OpenSea has grown to become one of the top markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is lengthy. If you’d prefer to watch videos instead, check out the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll go over the basics before we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? B Real Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by 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 very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or taken home. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. As of today, you can also make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual lands. One popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list them in the marketplace. You only have to make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. 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 lists a minimum price. This is different from auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
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 cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or deposit. B Real Nft
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. B Real Nft
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it’s open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ B Real Nft
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via its contact forms. Visit the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through the contact page. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges 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 prices are driven by the market, therefore they fluctuate at regular intervals.