OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, go through what it is prior to we go over the 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Are Nft A Good Investment
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at 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, beatsand vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars, digital pets, or other characters that can be sold or acquired. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. As of today it is possible to create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, and even virtual land. One popular instance could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller, 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 pay the cost for the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up 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 can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to be aware 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 from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers get up to 15% as commissions for the items 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 your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards for payment or deposit. Are Nft A Good Investment
The NFTs can be purchased or sold only if the cryptocurrency you’re using 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 examine the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Are Nft A Good Investment
They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Are Nft A Good Investment
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. 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 start.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via the contact page. Visit their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through their contact form. Just go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they constantly change at regular intervals.