OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, check out this channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Are Nfts Worth It
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your wallet. Furthermore, you’re not 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 look for NFTs you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even old technology.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be sold or acquired. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. In the present, you can also do the same with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. A popular instance is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains 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 simple. All you have to do is post your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. They are:
The seller will be the one to pay the price of the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells the auction to the highest 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 are looking to sell several NFTs in 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 normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost competitive.
However, you must understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The 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 depend on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or transfer funds. Are Nfts Worth It
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Are Nfts Worth It
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
While it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Are Nfts Worth It
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via its contact forms. Go to their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, which means they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through their contact form. Visit their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they fluctuate every now and then.