OpenSea is now one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is lengthy. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How To Mint Nft Art
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of 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 which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their browser to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. In the present you can do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. One popular instance is Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples are 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 anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one to charge the price for the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set high prices. With time, the value decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller puts up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost reasonable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued 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 expect it to be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or transfer funds. How To Mint Nft Art
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can 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 can be decentralized which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. How To Mint Nft Art
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform charges are also a good method to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ How To Mint Nft Art
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by 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, therefore they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through the contact page. Go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they fluctuate from time to time.