OpenSea is now one of the top markets for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right 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, take a look at this channel’s review. They will guide users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like to read, let’s go through what it is prior to we examine its 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 the article for a more comprehensive review.
What is OpenSea? Automated Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy, 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 founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete, your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets or other characters that can be sold or collected. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. In the present you can create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. One popular example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to charge the price for the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% cost affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards to pay or transfer funds. Automated Nft
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain or coding. Automated Nft
They also offer a range of digital currency, which makes their platform one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Automated Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Go to their 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 have to do is create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, your browsers should work 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 team?
Yes they have a customer support team you can contact through the contact page. Go to the official site and search on the page for “Submit a request.”
Can you mint 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 the items, post them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change at regular intervals.