OpenSea has become one of the most popular platforms 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 celebrities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at videos instead, take a look at this channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like to read, let’s look over what it is before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Lets Play Nft Superbowl
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by the users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet or other characters that can be sold or acquired. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. In the present, you can also do the same with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards such as those of Sorare or BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters or even virtual worlds. One popular example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
The seller is the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price drops 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 if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you want to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards for payment for or transfer funds. Lets Play Nft Superbowl
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Lets Play Nft Superbowl
They also offer several types of digital currency, which makes it one of the biggest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is decentralized and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Lets Play Nft Superbowl
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Visit their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees 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. The price is determined in accordance with the current market conditions, so they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Visit the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, so they fluctuate from time to time.