OpenSea is now one of the top marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time 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 a long read. If you prefer to take a look at videos instead, check out this channel’s review. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll go over the basics before 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Crypto Price Prediction
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast 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.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, digital pets or other characters that can be traded or collected. The rarer they are the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. In the present it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare or BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A well-known example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure that 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 who are first-time sellers, 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 who will be charged the cost that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where 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 Crypto Price Prediction
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Crypto Price Prediction
They also offer a range of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
While it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Crypto Price Prediction
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. You also need to have 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 have a support team that you can reach via the contact page. Just go to their official website and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up 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?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has 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 either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via the contact page. Just go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When 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 gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they fluctuate every now and then.