OpenSea has grown to become one of the leading platforms for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d prefer to watch a video instead, check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like the written word, go over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Creator
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete the 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 supported wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to simplify 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 8 categories where they usually belong. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. As of today it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters and even virtual land. A popular example can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
The seller will be the one to pay the price of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee competitive.
However, you must know that certain NFTs charge higher transaction costs in comparison 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 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible once 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 about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Creator
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they 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 which makes transactions secure and virtually 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 Creator
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service has its 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 either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Creator
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via the contact page. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, which means they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support staff 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 make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.