OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer the written word, look through what it is prior to we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Best Nft Tokens 2021
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art, game items, and 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 and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed the digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, or the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or taken home. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. Today, you can also make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters and even virtual land. A well-known illustration can be Axie Infinity.
As absurd as it may sound, 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 shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller will be the one who will be charged the price of the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee affordable.
However, you have to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will vary based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards for payment for or make a deposit. Best Nft Tokens 2021
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Best Nft Tokens 2021
They also provide a variety of digital currency, making it one of the largest NFT marketplaces. The low platform costs are also a great 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 payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Best Nft Tokens 2021
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Visit their official website and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Visit their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.