OpenSea has grown to become one of the leading platforms for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll walk you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer to read, let’s look through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Blueberries
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started 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.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful, your digital assets will never be removed from your account. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What types 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 usually belong. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can collect avatars, virtual pets and other characters that can be traded or acquired. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. In the present, you can also 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.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters and even virtual land. A well-known instance could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one who will be charged the cost of the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent cost affordable.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Blueberries
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making 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 Blueberries
They also offer several types of digital asset, making them one of the most popular NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it is open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Blueberries
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via the contact page. Go to their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Visit their website, and search at “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 add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, 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 regular fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.