OpenSea has become one of the most popular markets for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to take a look at a video instead, take a look at the channel’s review. They will guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like to read, let’s look over the basics 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 review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Harry Potter And The Cursed Child Parts One And Two (April 15 2021, Nft Until 8/1/18)
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets and other characters that can be traded or acquired. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. Today it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. A well-known illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller will be the one to pay the price that is the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over 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 if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment for or transfer funds. Harry Potter And The Cursed Child Parts One And Two (April 15 2021, Nft Until 8/1/18)
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Harry Potter And The Cursed Child Parts One And Two (April 15 2021, Nft Until 8/1/18)
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is 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 you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Harry Potter And The Cursed Child Parts One And Two (April 15 2021, Nft Until 8/1/18)
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via the contact page. Just go to the official site and search at “Submit a request.”
Can you make money 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 sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via the contact page. Visit the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.