OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because 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 and want to start from a good marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is lengthy. If you prefer to watch a video instead, check out the review of this channel. They’ll walk users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go over the basics before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Abbreviation
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
If the transaction is successful your digital assets will never leave your account. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. 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 of beats, remixes or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or old technology.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. Today you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. A well-known example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on 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 can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit or debit cards to pay for or make a deposit. Nft Abbreviation
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets 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 of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Abbreviation
They also provide a variety of digital asset, making them one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Abbreviation
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Just go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through its contact forms. Just go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have 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 could also go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.