OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its functions so that you understand everything 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. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Matthew Tkachuk Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available 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 began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a examine each.
Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars, virtual pets, or any other characters that could be traded or taken home. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. In the present it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those from Sorare or BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. One popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one who will be charged the price of the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers get as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or deposit. Matthew Tkachuk Nft
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Matthew Tkachuk Nft
They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
While it is decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is 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 Matthew Tkachuk Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via its contact forms. Just go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, which means they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers should 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 get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through its contact forms. Go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they change at regular intervals.