OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will give you the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at videos instead, check out the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you like reading, we’ll go over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? Minting Nft Meaning
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT was invented. Today it is possible to do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller is the one to charge the price that is the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you have to understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment for or deposit. Minting Nft Meaning
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about blockchain or coding. Minting Nft Meaning
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. The low platform charges are also a good way for you to make more money.
Although it is open source and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Minting Nft Meaning
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via its contact forms. Just go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via the contact page. Go to their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, which means they fluctuate every now and then.