OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you prefer to watch videos instead, take a look at this channel’s review. They will guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like reading, we’ll go over what it is before we look into its fees 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. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Make And Sell Nft
OpenSea provides a platform that deals in non-fungible tokens, 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 established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to find NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars, virtual pets or any other characters that could be sold or acquired. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. As of today it is possible to create digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components can be purchased. You can purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual lands. One popular illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in 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 and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select among five selling options. They are:
The seller will be the one to pay the cost of the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost reasonable.
But, it is important to understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market, but 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 instance, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards to pay or transfer funds. How To Make And Sell Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they are able to 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 safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. How To Make And Sell Nft
They also offer several types of digital assets, making them one of the most popular NFT marketplaces. The low platform costs are also a great method to earn more income.
While it is open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ How To Make And Sell Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, therefore they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Go to their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.