OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d prefer to watch videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like to read, let’s look through what it is prior to we look into its fees 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Bus
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your account. 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. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s 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 whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars and digital pet, and other characters that can be sold 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 since before NFT was invented. As of today you can make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select among five selling options. These are:
The seller is the one to pay the price that is the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you have to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment or transfer funds. Nft Bus
The NFTs can only be purchased or traded if your cryptocurrency is supported 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 when using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Nft Bus
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much 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 Bus
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to earn money 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. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through its contact forms. Go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change from time to time.