OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed 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 need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you prefer to watch videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer to read, let’s look over the basics before we go over the 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 the article for a more comprehensive review.
What is OpenSea? Have Nfts Crashed
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or collected. The rarer they are, the greater 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. In the present you can do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components can be purchased. You can purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual worlds. One popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut 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 list them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 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 in the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer 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 lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers receive 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit and debit card to make payments or deposit. Have Nfts Crashed
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. Have Nfts Crashed
They also offer several types of digital assets, which makes it one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
While it is decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Have Nfts Crashed
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via its contact forms. Visit the official site and look for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and 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 go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via its contact forms. Visit their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, therefore they fluctuate from time to time.