OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Minty Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their browser to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars, digital pets and other characters that can be sold or acquired. The rarer 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. In the present it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. One popular instance could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. You only have to make sure your account is linked. Once you’ve added the price and auction type then you’re all set.
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. These are:
The seller is the one who will be charged the price of the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes 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.
The seller will put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged 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 getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers get 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. That also means you cannot use PayPal, credit, or debit cards for payment or deposit. Minty Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. Minty Nft
They also provide a variety of digital asset, making their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.
Although it’s open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Minty Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Just go to their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell 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 charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Visit their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they constantly change from time to time.