OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Kelp In Nft System
OpenSea is a marketplace that deals in non-fungible tokens, also known 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 only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d prefer to purchase. 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 that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even older technology.
For NFTs, you can collect avatars, virtual pets or any other characters that could be sold or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. In the present you can do the same with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular instance is Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples are from 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 from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the price that is the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards for payment for or deposit. Kelp In Nft System
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Kelp In Nft System
They also offer several types of digital asset, making it one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
While it is open source and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Kelp In Nft System
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Just go to the official site and look for “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 the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, therefore they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it on your phone on the go, your 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 has a support team?
Yes they have a customer support team you can reach through its contact forms. Visit their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges 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 recurring fees. Prices are determined through the marketplace, which means they constantly change every now and then.