OpenSea is now one of the most popular markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch a video instead, you can check out the channel’s review. They’ll walk you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll look over what it is before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Doi Nft Hamr Zhao Et Al
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to search for NFTs that 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 around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or older technology.
In the case of NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or taken home. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. Today, you can also make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. One popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller will be the one to pay the cost of the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up 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 reach an agreement on the price.
The seller puts 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 as time passes. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 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 multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you must understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token once 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.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the payment methods?
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 your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or make a deposit. Doi Nft Hamr Zhao Et Al
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Doi Nft Hamr Zhao Et Al
They also provide a variety of digital assets, making them one of the biggest NFT marketplaces. The low platform charges are also a good way for you 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 payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Doi Nft Hamr Zhao Et Al
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Just go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team that you can reach through their contact form. Visit their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction 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 price is determined by the market, so they fluctuate every now and then.