OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we examine its 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Does Nft Have To Be Digital
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or the older technologies.
For NFTs, you can gather avatars and digital pet, or any other characters that could be sold or collected. The more rare they are, the greater value they 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 came to be. Today it is possible to make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. One popular illustration could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples include 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 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 on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you want to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers are paid up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or transfer funds. Does Nft Have To Be Digital
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Does Nft Have To Be Digital
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
While it is open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service 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 worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Does Nft Have To Be Digital
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, which means they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through the contact page. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they constantly change from time to time.