OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look over what it is before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? 4 Foot Nft Channel
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even the older technologies.
For NFTs, you can gather avatars, virtual pets, and other characters that can be traded or collected. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. Today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters and even virtual land. A popular illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the price of the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% cost affordable.
However, you must know that certain 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 commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or make a deposit. 4 Foot Nft Channel
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. 4 Foot Nft Channel
They also offer several types of digital asset, making their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
While it is open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ 4 Foot Nft Channel
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via their contact form. Visit the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges 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 through the marketplace, so they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via its contact forms. Just go to the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, so they constantly change every now and then.