OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features to ensure 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 watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Does Nft Have To Be Digital
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or the older technologies.
For NFTs, you can gather avatars and digital pet, or any other characters that could be sold or collected. The more rare they are, the greater value they possess. 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 came to be. Today it is possible to make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected, for example, animated team logos.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. One popular illustration could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be 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 options for selling?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one to pay the cost that is the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.
English Auction
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold on the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces 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 paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you must understand that some NFTs have higher transaction fees 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%.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers are paid 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 own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or transfer funds. Does Nft Have To Be Digital
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Does Nft Have To Be Digital
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
Cons
While it is open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Does Nft Have To Be Digital
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Just go to their official website and search for “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 then add it to the collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, which means they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through the contact page. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they constantly change from time to time.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQs
Does the NFT have to be digital? ›
NFTs are also called non-fungible tokens, and they are blockchain-held tokens that represent a unique asset – whether physical or digital. NFTs are secured on cryptocurrency blockchains, trading using Ethereum, Solana, Wax and other tokens.
Does my NFT have to be original? ›But remember, when you mint an NFT, it must be your original work. Therefore, you should never mint a public domain piece (unless you're using only some parts of it). Also note that, even if a piece enters the public domain, some photographs of the piece may not be in the public domain if they were taken later.
Can a NFT be updated? ›NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles, even real estate. Ownership of an asset is secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence. NFT stands for non-fungible token.
Can NFT change over time? ›But did you know that NFTs don't have to be static, but can also change over time? Meet the dynamic NFTs and prepare to be mindblown. In this article, we'll guide you through the exciting world of non-fungible tokens and how the industry's future is shifting with these evolved tokens. Let's dive in!
Can NFTs be copied? ›Non-fungible tokens (NFTs) are a new kind of digital asset that are unique and cannot be replicated, or copied. They are often used to represent digital collectibles, such as artwork or game items. While it might seem like it would be easy to copy NFTs, this is not actually possible.
How do you know if an NFT will go up? ›The Price Performance of the Seller's Other NFTs
If you want to confirm whether your chosen NFT is a good investment and will reach a higher value, it's always a good idea to check the seller's account. Here, you can take a look at their previous sales and find out what price their pieces are selling for.
NFTs (non-fungible tokens) are one-of-a-kind digital assets. Given they're digital in nature, can physical works of art be turned into NFTs? The short answer is that yes, physical artworks can be minted and sold online as NFTs.
Why is my NFT not selling? ›Lack of Hodlers. Another reason that items in NFT collections fail to sell is a lack of collectors wanting to hodl their investment. Some of the hottest collections out there suffer from flippers looking to buy low and sell for a modest or even high profit.
Can I make an NFT of someone else's art? ›Thus, a copyright owner has exclusive rights to make an NFT based on an original piece of artwork because “creation of an NFT can be categorized as a copy or even a derivative of the original work.”
How do I update my NFT? ›If you wish to change, upgrade or degrade your NFT, all you have to do is retract the original NFT from the smart contract with the help of your receipt NFT and add a new one! Since all the NFTs are built on existing standards, they can be traded in the secondary market.
Can NFT data be modified? ›
The answer is that while it is feasible to update the metadata of an NFT after it has been minted, doing so can be a difficult and time-consuming procedure. To make changes to an NFT metadata, you will need a thorough understanding of the blockchain technology.
Can an NFT image change? ›Unfortunately, the answer is a partial no. Once a token has been issued, it is permanent and cannot be edited but its metadata can certainly be edited. However, there are still a few things you can do to ensure that your NFTs represent your work in the best possible way.
Are NFTs permanent? ›Non-fungible tokens, or NFTs, are unique digital assets that exist as a permanent record on blockchain.
Can you change an NFT after its minted? ›Looking to edit your NFT and its properties after you've created it? It's easy - if you minted your item on OpenSea, you can simply click on the Edit button on your NFT. As a note, you won't be able to edit an NFT after it's been sold. Let's learn more!
What does mutable mean NFT? ›Meanwhile, users need to know about whether this NFT is immutable or mutable, immutable means that the NFT's metadata is not editable and being stored in decentralized file storage, while mutable is the opposite. In other words, mutable means that the jpg or gif of the NFTs could be changed anytime.
How many copies of an NFT should I make? ›Most platforms allow you to create an unlimited number of NFTs. However, you should think through how many editions of the same NFT you want to issue: 1-of-1. You only issue one copy of the NFT, which makes it more valuable.
What prevents an NFT from being copied? ›Non-Fungible Tokens are usually purchased due to the digital content that they contain, however, the true value is the tokenization and the content is just a part of that. This means that although the digital content can be replicated or sold in large quantities, every NFT is unique and therefore cannot be duplicated.
What makes a good NFT? ›NFTs should create utility for owners, and unlockable content can be part of that. We recommend including digital experiences that can persist between ownership. It's also important to think about your secondary market.
How long should I hold my NFT? ›Collectible and Artwork NFTs
Blockchain technology complements these because once a creator records the NFT information it is immutable, and will remain that way as long as the blockchain network exists. That said, these NFTs can typically last for decades in your wallet or circulating the market.
Taking a picture of the Mona Lisa at the Louvre is not exactly the same as owning a piece from Leonardo da Vinci. The same concept can be applied to NFTs for digital artwork. By taking a screenshot of an NFT, does not make you the rightful owner of the artwork.
What makes NFT prices go up? ›
But most of all, what really drives up an NFTs value is the importance of its associated asset. The more intensity that surrounds the corresponding asset or its distinct property, the higher the chances a seller has for trading their NFT at a higher price.
How does an NFT differ from other types of digital assets? ›Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency.
How do you create an NFT? ›- Step 1: Figure Out What You Want to Create. NFTs are typically tied to a piece of digital art. ...
- Step 2: Choose a Blockchain. ...
- Step 3: Set Up an NFT Wallet. ...
- Step 4: Choose an NFT Platform. ...
- Step 5: Create the NFT. ...
- Step 6: List the NFT For Sale.
An NFT, or non-fungible token, essentially allows its buyer to say they own the original copy of a digital file. Many or all of the products featured here are from our partners who compensate us.
What do you actually get when you buy an NFT? ›Buying an NFT gives you only a tokenized representation of the work that cannot be fabricated because of the unique security properties of blockchains.
Are NFT the future of art and collectibles? ›At times criticised as an over-hyped digital status symbol for the crypto rich, NFTs are changing how art is bought and sold and giving digital artists the ability to monetise and authenticate their work. The technology could become more significant with the development of the metaverse and other Web3 spaces.
What type of digital asset is NFT? ›A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. NFTs use the same blockchain technology that powers cryptocurrencies, but they're not a currency.
What is the most expensive NFT? ›Beeple, Human One: $28.9 million (4700 ETH)
Why it's valuable: HUMAN ONE is an NFT like no other. As the first-ever physical piece from the acclaimed artist, both the NFT and the electronic sculpture went up to auction as a single lot.
There is no need to code anything to generate NFT. All you need to do is use the no code NFT collection generator.
What software do NFT artists use? ›Adobe Photoshop - best NFT creator software for professionals ↗ Another incredible application from Adobe is “Adobe Photoshop” which can also be used as a graphics application to produce high-quality artwork and graphics. You can create NFTs in Adobe Photoshop if you are comfortable with it.
How much does it cost to mint 10000 NFT? ›
Cost to mint NFTs on Solana
Solana is one of the blockchains that can cater to the creation of 10,000 NFTs. While the platform previously charged only 0.21 cents per NFT, its current fee to mint a single NFT stands at $2.16. At this rate, the cost of minting 10,000 NFT will be over $21,000.
Taking a picture of the Mona Lisa at the Louvre is not exactly the same as owning a piece from Leonardo da Vinci. The same concept can be applied to NFTs for digital artwork. By taking a screenshot of an NFT, does not make you the rightful owner of the artwork.
Does owning an NFT give you copyright? ›Some NFTs create copyright trouble by using artworks stolen from artists, or famous works that the NFT creators have no connection with and no license to use from. Copying these works as part of the NFT marketing (e.g. for OpenSea listings) can itself be copyright infringement.
Is buying an NFT worth it? ›If you identify an asset that appeals to you and you have the funding, then maybe you should buy it. If the ownership of the asset happens to be tokenized, then you can likely enjoy the additional benefits associated with NFTs. But make sure to also understand the risks of NFT investing too.
Why is my NFT not selling? ›Lack of Hodlers. Another reason that items in NFT collections fail to sell is a lack of collectors wanting to hodl their investment. Some of the hottest collections out there suffer from flippers looking to buy low and sell for a modest or even high profit.
Where does my NFT go after I buy it? ›After an NFT is purchased it can be stored in a software (or digital) wallet like MetaMask, on InterPlanetary File Systems, on hardware wallets, and fully on chain.
Where does my NFT go after I buy it on OpenSea? ›Simply go to the OpenSea Menu, then go to Account, Profile, and then make sure you are viewing the Collected tab. This is where you can find all your NFTs that you have collected on your specific wallet address. Note that your newly purchased NFT make take a moment to populate in your OpenSea account.