OpenSea has grown to become one of the top markets for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s go over what it is before we examine its costs and what it has to offer.
Before you go on, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Download Free Nft Stats
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or taken home. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. In the present, you can also make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters and even virtual land. One popular illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller will be the one who will be charged the cost that is the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs within one transaction, it is possible to 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 charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers receive as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment for or make a deposit. Download Free Nft Stats
The NFTs can only be purchased or sold only if the cryptocurrency you’re using 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 examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Download Free Nft Stats
They also offer several types of digital currency, which makes their platform one of the most popular NFT marketplaces. Low platform charges are also a good method to make more money.
Although it’s open source and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Download Free Nft Stats
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore 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 on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.