OpenSea has grown to become one of the top platforms for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you prefer to watch videos instead, take a look at this channel’s review. They will guide the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Get Free Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars, digital pets, and other characters that can be sold or taken home. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT was invented. In the present, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. A popular illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from 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 easy. All you need to do is list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the 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. They are:
The seller is the one to pay the cost of the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you must know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers get as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards to pay for or make a deposit. How To Get Free Nft
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. How To Get Free Nft
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
While it is open source and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ How To Get Free Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as 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. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team can be reached via its contact forms. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to 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 regular fees. The price is determined by the market, therefore they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through the contact page. Just go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is 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 gas-free and easy, but you can also look over their instructional videos.
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 to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.