OpenSea is now one of the top platforms for NFTs. It was the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather watch a video instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer the written word, go over the basics 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Free Nft Games
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even old technology.
For NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or collected. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT became a reality. In the present you can make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. A well-known illustration is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
The seller is the one who will be charged the price of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, and debit card to make payments or deposit. Free Nft Games
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains 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 when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in coding or blockchain. Free Nft Games
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Free Nft Games
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through its contact forms. Visit their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they change from time to time.