OpenSea has grown to become one of the leading marketplaces for NFTs. It was the first to launch a platform like this in the past. 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 an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at a video instead, check out the review of this channel. They’ll walk you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like the written word, look through what it is prior to we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Link-U Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet or other characters that can be sold or taken home. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. Today you can create digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A popular instance could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also 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 simple. All you have to do is to list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller is the one to charge the price that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. 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 is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are 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 cost competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers receive as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional 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 or transfer funds. Link-U Nft
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that 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 of using OpenSea.
OpenSea has no centralization, 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 coding or blockchain. Link-U Nft
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Link-U Nft
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser 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 filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team you can contact through the contact page. Visit their website, 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 make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your mobile phone, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they change from time to time.