OpenSea has grown to become one of the most popular marketplaces 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 become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from 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 top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d rather watch videos instead, you can check out this channel’s review. They will guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer reading, we’ll look through what it is prior to we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Concealed
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in 2018 with the help of 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 first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
If the transaction is complete your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can utilize their website to find NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or older technology.
As for NFTs, you can collect avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. Today it is possible to create digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller is the one to pay the price for the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers receive as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay for or make a deposit. Nft Concealed
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Concealed
They also offer a range of digital currency, which makes them one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Concealed
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Just go to their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Visit the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can also 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 the items, post them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they constantly change from time to time.