OpenSea is now one of the top markets for NFTs. It’s also the first one to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you prefer to watch a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s look over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to watch 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 OpenSea Be Hacked
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them 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 created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d like to buy. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of 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, and other characters that can be sold or taken home. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. Today you can do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A well-known example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller will be the one to charge the cost of the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may 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 lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers get as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like 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 for payment for or deposit. Can OpenSea Be Hacked
The NFTs can be bought or sold when your cryptocurrency is accepted 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 that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in coding or blockchain. Can OpenSea Be Hacked
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. Low platform charges are also a good method to make more money.
While it is decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds strange, which is 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 the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Can OpenSea Be Hacked
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Go to their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, so they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on 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 filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they change at regular intervals.