OpenSea is now one of the most popular platforms for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will help you get 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 start this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at a video instead, check out the channel’s review. They’ll walk you through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer reading, we’ll go over the basics before we go over the costs and what it can 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Erradicating Root Disease In Nft Systems
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. 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 been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
For NFTs, you can collect avatars, virtual pets, and other characters that can be sold or acquired. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. As of today, you can also do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters, and even virtual land. A popular example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. These are:
The seller is the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you have to understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get as much as 15% commissions for 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 crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards for payment for or transfer funds. Erradicating Root Disease In Nft Systems
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Erradicating Root Disease In Nft Systems
They also offer a range of digital assets, making them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
While it is open source and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Erradicating Root Disease In Nft Systems
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via its contact forms. Visit the official site and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your 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 check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by 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 in accordance with the current market conditions, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Just go to the official site and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, so they change from time to time.