OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to watch a video instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Cost To Mint Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to find NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or acquired. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. Today you can make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected like animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters or even virtual worlds. A popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to make sure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee affordable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or make a deposit. Cost To Mint Nft
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Cost To Mint Nft
They also offer a range of digital currency, making it one of the most popular NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is decentralized and offers one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Cost To Mint Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via their contact form. Visit their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Visit the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, which means they change from time to time.