OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also 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 famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d prefer to take a look at a video instead, take a look at this channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s look over what it is before we examine its 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft-075
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you 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 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be traded or taken home. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. In the present you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
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 instance is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and 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.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the price of the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you have to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards for payment for or make a deposit. Nft-075
The NFTs are only able to be purchased or sold if your cryptocurrency is supported 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 take a look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft-075
They also offer several types of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via its contact forms. Go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
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 offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your phone on the go, 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 get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. 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 fees 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 constantly change every now and then.