OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like the written word, go over the basics before we examine its costs and the benefits it offers.
Before you continue, 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? Did Nf Die
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted 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 started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete the digital assets won’t 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.
For those who are buyers you can use their browser to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. Today it is possible to do the same with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters or even virtual lands. A popular illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased 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 simple. All you need to do is post them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one to pay the price of the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit and debit card to make payments for or transfer funds. Did Nf Die
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Did Nf Die
They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it is open source and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Did Nf Die
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via the contact page. Visit 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 be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges 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 periodic fees. The prices are driven by the market, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through its contact forms. Just go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, therefore they change every now and then.