OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can give you 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 the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s look over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? The Process Of Making And Designing Nft
OpenSea offers a market that deals in 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 available NFTs are not restricted to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to buy. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, virtual pets, and other characters that can be sold or collected. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
Sports
The digital objects associated with sports are also available, like animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects and even virtual land. A popular instance could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller will be the one to charge the cost that is the NFT. As the name implies it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay or make a deposit. The Process Of Making And Designing Nft
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. The Process Of Making And Designing Nft
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Cons
Although it is decentralized and offers one of the largest NFT selections, it still has some 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.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ The Process Of Making And Designing Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have 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 do have a support team you can reach via their contact form. Just go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via their contact form. Just go to the official site 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 the item to your collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they fluctuate from time to time.
