OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d prefer to watch videos instead, check out the channel’s review. They will guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like the written word, go through what it is prior to we look into its fees 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Gully Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. In the present you can create digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses and other things like game elements, the VR environment, virtual objects, characters or even virtual worlds. One popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller will be the one to charge the price for the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally 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 only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers receive up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit and debit card to make payments or make a deposit. Gully Nft
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Gully Nft
They also provide a variety of digital assets, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
While it is decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is 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. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Gully Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Just 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 to do is create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, which means they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Go to the official site and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they fluctuate every now and then.