OpenSea has become one of the top markets for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch videos instead, check out this channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to check out 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.
What is OpenSea? Good Substitute For Expensive Nft Channel
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to users, not by the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be sold or taken home. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT became a reality. Today you can create digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual lands. One popular example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. These are:
The seller will be the one to pay the cost of the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For example, game developers receive as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards to pay or transfer funds. Good Substitute For Expensive Nft Channel
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with 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 is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Good Substitute For Expensive Nft Channel
They also offer a range of digital asset, which makes it one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Good Substitute For Expensive Nft Channel
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via their contact form. Go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
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 funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, therefore they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users 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. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via the contact page. Go to their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they constantly change every now and then.