OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will help you get the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at a video instead, take a look at the channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Bootlegs
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them 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 the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying 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 can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can collect avatars and digital pet or any other characters that could be sold or collected. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT became a reality. In the present it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected 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 as well as the VR environment virtual objects, characters or even virtual lands. A popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one to pay the cost of the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or deposit. Nft Bootlegs
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using 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 take a look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Nft Bootlegs
They also offer several types of digital assets, which makes it one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Bootlegs
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through their contact form. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your 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?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change at regular intervals.