OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has always been 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 lengthy. If you prefer to take a look at videos instead, check out this channel’s review. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer the written word, look over the basics before we look into its fees 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Is Nft Cryptocurrency
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your wallet. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars, digital pets, and other characters that can be sold or collected. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. In the present it is possible to create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. One popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
The seller will be the one to pay the price of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers usually set very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers receive up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. Is Nft Cryptocurrency
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains 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 of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. Is Nft Cryptocurrency
They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
While it is open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide 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 make transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Is Nft Cryptocurrency
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Visit their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they constantly change from time to time.