OpenSea has grown to become one of the leading marketplaces for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d rather watch a video instead, check out the review of this channel. They will guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go over the basics before 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft 201
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your account. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to find NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or old technology.
As for NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or collected. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. In the present, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports-related digital items are also available, like animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to pay the cost of the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge 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. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
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. Nft 201
The NFTs can 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 are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Nft 201
They also offer several types of digital assets, making them one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it is decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft 201
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via its contact forms. Just 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 be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, 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 start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via its contact forms. Visit their 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 be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, so they change at regular intervals.