OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading 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’d rather take a look at videos instead, check out the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is before we go over the costs and what it can offer.
Before you go on, you may want to check out 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 Car
OpenSea provides a platform that deals in non-fungible currency, 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 established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your account. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even older technology.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be sold or taken home. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. Today you can create digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR space and other elements can now also be bought. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. One popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut 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 list your products on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one to charge the price of the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will decrease over 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 once they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment 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 through the marketplace.
If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any fees?
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 proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost affordable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or deposit. Nft Car
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft Car
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Car
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via its contact forms. Visit their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they change from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach through their contact form. Go to the official site and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged 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, therefore they constantly change at regular intervals.