OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, check out the channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like the written word, look over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Bubble
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in the year 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 first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even older technology.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or acquired. The rarer they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. Today, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual lands. One popular example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
The seller is the one to charge the cost that is the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however 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 example, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
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 convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments or make a deposit. Nft Bubble
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 examine the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Nft Bubble
They also offer several types of digital assets, which makes their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
Although it’s open source and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Bubble
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. 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 costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, which means they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via their contact form. Just go to their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they fluctuate at regular intervals.