trading experience as buying and selling through polygon is pretty much gas free and transactions are near instant if you'd like to know more about how polygon works you can check out my video i made on it not so long ago which you'll find you guessed it up there in the top right anyways if you're looking for nfts in the art music domain name trading card or virtual reality verticals on openc you can filter these through the numerous categories available on the left hand side of the dashboard when it comes to actually buying an nft on openc the first thing you'll want to make sure of is that you have enough eth in your metamask this is to cover both the price of the nft you're looking to buy and the fee required to execute the transaction as mentioned gas fees on ethereum can skyrocket from one moment to the other which in turn can potentially make buying that nft extremely pricey your best bet is to monitor ethereum gas tracking sites like eth gas station or block native and choose a time of day when transaction fees are low when you've found the nft you wish to purchase you can either acquire it by clicking buy now or by making the seller an offer for it alternatively if it's in auction you can join in on the race and place your own bid by clicking place bid auctions on openc generally follow two separate bidding structures with these being english auctions which tend to happen on a more regular basis and dutch auctions the former is based on selling to the highest bidder where the highest bid wins the nft at the end of the auction cycle the latter instead revolves around selling with a declining purchase model where the price for the nft starts higher than its fair market value and progressively falls until a buyer steps in to purchase sellers implementing an english auction structure can also set a reserve price meaning that if the seller doesn't receive any bids equal to or greater than the reserve price they've set the auction will simply end without a sale now the quickest way to get your hands on an nft is through the buy now option and all you need do is click buy now adjust the transaction fee in your metamask wallet sign the transaction and purchase that nft once the transaction has gone through successfully your purchase will automatically appear in your wallet and your nft will be immediately displayed under the profile section of your account on openc now if you're an artist musician social media influencer or content creator looking to explore the magical nft world you can do so by minting your own personal nft or nft bundle directly on openc for instance say you're the next michelangelo and you've recently produced the most exquisite piece of fine art you've also learned from your fellow artist friends about the many lucrative opportunities offered by nfts so you decide to jump on board the nft bandwagon and mint your first nft on openc if you're a seasoned nft artist feel free to skip this section but here's how you can create your own nft and list it on openc setting up your collection and minting your first nft on openc is pretty straightforward first go to openc.io sign in with your metamask wallet go to your profile icon select my collections and then click create a collection at this stage you'll be prompted to add your collection's name a description upload an image logo and add links to your various social media accounts such as twitter discord and instagram now the following step is important because you can also set your preferred royalty fees to a percentage of your choosing royalties essentially enable you the artist or creator to collect a fee whenever a user resells an item you originally created which in a sense acts as a sort of ongoing affiliate mechanism openc by default recommends that you set a 2.5 fee on your royalties but that's entirely up to you after all this is your work and only you should be able to decide how much commission you would like to make in secondary sales then pick the blockchain you want your nft to live on with the two current options available being ethereum and polygon select the cryptocurrency you would like to be paid in from your sales choose your favorite display theme for your items click create and voila that's you done with your collection so now that you've set up your collection return to openc's main dashboard click create and sign in with your metamask wallet once again now click create new item or simply drag and drop your desired file or set of files into the appropriate dropbox files can be anything from images screenshots videos audio or 3d models and the types of files supported here include jpegs pngs gifs mp3s mp4s and many more you'll then need to name your nft item and link it to the collection that you've just created once you've done this you can add properties levels and stats to your individual nft or collection this is to highlight any defining characteristics of your collectible and provide buyers with an additional description of your item select the blockchain you would like to mint your nft on and click create bravo you've just minted your first nft now to sell your newly minted nft just click the sell button in the top right corner and select your desired asking price openc will not charge you for minting but for the first nft you sell on its marketplace you will need to pay an ethereum gas fee and now for the fun part in this section of the video i'm going to be referring to two incredibly popular collections that are attracting all the hype right now this is purely to help you understand how to read the characteristics as well as the defining elements of any collection every collection is inherently unique in its own way but the process that goes into analyzing the qualities and recognizing the rarity of nfts on the openc marketplace is structured and universal i do have to say however that i am not affiliated with these projects in any way and these are purely for illustrative purposes as it stands today two of the most popular collections on openc are the og crypto punks from 2017 and the board ape yacht club a phenomenal collection that has been turning heads ever since it was first minted earlier in may of this year both the crypto punks and the board 8 yacht club are collections made up of 10 000 unique ai generated nft pieces with each nft holding its own individual qualities elements of rarity and authentic character similar to bitcoin and ethereum for fungible tokens these collections are commonly referred to as the blue chip projects in the nft space and as you might have guessed they represent some of the most sought-after non-fungible tokens with all-time trading volumes of 520 000 eth for punks and 170 000 eth for apes so let's have a look at some crypto punks on openc shall we currently the floor or the minimum acceptable selling price for these funny-looking pixels is pretty much non-existent due to their incredibly high prices the current floor for crypto punks on the lava labs marketplace the tech company that originally created and launched the crypto punks back in 2017 is at 103 eth or around 300 000 let's just take crypto punk number 2770 as an example here this particular nft portrays a pixelated punk with a few unique defining features such as a cool mohawk a beard and a cigarette these are all elements that in the world of crypto punks are considered to be reasonably rare to help gauge the rarity of an nft openc outlines the characteristics and the main qualities of the asset in its properties section each property shows a percentage of rarity and indicates the recurrence of a specific trait throughout the collection thus the lower the percentage of a particular property or trait the higher the rarity and therefore the value of the asset below the properties section openc will also generally provide a brief description outlining the main features of the collection or project and will also insert the relevant links to the collection's official website and social media channels for further reference it also might be worth your while to check out the details of the individual nft in the details section this is where you'll be able to verify the authenticity of the nft listed double check its contract address and basically confirm that the nft you're looking at actually belongs to a stated collection okay so that's punks on the more contemporary spectrum though we have the board ape yacht club this particular board ape for instance board 8 number 3749 sold just over three weeks ago for a mind-blowing sum of 740 eth i know absolute madness but the price does in fact reflect its ultimate rarity and if you're a board 8 yacht club fanatic you could even go as far as to say that its price is indeed justified for greater context the rarity of this board ape can be deduced from its superbly unique and scarce properties such as the laser ice trade which only has a recurrence of 0.69 percent across the entire collection of 10 000. or how about its solid gold fur a rare trait that is only present in 0.46 percent of nfts within the collection the methodology applied here to crypto punks and board apes is entirely transferable to all the other nft collections on openc and while openc's property section does indeed offer users some additional insights into the rarity of a specific nft within its broader collection the fact of the matter is that rarity per se still remains one of the hardest elements to identify within a non-fungible token collection also while openc can potentially allow you to spot a good project early on with some promising metrics the majority of the work when it comes to nft investing is done outside of openc entirely but that's perhaps a topic for another video and that's it for most of my video on openc today but i'm certain that you guys will have a ton more questions so please do let me know how you get on and if you do eventually end up buying or even minting your first nft on there and who knows i might even be your first customer now i will say however that the nft market seems to have calmed down for the time being and this is understandable given the massive surge that it's enjoyed thus far throughout 2021 the thing about nfts that has me particularly intrigued is the sheer magnitude of their growing ecosystem so i can most definitely foresee a long-term growth scenario playing out for peer-to-peer nft marketplaces like openc while it's true that competition in the marketplace environment is ramping up fast i don't really expect any other entity to take the crown away from openc at least not for the time being in terms of pure user experience i found openc to be a rather user-friendly and intuitive platform that provides users with all the necessary tools to start collecting i also really liked how the marketplace strives to cater to both buyers and collectors as well as artists and creators they've also provided the tools to allow anyone to seamlessly mint nfts create their own customizable marketplaces and set their preferred royalty percentages having said all this it hasn't always been plain sailing on openc right a few weeks ago a member of the team was caught front running featured collections now the employee in question was fired but it did reignite the question of control in centralized marketplaces however until an efficient and user-friendly decentralized alternative is developed openc reigns supreme that was a long one but i do want to hear from you guys though so any questions for me are you a fan of nfts fire your comments down below until the next video rolls around here's where i can be found twitter instagram tiktok and telegram subscribing to my weekly newsletter is also a good plan it's packed with all the tools tips and tricks you need to make your game stick if you want to look behind the scenes you need to check out coin bureau clips if you have some extra cash for an authentic coin bureau tea or sweater even better you can access these resources and more using the links down below thank you so much for watching folks i'll be back before you know it [Music] you

Channel: Coin Bureau

Views: 407,557

Keywords: Opensea, Review, Guide, NFTs, Cryptopunks, Bored Ape Yacht Club, Non Fungible Token, Metamask, Beginner's Guide, Minting NFTs, Step-by-Step, Ethereum

Id: 1LnN5rfiVYU

Length: 28min 34sec (1714 seconds)

Published: Tue Oct 12 2021