OpenSea has grown to become one of the top platforms for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer the written word, go over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Get Started With Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can collect avatars and digital pet, or other characters that can be sold or collected. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT came to be. Today you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A popular illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one to charge the price that is the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you have to understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers get 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or transfer funds. How To Get Started With Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets that they can 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 of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in blockchain or coding. How To Get Started With Nft
They also provide a variety of digital currency, which makes them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Although it’s open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as 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 on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides 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 financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ How To Get Started With Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via the contact page. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through their contact form. Just go to the official site and look 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 be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they change at regular intervals.