OpenSea has grown to become one of the top platforms for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at a video instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we examine its 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Deep Water Culture Nft Media
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music is among 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 is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or the older technologies.
For NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. Today, you can also do the same with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects and even virtual land. One popular instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to ensure your account is linked. 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 single-use gas charge.
You can currently select among five selling options. The choices are:
The seller is the one who will be charged the price of the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put 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 bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are 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 fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost affordable.
However, you must know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For instance, game designers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments for or transfer funds. Deep Water Culture Nft Media
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 examine the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Deep Water Culture Nft Media
They also offer a range of digital assets, making them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it’s open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Deep Water Culture Nft Media
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via their contact form. Go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Visit their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they constantly change at regular intervals.