OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d prefer to watch a video instead, check out this channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft 9 Year Old
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st 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 biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their browser to find NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or acquired. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. In the present it is possible to 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 videos of short length.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. One popular example is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from 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 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 post them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the cost for the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it 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 using the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost affordable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your 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.
You also need to know that some NFTs have additional commissions. For instance, game designers receive as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or deposit. Nft 9 Year Old
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Nft 9 Year Old
They also offer several types of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage 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 traders and professionals.
FAQ Nft 9 Year Old
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Go to the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, therefore they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs 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 constantly change from time to time.