OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind throughout 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 an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is lengthy. If you’d rather take a look at videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer the written word, look over the basics before we look into its fees 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea How To Make Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported 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 simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even older technology.
For NFTs, you can gather avatars, virtual pets or other characters that can be traded or collected. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT came to be. Today, you can also create digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports can also be collected like animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses or other things such as game items as well as the VR environment virtual objects, characters and even virtual land. A well-known illustration is 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 are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 in the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller will be the one to pay the price that is the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees 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%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments or transfer funds. OpenSea How To Make Nft
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. OpenSea How To Make Nft
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it is decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea How To Make Nft
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through its contact forms. Just go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling 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 costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they fluctuate every now and then.
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. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need 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, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they constantly change from time to time.