OpenSea has grown to become one of the top markets for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly 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, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is a long read. If you prefer to watch a video instead, you can check out the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is before we examine its costs and the benefits it offers.
Before you go on, 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.
What is OpenSea? How Much Does It Cost To Mint An Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. Today you can create digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Digital items related to sports can also be collected like animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual worlds. A well-known illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller is the one who will be charged the price for the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. How Much Does It Cost To Mint An Nft
The NFTs are only able to be purchased or traded 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 advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. How Much Does It Cost To Mint An Nft
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it’s decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ How Much Does It Cost To Mint An Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through their contact form. Go to their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, which means they constantly change at regular intervals.