OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather take a look at videos instead, check out the channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer to read, let’s go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Big Time Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to buy. 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 purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, you can gather avatars, virtual pets and 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 is always one of the most well-known NFT, even before NFT came to be. Today, you can also do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, and even virtual land. One popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one to pay the cost of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set high prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or transfer funds. Big Time Nft
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that 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 of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Big Time Nft
They also offer several types of digital currency, making them one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Big Time Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via their contact form. Go to their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through their contact form. Visit their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they constantly change from time to time.