OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at videos instead, you can check out the channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s look through what it is prior to we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 64 Million
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they use 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 complete, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet and other characters that can be traded or acquired. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. In the present you can create digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select from five options for selling. 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 determines a price that will decrease in the course of. Sellers generally set high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price will decrease over time. In 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 transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers get as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up 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 to pay or make a deposit. Nft 64 Million
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Nft 64 Million
They also offer several types of digital assets, making them one of the biggest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft 64 Million
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through its contact forms. Visit their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. 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 go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Visit their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, therefore they fluctuate at regular intervals.