OpenSea has become one of the top platforms for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you prefer to take a look at videos instead, check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer the written word, look through what it is prior to we go over the costs 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Craze
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established 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 among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about 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 been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to create your 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. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars and digital pet or any other characters that could be traded or collected. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. In the present you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual worlds. A popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can 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 options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to 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 it at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers receive up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or deposit. Nft Craze
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 benefits and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft Craze
They also offer a range of digital assets, making them one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Craze
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via their contact form. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Visit the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they change at regular intervals.