NFTs are all the rage, and they have been for the better part of 2021. They’re a novel investment vehicle, and they have the potential to blow up in value almost overnight.
However, NFTs are still a mystery to most people.
What are they? How are they created? Can anyone create them, and how are they sold and stored? How can I mint them? And where can I sell them if I manage to create one?
One of the best answers to all those questions is OpenSea, an open marketplace that allows creating, listing, selling, and exchanging non-fungible tokens.
This guide will detail some of the features of OpenSea, why you may want to open an account there, and how to use it. Plus, we’ll talk a bit about NFTs and how they work.
Can anyone use Opensea?
The basic requirements are a supported web3 wallet and some Ethereum (ETH) or Wrapped Ethereum (WETH). Given that cryptocurrency wallets are also open software applications and physical devices that anyone can use, by extension, OpenSea is also open to anyone who can use any of the vast supported web3 wallets.
The most common web3 wallet for OpenSea is Metamask, created and maintained by the Ethereum development studio, ConsenSys. The wallet exists as a web app but recently was launched on popular mobile platforms Android and iOS.
To use OpenSea, users need to connect their wallet to the platform using the connection button on OpenSea’s home page. Once the connection is successful, you can customize your profile through the Settings page and include a unique username, personalized bio, email address, links to social profiles, and personal or brand images.
OpenSea is an Ethereum-based all-you-can-eat buffet for NFTs . It supports a variety of non-fungible tokens, including:
- Digital art;
- Decentralized domain names;
- Trading cards;
- Sports moments;
- Virtual worlds;
- Video game merchandise, etc
Basically, almost every NFT can be created, bought, and sold on OpenSea. So as you can see, OpenSea is really an open sea for all-things NFTs, and anyone can join.
Learn more: Can Opensea Use Solana?
What is minting?
Minting is the process of creating a non-fungible token, and it involves writing information about your asset into the blockchain. You could use an open platform such as OpenSea to mint your tokens of any other privately operated and maintained platform if you are permitted.
Technically, the NFT creator will perform a transaction on their preferred blockchain to add data about the asset on an immutable ledger. It’s worth paying attention to the fact that NFTs are just records about a particular asset but not the asset itself. It is more like a title to a property or vehicle but not the property itself.
Is minting free on OpenSea?
Yes, you can create, store, and list an NFT on OpenSea for free. OpenSea only provides you a means to record information about your asset to the blockchain. Any fees you incur are paid as gas fees to transaction validators, also called miners.
You must pay the gas fees, or your transaction will not be processed. That’s why you need to have enough ETH stored in your wallet before you start minting because if you try creating a non-fungible token and the gas fees paid are too low, your transaction will stall or fail entirely.
Does listing on OpenSea cost gas?
OpenSea does not charge any listing fees. Listing entails putting your non-fungible asset up for sale on the marketplace. You could have an NFT in your wallet, but it won’t be visible to other marketplace participants until you list it.
Can any picture be an NFT?
Any picture can be converted into a non-fungible token by recording information about it to any blockchain that supports smart contracts such as Ethereum, Polygon, Binance Smart Chain (BSC), or Zilliqa.
Can you sell your photos as NFT?
You can sell any photo as an NFT as long as you have the legal rights to do so. Copyright issues have become a significant concern, especially on open NFT marketplaces such as OpenSea, where creators are minting NFTs of images to which they do not hold the rights.
What qualifies as an NFT?
A non-fungible token is a record of a unique asset existing on a public blockchain.
Really, anything of value can be tokenized and its descriptive data stored on a decentralized network. This includes images, photos, physical and digital art, audio and video files, virtual gaming merchandise, decentralized domain names, and virtual property.
What’s the difference between NFT and crypto? Learn more in our guide.
Can a website be an NFT?
Technically, yes, a website can be an NFT. However, it is impractical to convert a website into a non-fungible token since it comprises multiple pages. A more practical thing to do is tokenize a domain name, and most have been created as NFT existing on Ethereum and Zilliqa networks.
How to make money on OpenSea?
There are two ways to make money on OpenSea:
- As a creator.
- As a trader.
As a creator, you can mint a valuable NFT and sell it to other OpenSea users, and you can repeat this process multiple times to make decent money.
If you aren’t a creator, you can opt to buy and sell (flip) NFTs for a profit. You can trade by buying a piece of art at a low price and selling it later at a higher price.
OpenSea is a leading NFT marketplace for several reasons; it’s relatively intuitive to use for most crypto beginners. If not, there are several resources to help you with your journey. Additionally, it has a lot of non-fungible tokens. There’s every kind of NFT there, meaning the platform caters to most investors. It’s also cheap to use compared to other premium platforms.
Hopefully, you have learned something about NFTs and the popular OpenSea marketplace from our brief guide. We have several other guides here at Coinwut. Click through the links or search for any other topic of interest to read more.