OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, take a look at the review of this channel. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll go over the basics before we go over the costs 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Knownorigin Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was created in 2018 in 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 among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Since they are an open marketplace, they use smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which 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 restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist has to offer. 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 old technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or acquired. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. Today you can make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Sports-related digital items are also available, such as animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects and even virtual land. A well-known instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller will be the one to charge the price of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost 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 only have to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers receive as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments for or deposit. Knownorigin Nft
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. Knownorigin Nft
They also offer several types of digital assets, making their platform one of the biggest NFT marketplaces. Low platform charges are also a good method to make more money.
While it is decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and odd, 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. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Knownorigin Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via their contact form. Go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, so they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Go to their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions costs 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 periodic fees. The price is determined by the market, therefore they constantly change from time to time.