OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art becomes more digitized, 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 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 prefer to watch a video instead, you can check out the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll go over what it is before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? How Are Nft Bad For The Environment
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they use smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is completed the digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, digital pets, and other characters that can be sold or acquired. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT became a reality. Today it is possible to do the same with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects and even virtual land. One popular instance is Axie Infinity.
As far-fetched as it sounds 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 being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller is the one who will be charged the cost for the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee competitive.
However, you must understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get 15 percent or more as commissions for the 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 use PayPal, credit, or debit cards for payment for or transfer funds. How Are Nft Bad For The Environment
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about coding or blockchain. How Are Nft Bad For The Environment
They also provide a variety of digital assets, making their platform one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ How Are Nft Bad For The Environment
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your 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 do have a support team that you can contact through its contact forms. Just go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What do I need so 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, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Visit their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, which means they fluctuate from time to time.