OpenSea has become one of the most popular markets for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can help you get 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 the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look over the basics before we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 9021
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your account. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be sold or collected. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT was invented. In the present it is possible to create digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters and even virtual land. A popular example could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains 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. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller will be the one who will be charged the price that is the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. 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 will put up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit and debit card to make payments for or deposit. Nft 9021
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Nft 9021
They also offer a range of digital currency, making their platform one of the biggest 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 largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft 9021
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Visit their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through their contact form. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change from time to time.