OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can help you get the leverage you need. 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 this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like the written word, go over what it is before we examine its costs and the benefits it offers.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? How To Make Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to 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 that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or old technology.
For NFTs, you can collect avatars, digital pets, or any other characters that could be traded or taken home. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. Today it is possible to create digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses and other things like game objects, the VR environment, characters, virtual objects and even virtual land. A well-known instance is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them in the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
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 from five options for selling. They are:
The seller will be the one to charge the price that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on 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 cost of the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers receive as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, and debit card to make payments for or make a deposit. How To Make Nft
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. How To Make Nft
They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is decentralized and has one of the most diverse NFT selections, it still has some 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.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ How To Make Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via the contact page. Visit their official website 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 then add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, therefore they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through their contact form. Just go to their website, and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also 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 offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.