OpenSea has grown to become one of the top platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d prefer to watch a video instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look over what it is before we look into its fees and what it can offer.
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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nehou Nft Books
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not the platform. Because they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or taken home. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. In the present you can make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller will be the one who will be charged the price of the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost competitive.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards for payment or make a deposit. Nehou Nft Books
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nehou Nft Books
They also provide a variety of digital asset, which makes it one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Although it is decentralized and offers one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nehou Nft Books
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through their contact form. Just go to their official website and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method 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 regular fees. The price is determined by the market, so they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through the contact page. Just go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they change at regular intervals.