OpenSea is now one of the leading platforms for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather take a look at a video instead, check out this channel’s review. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s look over what it is 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How To Invest In Nft Companies
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by 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 which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, digital pets or other characters that can be traded or acquired. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. Today it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
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 spaces and elements are now available for purchase. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. A well-known example is Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
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 it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit or debit cards to pay or transfer funds. How To Invest In Nft Companies
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they 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 be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. How To Invest In Nft Companies
They also offer a range of digital currency, making their platform one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ How To Invest In Nft Companies
What do I need to know 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 work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach via its contact forms. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they constantly change from time to time.