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 even more popular since celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to watch videos instead, take a look at the channel’s review. They will guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer reading, we’ll go over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? 4′ Nft Channel
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in the year 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 first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their browser to look for NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music may be one of 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 is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or old technology.
For NFTs, you can gather avatars, digital pets or other characters that can be traded or acquired. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. As of today it is possible to make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post them in the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller is the one to pay the cost that is the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost affordable.
However, you must know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers are paid up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit and debit card to make payments or deposit. 4′ Nft Channel
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported 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 of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. 4′ Nft Channel
They also offer several types of digital asset, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ 4′ Nft Channel
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via its contact forms. Go to the official site and search 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 add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees 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 periodic fees. The prices are driven by the market, which means they fluctuate at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through their contact form. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they constantly change every now and then.