OpenSea has grown to become one of the leading markets for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is lengthy. If you’d prefer to watch a video instead, check out this channel’s review. They’ll guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look over the basics before we examine its costs 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? Can Nft Make You Rich
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even older technology.
As for NFTs, you can collect avatars, digital pets, or other characters that can be sold or collected. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. As of today it is possible to do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports are also available, like animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. A well-known example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. These are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a 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 will decrease as time passes. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. The 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 anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers get up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment or make a deposit. Can Nft Make You Rich
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Can Nft Make You Rich
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Can Nft Make You Rich
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via the contact page. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through its contact forms. Just go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.