OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to take a look at videos instead, you can check out the review of this channel. They will guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before we examine its costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? How To Sell Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the 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, and even old technology.
As for NFTs, you can gather avatars and digital pet or other characters that can be traded or acquired. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. Today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual lands. A popular instance can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be 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 options for selling?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller is the one who will be charged the cost of the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards for payment or deposit. How To Sell Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. How To Sell Nft
They also offer several types of digital currency, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
While it is open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ How To Sell Nft
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via its contact forms. Go to the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via the contact page. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, therefore they change from time to time.