OpenSea has become one of the most popular markets for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you prefer to take a look at videos instead, take a look at this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Define: Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to make your 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. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars, digital pets or other characters that can be sold or collected. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT came to be. Today it is possible to create digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, and even virtual land. A well-known instance is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers receive as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay or deposit. Define: Nft
The NFTs can be bought or sold only if the cryptocurrency you’re using 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 look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Define: Nft
They also offer a range of digital assets, which makes it one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Define: Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, which means they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via its contact forms. Go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they change at regular intervals.