OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d prefer to take a look at videos instead, check out this channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How To Make An Nft Crypto
OpenSea is a marketplace for non-fungible currency, also known 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, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars and digital pet or other characters that can be sold or taken home. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. In the present it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also 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 environments and components can be purchased. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A popular illustration could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. These are:
The seller is the one to pay the price that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers generally set high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs within 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 common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more as commissions on the products 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, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay or make a deposit. How To Make An Nft Crypto
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly 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 To Make An Nft Crypto
They also provide a variety of digital assets, making it one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
While it is decentralized and offers one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ How To Make An Nft Crypto
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through their contact form. Go to their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them 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. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via the contact page. Just go to the official site and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, so they change at regular intervals.