OpenSea is now one of the most popular platforms for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can help you get 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 the right choice for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d prefer to watch videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll look through what it is prior to we go over the costs and what it can offer.
Before you continue, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Most Expensive Nft Ever Sold
OpenSea provides a platform for 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 limited to music, art games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets or other characters that can be sold or acquired. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. Today you can create digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters or even virtual lands. One popular illustration is Axie Infinity.
As absurd as it may sound there are also 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 that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the price of the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast 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 can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges 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 price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers get 15 percent or more as commissions on the products 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. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or make a deposit. Most Expensive Nft Ever Sold
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can 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, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Most Expensive Nft Ever Sold
They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Most Expensive Nft Ever Sold
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it with your phone on the go, 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 has a support team?
Yes they do have a support team you can contact through its contact forms. Just go to their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee 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 fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has 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 an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Go to their website, and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they change every now and then.