OpenSea has become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, check out this channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll go over the basics before we go over the costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Arp
OpenSea offers a market 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 NFTs available are not limited to music, art game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy 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 popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or collected. The rarer 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 came to be. Today you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
It is also possible to collect digital trading cards such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual lands. A popular instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling 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. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra 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. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment or deposit. Nft Arp
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 advantages and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft Arp
They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Arp
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via the contact page. Go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach through its contact forms. Just go to their website, and look at “Submit a request.”
Do you have the ability to make money 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. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they fluctuate every now and then.