OpenSea is now one of the top marketplaces for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at videos instead, check out this channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s look through what it is prior to we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? How To Buy Nft Tokens
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. 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 that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is completed, your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s examine 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 has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
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 sold or acquired. 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 well-known NFT since before NFT became a reality. As of today, you can also create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters, and even virtual land. A well-known illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be 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 have to do is to list them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one to pay the price of 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 decrease over the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards to pay or make a deposit. How To Buy Nft Tokens
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in coding or blockchain. How To Buy Nft Tokens
They also offer several types of digital asset, which makes them one of the most popular NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ How To Buy Nft Tokens
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through their contact form. Just go to their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, so they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach through the contact page. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, therefore they fluctuate from time to time.