OpenSea is now one of the leading markets for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art is increasingly 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. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch videos instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer reading, we’ll look over what it is before we examine its costs and what it can offer.
Before you continue, 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 our article for a more comprehensive review.
What is OpenSea? Maker Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by 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 very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
If the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals 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 were popular, a few people were investing in collectibles such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars and digital pet and other characters that can be traded or collected. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. Today, you can also create digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR environments and components can be purchased. You can buy these metaverses and other things such as game items as well as the VR environment virtual objects, characters, and even virtual land. A well-known example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers get as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards to pay for or make a deposit. Maker Nft
The NFTs can only be purchased or traded if your cryptocurrency is supported 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 take a look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain or coding. Maker Nft
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. Low platform charges are also a good method to earn more income.
Although it is decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Maker Nft
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via its contact forms. Just go to their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to earn 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. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, so they fluctuate at regular intervals.