OpenSea has grown to become one of the most popular markets for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s go over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Crypto Kitties
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars and digital pet or any other characters that could be traded or taken home. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. Today, you can also create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports are also available, like animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual worlds. A well-known example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price 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.
Currently, you can choose from five options for selling. These are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest 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 through the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you must understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers are paid as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Nft Crypto Kitties
The NFTs are only able to be purchased or traded if your cryptocurrency 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 examine the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. Nft Crypto Kitties
They also provide a variety of digital asset, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is open source and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Crypto Kitties
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Go to their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to go through 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 to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, which means they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Go to their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from 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 in accordance with the current market conditions, therefore they change at regular intervals.