OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will help you get the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading 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 prefer to watch a video instead, take a look at the review of this channel. They will guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer the written word, go over the basics before we go over the costs 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Is Nft A Bubble
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t 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 utilize their website to find NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, you can gather avatars and digital pet or other characters that can be traded or collected. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. As of today you can create digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller is the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent fee reasonable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards for payment for or make a deposit. Is Nft A Bubble
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about blockchain or coding. Is Nft A Bubble
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent 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 payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own 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 strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Is Nft A Bubble
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via its contact forms. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction 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 periodic fees. The prices are driven by the market, so they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to 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 team you can contact through their contact form. Go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post 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. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, so they fluctuate every now and then.