OpenSea has become one of the top markets for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like 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 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.
What is OpenSea? Just Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to users, not the platform. Since they are an open marketplace, they have smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to look for NFTs you’d like to buy. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even the older technologies.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be sold or collected. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT came to be. As of today you can make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. A popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the cost for the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. 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 bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards for payment for or deposit. Just Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to 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 can be decentralized making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Just Nft
They also offer a range of digital assets, which makes it one of the largest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Just Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via their contact form. Visit their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, so they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, which means they constantly change at regular intervals.