OpenSea is now one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good 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 the right choice for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather take a look at a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer the written word, look through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft How To Create
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to open an 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 find NFTs you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even old technology.
For NFTs, you can collect avatars and digital pet or other characters that can be sold or collected. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. Today it is possible to create digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.
As absurd 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 to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
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 wallet is connected. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. They are:
The seller will be the one to pay the price that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers usually set very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost reasonable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards for payment or transfer funds. Nft How To Create
The NFTs are only able to be purchased or sold if your cryptocurrency 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 advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about blockchain or coding. Nft How To Create
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. Low platform costs are also a great method to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft How To Create
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Go to their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also go through 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 to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Go to their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, so they change at regular intervals.