OpenSea is now one of the top markets for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will help you get the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you’d rather watch videos instead, you can check out this channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll look over what it is before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Helical Grow Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is successful, your 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.
If you’re a buyer you can use their search engine to look for NFTs you’d like to buy. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not just limited to songs only; you can also buy 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, there were individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, you can gather avatars and digital pet and other characters that can be traded or collected. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. As of today, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards, such as those from Sorare or BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters, and even virtual land. A popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. You only have to 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 who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller will be the one to charge the price that is the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers get as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments or deposit. Helical Grow Nft
The NFTs are only able to be bought or sold when your cryptocurrency is supported 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 take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Helical Grow Nft
They also offer a range of digital asset, making them one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Helical Grow Nft
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
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 has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, so they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Go to the official site and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they change from time to time.