OpenSea is now one of the most popular markets for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art becomes more digitized, 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 is always the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like to read, let’s go through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? John B Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of 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.
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 list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed your digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. 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 like baseball cards, film props, and even older technology.
For NFTs, you can collect avatars, virtual pets, and other characters that can be sold or collected. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. In the present, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards, such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters or even virtual lands. A well-known example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be classified 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 selling options?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller will be the one who will be charged the price of the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards to pay for or make a deposit. John B Nft
The NFTs can be bought or sold 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 when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in coding or blockchain. John B Nft
They also offer a range of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
While it is decentralized and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included 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. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ John B Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via the contact page. Visit their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. 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 be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they change from time to time.