OpenSea is now one of the most popular platforms 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 interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They will guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees and what it has to offer.
Before you continue, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Building Nft Tubing
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, 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 established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet, or other characters that can be traded or collected. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. In the present it is possible to do the same with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
You can also collect digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports are also available, like animated team logos.
VR environments and components can be purchased. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller is the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment for or make a deposit. Building Nft Tubing
The NFTs can only be purchased or traded when your cryptocurrency is supported 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 look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Building Nft Tubing
They also offer a range of digital assets, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it is open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Building Nft Tubing
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach via its contact forms. Just go to their official website and search for “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 accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs 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 by the market, which means they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it with your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through their contact form. Visit their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, therefore they change from time to time.