OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review – OpenSea has been for a long time the most popular 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 a long read. If you’d prefer to take a look at a video instead, check out the channel’s review. They will guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer to read, let’s 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 check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? How To Make Nft Digital Art
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your account. Furthermore, you’re not required 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 prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at 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 of beats, remixes, 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 were popular, a few individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can collect avatars, virtual pets or other characters that can be sold or acquired. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. As of today you can make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses and other things like game objects, the VR environment, characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to charge the price for the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost competitive.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or make a deposit. How To Make Nft Digital Art
The NFTs can be bought or sold if your cryptocurrency 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 advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain or coding. How To Make Nft Digital Art
They also offer several types of digital currency, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it is open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ How To Make Nft Digital Art
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via the contact page. Just go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then 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 could also look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change from time to time.