OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll go over what it is before we go over the costs 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How To Clear Locked Nft Tags
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 available are not limited to music, art game items, domain names.
It was established 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 first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed your digital assets will never leave your account. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, you can gather avatars, digital pets, and other characters that can be traded or collected. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. As of today you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual lands. One popular instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from five options for selling. These are:
The seller is the one to pay the price of the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes 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 to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally 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 artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay or deposit. How To Clear Locked Nft Tags
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. How To Clear Locked Nft Tags
They also offer a range of digital assets, which makes it one of the biggest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ How To Clear Locked Nft Tags
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via their contact form. Go to their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through its contact forms. Just go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, so they constantly change at regular intervals.