OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to watch videos instead, check out this channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer the written word, look over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? How To Create Nft Token
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even older technology.
For NFTs, you can collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT was invented. As of today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one who will be charged the price that is the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to 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 payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or make a deposit. How To Create Nft Token
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about coding or blockchain. How To Create Nft Token
They also offer a range of digital currency, making them one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
While it is open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ How To Create Nft Token
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, which means they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through their contact form. Just go to their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.