OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform in the past. It has 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 their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the top 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 quite an extensive read. If you’d rather watch a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Hydrocycle 6′ Pro Deep Nft Channels
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began 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.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to look for NFTs you’d like to buy. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or collected. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. As of today you can do the same with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is 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 auction type and you’re ready to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
However, you must know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up 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 for or deposit. Hydrocycle 6′ Pro Deep Nft Channels
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in coding or blockchain. Hydrocycle 6′ Pro Deep Nft Channels
They also offer several types of digital currency, making it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Hydrocycle 6′ Pro Deep Nft Channels
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 with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Just go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. 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 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 has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through their contact form. Go to the official site and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they constantly change every now and then.