OpenSea is now one of the top markets for NFTs. It was the first to release such a platform in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time 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 quite a long read. If you prefer to watch videos instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer reading, we’ll go over what it is before 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Bluetooth
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies You’ll see 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 a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, you can collect avatars, digital pets, or other characters that can be sold or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT became a reality. Today you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports are also available, like animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. A popular example could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. These are:
The seller will be the one to charge the price of the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
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 an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect 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 are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit and debit card to make payments or make a deposit. Nft Bluetooth
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Bluetooth
They also offer a range of digital currency, making them one of the largest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s decentralized and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as 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 establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Bluetooth
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via the contact page. Just go to their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, therefore they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through their contact form. Visit the official site 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 add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
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 is a one-time fee and recurring fees. Prices are determined by the market, therefore they fluctuate every now and then.