OpenSea has become one of the leading marketplaces for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? 4.25M I Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created 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 collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection 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.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even old technology.
For NFTs, you can collect avatars, digital pets, or any other characters that could be sold or acquired. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. In the present, you can also do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
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, such as animated team logos.
VR environments and components can be purchased. You can buy these metaverses and other things like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. One popular example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
The seller is the one who will be charged the cost of the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards to pay or make a deposit. 4.25M I Nft
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. 4.25M I Nft
They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ 4.25M I Nft
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Just go to their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by 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 by the market, which means they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate at regular intervals.