OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. 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 their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d prefer to watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like to read, let’s go through what it is prior to we examine its costs and what it can offer.
Before you go on, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Massthetic Nft Arms
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was established in the year 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 similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. They also offer filters to 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 take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or any other characters that could be traded or acquired. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT was invented. Today it is possible to make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses, or other items like game objects and the VR environment characters, virtual objects and even virtual land. One popular illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include 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 by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller is the one to pay the cost that is 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 the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. 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 transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee competitive.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or deposit. Massthetic Nft Arms
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Massthetic Nft Arms
They also offer several types of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Massthetic Nft Arms
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Go to the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
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 recurring fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.
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 mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can contact through its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they change every now and then.