OpenSea has become one of the leading platforms for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer the written word, look over what it is before we examine its costs and what it has to offer.
Before you go on, 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 the article for a more comprehensive review.
What is OpenSea? 3/4 Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their browser to find NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
In the case of NFTs, you can gather avatars, digital pets, and other characters that can be traded or collected. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT became a reality. In the present you can make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price drops over time. In 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.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy 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 per cent cost reasonable.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to 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 cost of the process will vary 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 certain NFTs earn additional commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards for payment for or transfer funds. 3/4 Nft
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they 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 when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. 3/4 Nft
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Although it’s decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is 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 financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ 3/4 Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team can be reached via their contact form. Go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, therefore they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through the contact page. Go to their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they fluctuate from time to time.