OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d prefer to take a look at videos instead, check out the review of this channel. They’ll guide users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before we go over the costs and the benefits it offers.
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 our article for a more comprehensive review of OpenSea.
What is OpenSea? How Do You Create An Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
For NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT, even before NFT came to be. Today you can make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment characters, virtual objects and even virtual land. A well-known illustration could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller will be the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. They can be sold in the marketplace.
Bundles
If you want to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit and debit card to make payments or deposit. How Do You Create An Nft
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. How Do You Create An Nft
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The low platform charges are also a good method to earn more income.
Cons
Although it’s decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ How Do You Create An Nft
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via their contact form. Go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. 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 from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Just go to their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.
