OpenSea has become one of the leading markets for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is a long read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll go through what it is prior to we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Mintable Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded in the year 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 and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to users, not the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be traded or acquired. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. As of today, you can also do the same with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered 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.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers typically set up very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 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 is accepted. The cost of the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or make a deposit. Mintable 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 support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Mintable Nft
They also offer several types of digital asset, which makes them one of the biggest NFT marketplaces. Low platform costs are also a great method to make more money.
Although it’s decentralized and offers one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Mintable Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via their contact form. Just go to their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Just go to their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, so they change every now and then.