OpenSea has grown to become one of the most popular markets for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you’d prefer to watch videos instead, check out the review of this channel. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like the written word, go through what it is prior to we examine its costs and what it has to offer.
Before you go on, 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.
What is OpenSea? Nft Blogs
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete, your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars, virtual pets or other characters that can be sold or acquired. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. As of today you can make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses or other things such as game items and the VR environment virtual objects, characters, and even virtual land. One popular instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee competitive.
But, it is important to know that certain NFTs have higher transaction charges compared to others. 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.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards for payment for or transfer funds. Nft Blogs
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft Blogs
They also offer several types of digital asset, making their platform one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it is decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Blogs
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via the contact page. Just go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from 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 in accordance with the current market conditions, so they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Visit the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer 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.