OpenSea is now one of the most popular marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? How To Join Coinbase
OpenSea provides a platform for non-fungible currency, also known 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 restricted to art, music games, or game products, as well as domain names.
It was founded in 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 which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars and digital pet, and other characters that can be traded or collected. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. As of today you can do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR spaces and elements can now also be bought. 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 example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller is the one to pay the price that is the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee competitive.
However, you must know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or transfer funds. How To Join Coinbase
The NFTs can only be bought or sold only if the cryptocurrency you’re using 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 take a look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. How To Join Coinbase
They also provide a variety of digital assets, making them one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ How To Join Coinbase
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via the contact page. Go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring 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 fluctuate at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via its contact forms. Visit the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change every now and then.