OpenSea is now one of the leading markets for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced 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 interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? How To Create An Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they’re an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful the 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.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or old technology.
For NFTs, you can collect avatars, digital pets, and other characters that can be sold or acquired. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT was invented. Today it is possible to make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare as well as BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual lands. One popular instance is Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the price for the NFT. As the name implies it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you are looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards to pay or make a deposit. How To Create An Nft
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they 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 benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. How To Create An Nft
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Cons
Although it’s decentralized and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ How To Create An Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via their contact form. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to make money 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. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, therefore they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through the contact page. Visit their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they change at regular intervals.
