OpenSea has grown to become one of the most popular markets 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 have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we go over the costs and what it can offer.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Diy Nft Channels
OpenSea is a marketplace for non-fungible currency, also known 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 limited to music, art game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet, and other characters that can be sold or acquired. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. In the present it is possible to do the same with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual worlds. A popular illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need 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 auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it 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. They can be sold through the marketplace.
If you want to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost reasonable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay or transfer funds. Diy Nft Channels
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Diy Nft Channels
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it is open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Diy Nft Channels
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via the contact page. Go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an 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 reach via its contact forms. Go to their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they change from time to time.