How to Use OpenSea: NFT Trading Beginner’s Guide

[00:02] is live. I've already made it to the maximum level possible. So, in today's video, I'm going to show you exactly how all this works, how I plan to maximize my returns because I will open my chest at the end of the season and find a

[00:15] beautiful pudgy penguin waiting for me, as well as just some general tips and tricks that I am using. Ladies and gentlemen, welcome back to another Cryptogorilla video, the number one NFT channel in the Andromeda galaxy. As

[00:28] usual, nothing in this video is financial advice. I am not a financial adviser. What I am though is an OpenC ambassador. However, I have no secret alpha or insider information. I find everything out at the same time as you

[00:41] by reading it on Twitter. So, everything I say in this video, whatever I put in tweets is always my own opinions, thoughts, and speculation. So, with that the like button while you're down there. YouTube really likes it when you hit the

[00:54] like button. Helps grow my channel. and let's jump right into today's video. So, like I said, this is the final pre-TGE rewards phase, meaning that it's your last chance to qualify for the C token airdrop. Now, as of right now, there

[01:08] have been six different metrics, I believe. Maybe there's more that they're considering towards the C allocation. The first one that everyone always asks about is your past history. So, if you were around last cycle, which they're

[01:21] calling your retro activity, yes, this is being considered. The second is of course your current activity. So whether you're trading NFTts or if you're swapping tokens that is all being considered. The third which they seem to

[01:34] have removed from the rewards page is going to be this loyalty bar that they used to have. So when an asset is available on OpenC, were you trading it on OpenC or did you go somewhere else? The fourth is the campaign that just

[01:46] closed, the Voyages campaign, which these were quests Monday to Friday, about one to three quests a day where you just have to swap $10 of a token or like a tweet on Twitter or something, which the voyages are still live. You're

[01:59] which the voyages are still live. You're just not getting voyage XP. The fifth was the shipments, which that's just RNG, so you have to get lucky and actually hit one of those. And then the sixth is the treasures, which the latest

[02:11] treasure is for the voyage campaign. So, as you can see, I finished in the top.1%. I got tier 12, the best out there. I'm clapping for myself. Yes. Uh, there's going to be another one for this

[02:23] treasure chest campaign, but we're going to go through all that right now. So, this is, I guess, the seventh way that they're considering. And if you go to don't have it here, but you're going to be met with a popup that shows you a

[02:37] treasure chest, the wood tier, the basic starter treasure chest. And your goal is to upgrade this chest. So, there's 12 different tiers that you can upgrade from. However, if you notice here, there's three stars on each. Some of

[02:50] them they're incomplete, some of them they're complete, meaning there's 36 levels total to get through if you want to maximize your rewards. Now, in order guessing you just need to get to tier 12. You don't have to do all three

[03:04] unfortunately, is not going to be able to make it to the final level. Now, you'll notice some of them say locked. That's because at the moment the art as well as the uh I guess notification of

[03:18] where you or your status is currently locked. I did tweet this out where you can see I did have it active and I had three stars. So, I made it to level three or this would be level 24 technically because it does stop at 21

[03:32] certain amount of time. We don't know how much time. However, they have fixed this and as you can see right now, it just says excess points and I'm kind of capped at the end here. Tier three of the amethyst chest. Now, if we hover

[03:45] over excess points, it says that the I'm going to call them chest points, okay? The points that upgrade your chest, the chest points are still being counted. don't know, maybe it's going to be one at a time, maybe they'll do two or

[03:59] three. Whenever they reveal these, I'm automatically going to get all of the XP or the chest points I've been accumulating all this time. I just can't doing that for fun or so people like slow down and take their time. However,

[04:12] it is being considered. So, I'm still trading. I'm still doing swaps and all that cuz I know all my activity is still being counted. And like, you're not going to get here with $500 of swaps. Okay? It's going to take, in my opinion,

[04:24] over a million dollars of swaps. Again, I don't have any secret alpha here. I'm just guessing based on, you know, whale activity. Now, there's a few other tabs we can go through. One of them is going to be the rewards pool. This is where

[04:36] you see what is up for grabs. And as you can see, there's already $1.4 million in the pool. And it's only been 2 days. And that's also considering that they put 1 that's also considering that they put 1 million of optimism and arbitrum of

[04:50] $400,000 of NFTTS and tokens added to the pool. Now, it's a bit difficult to calculate how much they are earning per day. I am looking at like DeFi Lama here. It shows this is really low. I think this is

[05:04] wrong. It's not counting swaps and all that. It says 13,000 a day. Uh I'm also trying to get some info on Dune. However, they put a bunch of NFTs 4 days ago before this went live and they're using 50% of the fees that they're

[05:17] earning. So today they put in a board ape and a pudgy penguin which are worth 40,000 uh 45,000 as well as some apecoin and pangu. So 50,000 right there. So that's like 140,000. I don't know on over what timeline they made that money.

[05:33] with their wallet, see how much they're earning per day just to figure out how big this prize pool is going to grow, but it's good to see on a daily basis where you would do that in the rewards pool page. But now let's discuss how to

[05:47] earn these rewards. So like I said, you need to upgrade your chest. The way you do this is by earning what I'm calling chest points. And the way you earn chest points is through three different methods. The first way is what we were

[06:00] previously doing, completing voyages. So these are those daily tasks from Monday to Friday. You just do a swap, buy an NFT, whatever, and you earn some chest points. Before we got voyage XP. Now you'll notice it's like 50 points plus a

[06:14] little chest symbol. It all goes towards upgrading your chest. Now, by default, I am completing all voyages. Like I said, I had the top tier, so I was already doing this. However, everybody has access to this. This is not how you are

[06:28] going to stand out. To me, this is the bare minimum you have to do in order to keep up with everyone else. If you have tier nine, that means you were nine tiers ahead of everyone else or eight tiers ahead of everyone else in the

[06:42] you were completing voyages compared to that people can do this. The first way is through shipments. Unfortunately, that's just RNG. So, if you are hitting them, that is great because a lot of

[06:55] other people are not. However, you cannot decide when you're going to get a shipment. It doesn't show up here most of the time. Sometimes they tweet it on uh OpenC's Twitter, but most of the time you don't know and it's just randomly

[07:07] dropped in your wallet. So, whenever I see a mint like this on the main page, a free mint that is partnered with OpenC, personally, I just mint it because maybe there's going to be a shipment for this once this mint closes on September 22nd.

[07:20] Again, just because you mint it, you are not guaranteed the shipment. At the end of the day, it is RNG, but it's a free mint, so I am taking the chance, but there's already 45,000, so your odds, I don't know what your odds are.

[07:33] Hopefully, you hit it. But the real way to stand out, the one that I'm going to be putting most of my time towards is going to be through trading because you could level up your chest through both token swaps as well as purchasing NFTts.

[07:47] It only counts when you buy an NFT, not when you sell it, and not when you dump into bids. Now, something important to consider when purchasing an NFT, if your goal is to get uh chest points to upgrade your chest, they need to be

[08:00] listed on OpenC. So, if you look here, there's a little blur logo. Maybe I'll put it here so it's simple. All of the floor of Pudgy Penguins, unfortunately, is all on blur, which really triggers me because it's a fast way to get points.

[08:12] However, like I don't want to pay a premium. The first one listed on OpenC premium. The first one listed on OpenC is unfortunately point or yeah, 23 above the floor. I don't want to pay that premium. So, I'm just avoiding this

[08:24] collection if my only goal is to get points here. So, just for example, if I right here, it says, "This transaction contains items that won't grant chest progress." So, always keep that in mind as you're farming. And this is something

[08:39] I'm actively thinking about while I'm trading. I bought a Moonbird 12 grand and I got zero XP from it. It really triggered me. But those are really the three ways that you're going to upgrade. Volume is going to be the fastest way

[08:51] because you're able to just decide how much you want to trade. If I want to trade a billion dollars of volume today, I can go ahead and do it. The downside, of course, is the fees. But before we get to the fees, let's just address it.

[09:03] I'm reading some people say, "How are we supposed to compete with whales?" And it's going, like I said, it's going to take you a million dollars in volume most likely to get to the final stages. Maybe even this this one, right? It

[09:17] might be 10 million in volume. I don't know. Uh it's going to take millions of dollars to get here. And for mo the average person, that is not possible. That is fine. There are plenty of rewards out there that you can earn.

[09:30] Just play your own game. Like don't worry about the whales. They're doing their own thing. Don't lose money trying to compete with them. Just stay in your lane and trade to your best abilities while staying in profit. That's what I'm

[09:43] to the trading section of this video. But don't worry about the whales. Don't worry about competing. Yes, you won't get as high of a tier as the whales for their chest. Yes, you won't get the pudgy penguin in the the reveal, but you

[09:57] could still get a ton of rewards, and you're still working towards the airdrop, right? That's the other thing. This is not just for rewards. All your volume is being counted towards the C token airdrop. So, that's how I'm

[10:10] looking at this. That's like why I'm cool spending $100,000 paying those fees and getting this XP because we're getting the rewards from the chest, which like I said, I am winning that Pudgy Penguin in 28 days. I'm opening

[10:25] we're getting the airdrop. So, I'm qualifying for the airdrop. And on top having this channel. So, I want to explore the platform to the maximum of my abilities and find out everything,

[10:39] find all the tricks and make content for you guys. So, for me, it's worth it. But you have to decide what's best for you. Now, the next question that I'm getting is, you know, what's best, volume, voyages, shipments, whatever in terms of

[10:52] points, how fast it upgrades your chest. And it's all worth the same. If we go to my activity where you'll see all your trades that contributed towards upgrading your chest, getting those chest points, you can see here that $1

[11:06] equals one point. So $1 of volume, whether it's buying an NFT or a token swap, is going to be worth one point. I assume shipments, before shipments had just going to have chest points inside of them and it's going to be one to one

[11:20] as well. And when you complete a voyage, for example, this one was worth 100 points. And on the side, I got 105 points. Now, that's not one one, and that's because I have Coinbase 1, which gives you a 5% boost on your farming.

[11:35] So, a 1.05x on whatever I do, whether it's trading, whether it's voyages or shipments. So, that's one of the advantages that I'm getting that anybody can get if they're willing to subscribe to Coinbase 1. I

[11:47] down below if you want to sign up. This is not a plug. K. I don't have an affiliate link? Coinbase one, please. Uh, but this is not an affiliate link. I just did it. It's a membership. Canadian, it was five bucks per month. I

[12:00] let's just say $5 per month. It's a subscription service. You do have to do KYC in order to get it. And then you have to take the extra step of linking your wallet, which that's all in this article. It leads you directly to it.

[12:14] You link the wallet that you're farming uh OpenC with, and you will now get the boost just like I did. So, everything I've done, I got a 5% boost. So, on my 100K volume, I got 5,000 extra points on top of that, which if you're doing like

[12:28] millions in volume, it is really worth it cuz you're getting a boost as well as some surprise shipments with an S. So, that's one of the tricks that I'm using, think a lot of people are not going to do it because they don't want a KYC or

[12:41] month for like a couple months, whatever their loss. Now, when it comes to is whenever you are trading, you are paying fees. The fee for OpenC went from

[12:53] paying fees. The fee for OpenC went from 0.5% to 1% on NFTTS. However, I feel most people are used to fees when trading NFTs. It's just kind of baked in collections. So, they kind of don't think of the fees when they trade.

[13:07] They're just thinking of their P&L. The place that we do consider fees is going to be token swaps because on OpenC it is 0.85% which is, you know, pretty high. cheaper. So, that's something else you need to consider. I'm getting a lot of

[13:22] just do swaps like wash trade back and just do swaps like wash trade back and forth, soul to USDC to soul to USDC?" You can, but every time you're paying 085%. So, you have to keep that in mind.

[13:34] My goal while trading is to be a profitable trader. I am not just going to take a loss buying a moonbird or a Pudgy or whatever just to get points. I am buying it. I have the liquid where I'm lucky enough to be able to hold it.

[13:48] I listed for higher and you know I'm taking trades that I believe in. I already hold AC like I only have three on this wallet. I have five total. I hold four moonbirds. So I went and bought a fifth. I think moonbirds are

[14:00] a token catalyst. I believe they are going to five, six, seven, eight ETH. So I don't mind parking my money here, but I listed the one that I purchased because I want to use this to trade on the way up. I am giving up the extra

[14:14] money that I could make just by holding the Moonbird and maybe 2xing in order to buy, sell, buy, sell, buy, sell as it goes higher and accumulate points trading NFTs. I much prefer trading NFTts over meme coins and tokens. But

[14:28] you can also do this with tokens, right? Don't just do blind swaps for wash trading. Buy coins that you believe in on red days and sell them when the price goes up. The number one comment that I got on this tweet or in DMs is, "How

[14:43] Everyone's freaking out because I did 100k in volume and I paid, let's say, $900 in fees because it was both NFTts and tokens. However, if we look at my activity, like I wanted to buy a shrimper. Unfortunately, they nuked.

[14:57] about that now, but I wanted to buy an extra shrimper. I wanted to buy a moonbird. And then I wanted to do token swaps. I wanted soul because I thought And I know there's the FOMC meeting today. Maybe everything's going to nuke

[15:12] everything's going to go to the moon and that was a good trade. But I wanted to buy some soul. So I did. I got 23,000 points for it. I wanted to take profits on some of my AVAC cuz I bought it at like 22 bucks. It was at 30 bucks. I

[15:26] wanted to take some profits on a piece of my AVAC bag. So I took profits. These are things I'm naturally doing anyways every month or two. I just do it on OpenC and I'm eating a bigger fee. So, I'm not looking at this as, oh, I paid

[15:41] this much in fees. I'm looking at it as, oh, I made a profitable trade. I bought AVAC at 22. I sold it at 30. That's a profitable trade. Did I make less money than I could have? Yes. But I am also farming for an airdrop. I am farming for

[15:55] video. Like, I want to get to the maximum. I really want to get to the top level just to explore it, just to get there. That's how I'm looking at this. I am looking at it as I want to make profitable trades, not just wash trade.

[16:09] I think too many people are viewing this as how can I scheme my way to uh getting higher and higher in the chest upgrades when they should be just thinking how can I make profitable trades and as a result of trading I will upgrade my

[16:23] chest. Be a profitable trader first and then upgrade your chests second. Now, another thing to consider when you're doing swaps is yes, like I said, you're paying that uh 0.85% when you do a swap. However, if you are doing a crosschain

[16:38] swap, there is an extra fee here because you are paying the provider fee, which this is going to vary based on what chain you're going to. So, here it's 21%. I've seen it 085% before. So,

[16:51] you're paying 2x the fees just to go crosschain. Now, this is super volume doing it. Especially when I'm using stables. What I just do if like let's say I have stables on AVAC and I want to buy a coin on base, I send those

[17:05] stables to a centralized exchange and I just withdraw them in the base chain and I avoid, you know, 0.85 of fees. Yes, I'm getting less volume, but whatever. I can just do something else, right? I don't have to get that volume and eat

[17:17] those extra fees because it's going to be a lot of money. If I'm doing millions be a lot of money. If I'm doing millions in transactions in volume, that's 8,500 if I just do a million dollars of swaps, right? It adds up. So, I want to try to

[17:29] get the lowest fees as possible and not just eat crazy amount of fees. So, crosschain, I'm avoiding it. But just swapping, I'm doing it, but again, on tokens I want to trade. Now, the other thing I keep getting asked is when C, I

[17:42] have no idea. Okay, I have no alpha on this. I promise you, I do not know. I know it's not tomorrow based on this campaign, but I don't know if it's in 29 days from right now or in 2077. Okay, I have no idea. What we do know is this

[17:57] campaign ends in 28 days by the time you're watching this. We know that we are getting TGE details in early October, which this was released in Adam's most recent article. And during a Q&A yesterday, Adam said when somebody

[18:12] reward campaigns and all that," he said there will be more than one season of there will be more than one season of this final pre-TGE phase. So, you know, future ones are going to be a month. They've already said the dates can

[18:26] range, but it seems like it's going to be potentially two months at minimum. So, we would get the C token mid November. Again, pure speculation. I have no alpha, but it seems like we might have two months of this campaign,

[18:39] but at best, we won't get it until October 15th. That's the earliest tweet, it does seem like there's going to be two campaigns before they do it. they're going to continue doing even after TGE. So, if you're trading on

[18:53] OpenC, you're just going to keep qualifying for bonus rewards, which is really cool. Like, imagine you're just trading for fun or cuz you want something and you randomly win a Pudgy Penguin or a Moonbird. That's awesome.

[19:05] end of today's video. Hopefully, I covered all of your questions. If I didn't ask in the comment section down below, I will answer everyone. Even if you ask me in 6 months from now, okay, I will answer you. Uh there's a lot of

[19:18] bots down there, so I got to filter them out. I try to actively delete them, but it's really, really annoying. Uh so, please excuse that. If you enjoy this thumbs up, hit the subscribe button while you're down there, and that

[19:31] notification bell. Thank you for watching another CryptoGorilla video. Peace. [Music]