OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you prefer the written word, look through what it is prior to we go over the 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Crypto Nft Meaning
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to create 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 like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or collected. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. Today you can make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports are also available, like animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game objects and the VR environment characters, virtual objects and even virtual land. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be 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 selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. These are:
The seller is the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers are paid up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards to pay or make a deposit. Crypto Nft Meaning
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Crypto Nft Meaning
They also offer several types of digital currency, making them one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it is decentralized and has one of the largest NFT collections, it has its 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 cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is 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 Crypto Nft Meaning
What do I need so I can utilize 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. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via the contact page. Visit their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at 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, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.