OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is a long read. If you prefer to watch videos instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we examine its costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Coravin Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is completed the digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can gather avatars, virtual pets or any other characters that could be sold or acquired. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. Today, you can also create digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items are also available, like animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual worlds. One popular illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the cost for the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over the course of. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will 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, which makes OpenSea’s 2.5 percent cost affordable.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or transfer funds. Coravin Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains 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 drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Coravin Nft
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it is open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Coravin Nft
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via their contact form. Visit their official website and search at “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 the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, which means they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Go to their website, and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, so they constantly change every now and then.