OpenSea is now one of the top marketplaces 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 famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out the channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? How Much To Mint An Nft
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even older technology.
In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be traded or taken home. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT became a reality. Today, you can also do the same with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. One popular illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller will be the one who will be charged the cost of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will fall in time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you have to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or deposit. How Much To Mint An Nft
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in coding or blockchain. How Much To Mint An Nft
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ How Much To Mint An Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through the contact page. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Just go to their website, and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, which means they fluctuate every now and then.