OpenSea has become one of the most popular markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch a video instead, take a look at this channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, look through what it is prior to we examine its 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Buy An Nft
OpenSea is a marketplace 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 that are available aren’t restricted to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. 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 8 categories where they typically fall into. Let’s have a examine each.
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds 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, movie props, or even old technology.
In the case of NFTs, you can gather avatars, digital pets or any other characters that could be traded or taken home. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT came to be. As of today, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. 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.
Sports-related digital items are also available, like animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered 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 on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
The seller will be the one to charge the price of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set 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 reach an agreement on the price.
The seller will put up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers are paid up to 15% commissions for items 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, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards to pay or deposit. Buy An Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with 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 examine the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Buy An Nft
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it’s open source and has one of the largest NFT selections, it 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 with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Buy An Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via the contact page. Just go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach through the contact page. Go to the official site and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.