OpenSea is now one of the most popular marketplaces for NFTs. It was the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d prefer to watch videos instead, you can check out this channel’s review. They will guide the user through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like reading, we’ll look over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? 8 Nft By 8 Ft By 8 Inches Thick Cement Slab
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, 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 collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT became a reality. Today it is possible to make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards such as those from Sorare and BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual lands. One popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. 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 options for selling?
Selling on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller is the one to charge the cost of the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost affordable.
However, you have to be aware that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers get up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments for or make a deposit. 8 Nft By 8 Ft By 8 Inches Thick Cement Slab
The NFTs can only be purchased or traded when your cryptocurrency is accepted 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 disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. 8 Nft By 8 Ft By 8 Inches Thick Cement Slab
They also offer several types of digital currency, which makes it one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ 8 Nft By 8 Ft By 8 Inches Thick Cement Slab
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via the contact page. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they constantly change every now and then.