OpenSea is now one of the most popular markets for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out the review of this channel. They will guide users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer the written word, look over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to check out 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 of OpenSea.
What is OpenSea? Live Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Since 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 be removed from your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet or any other characters that could be traded or taken home. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. Today you can do the same with digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters and even virtual land. A popular example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
The seller is the one to charge the price that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
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 in the marketplace.
If you want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted 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 expect it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards for payment or transfer funds. Live Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain or coding. Live Nft
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Live Nft
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support staff that 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 also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees from 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, therefore they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through the contact page. Just go to the official site and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and 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 go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they change from time to time.