OpenSea has become one of the leading marketplaces for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s look through what it is prior to we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? 69 Million Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to look for NFTs you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a examine each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even older technology.
For NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or acquired. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT was invented. Today you can make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as 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 selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. These are:
The seller is the one to pay the cost that is the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid 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 in one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge 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% cost affordable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers are paid up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or deposit. 69 Million Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. 69 Million Nft
They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides 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 the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ 69 Million Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Go to the official site and search for “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 then add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, so they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach through its contact forms. Visit their official website and search at “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 then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.