OpenSea is now one of the leading platforms for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can give you the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at a video instead, take a look at the review of this channel. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Create An Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, or older technology.
As for NFTs, you can collect avatars, digital pets, and other characters that can be sold or taken home. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. Today, you can also do the same with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual lands. A popular illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% cost affordable.
However, you must understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit and debit card to make payments for or deposit. Create An Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Create An Nft
They also provide a variety of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
While it is decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Create An Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via their contact form. Visit the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, so they constantly change at regular intervals.