OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d rather take a look at videos instead, check out this channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we examine its costs and the benefits it offers.
Before you continue, 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 the article for a more comprehensive review.
What is OpenSea? How To Promote Your Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is 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 previously 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 the users, not by the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. In the present, you can also create digital art. This isn’t just 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 from Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual lands. One popular instance could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. 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 being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller will be the one to charge the price that is the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent fee affordable.
However, you must know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards to pay for or make a deposit. How To Promote Your Nft
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. How To Promote Your Nft
They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ How To Promote Your Nft
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Just go to the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Just go to the official site and search at “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 then add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, which means they change from time to time.