OpenSea is now one of the leading markets for NFTs. It was the first to release such a platform in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you prefer to watch a video instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft-2E Preset Cycle Timer
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in 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 and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. As of today, you can also make the same thing with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. A well-known instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. These are:
The seller will be the one to charge the price of the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or make a deposit. Nft-2E Preset Cycle Timer
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains 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 can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft-2E Preset Cycle Timer
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft-2E Preset Cycle Timer
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Just go to their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they fluctuate every now and then.