OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is a long read. If you prefer to watch a video instead, take a look at the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like reading, we’ll go over what it is 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? 2021 Nft Draft Tickets
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their browser to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even 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 and digital pet, or other characters that can be traded or acquired. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. As of today you can do the same with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters, or even virtual worlds. A well-known example could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible after your NFT bid is 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.
You also need to know that certain NFTs earn extra commissions. For example, game developers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay or deposit. 2021 Nft Draft Tickets
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. 2021 Nft Draft Tickets
They also provide a variety of digital asset, which makes it one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it is decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ 2021 Nft Draft Tickets
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via their contact form. Go to the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Just go to their website, and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they constantly change at regular intervals.