OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also 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 even more popular since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you require. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll go through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 288
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs 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 started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be sold or collected. 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 popular NFT prior to when NFT became a reality. As of today, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. One popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller is the one to pay the cost for the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate 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 as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or make a deposit. Nft 288
The NFTs can be bought or sold 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 look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. Nft 288
They also offer a range of digital assets, making them one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it is decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Additionally, it doesn’t charge users 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 trading beginners or professionals.
FAQ Nft 288
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through their contact form. Visit the official site and search on the page 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 an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they fluctuate at regular intervals.