OpenSea has become one of the top markets for NFTs. It’s also the first one to launch a platform like this over the years. It’s 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 their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch a video instead, check out the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you like the written word, look through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? 3Lau Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. As of today, you can also do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect 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 spaces and elements can now also be bought. You can purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller will be the one to pay the cost of 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 in time. Sellers usually set very expensive prices. As time passes, the price will decrease until it is 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 will list the minimum price. This is different from the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or deposit. 3Lau Nft
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. 3Lau Nft
They also provide a variety of digital currency, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it is decentralized and offers one of the largest NFT selections, it still has 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 create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds unusual, 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. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ 3Lau Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via the contact page. Just go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they change at regular intervals.