OpenSea is now one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after 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 using NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at a video instead, take a look at this channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll go through what it is prior to we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Combine Nft And Deep Water
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started 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.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to find NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or taken home. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT became a reality. In the present you can make the same thing with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also 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 on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. They are:
The seller is the one who will be charged 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 sets a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will 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 designers receive as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or deposit. Combine Nft And Deep Water
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted 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 look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Combine Nft And Deep Water
They also provide a variety of digital currency, making it one of the biggest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Combine Nft And Deep Water
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support team can be reached via their contact form. Go to the official site and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through their contact form. Go to their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, put them up 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 costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.