OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at videos instead, check out the channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like the written word, go through what it is prior to we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Alex Atellah Linkedin OpenSea
OpenSea provides a platform for 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 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 among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your account. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to find NFTs you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, you can gather avatars, virtual pets or other characters that can be sold or taken home. The rarer they are the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. Today it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual lands. A well-known illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type 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 five options for selling. These are:
The seller is the one who will be charged the price that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or make a deposit. Alex Atellah Linkedin OpenSea
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Alex Atellah Linkedin OpenSea
They also provide a variety of digital assets, which makes them one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it is decentralized and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Alex Atellah Linkedin OpenSea
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Just go to their website, and look at “Submit a request.”
Do you have the ability to mint 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. When you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via the contact page. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they change from time to time.