OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you prefer to watch a video instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer the written word, look through what it is prior to we go over the 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How To Create And Sell Nft Art
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
If the transaction is complete your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, digital pets or other characters that can be sold or taken home. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. As of today you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game elements and the VR environment virtual objects, characters, and even virtual land. One popular illustration could be Axie Infinity.
As absurd 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 are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction, 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 fee for gas.
You can currently select from five options for selling. The choices are:
The seller will be the one to charge the cost for the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment 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 within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only have 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 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards to pay for or transfer funds. How To Create And Sell Nft Art
The NFTs can 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 can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about coding or blockchain. How To Create And Sell Nft Art
They also offer a range of digital currency, making it one of the most popular NFT marketplaces. Low platform charges are also a good method to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range 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 privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ How To Create And Sell Nft Art
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Go to their website, and search for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
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. The price is determined through the marketplace, therefore they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also 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 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 regular fees. The price is determined in accordance with the current market conditions, which means they constantly change every now and then.