OpenSea has become one of the leading platforms for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will help you get the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at videos instead, check out the review of this channel. They’ll guide you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look over what it is before we examine its 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 Dep
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got 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 expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars, digital pets or other characters that can be sold or acquired. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. In the present you can make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A well-known instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only have 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 the OpenSea’s 2.5 percent fee reasonable.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The costs for the 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 some NFTs have extra commissions. For instance, game developers get as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or make a deposit. Nft Dep
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to 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 that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in coding or blockchain. Nft Dep
They also offer several types of digital assets, making their platform one of the largest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
While it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Dep
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Go to the official site and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through the contact page. Just go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they fluctuate at regular intervals.