OpenSea has become one of the top markets for NFTs. It’s also the first one to launch a platform like this 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 famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is lengthy. If you’d rather watch a video instead, check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over what it is before we go over the costs and what it has to 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Airdrops 2021
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to users, not the platform. Because they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even older technology.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. Today, you can also make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. You only have to 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 who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller is the one to charge the cost for the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you’re looking to sell several 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 fees to access 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 make money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers receive up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Airdrops 2021
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Nft Airdrops 2021
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
While it is decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Airdrops 2021
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via its contact forms. Go to their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through its contact forms. Visit the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.