OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to watch a video instead, check out the review of this channel. They will guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s look over what it is before we examine its costs and the benefits it offers.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? How Do You Make An Nft
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, you can gather avatars, digital pets and other characters that can be sold or taken home. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. As of today you can do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects and even virtual land. One popular instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent cost affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments for or make a deposit. How Do You Make An Nft
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that 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 of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. How Do You Make An Nft
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
While it is decentralized and offers one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ How Do You Make An Nft
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via their contact form. Just go to the official site 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 add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, therefore they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Just go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they constantly change from time to time.