OpenSea has become one of the top marketplaces for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you prefer to watch a video instead, check out the channel’s review. They’ll guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s go over what it is 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 overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Ebay Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for 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 more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or old technology.
For NFTs, you can collect avatars, digital pets and other characters that can be traded or taken home. The rarer they are the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. Today it is possible to make the same thing with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can 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 selling options?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller will be the one who will be charged the cost that is the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers generally set expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs have higher transaction fees as compared 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 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments or transfer funds. Ebay Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they can 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 can be decentralized making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Ebay Nft
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Ebay Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Visit their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, so they fluctuate from time to time.