OpenSea has become one of the most popular marketplaces for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can provide 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 the right choice for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? How To Make And Sell Nft Art
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 in 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, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority 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 so that users are able to interact with buyers without having to risk their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. Furthermore, you’re not required to make your 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 find NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today you can make the same thing with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. One popular illustration could be 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 now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by 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. You only have to ensure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller is the one to charge the price that is the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers get as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or make a deposit. How To Make And Sell Nft Art
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. How To Make And Sell Nft Art
They also offer several types of digital asset, making them one of the biggest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ How To Make And Sell Nft Art
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers must work 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 staff?
Yes, they have a support team that you can reach via the contact page. Go to the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, so they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through the contact page. Go to their website, and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees 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 through the marketplace, therefore they constantly change every now and then.