OpenSea has become one of the top platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like to read, let’s look over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 0X
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not 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 began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by the users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can utilize their website to find NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of 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 greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. As of today you can create digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR space and other elements are now available for purchase. 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 lands. A popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one to charge the cost for the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller puts up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers get as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or transfer funds. Nft 0X
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported 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 look at the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Nft 0X
They also provide a variety of digital currency, making their platform one of the most popular NFT marketplaces. The low platform charges are also a good method to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it still has some 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 set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft 0X
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.