OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will help you get the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at a video instead, check out the channel’s review. They will guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go over the basics before we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? How To Build Vertical Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported 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 simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or collected. The rarer they are, the greater value they possess. Some also have variants 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 make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. One popular illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller will be the one to pay the cost of the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces 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 paid by the buyer. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or make a deposit. How To Build Vertical Nft
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in coding or blockchain. How To Build Vertical Nft
They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
While it is decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary 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 creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ How To Build Vertical Nft
What do I need 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 through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via their contact form. Go to the official site and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore 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 you can use. If you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through its contact forms. Go to their website, and look for “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 then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, so they constantly change every now and then.