How To Sell An Nft

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OpenSea has become one of the top platforms for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.

It’s becoming more popular because celebrities and celebrities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re planning to invest through NFTs beginning with an established marketplace will help you get the leverage you require. This is the reason we created this review. OpenSea has always been the top 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 an extensive read. If you’d prefer to watch a video instead, you can check out the review of this channel. They’ll walk users through OpenSea and its functions so that you understand everything before you dive into NFT trading.

If you like reading, we’ll go through what it is prior to we go over the costs and what it has to offer.

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Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? How To Sell An Nft

OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.

The available NFTs are not restricted to art, music games, or game products, as well as domain names.

It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.

What is the process behind OpenSea operate?

If you’ve ever been buying or selling with cryptocurrencies 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 are an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.

This means that unless the transaction is successful, your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.

In the event that you’re buying, you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.

How To Sell An Nft

> > Click Here to Explore OpenSea’s Marketplace < <

What kinds of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.

Music

Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.

Collectibles

Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or the older technologies.

As for NFTs, you can gather avatars and digital pet and other characters that can be sold or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT since before NFT came to be. In the present you can make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.

Sports

The digital objects associated with sports are also available, for example, animated logos of teams.

Virtual Worlds

VR space and other elements can now also be bought. You can purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects or even virtual lands. A popular example can be Axie Infinity.

Utility

As absurd as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be classified 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.

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> > Click Here to Explore OpenSea’s Marketplace < <

What are the selling options?

Selling on OpenSea is easy. All you need to do is to list them in the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and the 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 fee for gas.

Currently, you can choose among five selling options. These are:

Fixed Price

The seller will be the one to pay the cost of the NFT. Like the name suggests it is not subject to change.

Dutch Auction

In the Dutch Auction, the seller determines a price that will fall in time. Sellers generally set high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.

English Auction

The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.

OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.

NFT Creation

You can also create your own NFTs through the platform. Then you can sell them in the marketplace.

Bundles

If you want to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.

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> > Click Here to Explore OpenSea’s Marketplace < <

Are there any fees?

It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.

With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.

However, you must know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.

Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.

Also, you should know that some NFTs charge additional commissions. For instance, game developers are paid up to 15% commissions for items they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies 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 Sell An Nft

The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.

Blockchains Supported by OpenSea

Wallets Supported by OpenSea

  • Portis
  • Fortmatic/Magic
  • MetaMask
  • Arkane
  • Coinbase
  • WalletLink
  • TrustWallet
  • Dapper
  • Torus
  • Authereum
  • OperaTouch
  • Bitski
  • WalletConnect
  • Kaikas

What are the pros and cons?

Let’s look at the advantages and drawbacks when using OpenSea.

Pros

OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. How To Sell An Nft

They also offer several types of digital currency, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.

Cons

While it is decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.

It is also necessary to create your crypto wallet to either sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.

OpenSea’s ecosystem allows its users to transact without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.

All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.

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> > Click Here to Explore OpenSea’s Marketplace < <

FAQ How To Sell An Nft

What do I need to know so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser users can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.

Does OpenSea have a support team?

Yes, they have a support team that can be reached via their contact form. Visit their website, and search for “Submit a request.”

Can you mint at OpenSea?

You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.

What are gas fees?

The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, therefore they constantly change from time to time.

What are the requirements I must meet before I can make use of OpenSea?

OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to get started.

Does OpenSea has a support team?

Yes, they have a support team that you can reach via their contact form. Just go to their website, and search for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.

What are the costs for gas?

Gas fees are transaction fees that are charged by Etherium. The gas fee is 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 constantly change every now and then.

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> > Click Here to Explore OpenSea’s Marketplace < <

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