OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking 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 been for a long time the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like the written word, look over what it is before we examine its costs and the benefits it offers.
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.
What is OpenSea? Best Nft Coins
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the 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. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Because they’re an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your account. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT was invented. In the present it is possible to do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR environments and components can be purchased. You can purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects or even virtual lands. One popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered 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 easy. All you have to do is list them on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. They are:
The seller will be the one to charge the cost of the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee reasonable.
However, you must understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers get up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay for or make a deposit. Best Nft Coins
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Best Nft Coins
They also provide a variety of digital currency, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Although it’s decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Best Nft Coins
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they do have a support team you can contact through its contact forms. Visit their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, therefore they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Go to the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate every now and then.