OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we look into its fees 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 75 Million
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among 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 only keeps growing. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to make your 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 look for NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a 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 buy mixtapes, remixes, beatsand vocals, or whatever 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 individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are, the more value they will 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 it is possible to create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A well-known illustration could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut 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 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, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select among five selling options. They are:
The seller will be the one to charge the cost that is the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you must understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or transfer funds. Nft 75 Million
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using 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 scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Nft 75 Million
They also offer a range of digital assets, making them one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
While it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, 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 broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft 75 Million
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via its contact forms. Visit their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via the contact page. Just go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, so they constantly change every now and then.