OpenSea has become one of the top marketplaces for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at videos instead, check out the channel’s review. They will guide users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, look over the basics before we go over the 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? What Can I Sell As An Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency 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 a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to find NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters and 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 collect avatars, digital pets and other characters that can be traded or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT was invented. In the present, you can also do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game objects and the VR environment virtual objects, characters and even virtual land. A well-known instance could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains 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 simple. All you have to do is to list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. The choices are:
The seller is the one who will be charged the cost that is the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit and debit card to make payments for or deposit. What Can I Sell As An Nft
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can 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 of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. What Can I Sell As An Nft
They also offer several types of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
While it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ What Can I Sell As An Nft
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach via their contact form. Go to the official site and search for “Submit a request.”
Can you make 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. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Go to their website, and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they constantly change every now and then.