OpenSea has 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, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s go over what it is before we examine its costs 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Bryson Dechambeau Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is completed your 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-enabled wallet.
In the event that you’re buying you can use their browser to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or old technology.
As for NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or taken home. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. In the present you can do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters and even virtual land. One popular instance could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples come 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 by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller is the one who will be charged the price 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 fall over the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you are 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 charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards to pay or transfer funds. Bryson Dechambeau Nft
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Bryson Dechambeau Nft
They also provide a variety of digital currency, which makes their platform one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it is decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Bryson Dechambeau Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via its contact forms. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, therefore they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Visit the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they change at regular intervals.