OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d prefer to take a look at a video instead, check out the channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll go over what it is before we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 901
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or collected. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. Today it is possible to make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being 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 post them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the price for the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller determines a price that will fall over time. Sellers usually set very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 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 under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments for or deposit. Nft 901
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Nft 901
They also offer a range of digital currency, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater 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 privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft 901
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Just go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, which means they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they constantly change from time to time.